Concho Resources Inc. (NYSE: CXO) (the “Company” or
“Concho”) today reported financial and operating results for first
quarter 2015.
Highlights
- Concho delivered record quarterly
production of 11.9 million Boe, or 132.2 MBoepd, exceeding the high
end of the Company’s guidance.
- Concho achieved 38% crude oil
production growth over the same quarter a year ago and 9% crude oil
growth over the fourth quarter of 2014.
- Concho raised its 2015 total production
growth target to 18% to 22%. Capital expenditures are expected to
range between $1.8 billion to $2.0 billion for full year 2015.
- Concho announced excellent well results
from the oil-rich extension of the Avalon Shale in the northern
Delaware Basin.
- Concho successfully drove all per-unit
expenses lower year-over-year, while capturing significant service
cost savings across all areas of operations in the Permian
Basin.
- First quarter of 2015 financial results
reflected the lower commodity price environment. Earnings for the
first quarter of 2015 totaled $0.06 per diluted share, or $0.36 per
diluted share on an adjusted basis (non-GAAP).
- First quarter of 2015 EBITDAX
(non-GAAP) totaled $407.5 million.
See “Supplemental Non-GAAP Financial Measures” at the end of
this press release for a description of adjusted net income and
EBITDAX (non-GAAP measures) and a reconciliation of these measures
to the associated GAAP measure.
Tim Leach, Chairman, Chief Executive Officer and President,
commented, “Concho delivered another outstanding quarter of
production growth, reflecting great drilling results across our
assets in the Permian Basin and strong momentum from our 2014
program. We remain focused on executing a flexible capital program
that maintains our financial strength while we capitalize on our
high-quality inventory – an inventory that continues to improve as
we optimize our drilling and completion techniques. With the
success from our drilling program, we are increasing our production
growth target for 2015 to a range of 18% to 22% from a range of 16%
to 20%, while slightly reducing our outlook for capital
expenditures. We believe Concho is in a unique position to deliver
attractive returns today and build shareholder value over the long
term.”
First Quarter 2015 Operations Summary
Production for the first quarter of 2015 increased 30% from the
first quarter of 2014 to 11.9 million barrels of oil equivalent
(MMBoe), or an average of 132.2 thousand Boe per day (MBoepd),
which exceeded the Company’s production guidance range of 127
MBoepd to 131 MBoepd.
Production for the first quarter of 2015 consisted of 8.1
million barrels (MMBbls) of crude oil and 23.0 billion cubic feet
(Bcf) of natural gas. Crude oil production increased 38% and 9%
over the first quarter of 2014 and the fourth quarter of 2014,
respectively. The first quarter of 2015 marks the 21st consecutive
quarter of crude oil production growth from continuing
operations.
Concho is currently running 18 rigs, as compared to 36 rigs at
the beginning of the first quarter of 2015. All 18 rigs are
drilling horizontal wells, with 14 rigs in the Delaware Basin, 2
rigs in the Texas Permian and 2 rigs on the New Mexico Shelf.
Concho started drilling or participating in a total of 126 gross
wells, of which 103 were operated by the Company, and completed 171
gross wells during the first quarter of 2015. The Company incurred
a total of $730.9 million in capital expenditures, excluding
property acquisition costs. The table below summarizes the
Company’s drilling activity by core area for the first quarter of
2015.
Number of WellsDrilled
(Gross)
Number ofOperated
WellsDrilled (Gross)
Number of
WellsCompleted(Gross)
Delaware Basin 60 52 71 New Mexico Shelf 40 25 51 Texas Permian 26
26 49 Total 126 103 171 Percent Horizontal 73% 72% 67%
Delaware Basin
During the first quarter of 2015, Concho drilled 60 wells in the
Delaware Basin, including 39 wells targeting the Bone Spring Sands,
12 wells targeting the Wolfcamp Shale, seven wells targeting the
Avalon Shale and two wells targeting the Brushy Canyon. First
quarter of 2015 production attributable to horizontal wells in the
Delaware Basin totaled 68.9 MBoepd, up 63% over the first quarter
of 2014 and 7% over the fourth quarter of 2014.
In the northern Delaware Basin, Concho added 42 new horizontal
wells with at least 30 days of production as of the end of the
first quarter of 2015. The average peak 30-day and 24-hour rates
for these wells were 891 Boepd (73% oil) and 1,430 Boepd,
respectively. We continue to delineate the multi-zone potential
across our large acreage position in the northern Delaware Basin.
