Concho Resources Inc. said its normalized net income for the first quarter came to 6 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.
EPS declined 92.8% year over year from 88 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $7.3 million, a decline of 92.0% from $91.6 million in the prior-year period.
The normalized profit margin dropped to 1.8% from 13.9% in the year-earlier period.
Total revenue fell 37.4% on an annual basis to $413.5 million from $661.0 million, and total operating expenses declined 25.0% on an annual basis to $343.9 million from $458.7 million.
Reported net income declined 92.4% on an annual basis to $6.9 million, or 6 cents per share, from $90.2 million, or 87 cents per share.
