Concho Resources

Concho Resources Inc. is an American energy company engaged in hydrocarbon exploration, incorporated & organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin.

Concho Resources Inc.
NYSE: CXO
IndustryPetroleum industry
FateAcquired by ConocoPhillips
Founded2004 (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)
Revenue US$4.592 billion (2019)
US$−987 million (2019)
US$−705 million (2019)
Total assets US$24.732 billion (2019)
Total equity US$17.782 billion (2019)
Number of employees
1,453 (2019)
Websitewww.concho.com
Footnotes / references
[1]

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

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]

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

On January 15, 2021, ConocoPhillips completed its acquisitions following the vote of approval of stock holders from both companies. Holders of Concho Resources stock will receive 1.46 shares of ConocoPhillips stock. [11]

References
  1. "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.
  11. "ConocoPhillips Completes Acquisition of Concho Resources". businesswire.com. 2021-01-15. Retrieved 2021-01-16.
    • Historical business data for Concho Resources Inc.:
    • SEC filings
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