Here’s Why Concho Resources Inc’s Stock Is Crashing Today

Shares of Concho Resources (NYSE: CXO) slumped on Thursday, dropping more than 10% by 3:00 p.m. EDT after the company reported its second-quarter results.

Despite the implications of its plunging stock price, Concho Resources reported excellent second-quarter results. The Permian Basin-focused driller's adjusted net income more than doubled, to $77 million, or $0.52 per share, which was $0.09 per share ahead of expectations. Fueling that result was a 27% surge in production over the past year thanks to its high-return drilling program in the Permian.

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Source: Fool.com