Concho Resources (CXO) Tops Q2 EPS by 7c

Concho Resources (NYSE: CXO) reported Q2 EPS of $1.04, $0.07 better than the analyst estimate of $0.97. Revenue for the quarter came in at $704.7 million versus the consensus estimate of $676.71 million.

• Average production totaled 107.8 thousand barrels of oil equivalent per day (“MBoepd”) for the second quarter of 2014, at the high end of its previously announced quarterly guidance range of 104 - 108 MBoepd
• Announced third quarter 2014 production guidance range of 113 - 116 MBoepd
• Added 31 new wells in the northern Delaware Basin with strong average 30-day and 24-hour peak rates of 931 and 1,420 Boepd, respectively
• Entered into agreements to acquire approximately 13,000 net acres for $95 million in the northern Delaware Basin1
• Net income of $11.8 million, or $0.11 per diluted share, for the second quarter of 2014, as compared to net income of $84.7 million, or $0.81 per diluted share, for the second quarter of 2013
• Adjusted net income2 (non-GAAP) of $113.8 million, or $1.04 per diluted share, for the second quarter of 2014, as compared to $102.5 million, or $0.98 per diluted share, for the second quarter of 2013
• EBITDAX3 (non-GAAP) of $504.0 million for the second quarter of 2014, a 19% increase over the second quarter of 2013

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

You May Also Be Interested In

• Ackman adds Netflix, Visa and Mastercard in portfolio revamp
• Wolfe Research downgrades Stryker, upgrades Abbott in med-tech shuffle
• Mount Logan unit launches MYGA annuity products, gets B+ AM Best rating