Investor Presentation J.P. Morgan Global High Yield and Leveraged Finance Conference FEBRUARY 2016
Concho Resources Premier Permian Basin Assets Strategic acreage position in the Permian Basin New Mexico Shelf 1 million gross (650,000 net) acres Core areas in the Delaware Basin, Midland Basin and New Mexico Shelf High-quality,…
2015 Highlights Meeting Near-Term Objectives, Focusing on Long-Term Value Creation Operational Financial Strategic 2016 OUTLOOK Exercise capital Delivered record growth Solid financial results Capital flexibility, discipline…
Capital Discipline Preserving Financial Strength & High-Quality Resource Reducing Capital Slowing Activity Resilient Production Exploration & Development Costs Incurred (bn) Rig Count Avg. Daily Production (MBoepd) 33 136 - 143…
Performance Track Record Delivering Growth in a Price-Supportive Environment Production Leading Permian production growth Oil Production (MBopd) Total Production (MBoepd) 2015 production up 28% over 2014, exceeding initial…
2016 Capital Plan Protecting Future Optionality with Capital Discipline 2016 Capital Allocation 2016 capital plan 1.1bn to 1.3bn1 Drilling & Completion Facilities, Midstream Reduced from initial 1.4bn base budget Activity Investments,…
Southern Delaware Basin Consolidating High-Quality Acreage ACREAGE POSITION North Harpoon Acquisition 200,000 gross REEVES WARD Adds 12,000 net acres of core leasehold (125,000 net) acres Privately negotiated transaction…
Strong Financial Position Pro Forma Balance Sheet as of 12/31/2015 (Unaudited) STRONG FINANCIAL POSITION Adjustments Recent transactions Actual Pro Forma North Harpoon Loving County 12/31/2015 12/31/2015 reduce leverage ( in…
Creating Value Through the Cycle Proven strategy, experienced team and high-quality assets to weather commodity price cycles Low-cost operator with high-quality assets and healthy financial position Exercising patience and…
Appendix
Northern Delaware Basin Industry-Leading Position with Multi-Zone Potential Resource Expansion ACREAGE POSITION 355,000 gross Avalon Shale and Wolfcamp multi-zone (250,000 net) acres delineation and downspacing primary resource…
Southern Delaware Basin Consolidating High-Quality Acreage Resource Expansion ACREAGE POSITION 200,000 gross REEVES WARD Optimizing field development and well spacing (125,000 net) acres High grading inventory and increasing…
Midland Basin Optimizing Development HORIZONTAL CORE Resource Expansion ACREAGE POSITION Inventory quality improving converted vertical drilling 200,000 gross locations to horizontal (110,000 net) acres Optimizing Wolfcamp well…
New Mexico Shelf Enhancing Value in Legacy Oil Play ACREAGE POSITION Resource Expansion 150,000 gross Horizontal drilling improving resource (100,000 net) acres recovery EDDY LEA 2016 Plans CURRENT RIG Rate-of-return competitive…
2016 Operational & Financial Outlook 1Q16 FIRST QUARTER & Guidance Production (MBoepd) 130 - 134 FULL-YEAR 2016 Crude oil differential to NYMEX (/Bbl) (4.50) - (4.70) OUTLOOK LOE (/Boe) 7.75 - 8.00 2016 Guidance Production…
Adjusted Net Income and Adjusted EPS Reconciliation (Unaudited) The following table provides a reconciliation from the United States generally accepted accounting principles (GAAP) measure of net income to adjusted net income (non-GAAP)…
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…
Adjusted Cash Flows Reconciliation (Unaudited) The following table provides a reconciliation of the GAAP measure of cash flows from operating activities to adjusted cash flows (non-GAAP) for the periods indicated: Years Ended…
Reserves Replacement Ratio & Finding & Development Costs (Unaudited) Reserves Replacement Ratio Reserves replacement ratio is a non-GAAP measure. The Company uses the reserves replacement ratio as an indicator of the Companys ability to…
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