Concho Resources

Concho Resources Inc.

File:Concho Resources logo.svg
Company type	Public company
Traded as	NYSE: CXO
Industry	Petroleum industry
Founded	2004 (2004)
Founder	Timothy A. Leach
Defunct	January 15, 2021 (2021-01-15)
Fate	Acquired by ConocoPhillips
Headquarters	Midland, Texas
Key people	Timothy A. Leach, Chairman and CEO Jack F. Harper, CFO
Production output	331 thousand barrels of oil equivalent (2,030,000 GJ) per day (2019)
Revenue	Increase US$4.592 billion (2019)
Operating income	Decrease US$−987 million (2019)
Net income	Decrease US$−705 million (2019)
Total assets	Decrease US$24.732 billion (2019)
Total equity	Decrease US$17.782 billion (2019)
Number of employees	1,453 (2019)
Website	www.concho.com
Footnotes / references

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and 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.

History

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. From that point in time, the following events took place:

• 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.
• In 2008, the company acquired Henry Petroleum for $584 million.
• In 2010, the company acquired assets in the Permian Basin from Marbob Energy Corporation for $1.65 billion.
• In 2012, the company acquired Three Rivers Operating Company for $1 billion.
• In October 2016, the company acquired assets in the Midland Basin from Reliance Energy for $1.625 billion.
• In November 2016, the company acquired assets in the Delaware Basin for $430 million.
• In July 2018, the company acquired RSP Permian.
• On January 15, 2021, the company was acquired by ConocoPhillips.

External links

• • Historical business data for Concho Resources Inc.:
  • SEC filings