Concho Resources (CXO - Get Report) shares tumbled 23.3% to $74.94 Thursday after the oil and gas company missed Wall Street's second-quarter earnings expectations.

The Midland, Texas-based company reported a net loss of $97 million, or 48 cents a share, compared with net income of $137 million, or 92 cents a share one year ago. 

Adjusted net income came to $139 million, or 69 cents a share, down from $185 million, or $1.24 a share, a year ago. Analysts were calling for the company to earn 74 cents a share.

Revenue totaled $1.13 billion, up from $945 million a year ago, and beating Wall Street's forecast of $1.12 billion.

Concho Resources' average realized price for oil and natural gas for second-quarter 2019, excluding the effect of commodity derivatives, was $56.02 per Bbl and $1.16 per Mcf, respectively, compared with $60.98 per Bbl and $3.19 per Mcf, respectively, a year ago.

Looking ahead, Concho Resources said it expects to produce between 316 MBoepd to 322 MBoepd in third-quarter 2019. The company's oil mix is expected to be about 63% in the second half of 2019 as fewer new wells are planned to come online.

Due to weak natural gas and natural gas liquids pricing, Concho Resources reduced its full-year 2019 natural gas price realization guidance to a range of 60% to 80% of NYMEX Henry Hub and expects to trend toward the low end of the range in the third quarter of 2019.

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