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

(BY: ARUNIMA KUMAR, REUTERS) -- U.S. oil and gas producer Concho Resources 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.