Concho Resources $CXO reported better than expected Q3 earnings Tuesday in another busy week for U.S. shale companies. CXO beat on earnings and revenue. Crude oil production increased approximately 31 pct from Q3 of 2016.
Concho Resources $CXO reported better than expected Q3 earnings Tuesday in another busy week for U.S. shale companies. CXO beat on earnings and revenue. Crude oil production increased approximately 31 pct from Q3 of 2016.
Earnings: Q3 adjusted non-GAAP earnings per share $0.45 above $0.27 EPS expected by Thomson Reuters I/B/E/S. Q3 loss per share $0.77 unadjusted. Revenues $627 million versus $430 million
Reaction: Concho Resources NYSE: CXO Closed $134.21 +1.41 +1.06% After-hours: unchanged
Production
- Production for Q3 averaged 193.2 thousand boe per day (mboepd), an increase of about 26 pct from the third quarter of 2016
- Crude oil production for Q3 2017 totaled 119.6 thousand barrels per day (mbopd), an increase of approximately 31 pct from Q3 of 2016
Note last quarter acquired 12,400 net acres, enhancing the Company’s Midland Basin assets in Andrews and Martin counties,Texas.
Outlook:
- For Q4, co expects oil & natural gas production expense to be at high end of the guidance range of $5.50 per boe to $6.00 per boe
- Expects production to average approximately 200 mboepd to 204 mboepd, with a 62 pct oil mix, in the fourth quarter of 2017
About Conco
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas in the United States.
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