Delaware basin efficiencies driving production growth at concho _ 2016-11-09 _ natural gas intelligence

Midland, TX-based Concho Resources Inc. Electricity lesson plans 4th grade grew production during the third quarter as it took advantage of expanded natural gas processing capacity serving the Permian Basin’s Delaware sub-basin.

“As a result of drilling efficiencies, completion optimization and portfolio high-grading, we are raising our 2016 production growth target to 5%…While we have significant momentum heading into 2017, continued commodity price volatility reinforces our commitment to managing capital spending within anticipated cash flows,” said CEO Tim Leach.

“We expect to execute a $1.4 billion to $1.6 billion capital program during 2017 and deliver production growth of 17% to 20% over a more robust 2016 production outlook. Wd gaster Further, we are uniquely positioned to generate 20% annualized production growth over the next three years within cash flows due to the quality of our portfolio, demonstrated financial discipline and operational excellence.”

Production during the third quarter was 14.1 million boe, or 152,900 boe/d, an increase of 6% from the second quarter and above the high end of the company guidance. Z gastroenterol journal Average crude oil production totaled 91,100 b/d, and average natural gas production totaled 370.6 MMcf/d.

Two factors contributed to the production mix for the third quarter. Gas house dance hall Natural gas processing capacity in the Delaware sub-basin has significantly expanded, with more than 1 Bcf/d of capacity online since the beginning of 2016. B games unblocked The timing of completion activity and bringing new wells online also contributed to the production mix for the quarter. Gas tax in ct Concho said it expects to complete 60-70 gross wells during the fourth quarter compared to 46 gross completions in the third quarter.

During the third quarter Concho averaged 17 rigs running, compared to 13 rigs in the second quarter of 2016. Electricity in costa rica for travelers Concho started drilling or participating in a total of 72 gross wells (67 operated wells) and completed 46 gross wells during the third quarter.

Concho added 22 horizontal wells in the northern Delaware with at least 30 days of production as of the end of the third quarter. Electricity word search answers The average peak 30-day and 24-hour rates for these wells were 1,428 boe/d (69% oil) and 1,776 boe/d, respectively. Gas laws worksheet chapter 5 answers The average lateral length was 5,532 feet. Gas in oil causes The company has four horizontal rigs running in the northern Delaware.

“The resource potential on the northern Delaware basin is abundant, and with more than 350,000 gross acres, we have significant leverage to the stacked resource,” Leach said during a conference call on Wednesday. Electricity projects in pakistan “Since 2015, we’ve completed more than 225 horizontal wells, targeting nine different zones. Gas constant in kj Our activity over the past two years represents only a third of the horizontal wells we’ve drilled in the northern Delaware since 2011.”

The company refers to its acreage in southern Lea County, NM, as the Red Hills area, where Concho is targeting the oil-prone Avalon, Bone Spring and Wolfcamp formations. 5 gases A four-well, 80-acre spacing test, the Monet, has achieved cumulative production of more than 690,000 boe (67% oil) over the first 145 days of production. Electricity through wood Concho also recently conducted a two-well test targeting the Upper Wolfcamp Sands in Red Hills. Electricity sound effect The wells, the Viking Helmet State 002H and the Stove Pipe Federal 002H, were drilled to an average lateral length of 6,826 feet and produced at an average peak 30-day rate of 2,385 boe/d (84% oil). Gas bloating pain The company plans to continue developing the Upper Wolfcamp Sands with an emphasis on optimizing lateral placement and development spacing.

In the southern Delaware, Concho added five horizontal wells with at least 30 days of production as of the end of the third quarter. Gas hydrates The average peak 30-day and 24-hour rates for these wells were 1,505 boe/d (73% oil) and 1,751 boe/d, respectively. R gas constant kj The average lateral length was 7,474 feet. Electricity clipart The company has four horizontal rigs in the southern Delaware.

Building on success from an initial third Bone Spring test completed in the second quarter, Concho added two third Bone Spring horizontal wells during the third quarter. Ortega y gasset la rebelion de las masas These were drilled to an average lateral length of 4,875 feet and produced at an average peak 30-day rate of 1,909 boe/d (64% oil).

Concho added two horizontal wells in the Midland sub-basin with at least 30 days of production as of the end of the third quarter. Gasbuddy map The average peak 30-day and 24-hour rates were 1,070 boe/d (85% oil) and 1,420 boe/d, respectively. Electricity facts label The average lateral length was 10,332 feet. Gas vs electric heat The company has eight horizontal rigs in the Midland.

The company recently completed an eight-well stacked density pilot, with four wells targeting the Lower Spraberry and four wells targeting the Wolfcamp B. 76 gas credit card login Wells in each zone were spaced at 80 acres and drilled to an average lateral length of 9,513 feet. Kite electricity generation Cumulative production from the density pilot totaled about 260,000 boe (85% oil) over the first 30 days of production.

In the New Mexico Shelf, Concho added seven horizontal wells with at least 30 days of production as of the end of the third quarter. Electricity in water experiment The average peak 30-day and 24-hour rates were 414 boe/d (86% oil) and 562 boe/d, respectively. Gas pain in chest The average lateral length was 4,778 feet. Hp gas online payment The company has two horizontal rigs in the New Mexico Shelf.

For the fourth quarter, Concho expects production to average between 164,000 and 167,000 boe/d. Grade 6 electricity unit plan The company raised its full-year 2016 production growth target to 5%. C gastronomie plateaux repas Concho expects its total capital spending for 2016 to be $1.3 billion, within the guidance range of $1.1 billion to $1.3 billion and funded entirely within after-tax cash flow inclusive of settlements from derivatives. F gas regulations r22 The capital plan excludes acquisitions, but includes about $30 million of drilling and completion capital attributable to recently acquired assets in the Midland sub-basin.

For 2017, the board approved a capital budget of $1.6 billion. Electricity and magnetism equations Concho said it expects to grow oil volumes by more than 20% year-over-year and total company production growth of 17-20%. K electric jobs test Approximately 90% of capital would be directed to drilling and completion activity.

Concho’s average realized price for oil and natural gas for the third quarter, excluding the effect of commodity derivatives, was $30.61/boe, compared with $33.74/boe for the third quarter of 2015. Zyklon b gas canister for sale For 2017, Concho has crude oil swap contracts covering about 67,200 boe/d at a weighted average price of $54.60/bbl.

Net loss for the third quarter was $51.1 million (minus 38 cents/share) compared with net income of $179.7 million ($1.49) for the third quarter of 2015. Specjalizacja z gastroenterologii Adjusted net income was $43.4 million (32 cents/share) compared with $39.3 million (33 cents) for the third quarter of 2015.