“We’re always available for someone to acquire some ownership if they would like”
By Richard Rostad, analyst, Oil & Gas 360

Concho Resources (ticker: CXO) announced first quarter results today, showing a net loss of $695 million, or ($3.49) per share.

Like many other companies in this quarter, Concho saw major derivative losses in the quarter. If these are excluded, Concho earned an adjusted $144 million in Q1 2019.

Concho produced 328 MBOEPD in Q1, above the high end of guidance and up 7% sequentially. The higher production came at a cost, however, as Concho spent $926 million, above guidance. While most of the overspend was on non-operated activity, any excessive spending tends to anger markets that are currently searching f...

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