Concho Resources +2% after beating on Q1 earnings, revenues

|About: Concho Resources Inc. (CXO)|By:, SA News Editor

Concho Resources (CXO +2.3%) moves higher after easily beating Q1 earnings expectations and revenues rose 55% Y/Y to $947M, as production topped the high end of company guidance.

CXO says Q1 total production was 228K boe/day, up 26% Y/Y and 8% Q/Q, and raises its FY 2018 production growth outlook to a range of 18%-20% while maintaining full-year capex guidance; crude oil production totaled 144K bbl/day. up 27% Y/Y and 11% Q/Q, while natural gas output totaled 505M cf/day.

The company’s average realized price for crude oil and natural gas for Q1, excluding the effect of commodity derivatives, was $61.29/bbl and $3.39/Mcf, respectively, vs. a respective $49.08/bbl and $3.00/Mcf for the year-ago quarter.

CXO also says it has reduced total debt by $320M from year-end 2017.

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