This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Concho Resources Inc. Reports Second Quarter 2012 Financial And Operating Results

Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today reported financial and operating results for the three and six months ended June 30, 2012. Highlights for the three and six months ended June 30, 2012 include:

  • Production of 6.8 million barrels of oil equivalent (“MMBoe”) for the second quarter of 2012, a 22% increase over the second quarter of 2011
  • Net income of $319.3 million, or $3.07 per diluted share, for the second quarter of 2012, as compared to net income of $232.2 million, or $2.24 per diluted share, in the second quarter of 2011
  • Adjusted net income 1 (non-GAAP) of $80.5 million, or $0.78 per diluted share, for the second quarter of 2012, as compared to $113.2 million, or $1.09 per diluted share, for the second quarter of 2011
  • EBITDAX 2 of $327.4 million for the second quarter of 2012, a 5% increase over the second quarter of 2011

1 Adjusted net income (non-GAAP) is comparable to securities analyst estimates. For an explanation of how we calculate adjusted net income (non-GAAP) and a reconciliation of net income (GAAP) to adjusted net income (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

2 For an explanation of how we calculate and use EBITDAX (non-GAAP) and a reconciliation of net income (GAAP) to EBITDAX (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

The Company closed its previously announced acquisition of the oil and natural gas assets of Three Rivers Operating Company (“Three Rivers”) on July 2, 2012, paying a total of approximately $1.0 billion in cash funded by the Company’s revolving credit facility. Accordingly, results from the Three Rivers acquisition did not contribute to the Company’s second quarter results.

Second Quarter 2012 Financial Results

Production for the second quarter of 2012 totaled 6.8 MMBoe (4.2 million barrels of oil (“MMBbls”) and 15.6 billion cubic feet of natural gas (“Bcf”)), an increase of 22% as compared to 5.6 MMBoe (3.5 MMBbls and 12.3 Bcf) produced in the second quarter of 2011. During the second quarter of 2012, the Company estimates that production was negatively impacted by 3,000 barrels of oil equivalent per day (“Boepd”) due to scheduled and unscheduled maintenance and expansion work at two gas processing plants and a compression station in southeast New Mexico.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,181.45 +49.48 0.29%
S&P 500 2,001.36 +2.38 0.12%
NASDAQ 4,560.36 +7.6010 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs