Concho Resources
Concho Resources was a U.S. oil and gas exploration and production company focused exclusively on the Permian Basin before being acquired by ConocoPhillips in 2021.
Last updated August 22, 2026
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Overview
Concho Resources Inc. was an independent American oil and gas exploration and production company headquartered in Midland, Texas. Its business was concentrated in the Permian Basin, one of the most prolific hydrocarbon-producing regions in the United States, with activity centered on the Delaware and Midland basins. The company was incorporated in Delaware and developed its position through a combination of acquisitions, basin-focused development, and the expansion of unconventional oil and gas operations. The business was established in 2004 as Concho Equity Holdings Corporation by a group of businessmen led by Timothy A. Leach. In its founding year, it acquired properties from Lowe Management for $117 million, giving the new company an initial operating base. In 2006, it acquired assets from Chase Oil and formed Concho Resources Inc. The company subsequently broadened its Permian Basin footprint through a sequence of material acquisitions. These included Henry Petroleum in 2008, assets from Marbob Energy Corporation in 2010, Three Rivers Operating Company in 2012, Midland Basin assets from Reliance Energy in 2016, and additional Delaware Basin assets later that year. In July 2018, Concho acquired RSP Permian, further increasing its scale in the region. Concho became a public company through an initial public offering in 2007. As a publicly traded independent producer, it was associated with the development of oil-rich unconventional resources and with the consolidation of fragmented mineral and operating positions across the Permian. Its portfolio included both oil and natural gas liquids, as well as natural gas. At December 31, 2019, the company reported estimated proved reserves of approximately 1,002 million barrels of oil equivalent. Petroleum and natural gas liquids represented 63% of those reserves and natural gas represented 37%; approximately 55% of the reserves were located in the Delaware Basin and 45% in the Midland Basin. Concho's operating model was geographically focused rather than internationally diversified. It did not present itself as a consumer-facing product brand; its commercial activities consisted of acquiring, developing, producing, and managing hydrocarbon reserves and associated wells and infrastructure. Its concentration in the Permian Basin gave it regional expertise and scale, while also exposing it to commodity-price cycles, drilling economics, environmental regulation, infrastructure constraints, and the broader volatility of the U.S. upstream oil and gas sector. The company's independent existence ended when ConocoPhillips acquired it on January 15, 2021. Following the transaction, Concho's assets and operations became part of ConocoPhillips. Accordingly, Concho Resources is best understood today as a historical corporate brand and former publicly traded exploration and production company rather than an active standalone enterprise.
History
Concho Resources originated in 2004 as Concho Equity Holdings Corporation, established by a group of businessmen led by Timothy A. Leach. The company's first reported transaction was the acquisition of properties from Lowe Management for $117 million. This initial purchase established a platform from which the company could assemble a larger portfolio of Permian Basin assets. In 2006, Concho acquired assets from Chase Oil and formed Concho Resources Inc. The company then pursued a regional consolidation strategy. It acquired Henry Petroleum for $584 million in 2008, adding to its upstream position during a period when independent producers were building acreage portfolios in the Permian. In 2010, it bought Permian Basin assets from Marbob Energy Corporation for $1.65 billion. Two years later, it acquired Three Rivers Operating Company for $1 billion, continuing to expand its inventory of drilling and production opportunities. Concho became a public company through an initial public offering in 2007. Its public-market identity was built around focused exposure to the Permian Basin rather than a broad international portfolio. The company operated in both the Delaware and Midland basins, two major subregions of the Permian, and developed a reserve base consisting of crude oil, natural gas liquids, and natural gas. Its concentration enabled it to apply regional geological and operating expertise across a large asset base, while leaving it sensitive to oil and gas prices, drilling costs, infrastructure availability, and regulatory requirements. The acquisition program continued in 2016. In October, Concho purchased Midland Basin assets from Reliance Energy for $1.625 billion. The following month it acquired additional Delaware Basin assets for $430 million. These transactions strengthened the company's position on both sides of the Permian's principal producing areas. In July 2018, Concho acquired RSP Permian, a transaction that further increased its scale and resource position in the basin. By December 31, 2019, Concho reported estimated proved reserves of approximately 1,002 million barrels of oil equivalent. Petroleum and natural gas liquids accounted for 63% of the reserve base, while natural gas accounted for 37%. The Delaware Basin represented 55% of reserves and the Midland Basin 45%, illustrating the company's balanced exposure across the two core Permian subregions. Concho's history as an independent company concluded in 2021. ConocoPhillips acquired the company on January 15, 2021. The transaction transferred Concho's Permian Basin assets and operations to ConocoPhillips and ended Concho Resources' existence as a separate corporate entity. Its legacy is therefore tied to the growth and consolidation of the modern Permian Basin upstream industry, particularly the assembly of a large, oil-weighted resource position through acquisitions and focused development.
