Concho Resources Inc. Announces Retirements of Chief Financial Officer and Senior Vice President of Exploration
May 19 2016 - 5:07PM
Business Wire
Concho Resources Inc. (NYSE: CXO) (the “Company”) today
announced that Darin G. Holderness, the Company’s Senior Vice
President, Chief Financial Officer and Treasurer, will retire from
the Company in January 2017. Jack F. Harper, who is currently
Executive Vice President of the Company, has assumed the additional
roles of Chief Financial Officer and Treasurer, effective
immediately.
The Company further announced that Matthew G. Hyde, Senior Vice
President of Exploration, will retire from the Company in January
2017.
Tim Leach, Chairman, Chief Executive Officer and President,
commented, “During their long tenures at the Company, Darin and
Matt helped drive many of the great achievements at Concho. The
organizations they have helped build provide Concho with a strong
foundation for future success. I am grateful for their
contributions and congratulate them on their retirement.”
Mr. Holderness and Mr. Hyde have each taken on the role of
Special Advisor and will remain with the Company in that capacity
through the end of 2016.
About Concho Resources Inc.
Concho Resources Inc. is an independent oil and natural gas
company engaged in the acquisition, development, exploration and
production of oil and natural gas properties. The Company’s
operations are primarily focused in the Permian Basin of southeast
New Mexico and west Texas. For more information about the Company,
please visit www.concho.com.
Forward-Looking Statements and Cautionary Statements
The foregoing contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Forward-looking statements
contained in this press release specifically include statements,
estimates and projections regarding the Company’s future financial
position, operations, performance, business strategy, oil and
natural gas reserves, drilling program, capital expenditure budget,
liquidity and capital resources, the timing and success of specific
projects, outcomes and effects of litigation, claims and disputes,
derivative activities and potential financing. The words
“estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “potential,” “could,” “may,” “foresee,” “plan,”
“goal” or other similar expressions that convey the uncertainty of
future events or outcomes are intended to identify forward-looking
statements, which generally are not historical in nature. However,
the absence of these words does not mean that the statements are
not forward-looking. These statements are based on certain
assumptions and analyses made by the Company based on management’s
experience, expectations and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate. Forward-looking statements are
not guarantees of performance. Although the Company believes the
expectations reflected in its forward-looking statements are
reasonable and are based on reasonable assumptions, no assurance
can be given that these assumptions are accurate or that any of
these expectations will be achieved (in full or at all) or will
prove to have been correct. Moreover, such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements. These include the risk factors
discussed or referenced in the Company’s most recent Annual Report
on Form 10-K and Quarterly Report on Form 10-Q; risks relating to
declines in the prices the Company receives, or sustained depressed
prices the Company receives, for its oil and natural gas;
uncertainties about the estimated quantities of oil and natural gas
reserves; drilling and operating risks; the adequacy of the
Company’s capital resources and liquidity including, but not
limited to, access to additional borrowing capacity under its
credit facility; the effects of government regulation, permitting
and other legal requirements, including new legislation or
regulation of hydraulic fracturing and the export of oil and
natural gas; the impact of potential changes in the Company’s
credit ratings; environmental hazards, such as uncontrollable flows
of oil, natural gas, brine, well fluids, toxic gas or other
pollution into the environment, including groundwater
contamination; difficult and adverse conditions in the domestic and
global capital and credit markets; risks related to the
concentration of the Company’s operations in the Permian Basin of
southeast New Mexico and west Texas; disruptions to, capacity
constraints in or other limitations on the pipeline systems that
deliver the Company’s oil, natural gas liquids and natural gas and
other processing and transportation considerations; the costs and
availability of equipment, resources, services and personnel
required to perform the Company’s drilling and operating
activities; potential financial losses or earnings reductions from
the Company’s commodity price risk-management program; risks and
liabilities associated with acquired properties or businesses;
uncertainties about the Company’s ability to successfully execute
its business and financial plans and strategies; uncertainties
about the Company’s ability to replace reserves and economically
develop its current reserves; general economic and business
conditions, either internationally or domestically; competition in
the oil and natural gas industry; uncertainty concerning the
Company’s assumed or possible future results of operations; and
other important factors that could cause actual results to differ
materially from those projected.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160519006714/en/
Concho Resources Inc.Megan P. Hays, 432-685-2533Director
of Investor RelationsorMary Tennant, 432-221-0477Senior
Financial Analyst
Concho Resources (NYSE:CXO)
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