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EnerComs Oil & Gas Conference – Concho Resources, Inc.

Concho Resources, Inc. · Aug 16, 2011 · 21 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. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 1
    August 15, 2011 The Oil & Gas Conference EnerCom
  2. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 2
    Company Overview Ticker: Permian Basin Market Cap1: 8.9 billion Enterprise Value2: 10.6 billion Average daily Q2 2011 production of 61.2 MBoepd 342.6 MMBoe mid-year 2011 proved reserves (100% Permian)3 807,539 gross…
  3. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 3
    2011 YTD Highlights Achieved record levels of drilling, production and earning during Q2 2011 Drilled 229 gross wells Produced 5.6 MMBoe, a 61% increase over Q2 2010 production EBITDAX1 of 310.7 million, a 92% increase over Q2…
  4. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 4
    Permian Basin Oil Production 2,500 600 Average Rig Count Permian Production Peak (73): 2,085 mbo/d 500 2,000 400 1,500 MBO/D 300 1,000 200 Low (07): 850 mbo/d 500 100 0 0 2005 1986 1989…
  5. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 5
    Permian Basin Activity Expansion Technology expanding resource potential across Grayburg the Permian Basin Yeso San Andres Wolfberry Lower Abo Clearfork Cline Over 400 rigs currently Wolfcamp Mississipian operating 200 in the…
  6. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 6
    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…
  7. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 7
    Strong Track Record of Production & Reserve Growth Annual Production (MMBoe) Proved Reserves (MMBoe) 25 22.8 - 23.3 350 342.6 323.5 20 300 15.6 250 15 211.5 200 10.9 10.8 10 150 137.3 7.1 100 91.0 5.0 77.8 5 3.8 50 1.2…
  8. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 8
    Reinvest High Margin Cash Flow into Robust ROR Projects 2Q11 Unhedged Cash Margin (/Boe)1 Inventory Rates of Return2 Yeso Wolfberry 70% 2Q11 65% Operating Revenue 80.07 65% Cash Operating Costs: 60% 54% LOE (5.97) 55% 55%…
  9. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 9
    2011 Capital Budget and Activity 2011 Capital Budget: 1.35bn 2011 Drilling & Completion Budget: 1.17bn 6% 21% 7% Drilling & Completion New Mexico Shelf Facilities Texas Permian Leasehold & G&G Delaware Basin 55% 24%…
  10. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 10
    Delaware Basin - Overview Bone Spring is one of the most active emerging oil plays in the U.S. Concho is a leading operator participating in over 150 wells to date Approximately 280,000 gross (160,000 net) acres Identified 1,464…
  11. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 11
    Delaware Basin Horizontal Play Horizontal Delaware 1,039 locations targeting: Avalon Shale Bone Spring Sands Wolfcamp Additional targets: Delaware Sands Penn Shale Drill and complete: 5 - 7mm EURs: 400 - 700 MBoe…
  12. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 12
    Delaware Basin Vertical Play Vertical Delaware 332 locations targeting the Wolfbone play Bone Spring Sands Wolfcamp Horizontal potential Drill and complete: 4 - 6mm EURs: 200 - 400 MBoe 30-day IP: 200 - 450 Boepd TVD:…
  13. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 13
    Texas Permian Wolfberry Currently operating 15 rigs Wolfberry Portfolio Acquisition Impact 12/31/2010 6/30/2011 Recently acquired 400 Wolfberry locations in Upton County Working Interest 45% 50% Permian Additional…
  14. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 14
    New Mexico Shelf Currently operating 12 Yeso rigs, 2 Abo rigs Concho New Mexico Shelf Production History1 Concho has drilled over 900 wells in the Yeso 40,000 Yeso well characteristics: Drill and complete costs: 1.6mm 35,000…
  15. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 15
    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…
  16. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 16
    Appendix 17
  17. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 17
    EBITDAX Reconciliation T hree Months Ended Six Months Ended June 30, June 30, (in thousands) 2011 2010 2011 2010 Net incom e…
  18. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 18
    Adjusted Net Income Reconciliation The following provides information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings and cash flows from…
  19. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 19
    Cash Margin Reconciliation T hree Months Ended June 30, 2011 (in thousands) (per BOE) Incom e before incom e tax es…
  20. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 20
    Hedges as of August 10, 2011 2011 T hird Fourth Quarter Quarter T otal 2012 2013 2014 2015 Oil Swaps: Volume (Bbl)…
  21. EnerComs Oil & Gas Conference – Concho Resources, Inc. – slide 21
    Guidance Production: Oil equiv alent (MMBoe) 22.8 - 23.3 Oil (MMBbl) 1 4.9 - 1 5.2 Natural gas (Bcf) 47 .4 - 48.6 Price differentials to NY MEX (ex cluding the effects of hedging): Oil 93 - 95% Natural gas 1 20 - 1 40% Operating…

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