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Actionable news in CXO: CONCHO RESOURCES Inc,

Concho Buys West Texas Properties From Reliance For $1.65B

Concho Resources (CXO) said after the markets closed Monday that it agreed to buy oil and gas properties in West Texas' Midland Basin from privately held Reliance Energy for $1.625 billion, expanding its position in the area by more than a third.

The price includes $1.1 billion in cash and 3.96 million shares of Concho's stock valued at around $500 million.

The Midland, Texas-based company plans to fund the cash portion of the deal with proceeds from a $1.178 billion offering of 9 million of its shares...


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