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UPDATE Concho 2 shale producer posts larger second quarter loss on virus-induced oil rout
(Add stock price, compare with estimate, add QEP results)
July 29 (Reuters) – U.S. oil and gas producer Concho Resources Inc posted a larger quarterly loss on Wednesday, penalized by a sharp drop in crude prices as the COVID-19 pandemic hammered global demand for the product base and its refined products.
US crude plunged to an astonishing level of -38 $ per barrel in April, and remains about 33% lower than January levels despite a recent rebound.
Concho said average realized prices fell 15.1% to $ 30.57 per barrel of oil equivalent (boe), from a year ago.
Second-quarter production was 319,000 barrels of oil equivalent per day (bpd), compared to 329,000 bpd last year.
The company’s shares were down 4.7% in extended trading.
The drop in prices, however, was tempered by cost-cutting measures the company took that helped it beat Wall Street estimates.
Concho posted adjusted earnings of $ 1.13 per share, beating average analysts’ estimates of 46 cents per share, according to Refinitiv IBES.
Controllable costs, which include production, general and administrative costs in cash, decreased by $ 7.49 per boe, down 25% from a year ago.
The Midland, Texas-based company’s net loss extended to $ 435 million, or $ 2.23 per share, in the second quarter ended June 30, from $ 97 million, or 48 cents per share, a year earlier.
Peer QEP Resources also reported a quarterly loss of $ 184.4 million, up from a profit of $ 48.8 million a year ago.
The Denver, Colorado-based company has reduced its production outlook for 2020 to between 28.1 Mboe and 29.6 Mboe (million barrels of oil equivalent) from 31.5 Mboe to 33.7 Mboe. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)
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