Concho Resources

Concho Resources Inc.

Company type	Public (until 2021)
Industry	Hydrocarbon exploration
Founded	2004 (2004)
Founder	Timothy A. Leach
Defunct	January 15, 2021 (2021-01-15)
Fate	Acquired by ConocoPhillips
Headquarters	Midland, Texas , United States
Area served	Permian Basin
Products	Petroleum, natural gas liquids, natural gas
Parent	ConocoPhillips

Concho Resources Inc. was a Delaware-registered hydrocarbon exploration firm headquartered in Midland, Texas, with operations solely concentrated within the Permian Basin. In 2021, it became part of ConocoPhillips through acquisition.

By December 31, 2019, Concho's proved reserves consisted of 63% petroleum and natural gas liquids and 37% natural gas, geographically distributed as 55% in the Delaware Basin and 45% in the Midland Basin.

History

Established in 2004 by Timothy A. Leach under the name Concho Equity Holdings Corporation, the company launched with a $117 million asset purchase from Lowe Management. Notable developments include:

• 2006: Acquisition of assets from Chase Oil and rebranding as Concho Resources Inc.
• 2007: Initiated public trading via an initial public offering.
• 2008: Bought Henry Petroleum for $584 million.
• 2010: Acquired Permian Basin properties from Marbob Energy for $1.65 billion.
• 2012: Procured Three Rivers Operating Company for $1 billion.
• 2016: Strengthened presence in Midland Basin through a $1.625 billion purchase from Reliance Energy and added Delaware Basin holdings for $430 million.
• 2018: Finalized acquisition of RSP Permian.

On January 15, 2021, Concho Resources was integrated into ConocoPhillips, representing a major consolidation within the American energy industry.