Concho Resources

Concho Resources Inc.
Public
Traded as NYSE: CXO
S&P 500 Component
Industry Oil and gas industry
Predecessor Concho Equity Holdings
Founded 2004 (2004)
Headquarters Midland, Texas, United States
Area served
 Permian Basin
Key people
 Timothy A. Leach (President, Chairman, and CEO)
Products Crude oil and natural gas
Revenue [1]
Website paalp.com

Concho Resources Inc. is an independent oil and gas exploration and production company based in Midland, Texas, and traded on the New York Stock Exchange (symbol: CXO).[2] Founded in 2004, the company operates exclusively in the Permian Basin geologic province of west Texas and southeast New Mexico. The company has been headed since 2009 by Timothy A. Leach, who is president, chief executive officer, and chairman of the board.[3]

History

The company was founded as Concho Equity Holdings Corporation in 2004 by a group of businessmen headed by current CEO Timothy A. Leach. The new company bought oil and gas properties from Lowe Management for $117 million.[4] Concho Equity Holdings merged with some assets owned by Chase Oil Corporation to form Concho Resources Inc. in 2006.

The Corporation went public in 2007 in an initial public offering of $535 million in Concho shares. The corporation was listed on the New York Stock Exchange.[5]

Concho has expanded rapidly by buying out other independent oil and gas producers.

In 2008, Concho bought Henry Petroleum for $584 million, gaining a large acreage position in the Wolfberry play.[6]

In 2010, Concho bought the assets of Midland, Texas-based Marbob Energy for $1.65 billion cash and Concho stock.[7]

In 2012, Concho paid about one billion dollars for the assets of Three Rivers Operating Company.[8][9]

Operations

In 2014, Concho drilled 329 net wells, and had reserves of 508 million barrels of petroleum liquids. The Oil & Gas Journal listed Concho as one of the 20 fastest-growing US oil and gas companies of 2014.[10]

References

  1. ↑ Form K-1, US SEC, 31 Dec. 2014.
  2. ↑ Concho Resources Inc., New York Times.
  3. ↑ Concho, Reuters, accessed 18 Nov. 2015.
  4. ↑ Company history, Concho esources website, accessed 17 Nov. 2015.
  5. ↑ "Concho Resources (CXO) files $535 million IPO," Street Insider, 24 April 2015.
  6. ↑ Becky Frost, "Opportunity knocked," Permian Basin Oil & Gas Magazine, 2 May 2012.
  7. ↑ "Concho will hike activity," Oil & Gas Journal, 20 July 2010.
  8. ↑ Liz Hoffman, PE-backed driller sells $E1B in assets after axing IPO, Law360, 14 May 2014.
  9. ↑ Mark Scott, "Concho Resources to buy Three Rivers for $1 billion," New York Times, 14 May 2012.
  10. ↑ Conglin Xu and Laura Bell, "OGJ150 scores higher production, lower earnings," Oil & Gas Journal, 7 Sept. 2015, p.30-41.
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