Concho Eyes Paring Debt, Stock Buyback With $925M Sale

Law360 (September 3, 2019, 4:20 PM EDT) -- Permian Basin driller Concho Resources Inc. on Tuesday said it is selling New Mexico drilling properties to a partnership backed by KKR for $925 million and will use the money to pay down debt and kick-start a $1.5 billion stock repurchase program.

Concho is selling its assets in the Permian's New Mexico Shelf — covering approximately 100,000 gross acres producing approximately 25,000 barrels of oil equivalent — to affiliates of Spur Energy Partners LLC. Spur is a joint venture formed in May by KKR and former executives of Texas oil producer WildHorse Resource Development Corp.

Meanwhile, Concho's board of directors greenlighted...

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