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Concho Resources sees well efficiencies continuing to improve

Published 03/26/2018, 02:23 PM
© Reuters.  Concho Resources sees well efficiencies continuing to improve
CXO
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  • Concho Resources (CXO +1.6%) says the cost and time needed to drill a well will keep falling, despite concerns that improvements from technology and other factors had reached a limit.
  • CXO says it now drills wells that are 53% longer than in 2015 for 22%, allowing it to extract more oil for less.
  • “The changes won’t be this dramatic and this obvious in the future, but there are many small improvements that can occur over the next two to three years," CEO Jack Harper tells the Scotia Howard Weil energy conference in New Orleans.


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