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Concho Resources names RSP Permian CEO to its expanded board

The board of Concho Resources Inc. appointed the current CEO of its fellow Permian Basin producer RSP Permian Inc. to Concho's board, as part of the two companies' merger deal.

Under the deal, Concho's board was to be expanded to 11 directors, adding one new independent board member mutually chosen by RSP and Concho. Steven Gray was unanimously recommended by RSP's board to fill the vacancy created by the board size increase.

Gray would serve as a Class III director until Concho's next annual stockholders meeting, in which Class III directors are elected. Both the board size increase and Gray's appointment to the board are effective on, and subject to, the effective time of the merger. The merger transaction is scheduled to close in the third quarter.

Concho on March 28 said it agreed to acquire RSP Permian in a $9.5 billion all-stock merger, which would boost Concho's position in the Permian Basin to about 640,000 net acres with 27 rigs, making it the largest crude oil and natural gas producer from unconventional shale in the Permian.