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3Q 2015 Quarterly Update – Concho Resources, Inc.

Concho Resources, Inc. · Nov 4, 2015 · 19 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. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 1
    Quarterly Update 3Q15 NOVEMBER 4, 2015
  2. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 2
    Third Quarter 2015 Highlights Operational Financial Outlook Record quarterly production of Strong operational performance Raised FY15 production growth 149.3 MBoepd, up 32% year- accompanied by solid financial target range to 27% -…
  3. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 3
    Third Quarter 2015 Execution Produced record volumes with a focus on cost control Total Production Growth Delaware Basin Growth Engine: Cash Operating Expenses (/Boe) Horizontal Production Growth LOE & Workover Cash G&A 32% Growth…
  4. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 4
    Consolidating High-Quality Core Acreage N. Delaware Basin & New Mexico Shelf S. Delaware Basin Midland Basin Track record of REEVES WARD consolidating high- quality core acreage LEA MIDLAND EDDY UPTON PECOS LOVING…
  5. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 5
    Executing a Flexible Capital Budget in 2015 Rig Program Progression 2015 Capital Budget Avg. Quarterly Rig Count FY15 OUTLOOK Expect capital budget, excluding acquisitions, of UPDATE 1.9bn Raised Production 37 1.7bn for drilling and…
  6. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 6
    Providing a Base Capital Budget for 2016 2016 Capital Budget Adjusting capital to lower commodity prices Fund 1.4bn total capital budget within cash flow Capital Budget1 (bn) Drilling & Completion Leasehold, facilities, midstream,…
  7. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 7
    Delivering Growth and Value in the Northern Delaware Basin ACREAGE POSITION 3Q15 Well Results 365,000 gross Added 51 HZ wells with 30 days production data in (255,000 net) acres 3Q15 (avg. lateral length 5,158) Avg. 30-day peak…
  8. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 8
    Applying Enhanced Completions to the Oil-Rich Avalon Shale CXO Acreage Avalon Shale LEA Enhanced Completions NORTHERN Well Performance DELAWARE BASIN 140 EDDY 120 Avg. Cumulative Production (MBoe)1 60%+ 100 Increase…
  9. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 9
    Industry-Leading Performance in the Southern Delaware Basin ACREAGE POSITION REEVES WARD 3Q15 Well Results 275,000 gross Added 10 HZ wells with 30 days production data in 3Q15 (170,000 net) acres (avg. lateral length 5,991) Avg.…
  10. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 10
    Optimizing Development in the Midland Basin HORIZONTAL CORE 3Q15 Well Results ACREAGE POSITION Added 8 HZ wells with 30 days production data in 200,000 gross 3Q15 (avg. lateral length 6,705) (110,000 net) acres Avg. 30-day peak…
  11. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 11
    Positioning the Midland Basin for Large-Scale Development Optimizing lateral length Completion design driving strong, repeatable results Strong, repeatable well results and shift 6 Month Cumulative Oil to long-lateral, pad Avg.…
  12. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 12
    Competitive Returns on the New Mexico Shelf ACREAGE POSITION 3Q15 Well Results 160,000 gross Added 13 HZ wells with 30 days production data (110,000 net) acres in 3Q15 (avg. lateral length 4,170) Avg. 30-day peak rate: 294 Boepd…
  13. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 13
    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…
  14. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 14
    Appendix
  15. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 15
    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…
  16. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 16
    2015 Operational & Financial Outlook Production 4Q15 OUTLOOK Year-over-year growth 27% - 28% Production: Oil mix 64% - 66% 139 to 143 MBoepd Price realizations, excluding commodity derivatives (% of NYMEX) Crude oil (per Bbl) 90% -…
  17. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 17
    Hedge Position 4Q15 OIL HEDGES 2016 66.6 MBopd Fourth First Second Third Fourth Quarter 2015 Quarter Quarter Quarter Quarter Total 2017 Oil Swaps: (a) 2016 OIL HEDGES Volume (Bbl) 6,124,000 6,722,000 5,985,000 5,460,000 5,054,000…
  18. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 18
    Adjusted Net Income and Adjusted EPS Reconciliation (Unaudited) The following table provides information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company…
  19. 3Q 2015 Quarterly Update – Concho Resources, Inc. – slide 19
    EBITDAX Reconciliation (Unaudited) The Company defines EBITDAX as net income, plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) impairments of long-lived…

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