Permian pure-player Concho Resources Inc., Midland, Texas, (NYSE: CXO) has bolstered its base with a $1-billion cash acquisition of Mike Wichterich’s Austin, Texas-based privately held Three Rivers Operating Co., its largest purchase since acquiring Marbob Acquisition in 2010.

Three Rivers assets include 310,000 gross (200,000 net) acres in the Permian Basin in Texas and New Mexico, including large positions in the Delaware Basin, Midland Basin Wolfberry play, and the southern Midland Basin horizontal Wolfcamp and Cline shale plays. Approximately 65% of the acreage is held by production. The deal represents ...