In the first quarter of 2015, the Company made significant progress
targeting the Avalon Shale, including strong results from three
recent completions. The average peak 30-day and 24-hour rates for
these three horizontal wells were 1,586 Boepd (77% oil) and 2,487
Boepd, respectively.
In the southern Delaware Basin, the Company added eight new
horizontal wells with at least 30 days of production as of the end
of the first quarter of 2015. The average peak 30-day and 24-hour
rates for these wells were 997 Boepd (79% oil) and 1,238 Boepd,
respectively.
Texas Permian
In the Midland Basin, the Company added 12 new horizontal wells
with at least 30 days of production as of the end of the first
quarter of 2015. The average peak 30-day and 24-hour rates for
these wells were 742 Boepd (83% oil) and 957 Boepd,
respectively.
New Mexico Shelf
On the New Mexico Shelf, the Company added seven new horizontal
wells with at least 30 days of production as of the end of the
first quarter of 2015. The average peak 30-day and 24-hour rates
for these wells were 331 Boepd (84% oil) and 511 Boepd,
respectively.
First Quarter 2015 Financial Summary
Net income for the first quarter of 2015 was $7.5 million, or
$0.06 per diluted share, compared to net income of $91.3 million,
or $0.87 per diluted share, in the first quarter of 2014. Excluding
non-cash and unusual items, adjusted net income (non-GAAP) for the
first quarter of 2015 was $42.1 million, or $0.36 per diluted
share, compared with adjusted net income (non-GAAP) of $106.6
million, or $1.01 per diluted share, for the first quarter of
2014.
EBITDAX (non-GAAP) for the first quarter of 2015 totaled $407.5
million, compared to $483.3 million in the first quarter of
2014.
The Company’s total realized price during the first quarter of
2015, excluding the effect of commodity derivatives, was $34.76 per
Boe, compared with $72.27 per Boe during the first quarter of 2014.
The lower total realized price in the 2015 period reflects sharply
lower crude oil and natural gas prices.
Financial Position and Liquidity
At March 31, 2015, we had total long-term debt of $3.4 billion
for a debt-to-EBITDAX ratio of 1.7 times. In addition, we had a
$2.5 billion revolving credit facility with a $3.25 billion
borrowing base and no outstanding borrowings, providing us with
$2.5 billion of liquidity as of March 31, 2015. As previously
disclosed, in April 2015, the lenders to the Company’s credit
agreement reaffirmed our borrowing base of $3.25 billion.
Commodity Derivatives Update
We enter into commodity derivatives to manage our exposure to
commodity price fluctuations. For the remainder of 2015, Concho has
swap contracts covering more than 65% of expected crude oil
production, or 57.2 thousand barrels (MBbls) per day of crude oil,
at a weighted average price of $78.82 per Bbl. For 2016, Concho has
swap contracts covering 34.2 MBbls per day of crude oil at a
weighted average price of $83.43 per Bbl. Please see the table
under “Derivatives Information” for more detailed information about
our current derivatives positions.
Outlook
For the second quarter of 2015, we expect production to average
between 138 MBoepd and 142 MBoepd.
In addition, we updated our full-year 2015 outlook for certain
items. The following table summarizes the Company’s current
guidance for those items, as compared to the Company’s prior
guidance.
Full Year 2015 Prior
Current Production Year-over-year production
growth 16% - 20% 18% - 22%
Operating costs and
expenses Lease operating expense ($/Boe): Direct lease
operating expense $8.00 - $8.50 $7.75 - $8.25 General and
administrative expense ($/Boe): Non-cash stock-based compensation
$1.10 - $1.20 $1.20 - $1.30 Depletion, depreciation and
amortization expense ($/Boe) $24.00 - $26.00 $23.00 - $25.00 Cash
interest expense ($ in millions) $215 - $225 $210 - $220
Capital budget ($ in billions) $2.0 $1.8 - $2.0
Conference Call
Concho will discuss first quarter 2015 results on a conference
call tomorrow, May 5, 2015, at 9:00 AM CT (10:00 AM ET). The
telephone number and passcode to access the conference call are
provided below:
Dial-in: (800) 299-8538Intl. dial-in: (617) 786-2902Participant
Passcode: 77249327
To access the live webcast and view the related presentation,
visit Concho’s website at www.concho.com. The replay will
also be available on the Company’s website under the “Investors”
section.
