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August 2012 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · Aug 10, 2012 · 23 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. August 2012 Investor Presentation – Concho Resources, Inc. – slide 1
    August 2012 August Investor Presentation
  2. August 2012 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Inc. Company Highlights Permian Basin Leading pure-play Permian Basin operator 458 MMBoe year-end 2011 estimated proved reserves1 Results in 2Q 2012: Drilled 221 gross wells Produced 6.8 MMBoe EBITDAX2 of…
  3. August 2012 Investor Presentation – Concho Resources, Inc. – slide 3
    Permian Basin Current Activity Technology expanding resource potential across the Permian Basin Yeso Activity targeting Lower Abo Wolfberry unconventional reservoirs Wolfcamp Cline/Penn Approximately 500 rigs Mississippian…
  4. August 2012 Investor Presentation – Concho Resources, Inc. – slide 4
    Permian Basin Horizontal Drilling Activity Horizontal Rig Growth since 1Q11 % Horizontal Rigs % Vertical Rigs 495 503 434 410 420 360 75% 71% 77% 88% 84% 87% 25% 29% 23% 13% 12% 16% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12…
  5. August 2012 Investor Presentation – Concho Resources, Inc. – slide 5
    Operational Strategy Continued focus on the Permian Basin Exposed to some of the most prolific oil plays in the U.S. Capitalize on the strategic benefits of being one of the largest operators in the Permian Basin Committed to…
  6. August 2012 Investor Presentation – Concho Resources, Inc. – slide 6
    Track Record of Production & Reserve Growth Annual Production (MMBoe) Proved Reserves (MMBoe) 28.7 - 29.8 386.5 323.5 23.6 211.5 15.6 10.9 137.3 7.1 91.0 77.8 5.0 3.9 1.2 17.9 17.8 12.5 0.1 2004 2005…
  7. August 2012 Investor Presentation – Concho Resources, Inc. – slide 7
    Strong, Oil-driven Profitability Unhedged Cash Margin Percentage1 vs. Average NYMEX Natural Gas Price (/MMbtu) 80.07 5.07 73.24 73.39 70.84 72.01 Realized Price (/Boe) 65.96 66.04 62.49 63.43 61.68 4.37 Avg. NYMEX Gas 4.34…
  8. August 2012 Investor Presentation – Concho Resources, Inc. – slide 8
    Reinvest High Margin Cash Flow into Robust ROR Projects Inventory Rates of Return1 Bone Spring Wolfberry Yeso Avalon Shale 63% 55% 49% 53% 45% 38% 36% 44% 28% 36% 27% 28% 27% 25% 23% 20% 70 /4 80 /4 90 /4…
  9. August 2012 Investor Presentation – Concho Resources, Inc. – slide 9
    Significant Leverage to Oil 2Q12 Production Mix 7% Residue 2Q12 Revenue Gas Contribution 6.8 MMBoe 432.8 Million 4% Dry Gas 38% Wet Gas 96% Liquids (84% Oil) 62% Oil 11
  10. August 2012 Investor Presentation – Concho Resources, Inc. – slide 10
    Updated 2012 Capital Budget and Activity 2012 Capital Budget: 1.5bn 2012 Drilling & Completion Budget: 1.4bn 4% 4% 35% 37% Drilling & New Mexico Shelf Completion Texas Permian Facilities Delaware Basin Leasehold & G&G 92%…
  11. August 2012 Investor Presentation – Concho Resources, Inc. – slide 11
    Northern Delaware Basin Overview Active Horizons 2,3751 locations targeting: Delaware sands Bone Spring sand (1st/2nd/3rd) Avalon shale Bone Spring sands Wolfcamp shale Other targets: Delaware sands Penn shale Significant…
  12. August 2012 Investor Presentation – Concho Resources, Inc. – slide 12
    Southern Delaware Basin Overview 140,000 gross (125,000 net) acre position1 Target horizons: Delaware sands Avalon shale Bone Spring sands Wolfcamp shale Encouraging early production Two wells completed with 30 days of…
  13. August 2012 Investor Presentation – Concho Resources, Inc. – slide 13
    Midland Basin Wolfberry Play Technical team has drilled over 1,000 wells Have added over 500 Wolfberry locations through acquisitions in 2012 Drilled one horizontal Wolfcamp shale well in 1H12; will drill another in 2H12…
  14. August 2012 Investor Presentation – Concho Resources, Inc. – slide 14
    Midland Basin Expanding Into The Emerging Southern Midland Basin Southern Midland Basin Expansion Continued expansion into emerging southern Midland Basin unconventional plays Acquired 39,700 gross (29,000 net) acres with Three…
  15. August 2012 Investor Presentation – Concho Resources, Inc. – slide 15
    New Mexico Shelf Shelf Overview Will average 7 rigs in 2H12 3 Horizontal Yeso rigs 4 Vertical Yeso rigs Concho has drilled over 1,000 wells in the Yeso Expanding the play boundary through horizontal development Drilled 15…
  16. August 2012 Investor Presentation – Concho Resources, Inc. – slide 16
    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…
  17. August 2012 Investor Presentation – Concho Resources, Inc. – slide 17
    Appendix 19
  18. August 2012 Investor Presentation – Concho Resources, Inc. – slide 18
    Permian Basin Base of the Wolfcamp Central Delaware Platform Midland Basin Basin DELAWARE CENTRAL MIDLAND PERIOD SERIES BASIN PERIOD SERIES PLATFORM PERIOD SERIES BASIN FORMATION FORMATION FORMATION TANSILL TANSILL…
  19. August 2012 Investor Presentation – Concho Resources, Inc. – slide 19
    EBITDAX Reconciliation Historical EBITDAX Y ear Ended T hree Months Ended Six Months Ended Decem ber 31, June 30, June 30, (in thousands) 2011 2012 2011 2012 2011 Net incom e…
  20. August 2012 Investor Presentation – Concho Resources, Inc. – slide 20
    Adjusted Net Income Reconciliation Historical Adjusted Net Income Y ear Ended T hree Months Ended Decem ber 31, June 30, (in thousands, ex cept per share am ounts) 2011 2012 2011 Net incom e - as reported…
  21. August 2012 Investor Presentation – Concho Resources, Inc. – slide 21
    Unhedged Cash Margin Reconciliation Historical Unhedged Cash Margin ( in thousands, except per unit data) 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Net incom e (loss) 67 ,540 124,17 1 20,7 7 5 (8,116) 42,57 5 232,182 356,205…
  22. August 2012 Investor Presentation – Concho Resources, Inc. – slide 22
    Hedges as of 8/8/2012 Current Oil and Natural Gas Swaps 2012 Fourth T hird Quarter Quarter T otal 2013 2014 2015 2016 2017 Oil Swaps Volume (Bbl) ............................................... 4,044,500 3,67 6,500 7 ,7…
  23. August 2012 Investor Presentation – Concho Resources, Inc. – slide 23
    Updated 2012 Guidance (Including Three Rivers) Concho 2012 Production and Operating Guidance Production: Oil equivalent (MMBoe) 28.7 - 29.8 % Oil 60% - 63% Price differentials to NYMEX: (excluding the effects of hedging) Oil…

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