2.2.0.7 false Subsequent Events 0217 - Disclosure - Subsequent Events true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Subsequent Events [Abstract] 0 cxo_SubsequentEventsAbstract cxo false na duration Subsequent events. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Subsequent events. false 3 Subsequent events 1 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Note Q. </b><b><i>Subsequent events</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Marbob Acquisition. </i></b> On July 19, 2010, the Company entered into an asset purchase agreement to acquire substantially all of the oil and natural gas leases, interests, properties and related assets owned by Marbob Energy Corporation and certain affiliated entities (collectively, “Marbob”) for aggregate consideration of approximately $1.65 billion, subject to purchase price adjustments, which include downward purchase price adjustments based on the exercise of third parties of contractual preferential rights to purchase certain interests in properties to be acquired from Marbob (the “Marbob Acquisition”). Upon closing, the consideration is expected to consist of (i) cash consideration in the aggregate amount of $1.45 billion, (ii) the issuance by the Company to Marbob of an 8 percent unsecured promissory note due 2018 in the aggregate principal amount of $150 million and (iii) the issuance to Marbob of approximately 1.1 million shares of the Company’s common stock (representing a negotiated value of $50 million). The Marbob Acquisition is expected to close on or before November 30, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company intends to finance the $1.45 billion cash portion of the Marbob Acquisition with a combination of equity and debt. On July 19, 2010, the Company entered into a common stock purchase agreement with third-party investors to sell approximately 6.6 million shares of the Company’s common stock in a private placement for aggregate cash consideration of approximately $300 million. The Company anticipates that this private placement will close simultaneously with the Marbob Acquisition. In addition, the Company has received an $800 million underwritten commitment from two of its lenders under its Credit Facility to expand the size of its existing Credit Facility from $1.2 billion to $2.0 billion as part of the financing for the Marbob Acquisition, which the Company expects will provide the credit capacity to fund the remaining cash portion of the purchase price. The expanded credit facility is expected to close simultaneously with the Marbob Acquisition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Marbob preferential rights. </i></b> Certain of the Marbob interests in properties contain contractual preferential rights to purchase by third parties if Marbob were to sell them. Marbob has informed the Company of the receipt by Marbob of a notice from BP America Production Company (“BP”) electing to exercise its contractual preferential purchase right under certain operating agreements to purchase interests in certain of Marbob’s properties as a result of the Marbob Acquisition. The approximate value of the interests in properties associated with this election is $400 million, which, if closed between Marbob and BP, would reduce the purchase price of the Marbob Acquisition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In addition, Marbob has contractual preferential rights under certain operating agreements to purchase certain interests in properties if third parties were to sell those interests in properties. On July 20, 2010, BP announced it was selling all its assets in the Permian Basin to a subsidiary of Apache Corporation (“Apache”). Marbob and BP own common interests in certain common properties subject to a contractual preferential right to purchase. BP and Apache have contested Marbob’s ability to exercise its contractual preferential rights in this situation. As a result, Marbob and the Company have filed suit against BP and Apache seeking declaratory judgment and injunctive relief to protect Marbob’s contractual right to have the option to purchase these interests in properties. The Company is unable to predict at this time if the court will grant Marbob and the Company the relief sought in connection with the suit. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>New commodity derivative contracts. </i></b>In July 2010, the Company entered into the following oil price swaps to protect the Company’s cash flows in anticipation of the Marbob Acquisition: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Aggregate</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Index</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Contract</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Volume</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Price</b> <sup style="font-size: 85%; vertical-align: text-top"><b>(a)</b></sup></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Period</b></td> </tr>   <tr style="font-size: 1px"> <td colspan="13" align="left" style="border-top: 1px solid #000000"> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Oil (volumes in Bbls):</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">1,578,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">80.80</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right"><font style="white-space: nowrap">1/1/11 - 12/31/11</font></td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">1,305,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">81.39</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right">1/1/12 - 12/31/12</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">261,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">82.50</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right">7/1/12 - 12/31/12</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">1,380,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">82.58</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right">1/1/13 - 12/31/13</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">1,248,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">83.94</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right">1/1/14 - 12/31/14</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Price swap </div></td> <td> </td> <td> </td> <td align="right">600,000</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">84.50</td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="right">1/1/15 - 6/30/15</td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(a)</td> <td> </td> <td>The index prices for the oil price swaps are based on the NYMEX-West Texas Intermediate monthly average futures price.</td> </tr> </table>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. 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