Concho Resources Inc.
Concho Resources Inc. is an independent oil and natural gas
company engaged in the acquisition, development and exploration of
oil and natural gas properties. The Company’s operations are
primarily focused in the Permian Basin of southeast New Mexico and
west Texas. For more information, visit the Company’s website at
www.concho.com.
Forward-Looking Statements and Cautionary Statements
The foregoing contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Forward-looking statements
contained in this press release specifically include statements,
estimates and projections regarding the Company’s future financial
position, operations, performance, business strategy, oil and
natural gas reserves, drilling program, capital expenditure budget,
liquidity and capital resources, the timing and success of specific
projects, outcomes and effects of litigation, claims and disputes,
derivative activities and potential financing. The words
“estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “potential,” “could,” “may,” “foresee,” “plan,”
“goal” or other similar expressions are intended to identify
forward-looking statements, which generally are not historical in
nature. However, the absence of these words does not mean that the
statements are not forward-looking. These statements are based on
certain assumptions and analyses made by the Company based on
management’s experience, expectations and perception of historical
trends, current conditions, anticipated future developments and
other factors believed to be appropriate. Forward-looking
statements are not guarantees of performance. Although the Company
believes the expectations reflected in its forward-looking
statements are reasonable and are based on reasonable assumptions,
no assurance can be given that these assumptions are accurate or
that any of these expectations will be achieved (in full or at all)
or will prove to have been correct. Moreover, such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, which may cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. These include the factors
discussed or referenced in the “Risk Factors” section of the
Company’s most recent Annual Report on Form 10-K; risks relating to
declines in the prices the Company receives for its oil and natural
gas; uncertainties about the estimated quantities of oil and
natural gas reserves; drilling and operating risks, including risks
related to properties where the Company does not serve as the
operator and risks related to hydraulic fracturing activities; the
adequacy of the Company’s capital resources and liquidity
including, but not limited to, access to additional borrowing
capacity under its credit facility; the effects of government
regulation, permitting and other legal requirements, including new
legislation or regulation of hydraulic fracturing and the export of
oil and natural gas; environmental hazards, such as uncontrollable
flows of oil, natural gas, brine, well fluids, toxic gas or other
pollution into the environment, including groundwater
contamination; difficult and adverse conditions in the domestic and
global capital and credit markets; risks related to the
concentration of the Company’s operations in the Permian Basin of
Southeast New Mexico and West Texas; disruptions to, capacity
constraints in or other limitations on the pipeline systems that
deliver the Company’s oil, natural gas liquids and natural gas and
other processing and transportation considerations; shortages of
oilfield equipment, services and qualified personnel and increases
in costs for such equipment, services and personnel; potential
financial losses or earnings reductions from the Company’s
commodity price management program; risks and liabilities related
to the integration of acquired properties or businesses;
uncertainties about the Company’s ability to successfully execute
its business and financial plans and strategies; uncertainties
about the Company’s ability to replace reserves and economically
develop its current reserves; general economic and business
conditions, either internationally or domestically; competition in
the oil and natural gas industry; uncertainty concerning the
Company’s assumed or possible future results of operations; and
other important factors that could cause actual results to differ
materially from those projected.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Concho Resources Inc. Consolidated Balance
Sheets Unaudited
March 31, December 31, (in thousands,
except share and per share amounts)
2015 2014 Assets Current
assets: Cash and cash equivalents $ 21 $ 21 Accounts receivable,
net of allowance for doubtful accounts: Oil and natural gas 219,486
250,600 Joint operations and other 401,425 409,665 Derivative
instruments 495,803 490,351 Prepaid costs and other 37,541
37,759 Total current assets 1,154,276
1,188,396 Property and equipment: Oil and
natural gas properties, successful efforts method 14,609,006
13,867,831 Accumulated depletion and depreciation (4,053,199
) (3,790,953 ) Total oil and natural gas properties, net
10,555,807 10,076,878 Other property and equipment, net
132,778 129,136 Total property and equipment,
net 10,688,585 10,206,014 Deferred loan
costs, net 65,980 68,443 Intangible asset - operating rights, net
26,789 27,154 Inventory 14,352 14,435 Noncurrent derivative
instruments 205,250 262,349 Other assets 51,914
33,172 Total assets $ 12,207,146 $ 11,799,963
Liabilities and Stockholders’ Equity Current
liabilities: Accounts payable - trade $ 23,573 $ 20,380 Bank
overdrafts 19,002 92,541 Revenue payable 160,993 238,098 Accrued
and prepaid drilling costs 665,922 718,300 Deferred income taxes
166,447 162,566 Other current liabilities 188,840
195,308 Total current liabilities 1,224,777
1,427,193 Long-term debt 3,377,147 3,517,320
Deferred income taxes 1,423,273 1,438,185 Noncurrent derivative
instruments 168 - Asset retirement obligations and other long-term
liabilities 139,432 136,477 Stockholders’ equity: Common stock,
$0.001 par value; 300,000,000 authorized; 120,304,465 and
113,264,918 shares issued at March 31,
2015 and December 31, 2014, respectively
120 113 Additional paid-in capital 3,784,605 3,027,412 Retained
earnings 2,287,253 2,279,741 Treasury stock, at cost; 289,069 and
260,124 shares at March 31, 2015 and December 31, 2014,
respectively (29,629 ) (26,478 ) Total stockholders’
equity 6,042,349 5,280,788 Total
liabilities and stockholders’ equity $ 12,207,146 $
11,799,963
Concho Resources Inc.
Consolidated Statements of Operations Unaudited
Three Months Ended March
31, (in thousands, except per share amounts)
2015 2014
Operating revenues: Oil sales $ 349,584 $ 539,857 Natural
gas sales 63,938 121,102 Total
operating revenues 413,522 660,959
Operating costs and expenses: Oil and natural gas production
125,535 126,924 Exploration and abandonments 5,755 25,375
Depreciation, depletion and amortization 267,205 221,392 Accretion
of discount on asset retirement obligations 1,994 1,671 General and
administrative (including non-cash stock-based compensation of
$15,495 and $11,432 for the three months ended March 31, 2015 and
2014, respectively) 58,801 47,750 (Gain) loss on derivatives not
designated as hedges (115,340 ) 35,615 Total
operating costs and expenses 343,950 458,727
Income from operations 69,572
202,232
Other income (expense): Interest expense
(53,569 ) (56,135 ) Other, net (4,341 ) 541
Total other expense (57,910 ) (55,594 )
Income
before income taxes 11,662 146,638 Income tax expense
(4,150 ) (55,331 )
Net income $ 7,512 $ 91,307
Earnings per share: Basic net income $ 0.07 $ 0.87
Diluted net income $ 0.06 $ 0.87
Concho Resources
Inc. Consolidated Statements of Cash Flows
Unaudited Three Months
Ended March 31, (in thousands)
2015 2014 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income $ 7,512 $ 91,307 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation, depletion and amortization 267,205
221,392 Accretion of discount on asset retirement obligations 1,994
1,671 Exploration and abandonments, including dry holes 2,700
23,759 Non-cash stock-based compensation expense 15,495 11,432
Deferred income taxes (11,031 ) 41,954 (Gain) loss on disposition
of assets, net 39 (146 ) (Gain) loss on derivatives not designated
as hedges (115,340 ) 35,615 Other non-cash items 2,612 2,710
Changes in operating assets and liabilities, net of acquisitions
and dispositions: Accounts receivable 35,731 (10,139 ) Prepaid
costs and other 649 21 Inventory 3 1,126 Accounts payable 3,119
20,087 Revenue payable (77,105 ) 21,675 Other current liabilities
(7,334 ) 13,516
Net cash provided by operating
activities
126,249 475,980
CASH FLOWS FROM
INVESTING ACTIVITIES: Capital expenditures on oil and natural
gas properties (790,773 ) (554,266 ) Additions to property,
equipment and other assets (8,147 ) (5,617 ) Proceeds from the
