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Concho Resources Q2 adjusted net income slips, misses estimates

Concho Resources Inc. on July 31 reported $139.0 million, or 69 cents per share, in adjusted net income for the second quarter, compared to $185.0 million, or $1.24 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 71 cents per share.

Net loss totaled $97.0 million, compared to net income of $137.0 million a year earlier. Concho reported total operating revenues of $1.13 billion in the second quarter, compared to $945.0 million in the prior-year period.

Concho said total production totaled 328,681 barrels of oil equivalent per day in the second quarter, compared to 228,958 boe/d in the prior-year period.

Concho is an oil and natural gas company with principal operations in the Permian Basin of southeastern New Mexico and West Texas.