KKR-backed Spur Energy Partners, a natural gas and oil exploration firm, agreed to acquire Mexican assets of Concho Resources, a leading oil, natural gas, and shale explorer, for $925m. In addition, the Concho’s board of directors authorized the initiation of a repurchase program of up to $1.5bn of the Concho’s shares of common stock. Following the sale, Concho will maintain a large presence and development program in southeastern New Mexico and will continue to support the local communities. "Divesting our New Mexico Shelf position enables us to accelerate the value of these legacy assets while focusing our portfolio on opportunities with the highest potential for strong returns," Tim Leach, Concho CEO.