Factoring Invoices for Concho Resources

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Concho Resources, Inc.

Concho Resources, Inc. was founded in 2004 in Midland, Texas. The company produces crude oil and natural gas properties and funds its exploration. It operates through well drilling in the extraction of oil. Concho Resources also established three head offices, primarily the Permian Basin of Southeast New Mexico and West Texas, called the New Mexico Shelf, Midland Basin and the Delaware Basin.

In 2014, the company experienced an increase in production by 22 percent, with about 112 thousand barrels of oil equivalent per day and reserves up to 637 million barrels of oil. In the same year, the Oil and Gas Journal named Concho as one of the 20 fastest-growing companies that specializes in oil and gas production.

History

Concho Equity Holdings Corp. was established in 2004 by Timothy A. Leach. The members of the company have formed a third of the Permian Basin-focused companies that collect oil and natural gas properties.

Two years later, Concho Resources, Inc. was formed together with a part of the Chase Oil Corporation. This event has established the company’s New Mexico Shelf in the Yeso play. Then, after a year, a stock offer of $11.50 per share was introduced to the market with the symbol “CXO.”

Over the years, Concho has bought out several companies, which led to additional offices. The second office was acquired from Henry Petroleum in the year 2008 at the Midland Basin for the Wolfberry play. The third office is Marbob Energy Corporation at the Delaware Basin. Additional assets were also provided in 2012 through the Three Rivers Operating Company.

Since 2013 up to the present, Concho Resources, Inc. has continued its production volumes growth. It also maintains a strong financial position.

Management

Tim Leach was CEO from 2004 until 2017. His abilities came from the company’s predecessor, Concho Equity Holdings, Inc., which he had overseen since 1997. With a bachelor’s degree in petroleum engineering and a master’s degree in business administration, he is also part of Midland Memorial Foundation and serves as one of the Board of Governors and part of the Board of Directors of the Midland College and Scharbauer Foundations.

Areas of Operation

With Concho operating 5,700 wells, they have acquired the title of being the number-one producer of oil and rank third in natural gas. Future investments sum to $1.22 billion.

• The New Mexico Shelf was the starting point of CXO in 2007, focusing mostly on oil-gathering pipelines. The development in this area continues as Concho grows further in horizontal drilling and advanced completion techniques.
• The Delaware Basin is rich in resources. They reduce the spacing between the wells and optimize the completion design for lowering the well costs to maximize profits in the Delaware Basin.
• Lastly, the Midland Basin was drilled from 2004-2007 with vertical wells, totaling to about 1,400 wells. Currently, by transitioning the direction of the drilling operations, the area now keeps 100 horizontal wells, which convinced management to increase the lateral length to maximize well recoveries and increase the resource potential.

Core Values

A Clear Focus on the Permian Basin

The company insists on staying in local territory in Southeast New Mexico and West Texas to attain efficient operations in the excavation of their products.

Maximizing Well Productivity and Returns

Resources are obtained efficiently as Concho aims for extending wells and studying the geological trends within their area of operation to ensure the growth of their opportunities.

Committed to Responsible Operations

With judiciary and environmental laws to aid their operations, the management continues to serve their employees and community with a safe and efficient drilling operation for excavation of oil and natural gas properties.

Community Service

The company contributes primarily to the residents of their area, the Permian Basin. As reported, Concho helped in building the West Texas Food Bank, Centers for Children and Families, a gym and upper school facility for Hillcrest School and a campus in the Bynum School. The latter is an institution that focuses on people with special needs.

They also donated $400 thousand for the playground equipment, lighting and irrigation upgrades of Midland’s Fasken Park. They also chipped in for a new pumper truck for their homegrown firefighters. Concho is also a donor to the Wagner Noel Performing Arts Center, Midland Community Theater and Midland Odessa Symphony and Chorale. Recently, the company donated $6.25 million for the teachers of Midland Independent School District.

Their employees are also encouraged to support and volunteer for several associations and foundations for different illnesses, libraries, their local police department, rehab centers, food programs, museums and much more.

Concho Resources, Inc.

One Concho Center
600 W. Illinois Avenue
Midland, TX 79701
432-683-7443
www.concho.com