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Q4 2015 Results – Concho Resources, Inc.

Concho Resources, Inc. · Feb 24, 2016 · 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. Q4 2015 Results – Concho Resources, Inc. – slide 1
    Quarterly Update 4Q15 FEBRUARY 24, 2016
  2. Q4 2015 Results – Concho Resources, Inc. – slide 2
    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…
  3. Q4 2015 Results – Concho Resources, Inc. – slide 3
    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…
  4. Q4 2015 Results – Concho Resources, Inc. – slide 4
    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…
  5. Q4 2015 Results – Concho Resources, Inc. – slide 5
    Capital Efficiency Improvement Solid Reserve Additions at Low Cost Year-End Proved Reserves Delaware Basin Growth Engine Proved Reserves (MMBoe) SEC Oil Price Delaware Basin Proved Reserves (MMBoe) 700 93.42 91.48 100 315.8 90…
  6. Q4 2015 Results – Concho Resources, Inc. – slide 6
    Resource Capture Expanding Resource Provides Solid Platform for Future Growth Economic Resource (20% ROR) 40/Bbl & 2.50/Mcf 5 BILLION BOE Total Horizontal Horizontal Inventory Primary Sources of Horizontal resource Asset potential…
  7. Q4 2015 Results – Concho Resources, Inc. – slide 7
    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,…
  8. Q4 2015 Results – Concho Resources, Inc. – slide 8
    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…
  9. Q4 2015 Results – Concho Resources, Inc. – slide 9
    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…
  10. Q4 2015 Results – Concho Resources, Inc. – slide 10
    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 ANDREWS MARTIN Optimizing…
  11. Q4 2015 Results – Concho Resources, Inc. – slide 11
    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…
  12. Q4 2015 Results – Concho Resources, Inc. – slide 12
    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…
  13. Q4 2015 Results – Concho Resources, Inc. – slide 13
    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…
  14. Q4 2015 Results – Concho Resources, Inc. – slide 14
    Appendix
  15. Q4 2015 Results – Concho Resources, Inc. – slide 15
    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…
  16. Q4 2015 Results – Concho Resources, Inc. – slide 16
    Hedge Position 2016 First Second Third Fourth 2016 OIL HEDGES Quarter Quarter Quarter Quarter Total 2017 Oil Swaps: (a) 63.4 MBopd Volume (Bbl) 6,722,000 5,985,000 5,460,000 5,054,000 23,221,000 15,642,000 Price per Bbl 71.99…
  17. Q4 2015 Results – Concho Resources, Inc. – slide 17
    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)…
  18. Q4 2015 Results – Concho Resources, Inc. – slide 18
    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…
  19. Q4 2015 Results – Concho Resources, Inc. – slide 19
    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…
  20. Q4 2015 Results – Concho Resources, Inc. – slide 20
    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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