Permian at our core.
The Permian Basin is one of the most prolific oil and gas regions in the United States, with its first commercial discovery in 1923. It stretches approximately 250 miles wide and 300 miles long, underlying much of southeast New Mexico and west Texas.
Concho's operations are centered on acquiring, developing and exploring for oil and natural gas in the Permian Basin. Our core operating areas include the New Mexico Shelf, the Delaware Basin and the Midland Basin. Concho’s acreage position in the Permian Basin spans approximately 1 million gross acres.
Our legacy in the Permian Basin provides us with a deep understanding of operating and geological trends, enabling us to achieve operational efficiencies. Concho is also at the forefront of applying new technologies to old reservoirs – such as horizontal drilling and enhanced completion techniques. In 2015, approximately 85% of our wells were drilled horizontally. In 2016, we plan to spend substantially all of our planned drilling and completion capital on our horizontal opportunities.