Concho Resources Earnings Beat on Higher Shale Production

Concho Resources reported better than expected Q1 earnings Tuesday in another busy week for U.S. shale companies. $CXO beat on earnings and revenue. ‍Crude oil production increased approximately 

Concho Resources reported better than expected Q1 earnings Tuesday in another busy week for U.S. shale companies. $CXO beat on earnings and revenue. ‍Crude oil production increased .

Earnings: 

EPS of $1beat estimates of 81 cents as revenue rose 54.7% to $947 million beating estimates of $802 million.

Concho Resources Inc NYSE: $CXO

Market Reaction > After hours 157.01 −0.019 (0.012%)

Production

Production rose 8% to 228,000 boe per day.

Outlook:

Concho raised its full year production growth outlook to a range of 18%-20% vs. a prior outlook for 16%-20% growth.

Note last year $CXO acquired 12,400 net acres, enhancing the Company’s Midland Basin assets in Andrews and Martin counties,Texas.

Outlook:​​

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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