Concho Resources, Inc. (NYSE:CXO) is an independent oil and gas E&P company focused on the Permian basin in West Texas and New Mexico. Shares rose in the third quarter on increased production guidance, lowered cash costs, and a solid operations update, as well as strong M&A activity in the Delaware basin, which highlighted the value of its holdings in the basin. As one of the best run mid-cap E&P companies, in our view, we believe Concho is well positioned to exploit the deep economic inventory of drilling locations where it operates.
From Baron Energy and Resources third quarter 2016 commentary.
