Concho Resources Inc. Company News

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ConocoPhillips Acquires Concho
Monday, January 18, 2021Shareholders have approved ConocoPhillips' acquisition of Concho Resources. PHOTO SOURCE: ConocoPhillips

Permian Drilling Rights Price Falls Nearly 70%
Thursday, November 12, 2020The price to drill an acre of land in the biggest US shale basin has tumbled amid the oil rout, creating conditions ripe for more mergers and acquisitions.

Wall Street Enthusiasm for Green Energy Fades
Thursday, November 05, 2020Wall Street's confidence that the US election would spark a clean-energy revolution dimmed after Republicans appeared set to retain control of the Senate.

Modest Deals Reflect Slide for US Shale
Tuesday, October 20, 2020There is no more dramatic sign of the US shale industry's fall from grace than one of the best in the business being sold off for less than a third of its peak value.

Another Permian Operator Sale May Be Underway
Tuesday, October 20, 2020Pioneer Natural Resources Co. is in talks to buy rival U.S. shale driller Parsley Energy Inc., according to a person familiar with the matter.

OPEC+ Kingpins Try to Sell Obedience
Monday, October 19, 2020Rigzone panelists offer their views on what to watch in the oil and gas markets this week.

ConocoPhillips to Acquire Permian Operator in $9.7B Deal
Monday, October 19, 2020ConocoPhillips agreed to buy Concho Resources Inc. for about $9.7 billion in stock.

Permian Crown Jewel Preps for Biden Ban
Friday, September 25, 2020The Permian in New Mexico, unlike in Texas, lies largely on federal land.

Permian Execs Signal Milestone
Tuesday, August 04, 2020America's most prolific shale drillers are accepting a fate once anathema to an industry obsessed with growth.

Oil Shock Upends Shale's Newest Powerhouse
Monday, June 22, 2020New Mexico is exhibit A of this boom-to-bust dynamic, with the state's revenue forecasts plunging and over 4,600 workers in mining.

Earnings Show Shale Players Competing for Dividend Growth
Wednesday, February 19, 2020Independent explorers have been punished by investors for aggressive growth plans that favored skyrocketing production over returning cash to shareholders.

Permian Child Wells May Cut Oil Recovery By 20 Percent
Friday, September 20, 2019Oil producers drilling so-called parent-child wells in the Permian Basin are risking the loss of 15% to 20% of the crude that can ultimately be recovered from those wells by spacing them too close together.

Concho in $925MM Deal to Sell New Mexico Shelf Assets
Tuesday, September 03, 2019Permian shale producer Concho Resources Inc. has entered into a definitive agreement to sell its assets in the New Mexico Shelf to an affiliate of Spur Energy Partners LLC for $925 million.

Shale's Growing Pains Could Curb US Oil Production
Tuesday, March 26, 2019The dramatic ramp-up in U.S. shale production is running into a combination of issues that threaten to slow the pace of expansion.

Permian Shale Primed For Mergers and Acqusitions
Monday, March 11, 2019The Permian Basin is on the cusp of a radical transformation with one simple premise: bigger is better.

Permian Auction Doubles 2008 Record with near Billion-Dollar Sale
Friday, September 07, 2018The price to access unexplored shale assets on the New Mexico side of the Permian Basin soared to $95,001 an acre in a federal government auction.

As Shale Wells Grow Longer, Buyouts Attract Hemmed In Oil Producers
Friday, March 30, 2018US shale producers are building miles-long horizontal wells that are running into their rivals' land holdings.

Oil Producer Concho To Buy Rival RSP In Permian Push
Wednesday, March 28, 2018Concho Resources to buy smaller rival RSP Permian Inc in an all-stock deal valued at about $8 billion.

Concho Resources Tops Profit Estimates
Tuesday, February 20, 2018Concho Resources posts a better-than-expected quarterly profit, helped by higher crude prices.

