Concho Resources is investing for the long term in its lucrative underground resources in Southeastern New Mexico and West Texas. The oil and gas company explores and develops properties (more than 72,472 net acres), located primarily in the Permian Basin region, where it produces oil and natural gas. The bulk of the company's reported 623.5 million barrels of proved reserves in 2015 was crude oil, while the rest was natural gas. Concho Resources gets 85% its revenues from crude oil, which is priced much higher than natural gas. The company drilled 273 net wells in 2015.