UPDATE 1-Concho Resources 1st-qtr misses Street
* Concho Q1 adj EPS $1.05 vs est $1.12
* Concho Q1 rev up 41 pct at $507.8 mln vs est $490.9 mln
* Penn Virginia Q1 adj loss/shr $0.15 vs est loss $0.25/shr
* Penn Virginia Q1 rev rise 23 pct to $84.4 mln
May 2 (Reuters) - Oil-focused explorer Concho Resources reported a first-quarter profit below analysts' estimates, hurt by a 42 percent rise in operational costs.
The costs incurred for oil and natural gas properties increased to $578.6 million from $407.4 million.
The Midland, Texas-based company posted a profit of $31.1 million, or 30 cents per share, down from $42.6 million, or 42 cents per share, last year.
Excluding items, the company earned $1.05 a share.
Operating revenue rose 41 percent to $507.8 million.
Analysts, on average, had expected earnings of $1.12 per share, on revenue of $490.9 million, according to Thomson Reuters I/B/E/S.
First-quarter production rose 36 percent to 6.9 million barrels of oil equivalent (mmboe).
Earlier in the day, smaller peer Penn Virginia Corp posted a narrower-than-expected quarterly loss, helped by an 87 percent rise in production.
The company posted net loss of 15 cents per share, excluding items, while analysts had expected a loss of 25 cents per share.
Revenue rose 23 percent to $84.4 million, above expectations of $82 million.
Concho's shares, which have gained about two-thirds of their value in the past seven months, closed at $105.23 on the New York Stock Exchange on Wednesday. Shares of Penn Virginia, valued at $238.6 million, closed at $4.98.