Concho Snapshot
Concho Resources has more than a hunch that a lucrative resource lies under its feet in Southeastern New Mexico and West Texas. The company explores and develops properties (about 375,000 net acres), located primarily in the Permian Basin region, in which it produces oil and natural gas. It also owns properties in North Dakota and Arkansas. About two-thirds of the company's 323.4 million barrels of proved reserves is crude oil, while the rest is natural gas. Concho Resources gets the bulk of its sales from crude oil. Regional refiner Navajo Refining Company accounted for 32% of the company's total sales in 2010.
