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2Q 2017 Quarterly Update – Concho Resources, Inc.

Concho Resources, Inc. · Aug 2, 2017 · 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. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 1
    Quarterly Update 2Q17 AUGUST 2, 2017
  2. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 2
    Second-Quarter 2017 Highlights Meeting Near-Term Objectives, Focusing on Long-Term Value Creation Quarterly production of 184.7 MBoepd 27% crude oil production growth year-over-year Operational Delineating stacked oil resource in the…
  3. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 3
    Operating Cash Flows Exceeded D&C Capital for Past 2 Years Highlights Capital-Efficient Portfolio D&C Capital vs. Cash Flows (mm) 70.00 Drilling & Completion Capital1 Cash Flow from Operations Production (MBoepd) WTI Price (/Bbl)…
  4. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 4
    Growing Production and Maintaining Low Cash Costs Increasing Quarterly Production Focusing on Cost Control (/Boe) MBoepd Production Expense Cash G&A Interest Expense 14.53 181.4 184.7 13.06 164.3 152.9 4.27 11.50 11.33 145.2…
  5. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 5
    2017 Capital Program Executing a Disciplined Capital Program within Cash Flow 2017 Capital Program Allocation Extending Efficiency Gains FY17 capital program tracking to midpoint 19 Rig Count Activity levels of guidance range of…
  6. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 6
    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…
  7. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 7
    Manufacturing Growth Maximizing Returns & Recoveries of High-Quality Resource New Mexico Shelf Manufacturing Mode Manufacturing Across the Portfolio: 1 Enhances Capital Efficiency Midland Key Projects Basin Large-scale projects…
  8. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 8
    Northern Delaware Basin Industry-Leading Exposure to Prolific Stacked Resource 380,000 gross 2Q17 Results (260,000 net) acres Added 12 horizontal wells (avg. lateral length 6,045) 12,000 Horizontal Drilling Inventory (Gross) Avg.…
  9. 2Q 2017 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 Viking Helmet 1H Wolfcamp Sands 20-day peak rate of 400 3,050 Boepd (85% oil) and 24-hour peak rate of 3,444…
  10. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 10
    Northern Delaware Basin: Deep Area Extending Multi-Zone Resource Activity Deep Area Deep Area Well Performance 480 LEA 440 2 2 3 400 Average Per Well Cumulative Production (MBoe)1 360 1 320 EDDY 280 240 200 2Q17…
  11. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 11
    Southern Delaware Basin Core Position in Rapidly Advancing Oil Play 160,000 gross 2Q17 Results (100,000 net) acres Added 8 horizontal wells (avg. lateral length 8,852) 1,300 Horizontal Drilling Avg. 30-day peak rate: 1,740 Boepd (77%…
  12. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 12
    Midland Basin Building Momentum with Large-Scale Development Projects Strategic Acquisition MARTIN 270,000 gross 2Q17 Results 12,400 net acres with 100% WI & all depths (170,000 net) acres 3 MBoepd (73% oil) Added 31 horizontal…
  13. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 13
    Midland Basin: Lower Spraberry Strong Production History from High-Quality Zone Lower Spraberry Well Performance Outstanding performance from Lower Spraberry 250 zone 7 wells completed in the Lower Spraberry during 2Q17 225…
  14. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 14
    New Mexico Shelf Improving Recoveries in Legacy Oil Play 130,000 gross 2Q17 Results (80,000 net) acres Added 13 horizontal wells (avg. lateral length 5,061) 2,100 Horizontal Drilling Avg. 30-day peak rate: 396 Boepd (84% oil) Inventory…
  15. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 15
    Performance Track Record, Robust Outlook Delivering Differentiated Growth Visible Growth from High-Quality Assets Expect 2017 annual production growth of MBoepd 24%-26% within cash flow Crude oil production expected to grow 25%…
  16. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 16
    Key Messages Executing Clear, Cycle- Disciplined Capital Industry-Leading Scale Tested Strategy Allocation and Execution Hire the best Capital spending on Drive productivity gains high-ROR projects Develop the best asset base…
  17. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 17
    Appendix
  18. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 18
    Hedge Position 2017 2018 2019 Third Fourth Total Total Total 2H17 OIL HEDGES Oil Price Swaps1: Volume (Bbl) 9,219,370 8,542,080 17,761,450 27,277,124 17,832,000 96.5 MBopd Price per Bbl 51.15 51.21 51.18 51.35 52.70 Oil Basis…
  19. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 19
    2017 Operational & Financial Outlook 2017 Guidance 3Q17 GUIDANCE Production 186 - 190 MBoepd Annual growth 24% - 26% Oil mix 62% - 64% Price realizations, excluding commodity derivatives Crude oil differential to NYMEX (per Bbl)…
  20. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 20
    Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Earnings per Share (Unaudited) The Companys presentation of adjusted net income and adjusted earnings per share that exclude the effect of certain items are non-GAAP…
  21. 2Q 2017 Quarterly Update – Concho Resources, Inc. – slide 21
    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…
  22. 2Q 2017 Quarterly Update – 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 June 30, March 31, December 31, September 30, June 30, March 31,…

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