Market Overview

Concho Resources Inc. Reports Second Quarter Results

Concho Resources Inc. (NYSE: CXO) today reported financial and operating results for the three and six months ended June 30, 2010. Highlights for the three and six months ended June 30, 2010 include:

-- Production of 3.5 million barrels of oil equivalents ("MMBoe") for the second quarter of 2010, a 26% increase over the second quarter of 2009 and an 8% increase over the first quarter of 2010

-- Mid-year proved reserves increased to 234.5 MMBoe, up 11% from year-end 2009

-- Reserve replacement ratio of 443% for the first six months of 2010

-- Net income of $124.2 million, or $1.35 per diluted share, for the second quarter of 2010, as compared to a net loss of $33.2 million, or $0.39 per diluted share, in the second quarter of 2009

-- Adjusted net income (non-GAAP) of $57.9 million, or $0.63 per diluted share, for the second quarter of 2010, as compared to $29.4 million, or $0.34 per diluted share, for the second quarter of 2009(2)

Posted-In: Earnings News Markets

 

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