Concho Resources Inc., Midland, Tex., recorded a net loss of $61 million for third-quarter 2020. Adjusted net income, which excludes certain non-cash and special items, for the quarter was $282 million.
Third-quarter 2020 oil production volumes averaged 201,000 b/d. Natural gas production for the quarter averaged 716 MMcfd. The company’s total production for third-quarter 2020 was 320,000 boe/d.
Cash flow from operating activities was $608 million, including $60 million in working capital changes. Operating cash flow before working capital changes was $668 million, exceeding third-quarter capital expenditures of $284 million, and resulting in free cash flow of $384 million.
At Sept. 30, Concho had long-term debt of $3.9 billion with no outstanding debt maturities until January 2027, no debt outstanding under its credit facility, and $400 million in cash and cash equivalents.
On Oct. 19, the company and ConocoPhillips agreed to an all stock deal in which Concho will be acquired for $9.7 billion (OGJ Online, Oct. 19, 2020). In its third quarter report the company reiterated the deal’s expected closing in first-quarter 2021.