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AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc.

Concho Resources, Inc. · Aug 24, 2010 · 20 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 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 1
    INVESTOR PRESENTATION August 24, 2010
  2. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 2
    The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable…
  3. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 3
    NEW MEXICO Ticker: Northwest Shelf Market Cap1: 5.6 billion Tatum Basin Midland ARTESIA Basin Enterprise Value: 6.2 billion Q2 2010 average daily production of 37.9 MBoepd MIDLAND 234.5 MMBoe proved reserves (99% Permian)2…
  4. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 4
    NEW MEXICO Concho Marbob Pro Forma Northwest Acreage (Gross) 712,847 281,383 994,230 Shelf Tatum Acreage (Net) 293,397 158,117 451,514 ARTESIA Basin Midland Basin 1 Proved Reserves (MMBoe) 234.5 75.4 309.9 2 Daily Production…
  5. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 5
    Q2 2010 EBITDAX1 of 161.8 million, a 42% increase over Q2 2009 Net income of 124.2 million for Q2 2010 compared to a net loss of 33.2 million Adjusted net income (non-GAAP)1 of 57.9 million for Q2 2010, a 97% increase over Q2 2009…
  6. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 6
    Annual Production1 Proved Reserves 16.0 14.9 - 15.2 14.0 350 309.9 12.0 300 10.9 10.0 250 211.5 MMBoe 200 MMBoe 8.0 7.1 6.0 5.0 150 137.3 3.8 91.0 4.0 100 77.8 2.0 1.2 50 12.5 17.8 0.1 0.0 0 2004 2005 2006…
  7. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 7
    First Half 2010 Unhedged Cash Margin (/Boe)1 50.00 CXO 45.73 45.00 40.00 35.00 (/Boe) 30.00 Median2: 27.69 25.00 20.00 15.00 10.00 5.00 - Note: Peers include DNR, PXD, PXP, RRC, SD, SM, SWN, WLL, XCO and…
  8. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 8
    2010 Capital Budget 2010 capital budget to approximately 700 million Increased activity level New Mexico Permian Texas 7 rigs in the Yeso to drill approximately 49% Permian 200 wells 38% 17 rigs currently drilling in the…
  9. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 9
    Most of the active plays in the Permian Basin are the result of modern technology NEW MEXICO Completions Northwest Horizontal drilling Shelf Tatum Midland Basin Concho examples ARTESIA Basin Yeso Wolfberry Bone Spring MIDLAND…
  10. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 10
    New Mexico Shelf Bone Spring NEW MEXICO 7 rigs currently drilling Building acreage position 58% of proved reserves1 100,000 acres pro forma Northwest 61% of production2 Shelf with Marbob Majority of opportunities Tatum < 7,000…
  11. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 11
    Acquired a largely undeveloped set of properties which provide a multi-year inventory of drilling opportunities Added 55 MMBoe of estimated proved reserves and 70 MMBoe of estimated unproved reserves Concho has drilled over 550 wells…
  12. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 12
    Currently operating 17 rigs in the Wolfberry Depth typically 7,500 to 11,000 GAINES DAWSON BORDON SCURRY Approximately 5 years of drilling inventory at current pace Wolfberry Wolfberry Trend Trend Technical team will have drilled…
  13. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 13
    Delaware Basin Age Strata Oil Plays Combined position in the Bone Spring Triassic Chinle Santa Rosa NEW MEXICO creates a new core area Dewey Lake Ochoan Rustler Salado Significant increase to Conchos existing Castile Bell…
  14. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 14
    Geographically close to the New Mexico Yeso N E W M E X IC O Approx. 54,237 net acres at 06/30/10 Drilled 19 operated wells, including discovery T a tu m N orthw e s t B a s in well in early 2007, and participated as a non- S he lf…
  15. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 15
    Proven track record of operational and acquisition expertise Concentrated asset base Exposure to greater reserve and production growth from combined asset base with approximately 6,300 drilling locations Strong price realizations…
  16. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 16
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  17. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 17
    2010 Third Fourth Quarter Quarter Total 2011 2012 - 2015 Oil Swaps Volume (Bbl) ...1,817,936 1,651,936 3,469,872 6,872,746 7,566,000 NYMEX price (Bbl) (a) 76.78 76.43 76.61 81.65 88.79 Natural Gas Swaps Volume (MMBtu) 2,427,000…
  18. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 18
    Management expects that the acquisition will be accretive 2010 Acquisition Concho Impact on Acquisition Stand Alone 2010 Results Impact on Guidance (Nov. and Dec. only) 2011 Results Oil equivalent (MMBoe) 14.1 -14.3 0.8 - 0.9 6.0 -…
  19. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 19
    Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2010 2009 2010 2009 Net income (loss) .. 124,171 (33,218) 191,711 (46,443) Exploration and abandonments . 878 1,424 2,173 7,419 Depreciation, depletion and…
  20. AUGUST 2010 INVESTOR PRESENTATION – Concho Resources, Inc. – slide 20
    Six Months Ended June 30, (in thousands, except per unit amounts) 2010 Net income (loss) before income taxes . 306,395 Exploration and abandonments . 2,173 Depreciation, depletion and amortization 107,944 Accretion of discount on…

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