Concho Resources (CXO) Tops Q1 EPS by 4c; Forms New JV in Delaware Basin

Concho Resources (NYSE: CXO) reported Q1 EPS of $1.01, $0.04 better than the analyst estimate of $0.97. Revenue for the quarter came in at $660.96 million versus the consensus estimate of $629.78 million.

The Company has formed a midstream joint venture with a private entity to construct a crude oil transportation system in the northern Delaware Basin. This aligns with the Company’s midstream strategic objectives of improving price realizations and securing transportation for its crude oil volume. The joint venture will connect a substantial portion of the Company’s crude oil production in the northern Delaware Basin and increase optionality by providing multiple delivery points. Current expectations are for the system to be operational in the second half of 2015.

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

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