Concho Resources Inc. Announces Retirements of Chief Financial Officer and Senior Vice President of Exploration
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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