Concho Resources

Last updated
Concho Resources Inc.
Company type Public company
NYSE: CXO
Industry Petroleum industry
Founded2004;20 years ago (2004)
FounderTimothy A. Leach
DefunctJanuary 15, 2021;3 years ago (2021-01-15)
FateAcquired 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)
RevenueIncrease2.svg US$4.592 billion (2019)
Decrease2.svg US$987 million (2019)
Decrease2.svg US$705 million (2019)
Total assets Decrease2.svg US$24.732 billion (2019)
Total equity Decrease2.svg US$17.782 billion (2019)
Number of employees
1,453 (2019)
Website www.concho.com
Footnotes /references
[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.

Contents

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.

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]

Related Research Articles

<span class="mw-page-title-main">ConocoPhillips</span> American multinational energy company

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is an American petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.

<span class="mw-page-title-main">Marathon Oil</span> American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Marathon Oil Corporation is an American petroleum company that has existed since 1887. Marathon was founded in Lima, Ohio as the Ohio Oil Company. In 1899, the company was acquired by the Standard Oil Company. After the antitrust case against Jersey Standard in 1911 and subsequent breakup of its holdings, Ohio Oil once again became an independent company. In 1930, Ohio Oil acquired the Transcontinental Oil Company, which operated the "Marathon" brand of retail gasoline stations. Ohio Oil continued to use the Marathon brand, and in 1962, Ohio changed its name to the Marathon Oil Company.

Burlington Resources Inc. was a company engaged in hydrocarbon exploration. In 2006, the company was acquired by ConocoPhillips.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.

<span class="mw-page-title-main">EOG Resources</span> American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

<span class="mw-page-title-main">SandRidge Energy</span> American energy company

SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.

Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operated in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company was the largest acreage holder. In May 2024, the company was acquired by ExxonMobil.

<span class="mw-page-title-main">Plains Exploration & Production</span> Defunct energy company in Houston, Texas

Plains Exploration & Production was a petroleum and natural gas exploration company based in Houston, Texas. In May 2013, it was acquired by Freeport-McMoRan.

<span class="mw-page-title-main">Canadian Natural Resources</span> Canadian hydrocarbon exploration company

Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon. The company, which is headquartered in Calgary, Alberta, has the largest undeveloped base in the Western Canadian Sedimentary Basin. It is the largest independent producer of natural gas in Western Canada and the largest producer of heavy crude oil in Canada.

<span class="mw-page-title-main">Continental Resources</span> US petroleum and natural gas company

Continental Resources, Inc. is a petroleum and natural gas exploration and production company headquartered in Oklahoma City. The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for Hamm's two daughters. In 1990, Shelly Dean re-branded itself as Continental Resources. It primarily used hydraulic fracturing and directional drilling to produce from low permeability formations.

Linn Energy, Inc. was a hydrocarbon exploration company based in Houston. In 2018, the company split into Roan Resources and Riviera Resources.

Vital Energy, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

<span class="mw-page-title-main">Whiting Petroleum</span> American Energy Production Company

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

<span class="mw-page-title-main">Diamondback Energy</span> U.S. energy company

Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

Ben M. "Bud" Brigham is an American oil and gas explorer, entrepreneur, and investor.

References

  1. 1 2 "Concho Resources Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Concho says IPO prices at $11.50/shr". Reuters . August 2, 2007.
  3. "Concho Resources Inc. to Acquire Oil & Gas Properties in the Permian Basin for $565 Million" (Press release). Business Wire. June 5, 2008.
  4. "Concho Resources Inc. to Acquire Oil & Gas Assets in the Permian Basin for $1.65 Billion" (Press release). Business Wire. July 20, 2010.
  5. SCOTT, MARK (May 14, 2012). "Concho Resources to Buy Three Rivers for $1 Billion" . The New York Times .
  6. Hoffman, Liz (May 14, 2012). "PE-Backed Driller Sells $1B In Assets After Axing IPO" . Law360 .
  7. "Concho Resources Inc. Completes Acquisition of Midland Basin Assets" (Press release). Business Wire. October 4, 2016.
  8. "Concho Resources Inc. Announces Acquisition of Northern Delaware Basin Assets" (Press release). Business Wire. November 21, 2016.
  9. "Concho Resources Inc. Completes Acquisition of RSP Permian, Inc" (Press release). Business Wire. July 19, 2018.
  10. "ConocoPhillips Completes Acquisition of Concho Resources" (Press release). Business Wire. January 15, 2021.
  11. "ConocoPhillips, Concho close $9.7B merger; New Fortress Energy's $5B acquisition". S&P Global . January 19, 2021.
  12. Mann, Joshua (January 19, 2021). "ConocoPhillips closes Concho Resources acquisition". American City Business Journals .