Concho (CXO) Lags Q4 Earnings Estimates, Cuts Capex View

Zacks Investment Research | Feb 20, 2019 07:18AM ET

After posting a string of positive earnings surprise for several quarters, Concho Resources Inc. (NYSE:CXO) left investors disappointed this time around when it reported fourth-quarter results on Feb 19. The upstream player missed both top and bottom-line estimates on weaker-than-anticipated output and realized prices. Precisely, the largest Permian producer’s output of 307,097 barrels of oil equivalent per day (Boe/d) lagged the Zacks Consensus Estimate of 309,577 Boe/d. Further, the firm’s average crude price realization of $49.10 a barrel missed the consensus estimate of $60.

As such, the Midland, TX-based producer posted adjusted net earnings per share of 94 cents, missing the Zacks Consensus Estimate of $1.10. Nonetheless, the bottom line improved from the year-ago figure of 66 cents. The company generated revenues of $1,067 million, lagging the consensus mark of $1,185 million. However, the top line jumped 37% from the year-ago level of $780 million.

Concho Resources Inc. Price, Consensus and EPS Surprise

Zacks Investment Research

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Written By: Zacks Investment Research

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