Concho Resources
Concho Resources was a Permian Basin-focused independent oil and gas exploration and production company that was acquired by ConocoPhillips in January 2021 for approximately $9.5 billion and integrated into its Lower 48 operations.
- Company typePrivate
- Founded1957
- HeadquartersMidland, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Concho Resources does
Concho Resources was an independent exploration and production (E&P) company focused on the acquisition, development, and exploration of oil and natural gas properties, with its core operations concentrated in the Permian Basin. The company built scale through inorganic growth, notably via its $9.5 billion acquisition of RSP Permian in March 2018, before itself being acquired by ConocoPhillips in January 2021 for approximately $9.5 billion in an all-stock transaction. Post-acquisition, Concho's Permian assets were integrated into ConocoPhillips' Lower 48 segment, contributing to production scaling from under 90,000 BOED in 2020 to approximately 900,000 BOED by 2025 through a series of acquisitions including Concho, Shell's Permian assets, and Marathon Oil.
The company's underlying technology stack centered on unconventional resource development in the Permian Basin, with emphasis on extended-lateral drilling (over 80% of Permian future well inventory longer than 2 miles) and operational efficiency improvements of approximately 15% year-over-year in drilling and completions. As a commodity producer, Concho's revenue model was based on the production and sale of crude oil and natural gas to B2B buyers under long-term contracts and spot market arrangements, with pricing determined by global commodity benchmarks rather than negotiated customer pricing tiers.
Following the 2021 acquisition, Concho Resources no longer operates as an independent company; its assets, operations, and personnel are fully integrated into ConocoPhillips' Lower 48 segment. ConocoPhillips, with $124 billion in total assets as of March 31, 2025 and operations across 14 countries, now sells production from these assets alongside its broader portfolio to refineries, utilities, trading houses, and industrial customers globally. Concho exists as a non-independent subsidiary entity rather than a standalone operating business.
Concho Resources firmographics
Firmographics- Name
- Concho Resources
- Legal name
- Concho Resources Inc.
- Website
- https://conchoresources.com
- Company type
- Private
- Founded year
- 1957
- Operating status
- Acquired
- Headcount range
- 1,001–5,000 employees
- Short description
- Concho Resources was a Permian Basin-focused independent oil and gas exploration and production company that was acquired by ConocoPhillips in January 2021 for approximately $9.5 billion and integrated into its Lower 48 operations.
- Ownership category
- akta.pro rank
Concho Resources industry classification
Industry- Product category
- Oil and Gas Exploration and Production
- NAICS
- Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)
Keywords
Where Concho Resources is headquartered
LocationHeadquarters
- HQ city
- Midland
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Concho Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain
Revenue model
- Crude Oil Production and Sales: ConocoPhillips produces and sells crude oil globally from its Alaska, Lower 48, Canada, and international operations. Crude oil is sold to refineries and traders under long-term contracts and spot market arrangements.
- Natural Gas and NGL Production: The company produces and markets natural gas and natural gas liquids from its global portfolio, including the Permian Basin, Montney, and other unconventional and conventional assets.
- LNG Production and Export: ConocoPhillips operates the Australia Pacific LNG facility and holds interests in Qatar Qatargas 3, producing liquefied natural gas for export to global markets under long-term contracts.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
Concho Resources product offering
Product offeringCore offering
Concho Resources was an independent oil and natural gas company that acquired, developed, and explored oil and natural gas properties, with operations concentrated in the Permian Basin. The company produced and marketed crude oil, natural gas, and natural gas liquids to refineries, utilities, trading houses, and industrial customers under long-term contracts and spot-market sales.
Product overview
The source data does not contain specific product/service information for Concho Resources as an independent company. Concho Resources was acquired by ConocoPhillips in January 2021 for $9.5 billion. The provided sources describe ConocoPhillips' global operations (exploration, production, transport, and marketing of crude oil, bitumen, natural gas, NGLs, and LNG across 14 countries) but do not provide specific product details for the former Concho Resources entity.
Differentiator
Problem solved
Functional benefit
Products and services
- Crude Oil Production and Sales
- Natural Gas and Natural Gas Liquids Production
Quantifiable outcome
- Lower 48 production grew from under 90,000 BOED in 2020 to approximately 900,000 BOED in 2025 (10x growth)
- +6 more outcomes
Companies that use Concho Resources
Customer profileNamed customers2 records
Segments6 records
Ideal customer profiles1 record
Concho Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Concho Resources partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Marathon OilcoreConocoPhillips acquired Marathon Oil, adding additional Permian Basin and other unconventional assets to its portfolio.
- Concho ResourcescoreConocoPhillips acquired Concho Resources in January 2021 for approximately $9.5 billion. The acquisition significantly expanded ConocoPhillips' Permian Basin presence, growing Lower 48 production from under 90,000 BOED in 2020 to approximately 900,000 BOED by 2025. The acquisition was led by RSP Permian's CFO Scott McNeill who oversaw the $9.5 billion sale.
