Concho to repay credit facility borrowings with common stock proceeds

By Tali Rackner

Norfolk, Va., Feb. 26 – Concho Resources Inc. plans to repay all outstanding borrowings under its credit facility with the proceeds from a public offering of common stock, according to a press release.

Proceeds will also be used for general corporate purposes, which may include funding the company’s drilling and development program and future acquisitions.

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

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