Concho Resources Inc. Reports Second Quarter Results

Concho Resources Inc.

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)