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Concho Boosts Rig Count +62% from Q2; Sees +49% Production Growth YOY

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Concho Resources Inc. reported third-quarter 2018 results.

Concho also discussed its preliminary plans for 2019 - click here to lean more.

Production / Rig Highlights:

- Achieved production of 287 MBoepd (up +25% from 2Q18 and up +49% YOY)

• Delivered crude oil production of 185 MBopd.

- Rigs / Completion Crews:

• Concho averaged 31 rigs in Q3 (up +48% from 2Q18)

• Currently running 34 horizontal rigs (up +62% from 2Q18), including 22 rigs in the Delaware Basin and 12 rigs in the Midland Basin

• Currently utilizing 8 completion crews

Q3 Drilling Activity

Ops Update

Delaware Basin

In the Delaware Basin, excluding the New Mexico Shelf, Concho added 31 wells with at least 60 days of production as of the end of third-quarter 2018. The average 30-day and 60-day peak rates for these wells were 1,422 Boepd (73% oil) and 1,269 Boepd (73% oil), respectively, from an average lateral length of 6,685 feet.

Concho’s White Falcon project in Lea County, New Mexico, included seven wells with an average lateral length of 8,772 feet per well. The project, which targeted intervals in the 3^rd Bone Spring and Wolfcamp A zones, produced average 30-day and 60-day peak rates of 1,804 Boepd (84% oil) and 1,566 Boepd (84% oil) per well, respectively.

Additionally, Concho recently completed the Hollywood & Iceman project in Reeves County, Texas. The project included eight wells with an average lateral length of 11,679 feet per well. The Hollywood and Iceman project, which targeted the 3^rd Bone Spring and Wolfcamp A zones, produced an average 30-day peak rate of 1,765 Boepd (70% oil) per well.

Midland Basin

In the Midland Basin, Concho added 34 wells with at least 60 days of production as of the end of third-quarter 2018. The average 30-day and 60-day peak rates for these wells were 1,178 Boepd (86% oil) and 1,066 Boepd (85% oil), respectively, from an average lateral length of 9,686 feet.

Concho’s Windham B project included 10 wells with an average lateral length of 10,332 feet per well. The project, which targeted intervals in the Lower Spraberry, Wolfcamp A, Wolfcamp B and Wolfcamp C zones, produced average 30-day and 60-day peak rates of 1,238 Boepd (84% oil) and 1,162 Boepd (84% oil) per well, respectively.