Concho Resources
Defunct U.S. energy company
From Wikipedia, the free encyclopedia
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]
 | |
| 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 [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 by Timothy A. Leach. That same year, the company acquired properties from Lowe Management for $117 million.
The company became 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]
The company acquired assets in the Midland Basin from Reliance Energy in October 2016 for $1.625 billion.[9]
A month later, assets in the Delaware Basin were acquired for $430 million.[10] In July 2018, the company acquired RSP Permian.[11][12][13]
