The sale, which is subject to customary closing conditions and purchase price adjustments, is expected to close by the end of the first quarter of 2011.
Last week, the company reported its net income of $204.4m for 2010, compared to a net loss of $9.8m in 2009.
Concho Resources is engaged in the acquisition, development and exploration of oil and natural gas properties.
The company’s operations are focused in the Permian Basin of southeast New Mexico and West Texas.
