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August 2013 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · Aug 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. August 2013 Investor Presentation – Concho Resources, Inc. – slide 1
    August 2013 August Investor Presentation
  2. August 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 2Q 2013: Drilled 196 gross wells…
  3. August 2013 Investor Presentation – Concho Resources, Inc. – slide 3
    Significant Permian Basin Oil Growth Permian Oil Production (MBopd) 2,000 1,168 1,030 938 853 880 882 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Historical Projected Source: Independent research…
  4. August 2013 Investor Presentation – Concho Resources, Inc. – slide 4
    Whats New Cash margin returned to historic strength 2Q13 Production Two significant Delaware Basin milestones achieved: 2Q13 Delaware Basin now the largest producing core area Texas Permian Accomplishments Horizontal Delaware Basin…
  5. August 2013 Investor Presentation – Concho Resources, Inc. – slide 5
    Low Cost, High Margin Operations Unhedged Cash Margin1 2Q13 Product Mix 80 Midland / Cushing Basis Widening Crude Oil Wet Gas 70 67.85 Realized Price (/Boe) 63.43 63.74 61.02 61.05 60 37% 50 63% 74% 75% Cash Margin 75% 40…
  6. August 2013 Investor Presentation – Concho Resources, Inc. – slide 6
    New Mexico Shelf Midstream Challenged New Mexico Shelf Production1 (MBoepd) New Mexico Shelf Operations 36 New Mexico Shelf remains a world-class 33 34 asset with high-ROR drilling opportunities Horizontal: 676 locations, 44% ROR2…
  7. August 2013 Investor Presentation – Concho Resources, Inc. – slide 7
    Why the Delaware Basin Permian Basin Horizontal Wells with Peak Month Oil Rate 500 Bpd (first production after 1/1/12) 221 By Basin 23 Delaware Basin Midland Basin Total 850 355 CXO 53 Peer 1 29 Peer 2 28 By…
  8. August 2013 Investor Presentation – Concho Resources, Inc. – slide 8
    Delaware Basin Impressive Track Record Horizontal Delaware Basin Production1 Delaware Basin Operations Production (Mboepd) Average Rig Count Horizontal Delaware Basin production grew 31.7 37% in 2Q13 over 1Q13 a new record Crude…
  9. August 2013 Investor Presentation – Concho Resources, Inc. – slide 9
    Northern Delaware Basin Horizontal Well Performance Northern Delaware Basin Quarterly Well Performance Rate (Boepd) Avg. Lateral % Oil1 Deep 8 57 2Q13 4,402' 77% 1 ,407 35 wells Lusk 7 65 1Q13 4,144' 71% 1 ,361 18 wells…
  10. August 2013 Investor Presentation – Concho Resources, Inc. – slide 10
    Northern Delaware Basin Development and Inventory Mulit-Zone Well Count1 Target Zone Average Rate (Boepd) YE12 Inventory (30-Day / 24-Hr Peak) 576 / 1,030 Pending 2 55 684 / 1,233 1,016 4,000 5,000 Gross Interval 115…
  11. August 2013 Investor Presentation – Concho Resources, Inc. – slide 11
    Northern Delaware Basin Drilling Efficiency Average Feet Drilled Per Day and Average Drilling Days (Spud-to-TD) Feet per Day Spud-to-TD (days) 800 35 700 700 682 664 30 643 648 30 600 27 25 495 25 500 24 24 23 20 400 15…
  12. August 2013 Investor Presentation – Concho Resources, Inc. – slide 12
    Emerging Play Southern Delaware Basin Southern Delaware Basin Southern Delaware Basin Activity Primary activity to date has been focused on Reeves County North Harpoon and Big Chief prospects Successful drilling results and…
  13. August 2013 Investor Presentation – Concho Resources, Inc. – slide 13
    Emerging Play Horizontal Wolfberry (Midland Basin) Horizontal Wolfberry Midland Basin Horizontal Wolfberry Activity Increasing 2013 horizontal Wolfberry activity for 2nd time this year Plan to drill 11 additional horizontal wells by…
  14. August 2013 Investor Presentation – Concho Resources, Inc. – slide 14
    2013 Capital Budget: 1.6 billion Reallocated Drilling Program 2Q13 Average Rig Count 2H13 Average Rig Count Delaware Basin Horiz ontal Rig 12 Vertical Rig 13 Vertical Rig 0 Horiz ontal Rig 0 Rig…
  15. August 2013 Investor Presentation – Concho Resources, Inc. – slide 15
    Strategic Progression Established premier asset position in the Permian Basin Delaware Basin Midland Basin New Mexico Shelf Identified significant resource potential across core assets capable of delivering long-term growth…
  16. August 2013 Investor Presentation – Concho Resources, Inc. – slide 16
    Appendix
  17. August 2013 Investor Presentation – Concho Resources, Inc. – slide 17
    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…
  18. August 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. August 2013 Investor Presentation – Concho Resources, Inc. – slide 19
    Permian Basin NGL Takeaway Capacity Existing Takeaway NGL Pipelines MBblpd Existing NGL Infrastructure 707 Inflows from Rockies Recent NGL Infrastructure Additions Lone Star West Texas 210 DCP Sand Hills 200 Total 1,117…
  20. August 2013 Investor Presentation – Concho Resources, Inc. – slide 20
    EBITDAX Reconciliation Historical EBITDAX T hree T hree Six Months Ended Months Ended Months Ended March 31, June 30, June 30, (in thousands) 2013 2013 2012 2013 2012 Net incom e…
  21. August 2013 Investor Presentation – Concho Resources, Inc. – slide 21
    Adjusted Net Income Reconciliation Historical Adjusted Net Income T hree T hree Six Months Ended Months Ended Months Ended March 31, June 30, June 30, (in thousands, ex cept per share am ounts) 2013 2013 2012 2013 2012 Net incom e…
  22. August 2013 Investor Presentation – Concho Resources, Inc. – slide 22
    Unhedged Cash Margin Reconciliation Historical Unhedged Cash Margin 2012 2013 ( in thousands, ex cept per unit data) 2Q12 3Q12 4Q12 1Q13 2Q13 Net incom e .. 31 9,297 5,988 7 5,287 30,093 84,7 00 Ex ploration and abandonments . 1…
  23. August 2013 Investor Presentation – Concho Resources, Inc. – slide 23
    Hedges Current Hedges 2013 3Q 4Q T otal 2014 2015 2016 2017 Oil Swaps: (a) Volume (Bbl) .......................................... 4,537 ,000 4,21 4,000 8,7 51 ,000 1 3,603,000 1 0,948,000 429,000 1 68,000 NY MEX price…
  24. August 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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