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1Q16 Quarterly Update – Concho Resources, Inc.

Concho Resources, Inc. · May 4, 2016 · 15 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. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 1
    Quarterly Update 1Q16 MAY 4, 2016
  2. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 2
    First Quarter 2016 Highlights Delivering on Near-Term Objectives, Focusing on Long-Term Value Creation Operational Financial Strategic Production of 139.5 MBoepd, up 1Q16 adjusted cash flows Closed acquisition of core 6% over 1Q15…
  3. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 3
    2016 Capital Plan Executing a Disciplined, Returns-Based Capital Plan 2016 Capital Allocation 2016 capital plan unchanged at a range of 1.1bn to 1.3bn1 Drilling & Completion Infrastructure and other 35% less capital year-over-year1…
  4. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 4
    Capital Discipline Preserving Financial Strength; Improving Capital Efficiency Spending Within Cash Flows Creating Value Through the Cycle D&C Capital (mm)1 Adjusted Cash Flows D&C capital1 down 70% since 4Q14 900 250 (mm)2…
  5. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 5
    Improving Capital Productivity Enables Differentiated Long-Term Growth within Cash Flow Average Lateral Length 2016 Development (ft.) 7,000 Focus on extended laterals 5,000 5,200 Shift to pad development generates cost and time…
  6. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 6
    Northern Delaware Basin Industry-Leading Position with Multi-Zone Potential 2016 Plans ACREAGE POSITION 355,000 gross Pad drilling to drive operational efficiencies (250,000 net) acres Primary targets include 2nd Bone Spring, EDDY…
  7. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 7
    Southern Delaware Basin Consolidating High-Quality Acreage 2016 Plans ACREAGE POSITION 200,000 gross REEVES WARD Focused development on Wolfcamp (125,000 net) acres North Harpoon acquisition adds 12,000 net acres of core…
  8. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 8
    Midland Basin Optimizing Development HORIZONTAL CORE 2016 Plans ACREAGE POSITION Plan to add 2 rigs during May 2016 200,000 gross ANDREWS MARTIN (110,000 net) acres Expect to move to 5 rig program in June 2016 Build on long-lateral…
  9. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 9
    New Mexico Shelf Enhancing Value in Legacy Oil Play 2016 Plans ACREAGE POSITION 150,000 gross Rate-of-return competitive at low oil prices (100,000 net) acres Focus on Upper Blinebry and Paddock EDDY LEA Optimize well spacing and…
  10. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 10
    Track Record of Prudent Financial Management Debt Maturity Profile1 (mm) STRONG CREDIT Strong Balance Sheet Credit facility 7.000% 5.500% 6.500% 5.500% RATINGS 0.5bn cash on the balance sheet S&P BB+ 2,500 Moodys Ba1 Substantial…
  11. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 11
    Appendix
  12. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 12
    Hedge Position 2016 2Q16 - 4Q16 Second Third Fourth Quarter Quarter Quarter Total 2017 2018 OIL HEDGES Oil Swaps: (a) 60 MBopd Volume (Bbl) 5,985,000 5,460,000 5,054,000 16,499,000 19,110,000 6,540,000 Price per Bbl 73.38 74.21…
  13. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 13
    2016 Operational & Financial Outlook 2016 2Q16 OUTLOOK Guidance Production Production: Annual growth 0% 138 to 142 MBoepd Oil mix 60% - 64% Price realizations, excluding commodity derivatives Crude oil differential to NYMEX (/Bbl)…
  14. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 14
    EBITDAX Reconciliation (Unaudited) The Company defines EBITDAX as net income (loss), plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) impairments of…
  15. 1Q16 Quarterly Update – Concho Resources, Inc. – slide 15
    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: Three Months…

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