Concho Resources Inc. Announces Public Offering of Common Stock
September 30 2015 - 4:05PM
Business Wire
Concho Resources Inc. (NYSE: CXO) (the “Company”) today
announced the launch of an underwritten public offering of
7,000,000 shares of common stock. The underwriters will have an
option to purchase up to an additional 1,050,000 shares of common
stock from the Company. Proceeds from the offering are expected to
be used to repay all outstanding borrowings under the Company’s
credit facility, which were used in part to finance recent
acquisitions, and for general corporate purposes, including funding
potential future acquisitions.
J.P. Morgan and Credit Suisse are acting as joint book-running
managers for the offering. The offering will be made only by means
of a preliminary prospectus supplement and the accompanying base
prospectus, copies of which may be obtained on the Securities and
Exchange Commission’s website at www.sec.gov. Alternatively, the
underwriters will arrange to send you the preliminary prospectus
supplement and related base prospectus if you request them by
contacting J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention:
Prospectus Department, via telephone at 866.803.9204, or by
e-mailing prospectus-eq_fi@jpmchase.com; or Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, One Madison
Avenue, New York, New York 10010, via telephone at 1-800-221-1037,
or by e-mailing newyork.prospectus@credit-suisse.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. A registration statement relating to the
securities has been filed and became effective on August 6,
2015.
About Concho Resources Inc.
Concho Resources Inc. is an independent oil and natural gas
company engaged in the acquisition, development and exploration of
oil and natural gas properties. The Company’s operations are
primarily focused in the Permian Basin of southeast New Mexico and
west Texas.
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. Without limiting the generality of
the foregoing, forward-looking statements contained in this press
release specifically include statements, estimates and projections
regarding the Company’s future financial position, liquidity and
capital resources, operations, performance, business strategy,
acquisitions, capital expenditures, oil and natural gas reserves,
drilling program, derivative activities, potential financing and
other guidance included in this press release. 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 factors discussed or referenced in the “Risk
Factors” section of the Company’s most recent Annual Report on Form
10-K and risks relating to declines in the prices the Company
receives for its oil and natural gas; uncertainties about the
estimated quantities of reserves; drilling and operating risks; the
adequacy of the Company’s capital resources and liquidity; 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; 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 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 oil, natural gas liquids and natural gas and other
processing and transportation considerations; the costs and
availability of equipment, resources, services and personnel
required to perform the Company’s drilling and operating
activities; potential financial losses or earnings reductions from
the Company’s commodity price management program; risks and
liabilities related to the integration of 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; 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/20150930006749/en/
Concho Resources Inc.Megan P. Hays, 432-685-2533Director
of Investor Relations
Concho Resources (NYSE:CXO)
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