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May 2013 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · May 10, 2013 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. May 2013 Investor Presentation – Concho Resources, Inc. – slide 1
    May 2013 Investor Presentation
  2. May 2013 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Inc. Company Highlights Permian Basin Leading pure-play Permian Basin operator 447 MMBoe year-end 2012 estimated proved reserves1 422% reserve replacement ratio Results in 1Q 2013: Drilled 190 gross wells…
  3. May 2013 Investor Presentation – Concho Resources, Inc. – slide 3
    Whats New Achieved 26% total (21% organic) production growth over 2011 Significantly increased Delaware Basin acreage through the Three Rivers 2012 acquisition Accomplishments Drilled 840 gross wells, including 225 horizontal…
  4. May 2013 Investor Presentation – Concho Resources, Inc. – slide 4
    2013 Objectives Execution year Exposed to deep, multi-decade inventory of robust rate-of-return drilling opportunities Focus on northern Delaware Basin development Continue to identify new efficiencies and…
  5. May 2013 Investor Presentation – Concho Resources, Inc. – slide 5
    Permian Basin Current Activity Delaware Basin Permian Basin Rig Activity Midland Basin Rig count: 141 Rig count: 222 74% horizontal (104) 23% horizontal (51) Over 1,150 horizontal wells Over 350 horizontal wells completed since…
  6. May 2013 Investor Presentation – Concho Resources, Inc. – slide 6
    Why the Delaware Basin Permian Basin Horizontal Wells with Peak Month Oil Rate 500 Bpd (first production after 1/1/12) 167 By Basin 21 Delaware Basin Midland Basin Total 665 275 CXO 41 Peer 1 22 Peer 2 18 By Operator…
  7. May 2013 Investor Presentation – Concho Resources, Inc. – slide 7
    2013 Capital Budget and Activity 2013 Total Capital Budget Northern Delaware Basin Activity Average 9 horizontal rigs, drill 160 wells 7% 8% 18% of proved reserves1, 35% of production in 1Q13 67% Horizontal 1.6 billion Drill &…
  8. May 2013 Investor Presentation – Concho Resources, Inc. – slide 8
    Conchos Delaware Basin Progression CXO Delaware Basin Capital Allocation ( in millions) Historical Production (MBoepd) % of & D&C 730 % of Drill Complete Quarterly Horizontal Production Average Rig Count 23.2 460 54% 21.1…
  9. May 2013 Investor Presentation – Concho Resources, Inc. – slide 9
    Building the Northern Delaware Basin Northern Delaware Basin Acreage Acquired Y E12 Gross Acreage Locations Locations Acquisition Marbob 141,000 981 2,584 Deep Leasehold Acquisition Acquisition Lusk OGX 51,000 350…
  10. May 2013 Investor Presentation – Concho Resources, Inc. – slide 10
    Northern Delaware Basin Inventory Evolution of Multi-zone Inventory Multi-zone Inventory and Development Single Locations Multi-zone Locations of Wells YE12 with 30 Days 56% Formation Reservoir Name Inventory of Production 44%…
  11. May 2013 Investor Presentation – Concho Resources, Inc. – slide 11
    Bone Spring and Avalon Type Curves Average Bone Spring Model 1,000 Bone Spring Well cost (MM) 6.6 EUR (MBoe) 360 100 30-day IP (Boepd) 658 Boepd % Oil 75% Royalty 20% 10 Spacing (acres) 160 Pre-Tax IRR (90 / 4) 60% 1 0 12 24…
  12. May 2013 Investor Presentation – Concho Resources, Inc. – slide 12
    Exploration Play Southern Delaware Basin Southern Delaware Basin Cross Section S N Rawhide State 4 3H 1st Horizontal Wolfcamp Well Produced 100 MBo since April 2012 8,000 9,000 10,000 Bone Spring Upper Wolfcamp…
