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Concho Resources Q2 loss widens 123.0% YOY

Concho Resources Inc. said its normalized net income for the second quarter was a loss of $2.03 per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

The per-share loss increased 102.0% year over year from $1.00.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $264.2 million, compared with a loss of $118.5 million in the prior-year period.

The normalized profit margin declined to negative 72.2% from negative 22.1% in the year-earlier period.

Total revenue declined 26.3% year over year to $396.3 million from $537.4 million, and total operating expenses increased 14.2% year over year to $764.3 million from $669.5 million.

Reported net income totaled a loss of $266.0 million, or a loss of $2.04 per share, compared with a loss of $118.6 million, or a loss of $1.01 per share, in the year-earlier period.