Concho Resources is an independent oil and natural gas company that acquires, develops, and explores oil and natural gas properties. The company delivers production growth from continuing operations of 20% and year-over-year crude oil growth of 25%. Concho nearly doubles its drilling locations, identifying approximately 22,000 locations at year-end. Concho produces 33.6 million barrels of oil equivalent with a capital budget of approximately $1.8 billion. Concho acquires the assets of Three Rivers Operating Company for approximately $1 billion, significantly adding to the Company’s positions in the core northern Delaware Basin play, the Midland Basin Wolfberry play, and the emerging southern Midland Basin horizontal Wolfcamp play. Concho partially funds the acquisition with a $520 million divestiture of non-core Permian Basin assets. It produces 29.8 million barrels of oil equivalent with a capital budget of approximately $1.5 billion. It was launched in Midland, Texas in 2004.