Concho Resources

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Concho Resources Inc.
IndustryPetroleum industry
Founded2004; 18 years ago (2004)
FounderTimothy A. Leach
DefunctJanuary 15, 2021; 16 months ago (2021-01-15)
FateAcquired by ConocoPhillips
HeadquartersMidland, Texas
Key people
Timothy A. Leach, Chairman & CEO
Jack F. Harper, CFO
Production output
331 thousand barrels of oil equivalent (2,030,000 GJ) per day (2019)
RevenueIncrease US$4.592 billion (2019)
Decrease US$−987 million (2019)
Decrease US$−705 million (2019)
Total assetsDecrease US$24.732 billion (2019)
Total equityDecrease US$17.782 billion (2019)
Number of employees
1,453 (2019)
Websitewww.concho.com
Footnotes / references
[1]

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated & organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.

As of December 31, 2019, the company had 1,002 million barrels of oil equivalent (6.13×109 GJ) of estimated proved reserves, of which 63% was petroleum and natural gas liquids and 37% was natural gas. Of these reserves, 55% were in the Delaware Basin and 45% were in the Midland Basin.[1]

History[edit]

In 2004, the company was founded as Concho Equity Holdings Corporation by a group of businessmen headed by Timothy A. Leach.

Also in 2004, the company acquired properties from Lowe Management for $117 million.

In 2006, the company acquired assets from Chase Oil and formed Concho Resources Inc.

In 2007, the company became a public company via an initial public offering.[2]

In 2008, the company acquired Henry Petroleum for $584 million.[3]

In 2010, the company acquired assets in the Permian Basin from Marbob Energy Corporation for $1.65 billion.[4]

In 2012, the company acquired Three Rivers Operating Company for $1 billion.[5][6]

In October 2016, the company acquired assets in the Midland Basin from Reliance Energy for $1.625 billion.[7]

In November 2016, the company acquired assets in the Delaware Basin for $430 million.[8]

In July 2018, the company acquired RSP Permian.[9]

On January 15, 2021, the company was acquired by ConocoPhillips.[10][11][12]

References[edit]

  1. ^ a b "Concho Resources Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Concho says IPO prices at $11.50/shr". Reuters. August 2, 2007.
  3. ^ "Concho Resources Inc. to Acquire Oil & Gas Properties in the Permian Basin for $565 Million" (Press release). Business Wire. June 5, 2008.
  4. ^ "Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65 Billion" (Press release). Business Wire. July 20, 2010.
  5. ^ SCOTT, MARK (May 14, 2012). "Concho Resources to Buy Three Rivers for $1 Billion". The New York Times.
  6. ^ Hoffman, Liz (May 14, 2012). "PE-Backed Driller Sells $1B In Assets After Axing IPO". Law360.
  7. ^ "Concho Resources Inc. Completes Acquisition of Midland Basin Assets" (Press release). Business Wire. October 4, 2016.
  8. ^ "Concho Resources Inc. Announces Acquisition of Northern Delaware Basin Assets" (Press release). Business Wire. November 21, 2016.
  9. ^ "Concho Resources Inc. Completes Acquisition of RSP Permian, Inc" (Press release). Business Wire. July 19, 2018.
  10. ^ "ConocoPhillips Completes Acquisition of Concho Resources" (Press release). Business Wire. January 15, 2021.
  11. ^ "ConocoPhillips, Concho close $9.7B merger; New Fortress Energy's $5B acquisition". S&P Global. January 19, 2021.
  12. ^ Mann, Joshua (January 19, 2021). "ConocoPhillips closes Concho Resources acquisition". American City Business Journals.

External links[edit]