Concho Resources
{{short description|Defunct U.S. energy company}}
{{Infobox company
| name = Concho Resources Inc.
| logo = Concho Resources logo.svg
| type = Public company
| traded_as = {{NYSE was|CXO}}
| fate = Acquired by ConocoPhillips
| industry = Petroleum industry
| foundation = {{Start date and age|2004}}
| founder = Timothy A. Leach
| defunct = {{end date and age|2021|01|15}}
| location = Midland, Texas
| key_people = {{nowrap| Timothy A. Leach, Chairman and CEO
Jack F. Harper, CFO}}
| production = {{convert|331|e3BOE|lk=in}} per day (2019)
| revenue = {{increase}} US$4.592{{nbsp}}billion (2019)
| operating_income = {{decrease}} US${{color|red|−987}}{{nbsp}}million (2019)
| net_income = {{decrease}} US${{color|red|−705}}{{nbsp}}million (2019)
| assets = {{decrease}} US$24.732{{nbsp}}billion (2019)
| equity = {{decrease}} US$17.782{{nbsp}}billion (2019)
| num_employees = 1,453 (2019)
| homepage = {{URL|https://www.concho.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1358071/000135807120000011/cxo-1231201910k.htm | title=Concho Resources Inc. 2019 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
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 {{convert|1002|e6BOE|lk=in}} 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{{nbsp}}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.{{cite news | url=https://www.reuters.com/article/concho-ipo/concho-says-ipo-prices-at-11-50-shr-idUSWEN010720070803 | title=Concho says IPO prices at $11.50/shr | work=Reuters | date=August 2, 2007 }}
- In 2008, the company acquired Henry Petroleum for $584{{nbsp}}million.{{cite press release | url=https://www.businesswire.com/news/home/20080605006012/en/Concho-Resources-Acquire-Oil-Gas-Properties-Permian | title=Concho Resources Inc. to Acquire Oil & Gas Properties in the Permian Basin for $565{{nbsp}}Million | publisher=Business Wire | date=June 5, 2008}}
- In 2010, the company acquired assets in the Permian Basin from Marbob Energy Corporation for $1.65{{nbsp}}billion.{{cite press release | url=https://www.businesswire.com/news/home/20100720006339/en/Concho-Resources-Acquire-Oil-Gas-Assets-Permian | title=Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65{{nbsp}}Billion | publisher=Business Wire | date=July 20, 2010}}
- In 2012, the company acquired Three Rivers Operating Company for $1{{nbsp}}billion.{{cite news | url=https://dealbook.nytimes.com/2012/05/14/concho-resources-to-buy-three-rivers-for-1-billion/ | title=Concho Resources to Buy Three Rivers for $1{{nbsp}}Billion | first=MARK | last=SCOTT | work=The New York Times | date=May 14, 2012 | url-access=subscription}}{{cite news | url=https://www.law360.com/articles/339934/pe-backed-driller-sells-1b-in-assets-after-axing-ipo | title=PE-Backed Driller Sells $1B In Assets After Axing IPO | first=Liz | last=Hoffman | work=Law360 | date=May 14, 2012 | url-access=subscription}}
- In October 2016, the company acquired assets in the Midland Basin from Reliance Energy for $1.625{{nbsp}}billion.{{cite press release | url=https://www.businesswire.com/news/home/20161004006571/en/Concho-Resources-Completes-Acquisition-Midland-Basin-Assets | title=Concho Resources Inc. Completes Acquisition of Midland Basin Assets | publisher=Business Wire | date=October 4, 2016}}
- In November 2016, the company acquired assets in the Delaware Basin for $430{{nbsp}}million.{{cite press release | url=https://www.businesswire.com/news/home/20161121005291/en/Concho-Resources-Announces-Acquisition-Northern-Delaware-Basin | title=Concho Resources Inc. Announces Acquisition of Northern Delaware Basin Assets | publisher=Business Wire | date=November 21, 2016}}
- In July 2018, the company acquired RSP Permian.{{cite press release | url=https://www.businesswire.com/news/home/20180719005815/en/ | title=Concho Resources Inc. Completes Acquisition of RSP Permian, Inc. | publisher=Business Wire | date=July 19, 2018}}
- On January 15, 2021, the company was acquired by ConocoPhillips.{{Cite press release | url=https://www.businesswire.com/news/home/20210115005464/en/ConocoPhillips-Completes-Acquisition-of-Concho-Resources
| title=ConocoPhillips Completes Acquisition of Concho Resources | publisher=Business Wire | date=January 15, 2021}}{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/conocophillips-concho-close-9-7b-merger-new-fortress-energy-s-5b-acquisition-62163566 | title=ConocoPhillips, Concho close $9.7B merger; New Fortress Energy's $5B acquisition | work=S&P Global | date=January 19, 2021}}{{Cite news | url=https://www.bizjournals.com/houston/news/2021/01/19/conocophillips-closes-concho-resources-deal.html | title=ConocoPhillips closes Concho Resources acquisition | first=Joshua | last=Mann | work=American City Business Journals | date=January 19, 2021}}
References
{{Reflist|1}}
External links
- {{official}}
{{Finance links historical
| name = Concho Resources Inc.
| sec_cik = CXO
}}
{{Petroleum industry}}
{{ConocoPhillips}}
{{authority control}}
Category:ConocoPhillips subsidiaries
Category:2004 establishments in Texas
Category:2007 initial public offerings
Category:2021 disestablishments in Texas
Category:2021 mergers and acquisitions
Category:Companies formerly listed on the New York Stock Exchange
Category:American companies established in 2004
Category:Energy companies established in 2004
Category:Non-renewable resource companies established in 2004