Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today reported financial and operating results for the three months and year ended December 31, 2012. Highlights for the year ended December 31, 2012 include:
- Production of 29.8 million barrels of oil equivalent (“MMBoe”) for 2012, a 26% increase over 2011
- Net income of $431.7 million, or $4.15 per diluted share, for 2012, as compared to net income of $548.1 million, or $5.28 per diluted share, in 2011
- Adjusted net income 1 (non-GAAP) of $388.6 million, or $3.74 per diluted share, for 2012, as compared to $430.1 million, or $4.15 per diluted share, for 2011
- EBITDAX 2 (non-GAAP) of $1,475.6 million for 2012, a 16% increase over 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.
Year End 2012 Financial ResultsProduction for 2012 totaled 29.8 MMBoe (18.0 million barrels of oil (“MMBbls”) and 70.6 billion cubic feet of natural gas (“Bcf”)), an increase of 26% as compared to 23.6 MMBoe (14.7 MMBbls and 53.7 Bcf) produced in 2011. Tim Leach, Concho's Chairman, CEO and President, commented, “In 2012, Concho was able to execute our $1.5 billion capital program and grow production in excess of 20% organically. In addition, we positioned the Company for future growth in emerging areas such as the Delaware Basin through the acquisition of Three Rivers and internally identified drilling locations. Today, our opportunity set is deeper than at any time in the Company’s history and we look forward to executing on our inventory of high rate of return projects.”