disposition of assets - 24 Contribution to equity method investment
(20,000 ) - Settlements received from (paid on) derivatives not
designated as hedges 167,156 (14,837 ) Net
cash used in investing activities (651,764 ) (574,696
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
issuance of debt 739,000 593,400 Payments of debt (878,500 )
(548,750 ) Exercise of stock options 57 1,254 Excess tax benefit
from stock-based compensation 464 2,993 Net proceeds from issuance
of common stock 741,184 - Purchase of treasury stock (3,151 )
(3,748 ) Increase (decrease) in bank overdrafts (73,539 )
53,567 Net cash provided by financing activities
525,515 98,716 Net increase (decrease)
in cash and cash equivalents - - Cash and cash equivalents at
beginning of period 21 21 Cash and cash
equivalents at end of period $ 21 $ 21
Concho Resources Inc. Summary Production and Price
Data Unaudited
The following table sets forth summary information concerning
production and operating data for the periods indicated:
Three Months
Ended March 31,
2015 2014
Production and operating data: Net
production volumes: Oil (MBbl) 8,066 5,846 Natural gas (MMcf)
22,985 19,800 Total (MBoe) 11,897 9,146
Average daily
production volumes: Oil (Bbl) 89,622 64,956 Natural gas (Mcf)
255,389 220,000 Total (Boe) 132,187 101,623
Average
prices: Oil, without derivatives (Bbl) $ 43.34 $ 92.35 Oil,
with derivatives (Bbl) (a) $ 63.20 $ 90.68 Natural gas, without
derivatives (Mcf) $ 2.78 $ 6.12 Natural gas, with derivatives (Mcf)
(a) $ 3.08 $ 5.86 Total, without derivatives (Boe) $ 34.76 $ 72.27
Total, with derivatives (Boe) (a) $ 48.81 $ 70.65
Operating costs and expenses per Boe: Lease operating
expenses and workover costs $ 7.64 $ 8.07 Oil and natural gas taxes
$ 2.91 $ 5.80 Depreciation, depletion and amortization $ 22.46 $
24.21 General and administrative $ 4.95 $ 5.22
(a) Includes the effect of cash receipts from
(payments on) derivatives not designated as hedges:
Three
Months Ended March 31, (in thousands)
2015 2014 Cash
receipts from (payments on) derivatives not designated as
hedges: Oil derivatives $ 160,186 $ (9,769 ) Natural gas
derivatives 6,970 (5,068 ) Total $ 167,156 $ (14,837
)
The presentation of average prices with derivatives
is a non-GAAP measure as a result of including the cash receipts
from (payments on) commodity derivatives that are presented in our
statements of cash flows. This presentation of average prices with
derivatives is a means by which to reflect the actual cash
performance of our commodity derivatives for the respective periods
and presents oil and natural gas prices with derivatives in a
manner consistent with the presentation generally used by the
investment community.
Concho Resources Inc.
Costs Incurred
Unaudited
The table below provides the costs incurred for oil and natural
gas producing activities for the periods indicated:
Three Months Ended March
31, (in thousands) 2015
2014 Property acquisition costs:
Proved $ - $ 20,490 Unproved 16,013 24,688 Exploration 429,169
324,497 Development 301,744 211,679 Total costs
incurred for oil and natural gas properties $ 746,926 $ 581,354
Concho Resources Inc. Derivatives Information
Unaudited
The table below provides data associated with the Company’s
derivatives at May 4, 2015, for the periods indicated:
2015
SecondQuarter
ThirdQuarter
FourthQuarter
Total 2016 2017 Oil Swaps: (a)
Volume (Bbl) 5,114,000 5,719,000 4,904,000 15,737,000 12,499,000
3,948,000 Price (Bbl) $ 80.62 $ 77.19 $ 78.84 $ 78.82 $ 83.43 $
65.58
Oil Basis Swaps: (b) Volume (Bbl) 4,350,500
4,462,000 4,232,000 13,044,500 12,164,000 - Price (Bbl) $ (3.24 ) $
(3.06 ) $ (2.99 ) $ (3.10 ) $ (2.23 ) $ -
Natural Gas
Swaps: (c) Volume (MMBtu) 5,915,000 5,980,000 5,980,000
17,875,000 - - Price (MMBtu) $ 4.16 $ 4.16 $ 4.16 $ 4.16 $ - $ -
Natural Gas Basis Swaps: (d) Volume (MMBtu) 1,365,000
1,380,000 1,380,000 4,125,000 - - Price (MMBtu) $ (0.13 ) $ (0.13 )
$ (0.13 ) $ (0.13 ) $ - $ -
(a)
The index prices for the oil contracts are based on the NYMEX –
West Texas Intermediate (“WTI”) monthly average futures price. (b)
The basis differential price is between Midland – WTI and Cushing –
WTI. (c) The index prices for the natural gas price swaps are based
on the NYMEX – Henry Hub last trading day futures price. (d) The
basis differential price is between the El Paso Permian delivery
point and NYMEX – Henry Hub delivery point.