Concho Expands Midland Footprint with $1.6B Acquisition
Tuesday, August 16, 2016Concho Resources demonstrates its commitment to the Midland Basin as a core operating area with its $1.6 billion acquisition from Reliance Energy.

Baker Hughes: US Oil Drillers Add Rigs for Fifth Week in Six
Friday, July 08, 2016US drillers this week added oil rigs for a fifth week in six, according to a closely followed report Friday, prompting analysts to predict the rig count has bottomed and production will start to edge up early next year.

Baker Hughes: US Oil Drillers Cut Rigs for 7th Week to Oct 2009 Lows
Friday, May 06, 2016US oil drillers cut rigs for a seventh week in a row to the lowest level since October 2009, oil services company Baker Hughes said Friday, although as analysts see an end to the nearly two-year slump in drilling for new wells.

E&P Lifeboat Hedges Fall to Lowest Rate in a Decade
Monday, February 01, 2016Most upstream companies were hesitant to lock in hedges when oil was trading in the $50s, hoping for a rally to raise prices.

Concho Resources Cuts 2015 Spending By One-Third
Monday, January 05, 2015Concho Resources says its capital spending will total $2 billion this year, down 33% from a forecast made in November.

Concho to Buy Three Rivers' Permian Basin Assets for $1B
Monday, May 14, 2012Concho Resources agreed to buy Three Rivers Operating Co.'s oil and natural gas assets as the energy company continues to expand its holdings in the Permian Basin.

Concho to Acquire $175M in Petroleum Development Corp. Assets
Thursday, December 22, 2011Concho Resources announces it has entered into a definitive agreement to acquire operated interests in certain producing and non-producing assets from Petroleum Development Corporation for approximately $175 million.

Concho Reports 42% Increase in 2010 Production
Tuesday, February 08, 2011Concho reported production of 15.6 million barrels of oil equivalents (MMBoe) for the year 2010, a 42% increase over 2009.

Concho Promotes Wright, Harper
Tuesday, November 09, 2010Concho announced the promotions of E. Joseph Wright to Senior Vice President & Chief Operating Officer and Jack F. Harper to Senior Vice President & Chief of Staff.

Concho Acquires Marbob Assets, Posts Preliminary 2011 Capex Budget
Friday, October 08, 2010Concho reported it has closed its previously-announced acquisition of the O&G assets of Marbob and updated its preliminary capital expenditure budget for 2011.

Concho Expands Permian Basin Footprint with $1.65B Deal
Tuesday, July 20, 2010Concho has entered into a definitive agreement to acquire all the O&G assets of Marbob for $1.65 billion in cash and Concho securities.

Concho Resources Increases Borrowing Base to $1.2B
Friday, April 30, 2010Concho Resources has completed a semi-annual redetermination of the Company's borrowing base for its credit facility and that, as a result, the borrowing base has been increased from $955.9 million to $1.2 billion.

Concho Collects Interests in Permian Basin Properties
Friday, January 08, 2010Concho Resources has closed two acquisitions of interests in producing and non-producing assets in the Wolfberry trend of the Permian Basin for approximately $260 million.

Concho Acquires Permian Basin Properties for $225MM
Monday, November 23, 2009Concho Resources has entered into a definitive agreement with multiple private sellers to acquire interests in certain producing and non-producing assets in the Wolfberry trend in the Permian Basin for $225 million in cash.

Concho Resources Prices Senior Unsecured Notes
Tuesday, September 15, 2009Concho Resources has priced an offering of $300 million aggregate principal amount of senior unsecured notes due 2017.

Concho Resources' $960MM Borrowing Base Affirmed
Wednesday, April 08, 2009Concho Resources' borrowing base for its $1.2 billion secured revolving credit facility has been reaffirmed at $960 million, its existing level since July 2008.

Concho Prices IPO
Friday, August 03, 2007Concho announced the pricing of its initial public offering of 20,887,107 shares of its common stock at $11.50 per share. The shares are listed on the New York Stock Exchange under the symbol CXO.