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Q3 2013 EARNINGS CALL – Concho Resources, Inc.

Concho Resources, Inc. · Nov 7, 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. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 1
    November 7, 2013 3Q13 Earnings Conference Call
  2. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 2
    Building Momentum Delivered strong cash flow and earnings in 3Q13 EBITDAX1 (non-GAAP): 456mm (+7% over 2Q13, +18% over 3Q12) Adjusted net income1 (non-GAAP): 111mm (1.06 per fully-diluted share) Consistent, oil-weighted production…
  3. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 3
    Low Cost, High Margin Operations Unhedged Cash Margin1 3Q13 Product Mix 80 75.20 Crude Oil Wet Gas Midland / Cushing Basis Widening 70 67.85 Realized Price (/Boe) 63.43 63.74 61.02 61.05 38% 60 62% 50 77% Cash Margin 74%…
  4. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 4
    Delaware Basin The Growth Engine Horizontal Delaware Basin Production Delaware Basin Operations Production (MBoepd) Average Rig Count Horizontal Delaware Basin remains highest growth core 35.0 33.7 25 area 31.7 +6% over 2Q13 +111%…
  5. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 5
    Northern Delaware Basin Robust Activity Recent Developments Northern Delaware Basin Drilled and completed 211 Deep Brushy Canyon wells since 1Q11 primarily targeting 6 unique zones Avalon Shale Lusk 1st Bone Spring Recent…
  6. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 6
    Northern Delaware Basin Consistent Performance Well Performance 211 Wells Drilled Since 1Q11 30-Day IP Rate (Boepd) 24-Hour Peak Rate (Boepd) Avg. Lateral % Oil1 3Q13 777 3Q13 1,352 4,210' 76% 27 wells 2Q13 8572Q13 1,407 4,402'…
  7. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 7
    Southern Delaware Basin Improving Well Performance Southern Delaware Basin Southern Delaware Basin Activity North Harpoon 200 Upper Wolfcamp drilling locations initially identified on derisked acreage Over 50% of locations assume…
  8. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 8
    Midland Basin Advancing Horizontal Development Midland Basin Horizontal Wolfberry Horizontal Wolfberry Activity 2013 drilling activity testing multiple horizontal concepts across core Wolfberry play: 40-acre Wolfberry 20-acre…
  9. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 9
    Launching Three-Year Acceleration Plan Execution Goals Exceptional asset performance 1 Double production by 2016 Driven by high-margin crude oil growth Deep, multi-year inventory 2 Pursue operational efficiencies…
  10. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 10
    2014 Capital Budget Initial Acceleration Phase Total Capital Budget: 2.3bn Drilling Capital Allocation: 2.0bn Drilling & Completion Facilities Leasehold & G&G Delaware Basin Texas Permian New Mexico Shelf 4% 7% 7% 90% Horizontal…
  11. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 11
    Three-Year Accelerated Growth Plan Doubling Production Production Growth Profile (MMBoe) +67.0 Significant oil-weighted Three year plan to growth opportunity on existing double production by asset base 2016 Operational scale to…
  12. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 12
    Appendix
  13. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 13
    EBITDAX Reconciliation Historical EBITDAX T hree T hree Nine Months Ended Months Ended Months Ended June 30, Septem ber 30, Septem ber 30, (in thousands) 2013 2013 2012 2013 2012 Net incom e…
  14. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 14
    Adjusted Net Income Reconciliation Historical Adjusted Net Income T hree Nine Months Ended Months Ended Septem ber 30, Septem ber 30, (in thousands, ex cept per share am ounts) 2013 2012 2013 2012 Net incom e - as reported…
  15. Q3 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 3Q13 Net incom e . 31 9,297 5,988 7 5,287 30,093 84,7 00 30,421 Ex ploration and…
  16. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 16
    Hedges as of 11/6/2013 Current Hedges 4Q13 2014 2015 2016 2017 Oil Swaps: (a) V olume (Bbl) .......................................... 4,7 64,000 1 5,565,000 1 2,092,000 429,000 1 68,000 Price per Bbl…
  17. Q3 2013 EARNINGS CALL – Concho Resources, Inc. – slide 17
    Production and Operating Guidance Annual Guidance 2013 2014 Production: Annual Production 33.5 - 34.0 MMBoe 1 8% - 22% % Oil 62% 62% - 64% Price differentials to NY MEX (90/Bbl; 4/MMBtu): (ex cluding the effects of hedging)…

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