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4Q 2016 Quarterly Update – Concho Resources, Inc.

Concho Resources, Inc. · Feb 21, 2017 · 21 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. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 1
    Quarterly Update 4Q16 FEBRUARY 21, 2017
  2. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 2
    2016 Highlights Meeting Near-Term Objectives, Focusing on Long-Term Value Creation Operational Financial Strategic 2017 OUTLOOK Production growth within cash flow Solid financial results Capital flexibility, discipline Exercise…
  3. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 3
    Capital Efficiency Improvement Solid Reserve Additions at Low Cost Year-End Proved Reserves Resource Expansion Proved Reserves (MMBoe) SEC Oil Price Net Resource Potential (BBoe) 91.48 720.0 8.0 +15% y/y +60% y/y 46.79 39.25…
  4. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 4
    Resource Capture Expanding Resource Potential Provides Solid Platform for Future Growth Total Horizontal Net Resource Y/Y Change in Primary Sources of 8 BILLION BOE Asset Drilling Inventory (MMBoe) Lateral Length Expansion…
  5. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 5
    Performance Track Record, Robust Outlook Delivering Differentiated Growth Visible Growth from High-Quality Assets Expect 2017 annual production growth of MMBoe 20% - 24% within cash flow Crude oil production expected to grow 25%…
  6. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 6
    Prudent Capital Management & Cost Control Driving Structural Margin Improvement Reducing Absolute Debt Maintaining Focus on Cost Control (/Boe) Long-Term Debt (bn) LOE & Workovers Cash G&A Cash Interest Expense 3.3 2.7 16.99…
  7. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 7
    Executing a Disciplined Capital Program Preserving Financial Strength; Improving Capital Productivity Capital Discipline Spending Within Cash Flows (mm) Uniquely Positions Drilling & Completion Cash Flow from Production Concho…
  8. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 8
    2017 Capital Program Capital-Efficient Growth & Value Creation Maximizing Scale 2017 Capital Program Allocation Extending Efficiency Gains Advantage through Diversified Capital Total capital program: 1.6bn to 1.8bn1 Rig Count…
  9. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 9
    ACC Crude Oil Gathering System Monetization Proceeds Provide Even Greater Capital Flexibility Concho and Frontier Midstream sold 100% of ACC to Plains All American in February 2017 for 1.215bn Net proceeds to Concho of 803mm,…
  10. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 10
    Northern Delaware Basin Industry-Leading Exposure to Prolific Stacked Resource 4Q16 Results 380,000 gross (260,000 net) acres Added 16 horizontal wells (avg. lateral length 6,379) Avg. 30-day peak rate: 1,316 Boepd (71% oil) 8…
  11. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 11
    Northern Delaware Basin Red Hills Area Oil-Rich, Multi-Zone Resource Potential Northern Delaware Basin Recent Red Hills Production Highlights CXO Acreage 360 Upper Avalon (Vast 4-well test and Monet 4-well test) Upper Wolfcamp Sands…
  12. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 12
    Southern Delaware Basin Core Position in Rapidly Advancing Oil Play 4Q16 Results Added 6 horizontal wells (avg. lateral length 6,349) Avg. 30-day peak rate: 1,252 Boepd (73% oil) Avg. 24-hour peak rate: 1,635 Boepd WARD Screaming…
  13. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 13
    Midland Basin Multi-Well Pad Development Driving Record Production 4Q16 Results Achieved record average 30-day peak rate MARTIN Added 11 horizontal wells (avg. lateral length 9,601) Avg. 30-day peak rate: 1,299 Boepd (85% oil)…
  14. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 14
    New Mexico Shelf 4Q16 Results Achieved record average 30-day peak rate Added 18 horizontal wells (avg. lateral length 4,643) Avg. 30-day peak rate: 556 Boepd (84% oil) LEA Avg. 24-hour peak rate: 746 Boepd EDDY Completed first…
  15. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 15
    Key Messages Consistent Execution of Our Strategy High-quality, balanced asset base in the Permian with over 19,000 horizontal locations and 8 billion barrels of net resource potential Disciplined capital program Enhancing capital…
  16. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 16
    Appendix
  17. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 17
    2017 Operational & Financial Outlook 2017 Guidance 1Q17 GUIDANCE Production Annual growth 20% - 24% 172 to 176 MBoepd Oil mix 62% - 64% Price realizations, excluding commodity derivatives Crude oil differential to NYMEX (per Bbl)…
  18. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 18
    Hedge Position 2017 2018 2019 First Second Third Fourth Total Total Total 2017 OIL HEDGES 1 Oil Swaps : 77.7 MBopd Volume (Bbl) 7,423,870 7,708,480 6,898,370 6,333,080 28,363,800 21,537,124 8,854,000 Price per Bbl 56.91 57.22 51.87…
  19. 4Q 2016 Quarterly Update – 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 (loss) and adjusted earnings per share that…
  20. 4Q 2016 Quarterly Update – 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. 4Q 2016 Quarterly Update – Concho Resources, Inc. – slide 21
    Costs Incurred (Unaudited) The following table summarizes costs incurred for oil and natural gas producing activities for the periods indicated: Three Months Ended December 31, September 30, June 30, March 31, December 31,…

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