Concho Resources

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Concho Resources Inc.
Public company
Traded asNYSECXO
S&P 500 Index component
IndustryPetroleum industry
Founded2004; 16 years ago (2004)
FounderTimothy A. Leach
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. is a company engaged in hydrocarbon exploration, incorporated & organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin.

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 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 19 October 2020, ConocoPhillips announced it will buy the company for $9.7 bln in a all Share transaction, not cash.[10]

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 to buy Concho Resources for $9.7 bln in 2020's top shale deal". reuters.com. 2020-10-19. Retrieved 2020-10-19.

External links[edit]