Concho Resources Inc. CXO reported net income per share (excluding special items) of 61 cents, lagging the Zacks Consensus Estimate of 66 cents and significantly below the prior-year period’s $1.42. The underperformance can be attributed to lower commodity price.
However, the Permian-focused player generated revenues of $1.1 billion, topping the consensus mark by 2.9% due to higher-than-anticipated production volumes. Precisely, the upstream player’s output of 329,803 barrels of oil equivalent per day (Boe/d) surpassed the Zacks Consensus Estimate of 323,541 Boe/d. The top line, though, fell 6.5% from the year-ago level.
As part of its efforts to improve costs and margins, the Midland, TX-based oil and gas producer managed to lower its drilling, completion and equipment costs in the third quarter to $955 per feet, down from $1,023 and $1,355 in the first and second quarters, respectively.
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