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Concho Resources closes $1.63B acquisition of Midland Basin assets

ConchoResources Inc. has completed its about $1.63 billion acquisition ofacreage in the Midland Basin from Reliance Energy Inc..

The estimated 40,000 net acres are located in Andrews,Martin and Ector counties in Texas and includes production of 10 millionbarrels of oil equivalent, 67% of which is crude oil, according to an Oct. 4news release.

Concho is currently operating one rig on the acquired assetsand intends to add another rig early in 2017.

As of June 30, the company had an estimated long-term debtof $2.7 billion, representing a $900 million reduction in long-term debt sincethe year-ago period and a pro forma liquidity of about $2.5 billion, reflectingits undrawn revolving credit facility.