CQP Cheniere Energy Partners LP

Concho Resources Inc. (CXO) has released its operational update for 2013 including production, year-end estimated proved reserves and expenses incurred.

Total production for the year 2013 was 33.6 million barrels of oil equivalent (MMBoe), up 20% from 2012 production from continuing operations. Of the total production, crude oil was 21.1 MMBbls and natural gas comprised 75.1 Bcf.

During 2013, midstream and infrastructure delays led to an estimated net production loss of over 500,000 Boe in the New Mexico Shelf. Moreover, severe winter weather during the fourth quarter prevented the company from delivering full-year production within the upper-half of its original guidance range. Crude oil output increased 25% over 2012 output and formed 63% of total production versus 60% in 2012.

Concho's year-end estimated proved reserves jumped to 503 MMBoe from 447 MMBoe in 2012. Majority of the company's proved reserves are located in the Permian Basin, which remains one of the most active and prolific oil basins in the continental U.S. The primary growth driver for 2013 reserves addition was exploration and development activity. The company added over 105 MMBoe of proved reserves and replaced 266% of full-year 2013 production after adjusting for revisions.

In 2013, Concho incurred total expenses of $1.87 billion. In sync with its full-year 2013 guidance, the company invested about $1.77 billion through its exploration and development program. Drill-bit F&D costs for 2013 was $16.79 per Boe versus $16.56 per Boe in 2012.

Concho carries a Zacks Rank #3 (Hold). However, better-ranked stocks in the oil and gas sector include NGL Energy Partners LP (NGL), Cheniere Energy Partners L.P. (CQP) and Cabot Oil & Gas Corporation (COG). All these stocks hold a Zacks Rank #1 (Strong Buy).
 

 
CABOT OIL & GAS (COG): Free Stock Analysis Report
 
CHENIERE ENERGY (CQP): Get Free Report
 
CONCHO RESOURCS (CXO): Free Stock Analysis Report
 
NGL ENERGY PART (NGL): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research