Concho Resources : Free Post Earnings Research Report: Concho’s Quarterly Revenue Surged 49%; Adjusted EPS Zoomed 230%
Stock Monitor: Kimbell Royalty Partners Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 02, 2018 /
Active-Investors.com has just released a free earnings report on Concho Resources Inc. (NYSE: CXO) ("Concho"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CXO. Concho reported its fourth quarter and fiscal 2017 operating and financial results on February 20, 2018. The US shale oil producer delivered better than expected revenue and earnings results. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Kimbell Royalty Partners, LP (NYSE: KRP), which also belongs to the Basic Materials sector as the Company Concho Resources. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Concho Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended December 31, 2017, Concho's operating revenues surged 49% to $780 million compared to revenues of $525 million in Q4 2016. The Company's reported numbers beat analysts' estimates of $715.7 million.
For full year 2017, Concho's operating revenues equaled $2.59 billion, reflecting growth of 58% compared to revenues of $1.64 billion in FY16.
Concho's net income was $267 million, or $1.79 per diluted share, for Q4 2017 compared to net loss of $125 million, or $0.86 per diluted share, for Q4 2016. The Company's net income reflected income tax changes related to the Tax Cuts and Jobs Act during the reported quarter. Due to the reduction of the US federal corporate income tax rate and subsequent re-measurement of the Company's net deferred tax liability, Concho recorded a provisional non-cash decrease to its income tax provision of $398 million.
For Q4 2017, Concho reported adjusted net income, which excludes non-cash and unusual items, of $98 million, or $0.66 per diluted share, compared to adjusted net income of $28 million, or $0.20 per diluted share, for Q4 2016. The Company's earnings beat Wall Street's estimates of $0.46 per share.
For FY17, Concho's net income was $956 million, or $6.41 per diluted share, compared to net loss of $1.5 billion, or $10.85 per diluted share, for FY16. The Company's adjusted net income was $311 million, or $2.09 per diluted share, for FY17 compared to adjusted net income of $111 million, or $0.81 per diluted share, for FY16.
Concho's earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) totaled $513 million for Q4 2017 compared to $396 million for Q4 2016.
During Q4 2017, Concho's production equaled 19 million barrels of oil equivalent (MMBoe), or an average of 211 thousand Boe per day (MBoepd), representing an increase of approximately 28% from Q4 2016. The Company's average daily crude oil production for the reported quarter totaled 130 thousand barrels per day (MBopd), reflecting an increase of approximately 30% from the year earlier same quarter. Concho's Natural gas production totaled 487 million cubic feet per day (MMcfpd) for Q4 2017.
During Q4 2017, Concho averaged 16 rigs compared to 19 rigs in Q4 2017. As of the date of the earnings release, the Company was running 19 rigs, including 8 rigs in the Northern Delaware Basin, 6 rigs in the Southern Delaware Basin, and 5 rigs in the Midland Basin.
For Q4 2017, Concho's average realized price for crude oil and natural gas, excluding the effect of commodity derivatives, was $52.84 per Bbl and $3.33 per thousand cubic feet(Mcf), respectively, compared to $45.66 per Bbl and $2.93 per Mcf, respectively, for Q4 2016.
2017 Proved Reserves and Resource Potential
At December 31, 2017, Concho's estimated proved reserves totaled 840 MMBoe, representing an increase of 17% from year-end 2016. The Company's proved reserves were approximately 60% crude oil and 40% natural gas. Concho's proven developed reserves totaled 588 MMBoe, an increase of 26% from year-end 2016.
During FY17, Concho added 194 MMBoe of proved reserves primarily from drilling and completion operations, resulting in a reserve replacement ratio of 275%. The Company's proved developed finding and development cost was $8.68 per Boe for FY17.
Financial Position and Liquidity
At December 31, 2017, Concho had total long-term debt of $2.7 billion, including approximately $320 million of borrowings outstanding under its credit facility. Adjusted for divestiture proceeds received in Q1 2018, the Company had total long-term debt of $2.5 billion at December 31, 2017.
Concho is forecasting FY18 capital spending to be at the midpoint of its capital guidance range of $1.9 billion to $2.1 billion, which reflects the Company's current outlook for service cost inflation. The 2018 capital program is expected to be funded with cash flows from operations and generate 20% crude oil growth and 16% to 20% total production growth year-over-year.
For Q1 2018, Concho expects production to average between 215 MBoepd and 219 MBoepd.
Stock Performance Snapshot
March 29, 2018 - At Thursday's closing bell, Concho Resources' stock climbed 4.94%, ending the trading session at $150.33.
Volume traded for the day: 6.11 million shares, which was above the 3-month average volume of 1.44 million shares.
Stock performance in the previous six-month period ? up 13.67%; past twelve-month period ? up 16.37%; and year-to-date ? up 0.07%
After last Thursday's close, Concho Resources' market cap was at $22.19 billion.
Price to Earnings (P/E) ratio was at 40.27.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 2.0% at the end of the session.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visithttp://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.