Concho Resources

Concho Resources Inc.
TypePublic company
NYSE: CXO
IndustryPetroleum industry
Founded2004 (2004)
FounderTimothy A. Leach
DefunctJanuary 15, 2021 (2021-01-15)
FateAcquired by ConocoPhillips
HeadquartersMidland, 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)
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
[1]

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.[2]

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 by Timothy A. Leach. That same year, the company acquired properties from Lowe Management for $117 million.

The company became a public company via an initial public offering in 2007.[3] On January 15, 2021, the company was acquired by ConocoPhillips.[4][5]

Acquisitions

The company acquired assets from Chase Oil and formed Concho Resources Inc. in 2006. Henry Petroleum was acquired for $584 million in 2008.[6]

In 2010, the company acquired assets in the Permian Basin from Marbob Energy Corporation for $1.65 billion. Two years later, the company acquired Three Rivers Operating Company for $1 billion.[7][8][9]

The company acquired assets in the Midland Basin from Reliance Energy in October 2016 for $1.625 billion.[10]

A month later, assets in the Delaware Basin were acquired for $430 million.[11] In July 2018, the company acquired RSP Permian.[12][13][14]

References

  1. 1 2 "Concho Resources Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Reporter-Telegram, Midland (2020-10-20). "Conoco CEO: Acquisition is 'marriage of two great companies'". Midland Reporter-Telegram. Retrieved 2026-07-22.
  3. ↑ "Concho says IPO prices at $11.50/shr". Reuters. August 2, 2007.
  4. ↑ "ConocoPhillips, Concho close $9.7B merger; New Fortress Energy's $5B acquisition". S&P Global. January 19, 2021.
  5. ↑ Mann, Joshua (January 19, 2021). "ConocoPhillips closes Concho Resources acquisition". American City Business Journals.
  6. ↑ "Concho Resources to acquire Henry Petroleum". Midland Reporter-Telegram. 2008-06-05. Retrieved 2026-07-28.
  7. ↑ SCOTT, MARK (May 14, 2012). "Concho Resources to Buy Three Rivers for $1 Billion". The New York Times.
  8. ↑ Hoffman, Liz (May 14, 2012). "PE-Backed Driller Sells $1B In Assets After Axing IPO". Law360.
  9. ↑ Scott, Mark (2012-05-14). "Concho Resources to Buy Three Rivers for $1 Billion". DealBook. Retrieved 2026-08-13.
  10. ↑ "Concho Resources Inc. Completes Acquisition of Midland Basin Assets" (Press release). Business Wire. October 4, 2016.
  11. ↑ "Concho Resources Inc. increases Southern Delaware Basin position". Oilfield Technology. 2016-01-19. Retrieved 2026-07-17.
  12. ↑ Hsieh, Linda (2018-03-28). "Concho Resources to acquire RSP Permian in $9.5 billion transaction". Drilling Contractor. Retrieved 2026-07-28.
  13. ↑ McEwen, Mella (2018-03-28). "Concho agrees to buy RSP Permian for $9.5 billion". Midland Reporter-Telegram. Retrieved 2026-07-28.
  14. ↑ Krauss, Clifford (2018-03-28). "$9.5 Billion Purchase by Concho Is Latest Sign of West Texas Oil Boom". The New York Times. ISSN 0362-4331. Retrieved 2026-07-28.
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