Concho Resources Strategic acreage position in the Permian Basin 1.1 MM gross (700,000 net) acres Core areas in the Delaware Basin, Midland Basin and New Mexico Shelf High quality, long life reserve base 637.2 MMBoe estimated…
Key Investment Highlights Concentrated, high-quality acreage position in the Delaware Basin, Midland Permian Pure Play Basin and New Mexico Shelf Expanded acreage position during FY14 with bolt-on additions and leasing Strong…
Track Record of Measured Growth 2014 Production Growth Track Record of Measured Growth, 22% Prudent Financial Management 45 4.0x Year-over-Year 40.9 40 3.5x 2007-2014 35 33.6 3.0x Production FYE Debt-to-EBITDAX1 29.8…
Record Proved Reserves 2014 Proved Track Record of Proved Capital Efficient Horizontal Reserves Growth Reserves Growth Development Driving Reserve Growth 27% Year-over-Year 637 27% proved reserves growth and 24% proved developed…
Northern Delaware Basin Acreage Position Significant resource captured from large acreage position 365,000 gross and multiple target zones (255,000 net) acres Continue to deliver industry-leading results in the Northern Delaware…
Capturing Significant Resource NORTHERN DELAWARE BASIN Deep Inventory of Identified Horizontal Locations Well Avg. Peak Rate (Boepd) Identified Wells per Formation Count1 30-Day (% Oil) 24-Hour Locations Section Brushy Canyon 13…
Enhancing Well Results and Controlling Costs NORTHERN DELAWARE BASIN Consistently Enhancing Horizontal Controlling Costs While Increasing Well Results Completion Intensity 18% Increase in Avg. Peak 30-Day Rates 1,473 FY14 vs.…
Optimizing Completions and Improving Recoveries 2nd Bone Spring NORTHERN DELAWARE BASIN Enhanced Completion vs. Optimizing Completions Base Completion Avg. Stages/Well Avg. Proppant/Well 160 30%+ 80%+ 140 Avg. Cumulative…
Southern Delaware Basin Acreage Position LOVING Outstanding well results driven by enhanced geologic 275,000 gross model and completion design (170,000 net) acres Added 11 new horizontal wells with at least 30 days of production data…
Midland Basin Horizontal Core Targeting oil-prone, repeatable Wolfcamp and Spraberry zones Acreage Position Strong well results driven by drilling and completion optimization 200,000 gross Added 15 new horizontal wells with at least…
New Mexico Shelf Acreage Position Deep inventory of high-return, low-cost locations 160,000 gross 1,600 horizontal Yeso locations (110,000 net) acres CHAVES 1,000 vertical Yeso locations CHAVES Horizontal drilling and completion…
Strong Financial Position with Capital Flexibility Returns-Based, Disciplined 2015 Drilling & Completion Capital Program for 2015 Capital Program 2015 D&C Preserving financial strength and liquidity a high priority Program 1.8 BN…
Key Takeaways Delivered strong financial and operational results in 2014 Capital-efficient horizontal development increased proved reserves 27% year-over-year Optimizing drilling and completion techniques, improving resource…
Appendix
Fourth Quarter 2014 Results Excellent total production growth of 29% and oil production growth of 31% year-over-year Operational Strong production growth driven by Delaware Basin horizontal program 1.15 diluted EPS; 0.88 adjusted…
Full Year 2014 Highlights 22% total production growth and 25% crude oil production growth over 2013 Operational Enhanced drilling and completion techniques throughout assets are improving play economics and capital efficiency 4.88…
2015 Operational & Financial Outlook (UPDATED AS OF FEBRUARY 25, 2015) Production Year-over-year growth 16% - 20% 1Q15 Outlook Oil mix 63% - 65% Production: Price realizations, excluding commodity derivatives (% of NYMEX) 127 - 131…
Hedge Position (UPDATED AS OF FEBRUARY 25, 2015) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total Oil Swaps: (a) Volume (Bbl) 4,240,000 4,579,000 4,314,000 4,109,000 17,242,000 Price (Bbl) 88.32 83.05 82.83 82.47…
Adjusted Net Income Reconciliation (Unaudited) Three Months Ended Years Ended December 31, December 31, (in thousands, except per share amounts) 2014 2013 2014 2013 Net income - as reported 129,896 105,789 538,175 251,003…
EBITDAX Reconciliation (Unaudited) The Company defines EBITDAX as net income (loss), plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) impairments of…
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