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Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc.

Concho Resources, Inc. · Mar 17, 2013 · 22 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. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 1
    March 2013 Howard Weil 41st Annual Energy Conference: Review of the Delaware Basin
  2. Howard Weil's 41st Annual Energy Conference – 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 4Q 2012: Drilled 196 gross wells…
  3. Howard Weil's 41st Annual Energy Conference – 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 wells, including 225 horizontal wells…
  4. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 5
    Permian Basin Current Activity Delaware Basin Permian Basin Rig Activity Midland Basin Rig count: 140 Rig count: 230 74% horizontal (104) 24% horizontal (56) Over 1,150 horizontal wells Over 350 horizontal wells completed since…
  6. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 6
    Why the Delaware Basin Permian Basin Horizontal Wells with Peak Month Oil Rate 500 Bpd (2012 Completion Date) 136 By Basin 20 Delaware Basin Midland Basin CXO 32 Peer 1 20 Peer 2 17 By Operator Peer 3 15 Peer 4 12…
  7. Howard Weil's 41st Annual Energy Conference – 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, 30% of production in 4Q12 67% Horizontal 1.6 billion Drill &…
  8. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 8
    Conchos Delaware Basin Progression CXO Delaware Basin Capital Allocation ( in millions) Historical Production (MBoepd) 800 730 80% % of D&C Quarterly Horizontal Production Average Rig Count 700 70% 21.1 600 60% 500 460 50% 54% 400…
  9. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 10
    Northern Delaware Basin Inventory Evolution of Multi-zone Inventory Multi-zone Inventory and Development Multi-zone Locations Single Locations of Wells 56% YE12 with 30 Days Formation Reservoir Name Inventory of Production 44%…
  11. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 13
    Exploration Play Horizontal Wolfberry Horizontal Wolfberry Activity Average Daily Production (first 2 wells) 10,000 85% Oil 1,000 Boepd 100 10 Amacker 46 2H 1 Days 2013 Horizontal Development Will average 1 to 2…
  14. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 15
    Appendix 17
  16. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 16
    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…
  17. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 17
    Permian Basin Oil Takeaway Capacity Cushing Existing Takeaway Borger Refineries MBopd Big Spring 70 Holly Frontier Navajo 100 Borger Refinery (net from Permian) 115 Western 125 Wichita Falls Total 410 Oil Pipelines MBopd…
  18. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 18
    Permian Basin NGL Takeaway Capacity Existing Takeaway MBblpd Existing NGL Infrastructure 707 Inflows from Rockies Expansion Capacity NGL Expansions Completion Date MBblpd Lone Star West Texas Pipeline 1Q13 210 DCP Sand Hills…
  19. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 19
    EBITDAX Reconciliation Historical EBITDAX T hree Months Ended Y ears Ended Decem ber 31, Decem ber 31, (in thousands) 2012 2011 2012 2011 Net incom e (loss)…
  20. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 20
    Adjusted Net Income Reconciliation Historical Adjusted Net Income T hree Months Ended Y ears Ended Decem ber 31, Decem ber 31, (in thousands, ex cept per share am ounts) 2012 2011 2012 2011 Net incom e (loss) - as reported…
  21. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 21
    Hedges as of 3/18/2013 Current Oil Swaps 2013 1Q 2Q 3Q 4Q T otal 2014 2015 2016 2017 Oil Swaps Volume (Bbl) .......................................... 4,1 1 6,000 3,801 ,000 3,446,000 3,1 88,000 1 4,551 ,000 1 0,928,000 1 ,07 6,000…
  22. Howard Weil's 41st Annual Energy Conference – Concho Resources, Inc. – slide 22
    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 gas…

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