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Wednesday, July 31, 2019

-=Concho Resources (CXO) reported earnings on Wed 31 July 2019 (a/h)

Concho Resources misses by $0.03, beats on revs
  • Reports Q2 (Jun) earnings of $0.69 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.72; revenues rose 19.3% year/year to $1.13 bln vs the $1.11 bln S&P Capital IQ Consensus.
  • Production for 2Q19 was approximately 30 mln barrels of oil equivalent (MMBoe), or an average of 329 thousand Boe per day (MBoepd).
  • Average realized price for oil and natural gas for 2Q19, excluding the effect of commodity derivatives, was $56.02 per Bbl and $1.16 per Mcf, respectively, compared with $60.98 per Bbl and $3.19 per Mcf, respectively, for 2Q18.
  • Outlook: The company expects to produce between 316-322 MBoepd in 3Q19. The company's oil mix is expected to be approximately 63% in the second half of 2019 as fewer new wells are planned to come online. Additionally, due to weak natural gas and natural gas liquids pricing, the company reduced its FY19 natural gas price realization guidance to a range of 60-80% of NYMEX Henry Hub and expects to trend towards the low end of the range in 3Q19.

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