- Shell (Permian Assets)coreConocoPhillips acquired Shell's Permian Basin assets, contributing to the 10x production growth in the Lower 48 from 2020 to 2025.
- Qatar Petroleum (Qatargas 3)coreConocoPhillips holds interest in Qatargas 3, a large-scale LNG liquefaction and export project operated by Qatar Petroleum and located in Ras Laffan Industrial City, Qatar. This joint venture produces LNG for export to global markets.
- Libya National Oil Corporation (Waha Concession)minorConocoPhillips holds an interest in the Waha Concession in the Sirte Basin, Libya, working with Libya's national oil company. The concession represents the company's presence in North Africa.
- Malaysia National Oil CompaniesminorConocoPhillips has interests in six blocks in Malaysia in varying stages of exploration, development and production, working with Malaysia's national oil companies and Petronas.
- China National Petroleum CorporationcoreConocoPhillips and China mark 45 years of energy partnership in 2026. The company holds interests in producing fields in Bohai Bay, China, operating in partnership with Chinese national oil companies.
Scale indicators11 records
Recent moves4 records
Expansion highlights2 records
Concho Resources competitors and assessment
Company assessmentDirect peers
- Continental Resources: Independent unconventional E&P historically focused on the Bakken with Permian exposure. Comparable as a U.S. shale-focused independent emphasizing high-return Permian-style development.
- Pioneer Natural Resources: Independent Permian Basin-focused E&P acquired by ExxonMobil in 2024. Directly comparable as a Permian-focused unconventional producer with overlapping acreage and similar well-economics profile prior to acquisition.
- Diamondback Energy: Pure-play Permian Basin independent E&P focused on the Midland and Delaware sub-basins. Directly comparable single-basin Permian exposure, well-economics focus, and consolidation-driven growth strategy.
- Devon Energy: Independent E&P with major Delaware Basin (Permian) position combined with Anadarko Basin and other U.S. assets. Comparable as a Permian-heavy independent with focus on free cash flow generation and basin-leading well productivity.
- Coterra Energy: Independent E&P formed via the Cabot/Cimarex merger with significant Permian (Delaware Basin) and Marcellus exposure. Closely comparable Permian unconventional operator with similar capital-return focus.
- EOG Resources: Large independent E&P with significant Permian Basin unconventional operations alongside Eagle Ford and other U.S. plays. Closely comparable on operational approach (extended laterals, premium acreage) and capital allocation discipline.
- Marathon Oil: Independent E&P with significant Permian Basin (Eagle Ford and Bakken adjacent) positions acquired by ConocoPhillips in 2024. Directly comparable Permian exposure and was an acquisition peer in the consolidation wave that absorbed Concho.
Emerging players
- Parsley Energy: Permian-focused E&P acquired by Pioneer Natural Resources in 2021. Comparable as a single-basin Permian pure-play that consolidated into a larger player, mirroring Concho's own acquisition trajectory.
Broad incumbents
- Chevron (Upstream): Global supermajor with major Permian Basin (Delaware/Midland) holdings and global LNG operations. Broad incumbent comparable on combined U.S. unconventional exposure and integrated LNG portfolio.
- ExxonMobil (Upstream): Global supermajor with major Permian Basin operations following the Pioneer Natural Resources acquisition. Broad incumbent with overlapping Permian acreage and global E&P scale comparable to post-acquisition ConocoPhillips.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Concho Resources social profiles
Digital presenceConcho Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Concho Resources leadership team
Management profileNumber of profiles
Profiles6 records
Concho Resources funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Concho Resources M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Concho Resources
What does Concho Resources do?
Concho Resources was an independent oil and natural gas company that acquired, developed, and explored oil and natural gas properties, with operations concentrated in the Permian Basin. The company produced and marketed crude oil, natural gas, and natural gas liquids to refineries, utilities, trading houses, and industrial customers under long-term contracts and spot-market sales.
Is Concho Resources a public or private company?
Concho Resources is a private company. It is classified as corporate owned and is currently acquired.
When was Concho Resources founded?
Concho Resources was founded in 1957. It employs 1,001 to 5,000 people.
Where is Concho Resources based?
Concho Resources is headquartered in Midland, United States, in the North America region.
How does Concho Resources make money?
Three revenue lines are on record. Crude Oil Production and Sales are the primary driver. The others are natural Gas and NGL Production and LNG Production and Export.
Who are Concho Resources's main competitors?
Direct peers on record are Continental Resources, Pioneer Natural Resources, Diamondback Energy, Devon Energy, Coterra Energy, EOG Resources and Marathon Oil. Parsley Energy is listed as an emerging player. Broad incumbents are Chevron (Upstream) and ExxonMobil (Upstream).
Does Concho Resources have an API?
No public API is recorded for Concho Resources.
What industry is Concho Resources in?
Concho Resources's product category is Oil and Gas Exploration and Production. Its primary akta.pro industry code is EUALAAAH, Unconventional Resources Development (Shale/Tight, CBM). Its NAICS code is 21112 and its SIC code is 1311.