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Q3 2016 Results – Concho Resources, Inc.

Concho Resources, Inc. · Nov 8, 2016 · 22 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. Q3 2016 Results – Concho Resources, Inc. – slide 1
    Quarterly Update 3Q16 NOVEMBER 8, 2016
  2. Q3 2016 Results – Concho Resources, Inc. – slide 2
    Third-Quarter 2016 Highlights Delivering on Near-Term Objectives, Focusing on Long-Term Value Creation Production of 152.9 MBoepd, up 6% over 2Q16 and exceeded guidance Operational Increased full-year 2016 production growth target to…
  3. Q3 2016 Results – Concho Resources, Inc. – slide 3
    Growth Outlook High-Quality Assets Enable Multi-Year Growth within Cash Flows Visible Growth from High-Quality Assets 2016 exceeding expectations due to enhanced capital efficiency Drilling efficiencies Completion optimization…
  4. Q3 2016 Results – Concho Resources, Inc. – slide 4
    Delivering Strong Production Volumes Beat and Raise Fueling the Growth Engine for 2017 Fewer Wells, Strong Production Volumes 3Q16 production volumes exceeded high end of guidance range 149.3 152.9 160.0 Production mix…
  5. Q3 2016 Results – Concho Resources, Inc. – slide 5
    Prudent Capital Management & Cost Control Driving Structural Margin Improvement Reducing Absolute Debt Maintaining Focus on Cost Control Long-Term Debt (bn) LOE per Boe Cash G&A per Boe Interest Expense per Boe 3.8 14.53 13.06…
  6. Q3 2016 Results – Concho Resources, Inc. – slide 6
    Executing a Disciplined Capital Program Preserving Financial Strength; Improving Capital Productivity Capital Discipline Spending Within Cash Flows (mm) Uniquely Positions Drilling & Completion Operating Cash Settlements Production…
  7. Q3 2016 Results – Concho Resources, Inc. – slide 7
    2017 Capital Program Capital-Efficient Growth & Value Creation Maximizing Scale 2017 Capital Program Allocation Extending Efficiency Gains Advantage through Balanced Capital Total capital program: 1.4bn to 1.6bn1 Rig Count…
  8. Q3 2016 Results – Concho Resources, Inc. – slide 8
    Northern Delaware Basin Industry-Leading Exposure to Prolific Stacked Resource 3Q16 Results 355,000 gross (250,000 net) acres Delivered record well performance Added 22 horizontal wells (avg. lateral length 5,532) 4 Horizontal…
  9. Q3 2016 Results – Concho Resources, Inc. – slide 9
    Northern Delaware Basin Red Hills Area Oil-Rich, Multi-Zone Resource Potential Northern Delaware Basin Avalon Cumulative Production 240 Red Hills Area Avalon Density Test EDDY 200 (Monet) Avg. 2016 Avg. Avg. Cumulative…
  10. Q3 2016 Results – Concho Resources, Inc. – slide 10
    Southern Delaware Basin Core Position in Rapidly Advancing Oil Play 3Q16 Results 200,000 gross (125,000 net) acres Delivered record well performance Added 5 horizontal wells (avg. lateral length 7,474) 4 Horizontal Rigs Avg. 30-day…
  11. Q3 2016 Results – Concho Resources, Inc. – slide 11
    Midland Basin Consolidation Enhances Inventory 3Q16 Results 240,000 gross (150,000 net) acres Added 2 horizontal wells (avg. lateral length 10,332) Avg. 30-day peak rate: 1,070 Boepd (85% oil) 8 Horizontal Rigs Avg. 24-hour peak…
  12. Q3 2016 Results – Concho Resources, Inc. – slide 12
    Midland Basin Stacked Density Pilot Operational Efficiencies Maximizing Recoveries Midland Basin Windham Density Pilot Lower Spraberry 8-wells with 660 same zone spacing 720 4 wells targeting Lower Spraberry Wolfcamp B 4 wells…
  13. Q3 2016 Results – Concho Resources, Inc. – slide 13
    New Mexico Shelf 3Q16 Results 150,000 gross (100,000 net) acres Added 7 horizontal wells (avg. lateral length 4,778) Avg. 30-day peak rate: 414 Boepd (86% oil) 2 Horizontal Rigs Avg. 24-hour peak rate: 562 Boepd Achieved record…
  14. Q3 2016 Results – Concho Resources, Inc. – slide 14
    Key Messages Consistent Execution of Our Strategy High-quality, balanced asset base in the Permian Disciplined capital program; invested within cash flows and derivative settlements for fifth consecutive quarter Enhancing capital…
  15. Q3 2016 Results – Concho Resources, Inc. – slide 15
    Appendix
  16. Q3 2016 Results – Concho Resources, Inc. – slide 16
    Reinforcing Financial Position Significant Liquidity with Less Debt Unaudited Pro Forma Balance Sheet (as of 9/30/2016) BALANCE SHEET STRENGTH Adjustment Actual Pro Forma Reducing leverage 9/30/16 9/30/16 Reliance Acquisition…
  17. Q3 2016 Results – Concho Resources, Inc. – slide 17
    Hedge Position 2016 2017 2018 Quarter First Second Third Fourth Total Total 2017 OIL HEDGES Oil Swaps1: Volume (Bbl) 5,054,000 6,860,870 6,348,480 5,854,370 5,465,080 24,528,800 14,807,540 67.2 MBopd Price per Bbl 59.38 57.11 57.66…
  18. Q3 2016 Results – Concho Resources, Inc. – slide 18
    2016 Operational & Financial Outlook 2016 Guidance 4Q16 OUTLOOK Production 164 to 167 MBoepd Annual growth 5% Oil mix 61% Price realizations, excluding commodity derivatives Crude oil differential to NYMEX (per Bbl) (3.50) -…
  19. Q3 2016 Results – Concho Resources, Inc. – slide 19
    Reconciliation of Net Income (Loss) to Adjusted Net Income Net Income (Loss) per share to Adjusted Earnings per Share Presentation (Unaudited) The Companys presentation of adjusted net income and adjusted earnings per share that exclude…
  20. Q3 2016 Results – Concho Resources, Inc. – slide 20
    Reconciliation of Net Income (Loss) to EBITDAX (Unaudited) EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net income (loss) because of its wide acceptance by the investment community as a financial…
  21. Q3 2016 Results – Concho Resources, Inc. – slide 21
    Operating Cash Flows & Cash Settlements from Derivatives (Unaudited) The following table summarizes operating cash flows and cash settlements from derivatives for the periods indicated: Three Months Ended September 30, June 30,…
  22. Q3 2016 Results – Concho Resources, Inc. – slide 22
    Costs Incurred (Unaudited) The following table summarizes costs incurred for oil and natural gas producing activities for the periods indicated: Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30,…

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