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UPDATE 1-Concho Resources Q1 profit beats Street view
May 5, 2010 / 9:14 PM / 8 years ago

UPDATE 1-Concho Resources Q1 profit beats Street view

* Q1 adj shr $0.59 vs est $0.45

* Q1 rev more than doubles

May 5 (Reuters) - Oil and natural gas explorer Concho Resources Inc (CXO.N) reported a first-quarter profit that beat analyst estimates, helped by higher production.

For the quarter, the company’s net income was $67.5 million, or 75 cents a share, compared with a loss of $13.2 million, or 16 cents per share, a year earlier. Adjusted profit for the quarter was 59 cents a share.

Operating revenue more than doubled to $212 million.

Analysts on average were expecting Concho to earn 45 cents a share, on revenue of $186.2 million, according to Thomson Reuters I/B/E/S.

Quarterly production rose 28 percent to 3.2 million barrels of oil equivalent (mmboe).

Shares of the company closed at $54.48 Wednesday on New York Stock Exchange.

For the alerts, please double click [ID:nASA00BMW] (Reporting by Arup Roychoudhury in Bangalore; Editing by Jarshad Kakkrakandy)

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