The Board of Directors of the Concho Resources Inc. increased the size of the Board by one member and appointed Steven Gray, the former Chief Executive Officer of RSP, as a director pursuant to the terms of the Merger Agreement and in accordance with the Restated Certificate of Incorporation and the Fourth Amended and Restated Bylaws of the Company. The Board determined that Mr. Gray met the independence requirements under the rules of the New York Stock Exchange. Mr. Gray is expected to serve on the Reserves Committee of the Board.

The company recently closed its previously announced offering of $1,600 million aggregate principal amount of senior unsecured notes, consisting of $1,000 million aggregate principal amount of 4.300% senior unsecured notes due 2028 and $600 million aggregate principal amount of 4.850% senior unsecured notes due 2048. The proceeds from the offering were used to redeem RSP's 6.625% senior notes due 2022 and 5.250% senior notes due 2025 for approximately $1.2 billion as well as repay a portion of the outstanding balance under RSP's existing credit facility. Concho repaid the remaining balance under RSP's credit facility with borrowings under Concho's credit facility.