Concho Resources to draw on credit facility to fund Delaware assets buy

By Tali Rackner

Norfolk, Va., Nov. 21 – Concho Resources Inc. plans to use borrowings under its credit facility to help fund the $150 million cash portion of its acquisition of about 24,000 gross (16,400 net) acres in the northern Delaware Basin, according to a press release.

The $430 million total transaction will also be funded with 2.18 million shares of Concho common stock.

The acquisition is expected to close in January.

Concho is a Midland, Texas-based oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.