Concho Resources Inc. announced that it has reached a definitive agreement to acquire approximately 40,000 net acres in the core of the Midland Basin from Reliance Energy for $1.625 billion. The privately negotiated acquisition is consistent with Concho's opportunistic and disciplined portfolio management strategy as it expands its core Midland Basin position to more than 150,000 net acres and production of 30,000 barrels of oil equivalent per day (MBoepd). The acquisition includes 10 MBoepd from 326 vertical wells and 44 horizontal wells, only one of which was completed in 2016. The present value of this stable production base at current NYMEX strip pricing is approximately $0.5 billion, with the remaining $1.1 billion of the purchase price attributable to 40,000 undeveloped acres.

The company also announced that Brenda R. Schroer, who currently serves as the company's Vice President and Chief Accounting Officer, has assumed the additional role of Treasurer. Ms. Schroer joined the company in 2013 as Vice President and Chief Accounting Officer and was previously with Ernst & Young LLP since 1999.