Weaker crude oil prices led to lower earnings and misses for several E&P companies including Concho Resources Inc. (NYSE: CXO) and Devon Energy Corp. (NYSE: DVN).

Similar to other upstream oil and gas companies, Midland, Texas-based Concho Resources reported mixed results for the fourth quarter as Barclays analyst Jeanine Wai said its cash flow per share did not meet expectations.

The company reported total oil production of 199,000 barrels per day (bbl/d) of oil was within the guidance range of 198,000 to 201,500 bbl/d. Concho’s capex of $2.5 billion was at the low end of the guidance range of $2.5 billion to $2.6 billion, Wai added in a research report.

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