Concho Resources Inc. is focused on the exploration and production of oil and gas reserves in the Permian Basin. Since 2004, the company has acquired over 1 million acres of oil and gas property in oil-rich West Texas and Southeast New Mexico.
Founded by Tim Leach, Concho has grown exponentially since their first acquisition of properties from Lowe LP in 2004. The company started as Concho Holdings Corp. and became Concho Resources Inc in 2006 when they combined with properties from Chase Oil Corporation in New Mexico.
2007 – Went public with an IPO under the ‘CXO’ symbol on the New York Stock Exchange. Their opening share price was $11.50.
2008 – Acquired Henry Petroleum, LP for $584 million.
2009 – Purchased Marbob Energy Corporation for $1.6 billion.
2011 – Concho surpassed the $1 billion mark in their capital budget and produced 23.6 million barrels of oil equivalent.
2012 – Acquired Three Rivers Operating Company for approximately $1 billion.
Despite the oil glut beginning in 2014, Concho Resources has remained dedicated to growth and keeping a strong financial position in an unpredictable commodities market.
*A $10,000 investment in Concho Holdings in 2007 would have left you with $102,000 in 2017!