Concho Resources Inc. Supplemental Non-GAAP
Financial Measures Unaudited
The following tables provide information that the Company
believes may be useful to investors who follow the practice of some
industry analysts who adjust reported company net income and cash
flows from operating activities to exclude certain non-cash and
unusual items.
Adjusted Net Income
The following table provides a reconciliation of net income
(GAAP) to adjusted net income (non-GAAP) for the periods
indicated:
Three Months
Ended March 31, (in thousands, except per share
amounts) 2015
2014 Net income - as reported $ 7,512 $ 91,307
Adjustments for certain non-cash and unusual items:
(Gain) loss on derivatives not designated as hedges (115,340 )
35,615 Cash receipts from (payments on) derivatives not designated
as hedges 167,156 (14,837 ) Leasehold abandonments 1,919 3,945
(Gain) loss on disposition of assets, net 39 (146 ) Tax impact (a)
(19,144 ) (9,266 )
Adjusted net income $
42,142 $ 106,618
Adjusted earnings per
share: Basic $ 0.37 $ 1.01 Diluted $ 0.36 $ 1.01
Effective tax rates 35.6 % 37.7 %
(a)
The tax impact is computed utilizing the Company's effective tax
rates shown in the table above.
EBITDAX
EBITDAX (as defined below) is presented herein, and reconciled
from the generally accepted accounting principles ("GAAP") measure
of net income because of its wide acceptance by the investment
community as a financial indicator of a company's ability to
internally fund exploration and development activities.
The Company defines EBITDAX as net income, plus (1) exploration
and abandonments expense, (2) depreciation, depletion and
amortization expense, (3) accretion expense, (4) non-cash
stock-based compensation expense, (5) (gain) loss on derivatives
not designated as hedges, (6) cash receipts from (payments on)
derivatives not designated as hedges, (7) (gain) loss on
disposition of assets, net, (8) interest expense and (9) federal
and state income taxes. EBITDAX is not a measure of net income or
cash flows as determined by GAAP.
The Company’s EBITDAX measure (which includes continuing and
discontinued operations) provides additional information which may
be used to better understand the Company’s operations. EBITDAX is
one of several metrics that the Company uses as a supplemental
financial measurement in the evaluation of its business and should
not be considered as an alternative to, or more meaningful than,
net income, as an indicator of operating performance. Certain items
excluded from EBITDAX are significant components in understanding
and assessing a company's financial performance, such as a
company's cost of capital and tax structure, as well as the
historic cost of depreciable assets, none of which are components
of EBITDAX. EBITDAX, as used by the Company, may not be comparable
to similarly titled measures reported by other companies. The
Company believes that EBITDAX is a widely followed measure of
operating performance and is one of many metrics used by the
Company’s management team, and by other users, of the Company’s
consolidated financial statements. For example, EBITDAX can be used
to assess the Company’s operating performance and return on capital
in comparison to other independent exploration and production
companies without regard to financial or capital structure, and to
assess the financial performance of the Company’s assets and the
Company without regard to capital structure or historical cost
basis.
The following table provides a reconciliation of net income to
EBITDAX for the periods indicated:
Three Months
Ended March 31, (in thousands)
2015 2014 Net
income $ 7,512 $ 91,307 Exploration and abandonments 5,755
25,375 Depreciation, depletion and amortization 267,205 221,392
Accretion of discount on asset retirement obligations 1,994 1,671
Non-cash stock-based compensation 15,495 11,432 (Gain) loss on
derivatives not designated as hedges (115,340 ) 35,615 Cash
receipts from (payments on) derivatives not designated as hedges
167,156 (14,837 ) (Gain) loss on disposition of assets, net 39 (146
) Interest expense 53,569 56,135 Income tax expense 4,150
55,331
EBITDAX $ 407,535 $
483,275
Concho Resources Inc.Megan P. Hays, 432-685-2533Director
of Investor RelationsorJere Thompson, 432-221-0383Financial
Analyst
Concho Resources (NYSE:CXO)
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