MIDLAND, Texas (AP) _ Concho Resources Inc. (CXO) on Tuesday reported a fourth-quarter loss of $471 million, after reporting a profit in the same period a year earlier.

The Midland, Texas-based company said it had a loss of $2.38 per share. Earnings, adjusted for one-time gains and costs, came to $1.03 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.

The independent oil and gas company posted revenue of $1.25 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.16 billion.

For the year, the company reported a loss of $705 million, or $3.55 per share, swinging to a loss in the period. Revenue was reported as $4.59 billion.

Concho Resources shares have dropped 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $76.64, a drop of 38% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXO at https://www.zacks.com/ap/CXO

Automated Insights, source Associated Press News