Concho Resources Strategic acreage position in the Permian Basin 1.1 MM gross (700,000 net) acres Core areas in the Delaware Basin, Midland Basin and New Mexico Shelf High-quality, long-life reserve base 637.2 MMBoe estimated…
Recent History of U.S. Oil Production, Price and Rig Count Key Observations: Extreme moves in crude oil prices have occurred before The industry has a history of adapting to lower prices U.S. oil shale plays now represent a…
How Does Conchos Strategy Change During Extreme Oil Price Moves It Doesnt. Conchos Strategy is Built to Withstand Price Cycles Four key principles underpin our strategy: Highly technical, motivated team working to delineate resource…
Intense Focus on the Permian Basin Unique Advantages of the Permian Basin Permian Basin Current HZ Rig Activity HZ Rig Geographic reach (its big) CXO Operated HZ Rig Resource rich Multi-zone opportunities Repeatability…
Delivering Growth and Value in the Northern Delaware Basin ACREAGE POSITION Recent Well Results 365,000 gross Added 52 HZ wells with 30 days production (255,000 net) acres data in 2Q15 (avg. lateral length 5,152) Avg. 30-day peak…
Advancing the Oil-Rich Avalon Shale Brushy NORTHERN Canyon DELAWARE BASIN Upper Avalon Avalon 1st Bone EDDY LEA Spring Lower 2nd Bone Avalon Spring CULBERSON LOVING CXO ACREAGE 3rd Bone Spring Targeting multiple…
Applying Enhanced Completions to the Oil-Rich Avalon Shale Avalon Shale Enhanced Completions NORTHERN Well Performance DELAWARE BASIN Enhanced completion design unlocks oil-rich 140 Avalon shale Improves oil recovery 120 Improves…
Strong Results and Significant Inventory for Future Growth NORTHERN Deep Inventory of Identified Horizontal Locations DELAWARE BASIN Well Avg. Peak Rate (Boepd) Identified Wells per Formation Count1 30-Day (% Oil) 24-Hour…
Industry-Leading Performance in the Southern Delaware Basin ACREAGE POSITION WARD Recent Well Results 275,000 gross Added 12 HZ wells with 30 days production data in 2Q15 (170,000 net) acres (avg. lateral length 6,302) Avg. 30-day…
Generating Efficiencies in the Midland Basin HORIZONTAL CORE Recent Well Results ACREAGE POSITION Added 21 HZ wells with 30 days production data in 200,000 gross 2Q15 (avg. lateral length 5,930) (110,000 net) acres ANDREWS MARTIN…
Competitive Returns on the New Mexico Shelf CHAVES ACREAGE POSITION LEA Recent Well Results 160,000 gross EDDY Added 17 HZ wells with 30 days production data in (110,000 net) acres 2Q15 (avg. lateral length 4,204) Avg. 30-day peak…
Executing a Disciplined, Flexible Capital Program Rig Program Progression 2015 Capital Program Allocation Avg. Quarterly Rig Count New Mexico Shelf 12% 37 23 Rigs Midland Basin 12% since 4Q14 30 Delaware Basin 76% 18…
Prioritizing a Strong Balance Sheet 2007 2014 Track Record of Measured Growth, Production Prudent Financial Management 45 4.0x 35% CAGR 40.9 40 3.5x 35 33.6 3.0x 29.8 30 Avg. FYE Debt-to-EBITDAX1: 1.8x 2.5x 25 23.6 2.0x 20…
Creating Value Through the Cycle Proven strategy, Low-cost operator with high-quality assets and healthy financial experienced team and high-quality position assets to weather commodity price Exercising patience and discipline…
Appendix
2015 Operational & Financial Outlook Production 3Q15 OUTLOOK Year-over-year growth 24% - 26% Production: Oil mix 64% - 66% 143 to 147 MBoepd Price realizations, excluding commodity derivatives (% of NYMEX) Crude oil (per Bbl) 90% -…
Hedge Position 2H15 OIL HEDGES 2015 Third Quarter Fourth Quarter Total 2016 2017 65.7 MBopd Oil Swaps: (a) 78% Production1 Volume (Bbl) 6,169,000 5,924,000 12,093,000 18,059,000 7,038,000 Price per Bbl 75.14 73.68 74.43 75.71 63.47…
EBITDAX Reconciliation (Unaudited) The Company defines EBITDAX as net income (loss), plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) impairment of of…
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