Concho Resources Inc. (NYSE: CXO) posted a better-than-expected quarterly profit on Aug. 2, helped by higher crude prices that led it to boost its output forecast for the year.
The company posted net income of $152 million, or $1.02 per share in the second-quarter, compared with a net loss of $266 million, or $2.04, in the year-ago quarter.
Excluding one-time items, such as hedging gains, the company earned 52 cents per share. By that measure, analysts expected earnings of 43 cents per share, according to Thomson Reuters I/B/E/S.
Production rose 27% to 184,682 barrels of oil equivalent per day (boe/d).
Concho said it now expects its oil production this year to jump 25% over 2016's level.
Shares fell 1.4% to $126.84 in after-hours trading.
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