Concho Resources (CXO) Tops Q4 EPS by 24c; To Raises Dividend 60%

Concho Resources (NYSE: CXO) reported Q4 EPS of $1.03, $0.24 better than the analyst estimate of $0.79.

• Delivered oil production volumes of 215 MBopd, exceeding the high end of the Company\'s guidance range.
• Completed the New Mexico Shelf divestiture, enabling Concho to achieve its debt-reduction target and repurchase $250 million of shares during the quarter.
• Generated cash flow from operating activities of $769 million; operating cash flow before working capital changes (non-GAAP) was $801 million, exceeding exploration and development costs incurred of $614 million.
• Reported net loss of $471 million, or $2.38 per share. Adjusted net income (non-GAAP) totaled $206 million, or $1.03 per share.
• Reported $853 million of adjusted EBITDAX (non-GAAP).

GUIDANCE:

2020 Outlook

• Increasing Concho's quarterly dividend 60% to $0.20 per share.
• Planning a $2.6 to $2.8 billion capital program, representing a 10% reduction year over year at the midpoint of the guidance.
• Expecting to generate 10% to 12% annual oil volume growth, pro forma for the New Mexico Shelf divestiture.

For earnings history and earnings-related data on Concho Resources (CXO) click here.

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