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Concho Resources Inc. Reports Fourth Quarter 2012 And Year End Financial And Operating Results

Concho Resources Inc. Supplemental Non-GAAP Financial Measures Unaudited

The following tables provide information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company net income and cash flows from operating activities to exclude certain non-cash items.

Adjusted Net Income

The following table provides a reconciliation of net income (GAAP) to adjusted net income (non-GAAP) for the periods indicated:

               
Three Months Ended Years Ended
December 31, December 31,
(in thousands, except per share amounts)       2012         2011         2012         2011  
 
Net income (loss) - as reported $ 75,287 $ (82,825 ) $ 431,689 $ 548,137
 
Adjustments for certain non-cash and unusual items:
Unrealized (gain) loss on commodity and interest rate derivatives 13,120 313,293 (103,907 ) (61,504 )
Impairments of long-lived assets - 363 - 439
Leasehold abandonments 3,161 4,555 12,395 5,350
Other settlements 3,242 - 3,242 -
Discontinued operations:
Leasehold abandonments - 385 - 385
(Gain) loss on sale of assets 18,704 6,007 18,704 (135,943 )
Tax impact (a)   (13,953 )   (122,700 )   26,505     73,258  
Adjusted net income $ 99,561   $ 119,078   $ 388,628   $ 430,122  
 
Adjusted basic earnings per share:
Adjusted net income per share $ 0.96 $ 1.16 $ 3.77 $ 4.19
Weighted average shares used in adjusted basic earnings per share 103,494 102,771 103,190 102,581
 
Adjusted diluted earnings per share:
Adjusted net income per share $ 0.96 $ 1.15 $ 3.74 $ 4.15
Weighted average shares used in adjusted diluted earnings per share 104,194 103,770 103,972 103,653
                           
 

(a)

The tax impact is computed utilizing the Company's adjusted statutory effective federal and state income tax rates. The income tax rates for the three months ended December 31, 2012 and 2011 were approximately 36.5% and 37.8%, respectively, and 38.1% and 38.3% for the years ended December 31, 2012 and 2011, respectively.
 
 




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