October 29, 2019 / 8:19 PM / a month ago

Concho Resources adjusted profit more than halves

Oct 28 (Reuters) - U.S. oil and gas producer Concho Resources Inc’s adjusted profit more than halved in the third quarter from a year ago, dragged down by natural gas and crude prices.

The company reported net income of $558 million, or $2.78 per share, in the quarter ended Sept. 30, compared with a loss of $199 million, or $1.05 per share, a year earlier.

Excluding items, Concho’s profit fell to $122 million, or 61 cents per share, from $269 million, or $1.42 per share, a year earlier.

Concho said total production rose to 329,803 barrels of oil equivalent per day (boepd) from 286,634 boepd a year earlier. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)

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