Goldman Sachs Adjusts CXO Estimates

Goldman Sachs is making some adjustments to its Concho Resources, Inc. (NYSE: CXO) estimates.

“CXO reported 1Q2011 adj. EPS of $0.79 vs. our/consensus $0.65/$0.77,” Goldman Sachs writes. “Production was 57 MBOE/d vs. our 51 MBOE/d. Lower realized gas prices were offset by lower operating costs.

“EBITDA was $249 mn vs. our $227 mn. Management raised 2011 capex guidance to $1.35 bn vs. prior $1.10 bn and production guidance to 22.8-23.3 MMBOE vs. prior 22.5-23.0 MMBOE. Our 2011E/2012E/2013E EPS go to $4.17/$6.38/$6.58 from $4.06/$6.59/$6.41 due to changes to production/costs and other adjustments.”

Concho Resources closed Thursday at $94.00.