Concho Resources $CXO reported mixed Q2 earnings Wednesday in another busy week for U.S. shale companies. CXO beat on earnings but on lower revenue as production rose.
Concho Resources $CXO reported mixed Q2 earnings Wednesday in another busy week for U.S. shale companies. CXO beat on earnings but on lower revenue. Production rose 27% annually to 184,700 barrels of oil equivalent a day and they raised production guidance higher.
Earnings: EPS of 52 cents on revenue of $567 million. EPS expected 43 cents with revenue of to $649 million. Net income of $152 million, or $1.02 per diluted share. Adjusted net income totaled $77 million, or $0.52 per diluted share (non-GAAP).
Reaction: Concho Resources NYSE: CXO After-hours: 126.84 –1.82 (-1.41%)
- Production for the second quarter of 2017 averaged 184.7 thousand Boe per day (MBoepd), an increase of approximately 27% from the second quarter of 2016.
- Crude oil production for the second quarter of 2017 totaled 113.2 thousand barrels per day (MBopd), an increase of approximately 27% from the second quarter of 2016.
- Average daily natural gas production for the second quarter of 2017 totaled 428.8 million cubic feet (MMcf).
- Concho averaged 21 rigs in the second quarter of 2017. The Company is currently running 19 rigs and expects to average 17 rigs in the second half of 2017.
- During the second quarter of 2017, Concho commenced drilling or participated in a total of 87 gross wells (60 operated wells) and completed 76 gross wells.
Acquired 12,400 net acres, enhancing the Company’s Midland Basin assets in Andrews and Martin counties,Texas.
- Full-year production growth guidance raised to 24%-26%, up from a prior view of 21%-25%
- Capital spending is seen at the midpoint of the guidance range of $1.6 billion to $1.8 billion.
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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