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Concho Makes Several Leadership Changes; New COO, CFO, VPs

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Concho Resources Inc. announced a series of leadership changes that enhance and expand the Company's management team.

Giraud Named COO: As previously disclosed and planned, Will Giraud has assumed the position of Executive Vice President and Chief Operating Officer, succeeding Joe Wright, who retired from the role at year-end 2018 and continues to serve on Concho's Board of Directors.

• Giraud most recently served as Executive Vice President and was responsible for Concho's asset teams, business development and strategy. Giraud joined Concho in 2009, and was named Senior Vice President, General Counsel and Corporate Secretary in 2010. He holds a bachelor's degree in Economics from Wake Forest and a J.D. from University of Texas School of Law.

Schroer Named CFO: Brenda Schroer, currently Concho's Senior Vice President, Chief Accounting Officer and Treasurer, has been appointed Senior Vice President, Chief Financial Officer (CFO) and Treasurer, effective immediately.

• Schroer assumes the CFO role from Jack Harper, who will continue to serve as the Company's President. In this role, Schroer will oversee Concho's accounting, finance, investor relations and IT organizations. Schroer joined Concho in 2013 as Vice President and Chief Accounting Officer following 14 years at Ernst & Young. She is a certified public accountant and holds a bachelor's degree in accounting from West Texas A&M University and a master's degree in accounting from Texas A&M University.

Moncrief Promoted to SVP Corporate Development / Midstream: Price Moncrief, currently Concho's Senior Vice President of Finance and Strategy, has been appointed Senior Vice President of Corporate Development and Midstream. In this role, Moncrief will be primarily responsible for driving the Company's long-term strategy for midstream and oil and gas marketing, as well as building a commodity fundamentals team.

New Senior Vice Presidents

• Clay Bateman, who currently serves as Concho's Vice President of New Mexico, has been promoted to Senior Vice President of Assets. Bateman will be responsible for Concho's asset teams, with the vice presidents for those teams reporting to him.

• Keith Corbett, who currently serves as Concho's Vice President of Texas, has been promoted to Senior Vice President of Corporate Engineering and Planning. Corbett will be responsible for corporate reservoir engineering and strategic planning.

• Scott Kidwell, the Company's Vice President of Government Affairs, has been promoted to Senior Vice President of Administration, overseeing Concho's government affairs and human resources organizations.

New Vice Presidents

• Jeff Gasch has been promoted to Vice President of Delaware Basin. Gasch most recently served as Concho's Delaware Basin Business Unit Manager.

• Jacob Gobar has been promoted to Vice President and Chief Accounting Officer. Gobar most recently served as Concho's Financial Accounting Controller.

• Aaron Hunter has been promoted to Vice President of Midland Basin. Hunter most recently served as Midland Basin Business Unit Manager.

• Jere Thompson has been promoted to Vice President of Planning. Thompson most recently served as Finance Director.