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Q2 2013 EARNINGS CALL – Concho Resources, Inc.

Concho Resources, Inc. · Aug 8, 2013 · 17 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. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 1
    August 8, 2013 2Q13 Earnings Conference Call
  2. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 2
    Second Quarter Highlights 1Q13 2Q13 Growth Production Total (MBoepd) 85.9 91.2 6% Crude Oil (MBopd) 53.0 57.1 8% Hz Delaware Basin (MBoepd) 23.2 31.7 37% Financial 1 EBITDAX (mm) 341 425 25% 1 Adjusted EPS 0.58 0.98…
  3. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 3
    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…
  4. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 4
    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…
  5. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 5
    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…
  6. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 6
    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…
  7. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 7
    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…
  8. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 8
    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…
  9. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 9
    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…
  10. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 10
    2013 Capital Budget: 1.6 billion Reallocated Drilling Program 2Q13 Average Rig Count 2H13 Average Rig Count Delaware Basin Ho riz ontal Rig 12 Ho riz ontal R ig 13 Vertical Rig 0 Vertical Rig 0 Rig…
  11. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 11
    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…
  12. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 12
    Appendix
  13. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 13
    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…
  14. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 14
    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…
  15. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 15
    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 4,398…
  16. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 16
    Hedges Current Hedges 2013 3Q 4Q T otal 2014 2015 2016 2017 Oil Swaps: (a) V olume (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…
  17. Q2 2013 EARNINGS CALL – Concho Resources, Inc. – slide 17
    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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