UPDATE 1-Concho Resources Q3 adj profit beats estimates
* Q3 adj shr $0.37 vs est $0.35
* Q3 oper revenue falls 10 pct
* Sees 2010 capex about $500 mln
Nov 5 (Reuters) - Independent oil and natural gas company Concho Resources Inc (CXO.N) reported a quarterly adjusted profit above analysts' estimates as production rose and production expenses dropped.
The company reported a third-quarter profit of $19.8 million, or 23 cents a share, compared with $141.9 million, or $1.72 a share, last year.
Excluding items, the company earned 37 cents a share.
Total operating revenue dropped 10 percent to $153.5 million.
Analysts on average were expecting the company to earn 35 cents a share, before items, on revenue of about $154.0 million, according to Thomson Reuters I/B/E/S.
Production for the quarter rose 51 percent to 2.9 million barrels of oil equivalents (MMBoe). Oil and gas production expense fell 38 percent to $8.86 per barrel of oil equivalent (Boe).
Concho also forecast 2010 production of 12.7 MMBoe to 13.2 MMBoe. Capital expenditures for the period are expected at about $500 million.
Shares of the company, which have nearly tripled from their December 2008 year-low, closed at $41.37 Thursday on the New York Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Anne Pallivathuckal)
