Sunday, August 20, 2017

Concho Profit Beats Expectation, Boosts Production Forecast

Posted by August 2, 2017

U.S. shale oil producer Concho Resources Inc posted a better-than-expected quarterly profit on Wednesday, helped by higher crude prices that led it to boost its output forecast for the year.
 
The company posted net income of $152 million, or $1.02 per share in the second quarter, compared with a net loss of $266 million, or $2.04, in the year-ago quarter.
 
Excluding one-time items, such as hedging gains, the company earned 52 cents per share. By that measure, analysts expected earnings of 43 cents per share, according to Thomson Reuters I/B/E/S.
 
Production rose 27 percent to 184,682 barrels of oil equivalent per day.
 
Concho said it now expects its oil production this year to jump 25 percent over last year's level.
 
Shares fell 1.4 percent to $126.84 in after-hours trading.


(Reporting by Ernest Scheyder; Editing by Lisa Shumaker and Chris Reese)

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