Registrant’s telephone number, including area code: (i432) i683-7443
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
i☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon
Stock, par value $0.001 per share
iCXO
iNew York Stock Exchange
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 2.02 Results of Operations and Financial Condition
SIGNATURES
Item 2.02 Results of Operations and Financial Condition
Below is a summary of estimated commodity
price and derivative information for Concho Resources Inc.’s third-quarter 2020 reporting period.
1.Commodity Price Realizations
The following table presents the Company’s estimated oil and natural gas price realizations, excluding derivatives, for the three months ended September 30, 2020:
Estimated oil and natural gas price realizations
(excluding derivatives) - average price per unit:
Oil (Bbl)
$
39.23
Natural gas (Mcf) (a)
$
1.64
(a) The Company derives a portion of its total natural gas revenues from the value of the natural gas liquids contained in its natural gas, with the remaining portion coming from the value of the dry natural gas residue.
2.Commodity
Derivatives
The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. The following table presents the Company’s estimated loss on derivative instruments for the three months ended September 30, 2020:
Estimated net cash receipts from derivatives - in millions:
Oil derivatives
$
171
Natural gas derivatives (a)
2
Total
$
173
(a) Includes
propane price swaps and natural gasoline price swaps.
The information included in this Current Report is preliminary in nature and represents management’s current estimates. Such information is not final and is subject to change in the Company’s unaudited financial statements to be included in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (the “Form 10-Q”). Investors should consider such estimates when taken as a whole with the complete financial statements and results of operations for the period once published in the Form 10-Q.
THE INFORMATION CONTAINED IN THIS CURRENT REPORT SHALL NOT BE DEEMED
“FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES AND EXCHANGE ACT OF 1934, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
