Concho Resources to Acquire RSP Permian in All-Stock Deal
Concho Resources announced that it has agreed to acquire RSP Permian in an all-stock transaction. RSP shareholders will receive 0.320 share of Concho stock for each RSP share. Based on March 27 closing prices, this pegs the deal value at $9.5 billion in total value (equivalent to $50 per RSP share). Concho's stock price declined after the open on March 28, reducing this value to $8.9 billion, or $46 per RSP share. We are in the process of determining an intrinsic value for Concho shares and will...RSP Permian is an independent oil and natural gas company focused on the acquisition, exploration, development and production of unconventional oil and natural gas reserves in the Permian Basin of West Texas. The company designs and manages the well development and supervises operation and maintenance activities on a day-to-day basis. Independent contractors engaged by the company provides all the equipment and personnel associated with these activities. As of Dec 31 2017, the company had total proved reserves of 375.9 million barrels of oil equivalent, consisting of 261.3 million barrels of oil, 295.02 billion cubic feet of natural gas, and 65.4 million barrels of natural gas liquids.
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