Concho Resources

Concho Resources Inc.
Public company
Traded as NYSE: CXO
S&P 500 Index component
Industry Petroleum industry
Founded 2004 (2004)
Founder Timothy A. Leach
Headquarters Midland, Texas
Key people
 Timothy A. Leach, Chairman & CEO
Jack F. Harper, CFO
Production output
 192,000 barrels of oil equivalent (1,170,000 GJ) per day (2017)
Revenue Increase $2.586 billion (2017)
Increase $0.956 billion (2017)
Total assets Increase $13.732 billion (2017)
Total equity Increase $8.915 billion (2017)
Number of employees
 1,203 (2017)
Website www.concho.com
Footnotes / references
[1]

Concho Resources Inc. is a petroleum and natural gas exploration and production company organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin.

Current operations

As of December 31, 2016, the company had 840 million barrels of oil equivalent (5.1×109 GJ) of estimated proved reserves, of which 60% was petroleum and natural gas liquids and the remainder was natural gas. Of these reserves, 50% was in the Delaware Basin.[1]

History

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 March 2018, the company announced it will acquire RSP Permian in an all-stock transactions valued at $9.5 billion[9]

References

  1. 1 2 "Concho Resources Inc. 2017 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. to Acquire RSP Permian, Inc. in All-Stock Transaction". ir.concho.com. Retrieved 2018-05-10.
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