  13. May 2013 Investor Presentation – Concho Resources, Inc. – slide 13
    Exploration Play Horizontal Wolfberry Horizontal Wolfberry Activity Average Daily Production (first 2 wells) 10,000 80% Oil 1,000 Boepd 100 10 Amacker 46 2H 1 Days 2013 Horizontal Development Will average 1 to 2…
  14. May 2013 Investor Presentation – Concho Resources, Inc. – slide 14
    Why Invest in Concho Leading Permian producer with focused operations in three core plays Yeso, Delaware Basin and Wolfberry Large, predominately oil and liquids-rich resource base Significant potential for reserve and production…
  15. May 2013 Investor Presentation – Concho Resources, Inc. – slide 15
    Appendix
  16. May 2013 Investor Presentation – Concho Resources, Inc. – slide 16
    Permian Basin Central Delaware Platform Midland Basin Basin DELAWARE CENTRAL MIDLAND PERIOD SERIES BASIN PERIOD SERIES PLATFORM PERIOD SERIES BASIN FORMATION FORMATION FORMATION TANSILL TANSILL LEONARD GUADALAUPE…
  17. May 2013 Investor Presentation – Concho Resources, Inc. – slide 17
    New Mexico Shelf Shelf Overview Will average 5 rigs in 2013 3 horizontal Yeso rigs 2 vertical Yeso rigs Concho has drilled over 1,000 wells in the Yeso Expanding the play boundary through horizontal development Potential to…
  18. May 2013 Investor Presentation – Concho Resources, Inc. – slide 18
    Permian Basin Oil Takeaway Capacity Existing Takeaway Borger Cushing Refineries MBopd Big Spring 70 Holly Frontier Navajo 100 Borger Refinery (net from Permian) 115 Western 125 Wichita Falls Total 410 Oil Pipelines MBopd…
  19. May 2013 Investor Presentation – Concho Resources, Inc. – slide 19
    Permian Basin NGL Takeaway Capacity Existing Takeaway MBblpd Existing NGL Infrastructure 917 Inflows from Rockies Expansion Capacity NGL Expansions Completion Date MBblpd DCP Sand Hills NGL Pipeline 2Q13 250 Texas Express NGL…
  20. May 2013 Investor Presentation – Concho Resources, Inc. – slide 20
    Reinvest High Margin Cash Flow into Robust ROR Projects Inventory Rates of Return1 Bone Spring Yeso (Horizontal) Yeso (Vertical) Avalon Shale Wolfberry (40-acre) 76% 60% 59% 50% 56% 46% 41% 47% 34% 46% 34% 39% 39%…
  21. May 2013 Investor Presentation – Concho Resources, Inc. – slide 21
    EBITDAX Reconciliation Historical EBITDAX Three Months Ended March 31, (in thousands) 2013 2012 Net Income... 30,093 31,117 Exploration and abandonments..... 18,407 5,979 Depreciation, depletion and amortization.. 168,420…
  22. May 2013 Investor Presentation – Concho Resources, Inc. – slide 22
    Adjusted Net Income Reconciliation Historical Adjusted Net Income T hree Months Ended March 31, (in thousands, ex cept per share am ounts) 2013 2012 Net incom e - as reported…
  23. May 2013 Investor Presentation – Concho Resources, Inc. – slide 23
    Hedges as of 5/1/2013 Current Hedges 2013 2Q 3Q 4Q Total 2014 2015 2016 2017 Oil Swaps: (a) Volume (Bbl).. 4,191,000 3,963,000 3,608,000 11,762,000 12,262,000 3,316,000 429,000 168,000 NY MEX price (Bbl). 95.53 95.17 95.01 95.25…
  24. May 2013 Investor Presentation – Concho Resources, Inc. – slide 24
    Updated 2013 Guidance Concho 2013 Production and Operating Guidance Production: Oil equiv alent (MMBoe) 33.4 - 34.8 % Oil 60% - 62% Price differentials to NY MEX: (ex cluding the effects of hedging) Oil (Bbl) 93% - 95% Natural…

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