Concho Resources Inc. (CXO) opened a public offering of 7 million common shares, the company said Sept. 30.
Underwriters were granted an option to purchase about 1 million additional shares.
Proceeds will repay all outstanding credit facility borrowings, which were partly used to finance recent acquisitions, the company said. They will also support general corporate purposes, including funding potential future acquisitions.
J.P. Morgan and Credit Suisse are joint book-running managers.
Concho Resources Inc. is based in Midland, Texas and operates in the West Texas and New Mexico Permian Basin.
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