Concho Resources, Inc. (CXO, Financial) is an independent E&P company focused on the Permian Basin in West Texas. Concho shares rose 24% for the period held as the company provided greater detail about a significant increase in its oil and gas resource potential across its acreage position in the Permian and particularly in the Delaware sub-basin. The combination of the increase in the company's drilling inventory, strong initial well results and a faster than expected acceleration in its drilling inventory bode well for Concho's production growth outlook and for improvements in its net asset value.
From Baron Funds' first quarter 2014 commentary.
