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Concho Resources Inc. Reports Operating Results (10-K)

February 24, 2012 | About:
Barel Karsan

10qk

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Concho Resources Inc. (CXO) filed Annual Report for the period ended 2011-12-31.

Concho Resourcs has a market cap of $11.9 billion; its shares were traded at around $112.25 with a P/E ratio of 30.4 and P/S ratio of 12.2.

Highlight of Business Operations:

We produced approximately 23.6 MMBoe, 15.6 MMBoe and 10.9 MMBoe of oil and natural gas during 2011, 2010 and 2009, respectively. Included in those production amounts are 123 MBoe, 995 MBoe and 775 MBoe of production related to our discontinued operations during 2011, 2010 and 2009, respectively. In addition, we increased our average daily production from 54.4 MBoe during the fourth quarter of 2010 to 71.0 MBoe during the fourth quarter of 2011. During 2011, we increased our total estimated proved reserves by approximately 63.1 MMBoe, including (i) acquisitions of 12.6 MMBoe and (ii) sales of minerals-in-place of 8.4 MMBoe.

For 2011, revenues from oil and natural gas sales to Holly Frontier Refining and Marketing, LLC (formerly, Navajo Refining Company, L.P.), ConocoPhillips Company and DCP Midstream, LP accounted for approximately 34 percent, 15 percent and 14 percent, respectively, of our total operating revenues. While the loss of any of these purchasers may result in a temporary interruption in sales of, or a lower price for, our production, we believe that the loss of any of these purchasers would not have a material adverse effect on our operations, as there are alternative purchasers in our producing regions.

Net cash provided by operating activities increased by approximately $547.9 million to $1,199.5 million for 2011, as compared to $651.6 million in 2010, primarily due to the increased oil and natural gas revenues, offset by increases in related oil and natural gas production costs and other cash related costs.

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