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 hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods ...

, incorporated and organized in

Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...

and headquartered in

Midland, Texas Midland is a city in the U.S. state of Texas and the county seat of Midland County with small portions extending into Martin County. The population was 132,524 as of the 2020 census. Located in the Permian Basin in West Texas, Midland is a ...

, 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 chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

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 natura ...

and 37% was

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

. 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 $117million. 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 A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

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 investm ...

. * 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