The Midland Basin is a legacy area for Concho that was historically developed through vertical wells. Today, Concho is developing our Midland Basin position using horizontal drilling, multiwell project development and advanced completion techniques. This allows us to maximize well recoveries, gain further efficiencies and increase our resource potential.

In addition, our long-term development outlook supported the acquisition of 40,000 net acres in the core of the Midland Basin. This acquisition demonstrates our commitment to the Midland Basin and highlights our continued efforts to consolidate complementary leasehold.