Concho Resources completed the acquisition of RSP Permian for $9.5bn.

Concho Resources, a company engaged in hydrocarbon exploration, completed the acquisition of RSP Permian, an independent oil and natural gas company, for $9.5bn. The consideration consisted of 0.320 shares of Concho common stock for each share of RSP common stock. The transaction was unanimously approved by the board of directors of each company. “This transaction provides a compelling opportunity for both Concho and RSP shareholders to benefit from the strength of our combined company. The RSP team built an exceptional high-margin asset portfolio consistent with our playbook – large, contiguous positions in the core of the Permian Basin. And they did so with a strategy of maximizing well performance and returns, which provides substantial running room for continuous development with large-scale projects. This combination allows us to consolidate premier assets that seamlessly fold into our drilling program, enhance our scale advantage and reinforce our leadership position in the Permian Basin, all while strengthening our platform for delivering predictable growth and returns. We look forward to welcoming RSP’s employees as members of the Concho team,” Tim Leach, Chairman and Chief Executive Officer of Concho.