Steven L. Beal plans to retire as president and chief operating officer of Concho Resources Inc., Midland, Texas, (NYSE: CXO) effective June 30. He will remain as a consultant and member of the board.

Concho chairman and chief executive Timothy A. Leach says, “Steve has been my friend and business partner for twenty years. I am happy that he will be able to spend more time with his family in the coming years and I am delighted that I will still be able to continue my business relationship with him as a Concho director and company advisor. I continue to look forward to the company’s bright future with Steve at my side.”

Beal says, “I am grateful for the opportunity I have had to work alongside Tim and the entire Concho team as we have built this company. While I will be stepping away from my day-to-day management responsibilities, I am excited about my continuing involvement as an advisor and director. I have great confidence in this company, its management team and its employees and am excited about what the future holds for Concho. I will remain an enthusiastic and supportive shareholder.”

Concho has oil and gas operations primarily focused in the Permian Basin of southeast New Mexico and West Texas