Concho Resources Inc. Announces Expected Closing of Alpha Crude Connector Sale
February 08 2017 - 7:30AM
Business Wire
Concho Resources Inc. (NYSE: CXO) (“Concho” or the
“Company”) today announced that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as it applies
to the previously announced sale of the Company’s ownership
interests in Alpha Holding Company, LLC, the owner of the Alpha
Crude Connector system (“ACC”), to Plains All American Pipeline,
L.P. (NYSE: PAA), was terminated early by the United States Federal
Trade Commission on February 6, 2017. While the ACC sale remains
subject to various closing conditions, Concho expects to close the
transaction the week of February 13, 2017.
Concho Resources Inc.
Concho Resources Inc. is an independent oil and natural gas
company engaged in the acquisition, development, exploration and
production of oil and natural gas properties. The Company’s
operations are focused in the Permian Basin of southeast New Mexico
and west Texas. For more information, visit the Company’s website
at www.concho.com.
Forward-Looking Statements and Cautionary Statements
The foregoing contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Forward-looking statements
contained in this press release specifically include statements,
estimates and projections regarding the Company’s future financial
position, operations, performance, business strategy, oil and
natural gas reserves, drilling program, capital expenditure budget,
liquidity and capital resources, the timing and success of specific
projects, outcomes and effects of litigation, claims and disputes,
derivative activities and potential financing. The words
“estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “potential,” “could,” “may,” “foresee,” “plan,”
“goal” or other similar expressions that convey the uncertainty of
future events or outcomes are intended to identify forward-looking
statements, which generally are not historical in nature. However,
the absence of these words does not mean that the statements are
not forward-looking. These statements are based on certain
assumptions and analyses made by the Company based on management’s
experience, expectations and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate. Forward-looking statements are
not guarantees of performance. Although the Company believes the
expectations reflected in its forward-looking statements are
reasonable and are based on reasonable assumptions, no assurance
can be given that these assumptions are accurate or that any of
these expectations will be achieved (in full or at all) or will
prove to have been correct. Moreover, such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements. These include the risk factors
discussed or referenced in the Company’s most recent Annual Report
on Form 10-K and in the Company’s Quarterly Reports on Form 10-Q
for the quarters ended June 30, 2016 and September 30, 2016; risks
relating to declines in the prices the Company receives, or
sustained depressed prices the Company receives, for its oil and
natural gas; uncertainties about the estimated quantities of oil
and natural gas reserves; drilling and operating risks; the
adequacy of the Company’s capital resources and liquidity
including, but not limited to, access to additional borrowing
capacity under its credit facility; the effects of government
regulation, permitting and other legal requirements, including new
legislation or regulation of hydraulic fracturing and the export of
oil and natural gas; the impact of potential changes in the
Company’s credit ratings; environmental hazards, such as
uncontrollable flows of oil, natural gas, brine, well fluids, toxic
gas or other pollution into the environment, including groundwater
contamination; difficult and adverse conditions in the domestic and
global capital and credit markets; risks related to the
concentration of the Company’s operations in the Permian Basin of
southeast New Mexico and west Texas; disruptions to, capacity
constraints in or other limitations on the pipeline systems that
deliver the Company’s oil, natural gas liquids and natural gas and
other processing and transportation considerations; the costs and
availability of equipment, resources, services and qualified
personnel required to perform the Company’s drilling and operating
activities; potential financial losses or earnings reductions from
the Company’s commodity price risk-management program; risks and
liabilities associated with acquired properties or businesses;
uncertainties about the Company’s ability to successfully execute
its business and financial plans and strategies; uncertainties
about the Company’s ability to replace reserves and economically
develop its current reserves; general economic and business
conditions, either internationally or domestically; competition in
the oil and natural gas industry; uncertainty concerning the
Company’s assumed or possible future results of operations; and
other important factors that could cause actual results to differ
materially from those projected.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170208005375/en/
Concho Resources Inc.Price Moncrief, 432-221-0310Vice
President of Capital Markets and StrategyorMary Tennant
Starnes, 432-221-0477Senior Financial AnalystorRyan
Thrasher, 432-686-3025Financial Analyst
Concho Resources (NYSE:CXO)
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