July 31, 2019 / 8:50 PM / a month ago

Concho Resources profit falls 25% on lower crude, gas prices

(Reuters) - U.S. oil and gas producer Concho Resources (CXO.N) reported a 25% fall in quarterly profit on Wednesday, dragged down mainly by lower crude and natural gas prices.

Adjusted net income fell to $139 million, or 69 cents per share, in the second quarter ended June 30, from $185 million, or $1.24 per share, a year earlier.

Concho, which operates in the Delaware and Midland basins of the prolific Permian shale field, said total production rose to 328,681 barrels of oil equivalent per day (boepd) from 228,958 boepd a year earlier.

Concho also said it was forming a joint venture with Solaris Water Midstream LLC.

Solaris will manage Concho’s produced water gathering, transportation, disposal and recycling for about 1.6 million acres located primarily in Eddy County, New Mexico, under the agreement.

Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila

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