Concho Resources reports Q3 EPS $1.42, consensus $1.07
Reports Q3 revenue $1.19B, consensus $1.1B. Production for Q3 was 26 million barrels of oil equivalent, or an average of 287 thousand Boe per day. Average daily crude oil production for Q3 totaled 185 thousand barrels per day. Natural gas production for Q3 2018 totaled 612 million cubic feet per day. The company said, "Our strong third quarter results demonstrate Concho's positive momentum following the acquisition of RSP Permian. We have been disciplined over the last several years - generating free cash flow, prudently growing oil production, reducing our cost structure and building for the future with accretive acquisitions and strategic portfolio management. These efforts position us well for the next stage of our company, which includes delivering high-margin oil growth and initiating a return-of-capital strategy to our shareholders. We are a growth company, and our platform for delivering growth, demonstrating the benefits of scale and enhancing shareholder value, has never been better." For full-year 2018, the company updated it guidance for natural gas price realizations as a percent of NYMEX Henry Hub to 110%-120%; gathering, processing and transportation expense to $0.55-$0.65 per Boe; cash general and administrative expense to $2.30-$2.50 per Boe; and its income tax rate to 24%. Capital spending for 2019 is expected to be between $3.4B and $3.6B.