Concho Resources (NYSE: CXO) reported Q2 adj EPS of $0.26, $0.27 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $396.3 million versus the consensus estimate of $482.5 million.

Tim Leach, Chairman, Chief Executive Officer and President, commented, “We continue to execute a disciplined strategy that is focused on improving capital productivity while extending our track record of solid operational performance. The second quarter exceeded expectations both operationally and financially. Production surpassed the high-end of our guidance range, and for the fourth straight quarter our capital spending was funded within cash flow. Our updated 2016 outlook for annual production growth and lower cash operating expenses reflects the quality of our assets and our efforts to pursue sustainable efficiencies that enhance full-cycle returns. The momentum we are generating combined with the scale of our core assets in the Permian Basin reinforces our 2017 outlook for double-digit production growth while continuing to balance capital and cash flow.”

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