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Concho Resources Inc. Announces Upsizing and Pricing of Common Stock Offering

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Concho Resources Inc. (NYSE:CXO) (the “Company”) today announced that it has priced an upsized public offering of 6,000,000 shares of its common stock for total gross proceeds (before underwriter’s fees and estimated expenses) of approximately $650 million. The underwriter has an option for 30 days to purchase up to an additional 900,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to repay all of the outstanding borrowings under the Company’s credit facility and for general corporate purposes, which may include funding of the Company’s drilling and development program and future acquisitions.

BofA Merrill Lynch is acting as sole book-running manager for the offering and has offered, and may offer, the shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. On February 26, 2015, the last reported sale price of the Company’s common stock was $112.97 per share. The offering is expected to close on March 4, 2015, subject to customary closing conditions.

The offering is being made pursuant to an effective shelf registration statement, which has been filed and became effective September 21, 2012. The offering will be made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the Securities and Exchange Commission’s website at Alternatively, the underwriters will arrange to send you the prospectus supplement and related base prospectus if you request them by contacting: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Concho Resources Inc.

Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas.

Forward-Looking Statements and Cautionary Statements

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future financial position, liquidity and capital resources, operations, performance, production growth, acquisitions, returns, capital expenditure budgets, oil and natural gas reserves, number of identified drilling locations, drilling program, derivative activities, costs and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s most recent Form 10-K filing and risks relating to declines in the prices we receive for our oil and natural gas; uncertainties about the estimated quantities of reserves; drilling and operating risks; the adequacy of our capital resources and liquidity; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; difficult and adverse conditions in the capital and credit markets; risks related to the concentration of our operations in the Permian Basin; shortages of oilfield equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; the results of our hedging program; risks and liabilities related to the integration of acquired assets; uncertainties about our ability to successfully execute our business and financial plans and strategies; uncertainties about our ability to replace reserves and economically develop our current reserves; general economic and business conditions; competition in the oil and natural gas industry; uncertainty concerning our assumed or possible future results of operations; and other important factors that could cause actual results to differ materially from those projected.

Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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