Concho Resources Inc (NYSE: CXO) posted mixed results for the first quarter of FY 19. Excluding certain non-cash and special items, the company has reported the first-quarter 2019 adjusted net income of $144 million compared with adjusted net income of $149 million for the first-quarter 2018.

CXO in the first quarter of FY 19 has reported the adjusted earnings per share of 72 cents, missing the analysts’ estimates for the adjusted earnings per share of 73 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $1.1 billion in the first quarter of FY 19, beating the analysts’ estimates for revenue of $1.05 billion.

For first-quarter 2019, Concho’s average realized price for oil and natural gas, excluding the effect of commodity derivatives, was of $49.39 per Bbl and $2.64 per Mcf, respectively, compared with $61.29 per Bbl and $3.39 per Mcf, respectively, for first-quarter 2018.

Meanwhile, in the Delaware Basin, excluding the New Mexico Shelf, Concho had added 23 wells with at least 60 days of production as of the end of first-quarter 2019. In the Midland Basin, Concho added 27 wells with at least 60 days of production as of the end of first-quarter 2019. During first-quarter 2019, CXO had averaged 33 rigs, compared to 34 rigs in fourth-quarter 2018. The company is currently running 29 rigs, that includes 20 rigs in the Delaware Basin and nine rigs in the Midland Basin.

Additionally, during first-quarter of FY19, Concho announced that Oryx Southern Delaware Holdings, LLC (“Oryx”), the owner of the Oryx I oil gathering and transportation system, has signed an agreement to sell Oryx I. CXO owns a 23.75% equity interest in Oryx and expects to receive about $300 million at closing after repayment of Oryx’s outstanding borrowings. In February 2018, CXO had received a $157 million distribution related to a recapitalization of Oryx. The sale proceeds from Oryx combined with the earlier distribution total approximately $457 million, which represents a 10-times multiple on invested capital of approximately $45 million since December 2015. The deal is projected to close in the second quarter of 2019, which is subject to customary terms and conditions, and the amount received from sale will be used to repay borrowings outstanding on Concho’s credit facility. As of March 31, 2019, CXO had $615 million of outstanding borrowings under its credit facility.