Concho Resources Inc. was a company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

, incorporated and organized in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

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 of estimated proved reserves, of which 63% was

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

and

natural gas liquids Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natur ...

and 37% was

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

. Of these reserves, 55% were in the

Delaware Basin The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico, famous for holding large oil fields and for a fossilized reef exposed at the surface. Guadalupe Mountains National Park and Carlsbad Cave ...

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 $117million. In 2006, the company acquired assets from Chase Oil and formed Concho Resources Inc. In 2007, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. In 2008, the company acquired Henry Petroleum for $584million. In 2010, the company acquired assets in the Permian Basin from Marbob Energy Corporation for $1.65billion. In 2012, the company acquired Three Rivers Operating Company for $1billion. In October 2016, the company acquired assets in the Midland Basin from Reliance Energy for $1.625billion. In November 2016, the company acquired assets in the Delaware Basin for $430million. In July 2018, the company acquired RSP Permian. On January 15, 2021, the company was acquired by ConocoPhillips.

References

External links

* {{authority control ConocoPhillips subsidiaries Petroleum in Texas 2004 establishments in Texas 2007 initial public offerings 2021 disestablishments in Texas 2021 mergers and acquisitions Companies formerly listed on the New York Stock Exchange American companies established in 2004 Energy companies established in 2004 Non-renewable resource companies established in 2004