Concho’s 3Q17 revenue
On November 1, 2017, Concho Resources (CXO) held its 3Q17 earnings conference call. It released its 3Q17 earnings the previous day after markets closed.
CXO reported revenues of $627.0 million, compared with the analysts’ estimate of $611.1 million. In 3Q16, CXO reported revenues of $430.5 million, and in 2Q17, CXO’s revenues totaled $567.0 million.
Its 3Q17 revenues were higher primarily due to higher oil and natural gas sales. CXO’s oil sales in 3Q17 were $498 million, compared with $348 million in 3Q16. Natural gas sales totaled $129 million in 3Q17, compared with $82 million in 2Q16.
In 2Q17, oil sales had reached $461 million, while natural gas sales had totaled $106 million.
Concho’s 3Q17 earnings
In 3Q17, Concho Resources reported adjusted EPS (earnings per share) of $0.45 in 3Q17, compared with the Wall Street analysts’ consensus estimate of $0.27. CXO’s EPS (earnings per share) in 3Q16 had been $0.32, while in 2Q17, it was $0.52.
CXO’s EPS has been higher than the analysts’ expectations for the past few quarters.
CXO’s 3Q17 adjusted EPS excludes one-time charges, mostly related to a loss on derivatives of $206 million. Adding back these and other non-cash items, CXO’s loss per share on a GAAP (generally accepted accounting principles) basis was -$0.77 per share in 3Q17. The corresponding loss per share on a GAAP basis in 3Q16 was -$0.38.
Peers Whiting Petroleum (WLL) and Anadarko Petroleum (APC) posted adjusted 3Q17 EPS of -$0.14 and -$0.77, respectively. For more, read How Whiting Petroleum Stock Reacted to 3Q17 Earnings Beat and Anadarko Petroleum’s 3Q17 Earnings Miss Estimates, Again.