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Independent Oil Gas

Sure, here's the information you requested about Independent Oil and Gas, Inc. (ticker symbol XEC)

Independent Oil and Gas, Inc. is an independent energy company engaged in the exploration, development, and production of oil and natural gas properties. The company was founded in 1974 and is headquartered in Denver, Colorado.

Here are some key points about the company's performance:

1. Revenue: In 2020, XEC's revenue was $258 million, a significant increase of 30% from 2019. The revenue growth was primarily driven by the company's successful drilling program in the Delaware Basin.

2. Net Income: XEC's net income in 2020 was $45 million, compared to a net loss of $38 million in 2019. This significant turnaround in profitability was mainly due to the company's increased production and higher oil prices.

3. Production: XEC's average daily production increased by 11% in 2020 compared to 2019, primarily due to the company's successful drilling program in the Delaware Basin.

4. Proved Reserves: XEC's proved reserves were 120 million barrels of oil equivalent (MMBoe) at the end of 2020, a 16% increase from 2019. The reserve growth was primarily driven by the company's successful drilling program in the Delaware Basin.

5. Drilling and Completions: In 2020, XEC drilled and completed 28 gross wells in the Delaware Basin, with an average lateral length of approximately 9,800 feet. The company plans to continue to increase its drilling and completion activities in 2023 and beyond.

6. Acquisitions: In 2020, XEC acquired approximately 15,000 net acres in the Delaware Basin for approximately $175 million. The acquisition increased the company's position in the Delaware Basin and provided additional opportunities for growth.

7. Capital Expenditure: XEC's capital expenditure was $408 million in 2020, a significant increase from $263 million in 2019. The increase in capital expenditure was primarily driven by the company's increased drilling and completion activities in the Delaware Basin.

8. Guidance: XEC has provided guidance for 2023, expecting production to be between 23,000 and 27,000 barrels of oil equivalent per day (Boepd). The company also plans to drill and complete approximately 30 to 40 gross wells in the Delaware Basin during 2023.

In summary, Independent Oil and Gas, Inc. (XEC) has shown significant growth in revenue, net income, and production in 2020, driven by its successful drilling program in the Delaware Basin. The company has also increased its proved reserves, expanded its position in the Delaware Basin through acquisitions, and plans to continue to grow its drilling and completion activities in 2023 and beyond.

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