This Oil Stock's Strategic Plan Is Paying Big Dividends
Concho Resources (NYSE: CXO) has spent the past few years driving down its costs so it could start generating free cash flow at lower oil prices. That strategy has started paying dividends, which was evident in the company's fourth-quarter report. As a result, it was able to give investors a big raise this year.
Concho Resources produced 215,000 barrels of oil per day during the fourth quarter, which exceeded the high-end of its guidance range. That's 8% above the year-ago level and pushed its full-year total to 25% higher than 2018's average.
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Source Fool.com
