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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!