Concho Resources’ 3Q16 revenue
Concho Resources (CXO) reported its 3Q16 earnings after the market closed on November 8, 2016. Its 3Q16 revenue was $430.5 million, compared to analysts’ consensus estimate of ~$530 million. Its revenue in 3Q15 was ~$464 million. In 2Q16, its revenue was $396 million.
Concho Resources’ 3Q16 earnings
Concho Resources reported an adjusted net income of ~$43.4 million in 3Q16. Its adjusted net income in 3Q15 was $39.3 million. The company reported adjusted EPS (earnings per share) of $0.32. Wall Street analysts’ consensus estimate for EPS was ~$0.19.
As you can see in the graph above, Concho Resources’ 3Q16 earnings beat analysts’ expectations. Its revenue, however, missed analysts’ consensus estimate.
Key management comments
Tim Leach, Concho’s CEO, said in the company’s 3Q16 earnings release, ““Results for this quarter highlight the strength of our business and relentless focus on enhancing capital efficiency.”
Leach added, “While we have significant momentum heading into 2017, continued commodity price volatility reinforces our commitment to managing capital spending within anticipated cash flows. We expect to execute a $1.4 billion to $1.6 billion capital program during 2017 and deliver production growth of 17% to 20% over a more robust 2016 production outlook.”