Concho Resources Inc said on Monday it would acquire about 40,000 net acres in the core of Midland Basin in Texas for about $1.63 billion from privately held Reliance Energy.
The purchase is part of Concho's plans to expand its core Midland Basin acreage to over 150,000 net acres and production of 30,000 barrels of oil equivalent per day (MBoepd).
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