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…
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…
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…
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…
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,…
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…
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…
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 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.…
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…
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.…
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…
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 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% -…
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…
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