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Ep.1: Broadcast's Big Year


Global M&A by the Numbers Q4 2023

Concho Resources swings to profit on income tax benefit

Oil and natural gas company Concho Resources Inc. swung to profit in the fourth quarter of 2017 from a loss in the comparable prior-year period, as it recorded a total of $473 million income tax benefit.

The company posted net income of $267 million, or $1.79 per diluted share, for the quarter that ended Dec. 31, 2017, compared with a loss of $125 million, or 86 cents per share, in the prior-year quarter.

The company said the new U.S. tax law resulted to $398 million provisional noncash decrease to its income tax provision and a corresponding provisional reduction to its net non-current deferred tax liability.

On a non-GAAP basis, adjusted net income was $98 million, or 66 cents per share, from $28 million, compared with 20 cents per share in the same quarter in 2016.

Operating revenues stood at $780 million for the quarter, up from $525 million, reflecting oil sales of $631 million and natural gas sales of $149 million.

The company reported operating costs amounting to $959 million for the fourth quarter from $674 million in the same period in 2016, resulting in a fourth-quarter loss from operations of $179 million, up from a loss of $149 million.

For full year 2017, Concho Resources' net income stood at $956 million, or $6.41 per share, from a net loss of $1.46 billion in 2016.