Concho Resources, Inc. (CXO) is an independent E&P company focused on the Permian Basin in West Texas. Concho shares rose in the first quarter as the company provided greater detail about a significant increase in its oil and gas resource potential across its acreage position in the Permian and particularly in the Delaware sub-basin. The combination of the increase in the company's drilling inventory, strong initial well results and a faster than expected acceleration in its drilling inventory bode well for Concho's production growth outlook and for improvements in its net asset value. (James Stone)
From Baron Funds' first quarter 2014 letter to shareholders.
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