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.
 | |
| Company type | Public company |
|---|---|
| NYSE: CXO | |
| Industry | Petroleum industry |
| Founded | 2004 |
| Founder | Timothy A. Leach |
| Defunct | January 15, 2021 |
| 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 |  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) |
| Website | www |
| 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
editIn 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.
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 January 15, 2021, the company was acquired by ConocoPhillips.[10][11][12]
References
edit- ^ a b "Concho Resources Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Concho says IPO prices at $11.50/shr". Reuters. August 2, 2007.
- ^ "Concho Resources Inc. to Acquire Oil & Gas Properties in the Permian Basin for $565 Million" (Press release). Business Wire. June 5, 2008.
- ^ "Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65 Billion" (Press release). Business Wire. July 20, 2010.
- ^ SCOTT, MARK (May 14, 2012). "Concho Resources to Buy Three Rivers for $1 Billion". The New York Times.
- ^ Hoffman, Liz (May 14, 2012). "PE-Backed Driller Sells $1B In Assets After Axing IPO". Law360.
- ^ "Concho Resources Inc. Completes Acquisition of Midland Basin Assets" (Press release). Business Wire. October 4, 2016.
- ^ "Concho Resources Inc. Announces Acquisition of Northern Delaware Basin Assets" (Press release). Business Wire. November 21, 2016.
- ^ "Concho Resources Inc. Completes Acquisition of RSP Permian, Inc" (Press release). Business Wire. July 19, 2018.
- ^ "ConocoPhillips Completes Acquisition of Concho Resources" (Press release). Business Wire. January 15, 2021.
- ^ "ConocoPhillips, Concho close $9.7B merger; New Fortress Energy's $5B acquisition". S&P Global. January 19, 2021.
- ^ Mann, Joshua (January 19, 2021). "ConocoPhillips closes Concho Resources acquisition". American City Business Journals.
External links
edit- Official website
- Historical business data for Concho Resources Inc.:
- SEC filings
