Concho Resources (CXO) Provides Update to 2020 Capital Program

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Go back to Concho Resources (CXO) Provides Update to 2020 Capital Program

Concho Resources Inc. Provides Update to 2020 Capital Program

March 17, 2020 6:50 AM EDT

MIDLAND, Texas--(BUSINESS WIRE)-- Within the context of a dynamic environment and a substantial decrease in oil and natural gas prices, Concho Resources Inc. (NYSE: CXO) is prioritizing its strong balance sheet and capital returns to shareholders. The Company has reduced its 2020 capital program to approximately $2 billion from the $2.6 to $2.8 billion range previously announced. The revised capital range is approximately 25% lower than the Companys prior capital spending expectations for the year.

Tim Leach, Chairman and Chief Executive Officer, commented, Concho is well positioned to weather the turmoil in the oil... More