Concho Resources’s 2Q16 revenue
Concho Resources (CXO) reported its 2Q16 earnings on August 3, 2016. Its 2Q16 revenue was $565 million versus an estimate of $564 million. Revenue in 2Q15 was ~$650 million. In 1Q16, it was $542 million.
Concho Resources’s 2Q16 earnings
Concho Resources reported an adjusted net income of ~$34 million in 2Q16. Adjusted net income in the corresponding period in 2015 was $45.5 million.
The company reported adjusted EPS (earnings per share) of $0.26. Wall Street analysts’ consensus estimate for EPS was $0.05.
As you can see in the graph above, Concho Resources’s earnings beat analysts’ expectations. Its revenues were in line with expectations.
Key management comments
Tim Leach, the company’s CEO, commented in the 2Q16 earnings release, “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.”