Concho Resources Inc (CXO) Q4 2019 Earnings Call Transcript

Concho Resources Inc (CXO) Q4 2019 Earnings Call Transcript

Good morning, and welcome to Concho's fourth quarter 2019 earnings call.. I'm joined today in Midland by Tim Leach, our Chairman and CEO, along with President, Jack Harper; Chief Operating Officer, Will Giraud and members of the Concho's senior management team.. Since our third quarter of '19 earnings call, we've seen oil prices roller coaster between $50 and $60, and we've been both places twice.. Despite the commodity price volatility and many uncertainties, our business model is designed to deliver free cash flow across a wide range of commodity prices.. Last year, we identified six key areas for improvement, which included reducing well cost.. For the fourth quarter of '19, controllable costs were 17% lower year-over-year, and we're well below our target of $9 per Boe.. With the proceeds from the shelf sale, we ended the year with no bank debt and $70 million of cash on the balance sheet.. Their efforts are directly benefiting our bottom line and driving the inflection in free cash flow that we delivered in the fourth quarter.. Jack will speak with -- to the specific numbers, but I want to summarize our high level strategy for the year.. Growing free cash flow.. And we