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1Q2017 Quarterly Update – Concho Resources, Inc.

Concho Resources, Inc. · May 3, 2017 · 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. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 1
    Quarterly Update 1Q17 MAY 3, 2017
  2. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 2
    Key Messages Committed to Disciplined Capital Our Scale & Our Strategy Allocation Execution Strength Wins Hire the best Capital spending on Drive productivity gains high-ROR projects Develop the best asset base Control costs…
  3. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 3
    Driving Superior Capital Efficiency through Scale Defining the Scale Advantage Premier Permian Position Size & Quality High-quality assets, better well productivity, exceptional source of upside Long lateral, manufacturing-style…
  4. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 4
    Manufacturing Growth Maximizing Returns & Recoveries of High-Quality Resource Manufacturing Mode is New Mexico Shelf Manufacturing Transforming Our Business Across the Portfolio: Key Projects Midland Large-scale projects Northern…
  5. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 5
    First-Quarter 2017 Highlights Focus in on Execution Quarterly production of 181.4 MBoepd exceeded guidance range Operational 13% organic crude oil growth quarter-over-quarter Record well performance in the Delaware Basin and New…
  6. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 6
    Growing Production and Controlling Costs Increasing Quarterly Production Controlling Costs (/Boe) MBoepd Production Expense Cash G&A Interest Expense 181.4 14.53 164.3 13.06 152.9 145.2 4.27 11.50 139.5 11.33 4.13 10.46…
  7. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 7
    Executing a Disciplined Capital Program Operating Cash D&C Capital vs. Cash Flows (mm) Flows Exceeded D&C Drilling & Completion Capital1 Cash Flow from Operations Production (MBoepd) Capital for Past Seven Quarters 731 181 164…
  8. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 8
    Northern Delaware Basin Industry-Leading Exposure to Prolific Stacked Resource 380,000 gross 1Q17 Results (260,000 net) acres Added 16 horizontal wells (avg. lateral length 5,084) Record Performance: 12,000 Horizontal Drilling…
  9. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 9
    Northern Delaware Basin: Red Hills Area Oil-Rich, Multi-Zone Development Red Hills Multi-Zone Well Performance 440 LEA 400 Average per Well Cumulative Production (MBoe)1 360 Red Hills Area 320 EDDY 280 2 1 3 4 240…
  10. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 10
    Northern Delaware Basin: Deep Area Extending the Oil-Rich Fairway North Deep Area Deep Area Bone Spring Well Performance LEA 1 Average Per Well Cumulative Production (MBoe)1 1 EDDY Outstanding Bone Spring…
  11. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 11
    Southern Delaware Basin Core Position in Rapidly Advancing Oil Play 160,000 gross 1Q17 Results (100,000 net) acres Added 9 horizontal wells (avg. lateral length 8,184) 1,300 Horizontal Drilling Avg. 30-day peak rate: 1,632 Boepd (73%…
  12. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 12
    Midland Basin Building Momentum with Large-Scale Development Projects 260,000 gross 1Q17 Results (160,000 net) acres Added 21 horizontal wells (avg. lateral length 9,910) 4,000 Horizontal Drilling Avg. 30-day peak rate: 1,164 Boepd…
  13. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 13
    New Mexico Shelf Improving Recoveries in Legacy Oil Play 130,000 gross 1Q17 Results (80,000 net) acres Added 7 horizontal wells (avg. lateral length 4,517) 2,100 Horizontal Drilling Avg. 30-day peak rate: 546 Boepd (84% oil) Record…
  14. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 14
    Performance Track Record, Robust Outlook Delivering Differentiated Growth Visible Growth from High-Quality Assets Expect 2017 annual production growth of MBoepd 21% - 25% within cash flow Crude oil production expected to grow 25%…
  15. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 15
    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…
  16. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 16
    Hedge Position 2017 2018 2019 Second Third Fourth Total Total Total 2017 OIL HEDGES Oil Swaps1: 86.7 MBopd Volume (Bbl) 8,679,480 7,966,370 7,188,080 23,833,930 21,537,124 8,854,000 Price per Bbl 56.46 51.69 51.87 53.48 51.86…
  17. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 17
    2017 Operational & Financial Outlook 2017 Guidance 2Q17 GUIDANCE Production 182 - 186 MBoepd Annual growth 21% - 25% Oil mix 62% - 64% Price realizations, excluding commodity derivatives Crude oil differential to NYMEX (per Bbl)…
  18. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 18
    Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings per Share (Unaudited) The Companys presentation of adjusted net income (loss) and adjusted earnings per share that exclude the effect of certain…
  19. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 19
    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…
  20. 1Q2017 Quarterly Update – Concho Resources, Inc. – slide 20
    Costs Incurred (Unaudited) The following table summarizes costs incurred for oil and natural gas producing activities for the periods indicated: Three Months Ended March 31, December 31, September 30, June 30, March 31, December 31,…

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