59.53 0.00 (0.00%)
After hours: 5:09PM EDT
|Bid||59.17 x 800|
|Ask||59.50 x 800|
|Day's range||56.71 - 59.73|
|52-week range||33.13 - 107.69|
|Beta (5Y monthly)||1.89|
|PE ratio (TTM)||N/A|
|Earnings date||29 Jul 2020 - 03 Aug 2020|
|Forward dividend & yield||0.80 (1.47%)|
|Ex-dividend date||07 May 2020|
|1y target est||71.83|
Concho Resources Inc. (NYSE: CXO) today announced that the Company will participate in the following virtual conferences:
Concho Resources Inc. (NYSE: CXO) (the "Company") today announced that Tim Leach, Chairman and Chief Executive Officer, will present at the Bernstein 36th Annual Strategic Decisions Virtual Conference. The presentation will begin at 9:00 AM CT on Thursday, May 28, 2020.
(Bloomberg) -- A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.Texas Railroad Commissioner Ryan Sitton said in an interview on Bloomberg TV that the three-member agency wasn’t prepared to vote on curtailing supplies in a process known as “pro-rationing.” His comments likely mark the end of a month-and-a-half-long saga that divided the shale industry over whether regulators should adopt OPEC-style production caps amid a historic collapse in crude prices.The unprecedented implosion of the entire oil industry has been so swift and severe that American companies have been turning off drilling rigs, demobilizing fracking crews, slashing jobs and shutting wells without the need for a government order. Fracking activity in U.S. fields has slumped 82% in the past seven weeks, while oil drilling is down 52%, according to data compiled by Bloomberg.“At this point we still are not ready to act, and so it’s too late, so there is no proposal to make,” Sitton, one of three Republicans on the commission, said Monday. “I think that pro-ration is now dead.”Exxon, Chevron and ConocoPhillips plan to curb as much as 660,000 barrels a day of combined American output by the end of June. Permian Basin producer Concho Resources Inc. has shut in about 4% to 5% of total output and warned last week that it will likely be forced to curtail even more.“The market forces are stronger than the threat of proration ever was,” said Cye Wagner, chairman of the Texas Alliance of Energy Producers, which was opposed to state quotas. “It would be more harmful to the industry than the market-driven response that’s coming.”Sitton, who lost the primary election for his own seat earlier this year, had been the only member of the Texas Railroad Commission -- the state’s chief energy regulator -- to come out in favor of production caps. Chairman Wayne Christian recently stated his opposition to cuts in an opinion piece for the Houston Chronicle, and Commissioner Christi Craddick had expressed numerous concerns during the agency’s most recent meeting.Among oil companies, Pioneer Natural Resources Co. and Parsley Energy Inc., founded by a father and his son, had been the biggest champions of instituting mandated cuts.But Exxon Mobil Corp. and Chevron Corp., along with a long list of independent producers, had argued that the market was already driving curtailments and that it was best for the government to stay out of it. The chief executive officer of Enterprise Products Partners LP even went so far as to say that quota-supporting producers were simply trying to skirt contractual obligations.$1,000 PenaltySitton’s proposal called for a 20% cutback in the state’s output, conditional on other states and nations making similar moves. The measure would have penalized producers who exceeded quotas to the tune of $1,000 a barrel. But Christian and Craddick both said they feared legal repercussions that would make such an effort ineffective.“I may be the only lawyer in the group, but I guarantee you this is going to the courthouse,” Craddick said last month.While the debate over production caps may be sidelined in Texas, other states are still considering whether such a response is warranted. Oklahoma is scheduled to discuss quotas on May 11 and North Dakota will take up the issue on May 20. Still, those efforts are likely a long shot without Texas on board.(Updates with Oklahoma, North Dakota meetings in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Oil markets are on course to see their first weekly gain in over a month as the OPEC+ production cut comes into effect and a wave of shut-ins hit the shale patch
Concho Resources Inc. (NYSE: CXO) announced that its Board of Directors declared a quarterly dividend of $0.20 per share on the Company’s outstanding common stock. The quarterly dividend is payable June 26, 2020, to stockholders of record at the close of business on May 8, 2020.
Concho Resources Inc. (NYSE: CXO) will host a conference call on Friday, May 1, 2020 at 8:00 AM CT (9:00 AM ET) to discuss first-quarter 2020 financial and operating results. The Company plans to announce first-quarter 2020 results on Thursday, April 30, 2020, after close of trading.
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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 Company’s prior capital spending expectations for the year.
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