Concho

Concho Resources Inc., prior to its acquisition by ConocoPhillips in 2021, was a significant independent oil and natural gas company headquartered in Midland, Texas. Founded in 2004 by Chairman and CEO Timothy A. Leach, the company established itself as a major operator in the Permian Basin, one of North America's most prolific oil and gas regions, spanning West Texas and southeastern New Mexico. Leach, a petroleum engineering graduate from Texas A&M University, brought extensive industry experience from his time at Parker & Parsley and its successor, Pioneer Natural Resources, before founding Concho.

The company's strategic focus was on the exploration, development, and acquisition of long-life, unconventional oil and natural gas reserves. Concho's business model centered on leveraging advanced drilling and completion techniques, such as horizontal drilling and hydraulic fracturing, to efficiently extract resources from the basin's complex shale formations. Its operations grew substantially through a series of strategic acquisitions, including the notable purchases of competitor RSP Permian for $9.5 billion in 2018 and assets from Reliance Energy for $1.625 billion in 2016, which significantly expanded its acreage and production capabilities. These moves solidified Concho's position as the largest unconventional shale producer in the Permian Basin.

Serving the global energy market, Concho's primary revenue stream was the sale of crude oil and natural gas. The company's growth trajectory culminated in a landmark all-stock transaction where it was acquired by ConocoPhillips for approximately $9.7 billion. This merger in January 2021 created a formidable energy enterprise, combining Concho's premier Permian assets with ConocoPhillips' diversified global portfolio, aiming to enhance shareholder value through greater scale and improved cost of supply.

Keywords: oil & gas, Permian Basin, energy exploration, natural gas production, crude oil, unconventional resources, horizontal drilling, shale oil, corporate acquisition, energy assets