Concho Resources (CXO) Prices 9M Share Common Stock Offering for Proceeds of ~$1.18B

Canaccord Genuity Raises Price Target on Concho Resources (CXO) Following Acuisition of Midland Acreage

August 17, 2016 11:38 AM EDT

Canaccord Genuity reiterated a Hold rating on Concho Resources (NYSE: CXO), and raised the price target to $120.00 (from $104.00), following the company's acquisition of quality Midland acreage. The acquired leasehold sits mostly in southwest Martin and southeast Andrews Counties, a core area of the Midland Basin.... More

Concho Resources (CXO) Acquires Midland Assets for $1.63B

August 15, 2016 4:28 PM EDT

Concho Resources Inc. (NYSE: CXO) today announced it has reached a definitive agreement to acquire approximately 40,000 net acres in the core of the Midland Basin from Reliance Energy, a privately held, Midland-based energy company, for $1.625 billion. The privately negotiated acquisition is consistent with Conchos opportunistic and disciplined portfolio management strategy as it expands its core Midland Basin position to more than 150,000 net acres and production of 30 thousand barrels of oil equivalent per day (MBoepd).

Acquisition Highlights

Adds approximately 40,000 net acres with an average 99% working interest to Conchos core Midland Basin... More

Concho Resources (CXO) Announces 9M Share Stock Offering

August 15, 2016 4:11 PM EDT

Concho Resources Inc. (NYSE: CXO) announced the launch of an underwritten public offering of 9,000,000 shares of common stock. The underwriters will have an option to purchase up to an additional 1,350,000 shares of common stock from the Company.

The underwriters intend to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices... More