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Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc.

Concho Resources, Inc. · Mar 21, 2016 · 17 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. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 1
    Scotia Howard Weil 2016 Energy Conference MARCH 21, 2016
  2. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 2
    Many Experts Have Attempted to Call the Bottom WTI Crude Oil Price (/Bbl) 100 E&P Executive 90 Vitol 80 70 Qatar 60 IEA 50 40 J.P. Morgan Astenbeck 30 20 10 0 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Source:…
  3. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 3
    U.S. Lower 48 Crude Oil Supply is Responding to Lower Oil Prices, Investment U.S. L48 Production Monthly Oil Production (MMBopd) 7.6 7.0 4.2 3.2 3.1 3.2 Oil Shale-Driven Growth Jan-03 Jan-06 Jan-09 Jan-12 Jan-15 U.S. L48…
  4. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 4
    U.S. E&Ps Adapt to Crude Reality Lower CapEx, High Financial Leverage Limit Shales Ability to Serve as Swing Producer Significant U.S. E&P Investment Reduction E&P Leverage at Historical Highs E&P Capital Expenditures (bn) E&P Net…
  5. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 5
    Concho Strategy Creating Value Through the Cycles Proven strategy, experienced team and high-quality assets to weather commodity price cycles Highly technical, motivated team People Legacy of successful consolidation in the Permian…
  6. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 6
    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…
  7. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 7
    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…
  8. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 8
    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…
  9. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 9
    2016 Capital Plan Protecting Future Optionality with Capital Discipline 2016 Capital Allocation 2016 capital plan 1.1bn to 1.3bn1 Drilling & Completion Infrastructure and other Reduced from initial 1.4bn base budget Activity 35% less…
  10. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 10
    Improving Capital Productivity Average Lateral Length Pad Development (ft.) Percent of Operated Wells on Pads 40+% 7,000 5,000 5,200 Up 35% 15%…
  11. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 11
    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…
  12. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 12
    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…
  13. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 13
    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…
  14. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 14
    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…
  15. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 15
    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…
  16. Scotia Howard Weil 2016 Energy Conference – 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. Scotia Howard Weil 2016 Energy Conference – Concho Resources, Inc. – slide 17
    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…

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