Report: Conoco in Talks to Acquire Concho Resources

ConocoPhillips is said to be in talks to acquire Permian player Concho Resources, according to a report by Bloomberg.

Citing people familiar with the matter, a deal could be announced within the coming weeks. However, there is still the possibility that such an agreement may fall through.

Concho's Assets

Land : 800,000 Gross (550,000 net acres)

Production (2Q'20) : 319 Mboe/d (62% Oil)

Proved Reserves (12/31/2019) : 1002 MMBOE

 

The company is currently producing 319 MBOEPD as of Q2 2020 (200 MBOPD / 719 Mmcf/d) and has a 2020 capital budget of $1.6 billion (down from $2.7 billion initially).

 

Concho's Recent Rig & Drilling Activity

Concho is currently running eight rigs (five Midland / three Delaware).

 

Proforma. Leasehold..

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