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CONCHO RESOURCES INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Oct 27, 2020. Its latest SEC filing is a 3/A from Nov 9, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Produces oil and natural gas from properties in the Permian Basin for marketers and other purchasers with access to pipelines.

How Did They Make Money?

Sells produced oil and natural gas to purchasers at or near the wellhead, with payment typically arriving one to two months after production.

FY2019 revenue

Who Were Their Customers?

Sells oil and natural gas principally to marketers and other purchasers that can access pipelines. Marketers or purchasers arrange truck transport where pipeline access is not practical.

Customers above 10% of revenue, FY2019
of revenue from two customers (17%, 10%)

Did Revenues Turn Into Profits?

No. It lost $705M in FY2019.

Operating income, FY2019
−21% of revenue
▼ Now a loss vs FY2018 ($2.9B, 71%)
Net income, FY2019
−15% of revenue
▼ Now a loss vs FY2018 ($2.3B, 55%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −25%
vs $1.1B in Q3 FY2019
Net income
▼ Now a loss
vs $558M in Q3 FY2019
  • Jan 15, 2021 ConocoPhillips completed its acquisition of Concho Concho became a wholly owned subsidiary of ConocoPhillips, and its shares were converted into ConocoPhillips shares.

Grew. Revenue grew 2.5x in 4 years, from $1.8B in FY2015 to $4.6B in FY2019, about 26% a year.

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