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Concho Resources Inc. has a market cap of $9.23 billion; its shares were traded at around $93.02 with a P/E ratio of 20 and P/S ratio of 5.3. Concho Resources Inc. had an annual average earning growth of 37.4% over the past 5 years.
Highlight of Business Operations:Net income was $350.4 million ($3.38 per diluted share) for the first six months of 2012, as compared to net income of $274.8 million ($2.65 per diluted share) during the six months ended June 30, 2011. The increase in earnings is primarily due to:
Oil and natural gas revenues. Revenue from oil and natural gas operations was $432.8 million for the three months ended June 30, 2012, a decrease of $13.4 million (3 percent) from $446.2 million for the three months ended June 30, 2011. This decrease was primarily due to decreases in realized oil and natural gas prices partially offset by increased production due to (i) successful drilling efforts during 2011 and 2012, (ii) production from the OGX Acquisition which closed in November 2011 and (iii) production from the PDC Acquisition which closed in February 2012. Specific factors affecting oil and natural gas revenues include the following:
Production taxes per unit of production were $4.75 per Boe during the three months ended June 30, 2012, a decrease of 21 percent from $6.03 per Boe during the three months ended June 30, 2011. The decrease was directly related to the decrease in commodity prices offset by our increase in oil and natural gas revenues related to increased volumes. Over the same period, our per Boe prices (excluding the effects of derivatives) decreased 21 percent.
Oil and natural gas revenues. Revenue from oil and natural gas operations was $940.6 million for the six months ended June 30, 2012, an increase of $133.5 million (17 percent) from $807.1 million for the six months ended June 30, 2011. This increase was primarily due to increased production due to (i) successful drilling efforts during 2011 and 2012, (ii) production from the OGX Acquisition which closed in November 2011 and (iii) production from the PDC Acquisition which closed in February 2012, partially offset by decreases in realized oil and natural gas prices. Specific factors affecting oil and natural gas revenues include the following:
Production taxes per unit of production were $5.17 per Boe during the six months ended June 30, 2012, a decrease of 9 percent from $5.67 per Boe during the six months ended June 30, 2011. The decrease was directly related to the decrease in commodity prices offset by our increase in oil and natural gas revenues related to increased volumes. Over the same period, our per Boe prices (excluding the effects of derivatives) decreased 9 percent.
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