- 2021
Acquired by ConocoPhillips
[1]ConocoPhillips acquired Concho Resources on January 15, ending the company's operation as an independent entity.
- 2019
Proved reserves reported
[1]At year-end, Concho reported estimated proved reserves of approximately 1,002 million barrels of oil equivalent, distributed across the Delaware and Midland basins.
- 2018
RSP Permian acquired
[1]The July acquisition of RSP Permian expanded Concho's Permian Basin position.
- 2016
Reliance Energy and Delaware Basin acquisitions
[1]Concho acquired Midland Basin assets from Reliance Energy in October and additional Delaware Basin assets in November.
- 2012
Three Rivers Operating Company acquired
[1]Concho acquired Three Rivers Operating Company for $1 billion.
- 2010
Marbob Energy assets acquired
[1]The company acquired Permian Basin assets from Marbob Energy Corporation for $1.65 billion.
- 2008
Henry Petroleum acquisition
[1]Concho acquired Henry Petroleum for $584 million.
- 2007
Initial public offering
[1]Concho became a public company through an initial public offering.
- 2006
Chase Oil assets acquired
[1]The company acquired assets from Chase Oil and formed Concho Resources Inc.
- 2004
Company founded as Concho Equity Holdings Corporation
[1]A group of businessmen headed by Timothy A. Leach established the predecessor company and acquired properties from Lowe Management for $117 million.
Products and positioning
A Permian Basin-focused independent upstream oil and gas producer that built regional scale through acquisitions and concentrated development of oil, natural gas liquids, and natural gas resources.
Hydrocarbon production
Crude oil
Crude oil was the central commercial output of Concho Resources' Permian Basin upstream operations. The company developed oil-bearing acreage in the Delaware and Midland basins through drilling, completion, production, and asset acquisition activities. Its reserve profile was weighted toward petroleum and natural gas liquids, distinguishing the company from producers whose portfolios were primarily dry-gas oriented.
Hydrocarbon production
Natural gas liquids
Natural gas liquids formed part of Concho's mixed hydrocarbon reserve base and were produced alongside crude oil and natural gas from Permian Basin assets. They contributed to the company's liquids-oriented upstream portfolio and reflected the composition of its unconventional resource properties.
Hydrocarbon production
Natural gas
Natural gas was another significant output of Concho's operations. At December 31, 2019, natural gas represented 37% of the company's estimated proved reserves, while petroleum and natural gas liquids represented the remaining 63%.
Brand decisions
2021
Acquisition by ConocoPhillipsM&ABackground
Concho had developed a large, geographically concentrated upstream portfolio in the Permian Basin through organic activity and multiple acquisitions.
Action taken
ConocoPhillips acquired Concho Resources on January 15, 2021.
Aftermath
Concho ceased to operate as an independent company, and its assets and operations became part of ConocoPhillips.
2018
Acquisition of RSP PermianM&ABackground
Concho pursued greater scale and additional drilling inventory in its core Permian Basin market.
Action taken
The company acquired RSP Permian in July 2018.
Aftermath
The transaction expanded Concho's acreage and operating position in the Permian Basin before the company was later acquired by ConocoPhillips.
Recent events
ConocoPhillips completes acquisition of Concho Resources[2]
Reported:
ConocoPhillips reported that it had completed its acquisition of Concho Resources, with shareholders of both companies having approved the combination.
Sources2 sources
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