Concho

Supported by U.S. dealmaking in the Permian Basin, global upstream transactions hit $32 billion in the first quarter, according to oil and gas information provider 1Derrick.

Concho Resources Inc. on Wednesday clinched an all-stock transaction valued at $9.5 billion to take over RSP Permian Inc., creating a Permian Basin pure-play holding close to 640,000 net acres.

After reporting more than 28% growth in total production in the fourth quarter, Permian Basin pure-play explorer Concho Resources Inc. said it expects to grow 2018 output by 16-20%, with crude oil rising by about 20%, using a $2 billion capital expenditures (capex) program.

Concho Resources Inc. is increasing its 2017 capital budget on an improved commodity price outlook as it looks to benefit from economies of scale with an aggressive drilling program across its core operating areas of the Permian Basin.

Midland, TX-based Concho Resources Inc. grew production during the third quarter as it took advantage of expanded natural gas processing capacity serving the Permian Basin’s Delaware sub-basin.

Permian Basin pure-play Concho Resources Inc. agreed Monday to pay $1.625 billion in cash and stock to Reliance Energy for 40,000 net acres in the Midland sub-basin.

Led by burgeoning production in the Permian Basin’s Delaware sub-basin, Concho Resources Inc. saw total production reach 13.2 million boe in the second quarter, a 4% increase compared to 1Q2016, the Midland, TX-based independent said.

Though Permian pure-play Concho Resources Inc. plans to spend within its cash flow as it weathers the downturn, management of the Midland, TX-based exploration and production (E&P) company said it’s positioned to deliver double-digit production growth in 2017 at current strip pricing.

Concho Resources Inc. said a trio of separate deals — a purchase, a swap and a sale — will help bolster its position in the southern Delaware Basin and reduce its net debt, all without impacting its capital budget or production outlook for 2016.