Concho Resources Inc. Reports Third Quarter 2012 Financial And Operating Results, Provides 2013 Capital Budget Detail And Guidance And Agrees To Sell Non-Core Assets

Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today reported financial and operating results for the three and nine months ended September 30, 2012. Highlights for the three and nine months ended September 30, 2012 include:
  • Production of 7.8 million barrels of oil equivalent (“MMBoe”) for the third quarter of 2012, a 24% increase over the third quarter of 2011 and a 14% increase over the second quarter of 2012
  • Net income of $6.0 million, or $0.06 per diluted share, for the third quarter of 2012, as compared to net income of $356.2 million, or $3.44 per diluted share, in the third quarter of 2011
  • Adjusted net income 1 (non-GAAP) of $99.8 million, or $0.96 per diluted share, for the third quarter of 2012, as compared to $117.8 million, or $1.14 per diluted share, for the third quarter of 2011
  • EBITDAX 2 (non-GAAP) of $387.2 million for the third quarter of 2012, an 11% increase over the third 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.

Third Quarter 2012 Financial Results

Production for the third quarter of 2012 totaled 7.8 MMBoe (4.6 million barrels of oil (“MMBbls”) and 19.1 billion cubic feet of natural gas (“Bcf”)), an increase of 24% as compared to 6.3 MMBoe (3.9 MMBbls and 14.7 Bcf) produced in the third quarter of 2011.

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