Concho’s Permian asset sale and buyback plan flops as stock tanks on output woes

摘要

Troubled independent US oil and gas outfit Concho Resources has struck a deal to sell producing shale assets in New Mexico for USD 925 million to kick-start a major share buyback program aimed at salvaging its flagging stock, which is down 35% since the start of the year. The Concho board recently approved a USD 1.5 billion share repurchase program, which will be bankrolled by proceeds from the sale of Permian assets to an affiliate of Spur Energy Partners.