Concho Resources Largest Pure-Play Permian Company Premier Permian Assets Headquartered in Midland, Texas New Mexico Shelf Strategic acreage position in the Permian Basin Prolific growth platform Northern Delaware Midland…
Permian Basin Oil Production Innovation and New Technology Game Changers for Permian Oil Growth 13% 14% 17% 15% 13% 11% 33% 3,000 Total Permian Basin Oil Production 2,500 2,000 Current Permian Basin (MBopd) rig count…
Conchos Proven Strategy Yields Unique Advantages People, Assets, Returns and Balance Sheet Execution Strength Depth of High- Superior Capital Financial Strength & Scale Quality Inventory Efficiency Most active driller Prolific…
2017 Was A Great Year for Concho Executing Near-Term Goals, Focusing on Long-Term Returns Delivering Strong, Consistent Execution 29% crude oil production growth and 28% total production growth 17% increase in proved reserves, driven…
2017 by the Numbers Capital-Efficient Portfolio Exceeding Expectations 2017 Guidance 2017 Results 20%-24% total production growth 28% total production growth Expanded resource base Enhanced cash 25% crude oil growth 29% crude…
Delivering Strong, Consistent Execution Delivering Differentiated Production Growth & Maintaining Low Cash Costs Production (MBoepd) Cash Cost Structure (/Boe) Oil Gas Production Expense Cash G&A Interest Expense 193 14.62 151 3.95…
Actively Managing Portfolio Executing on Efficient Growth While Building for the Future 1Q18 Closed Transactions Enhancing core positions for long-lateral and manufacturing-style development Non-Core Divestiture Aligning capital to…
High-Quality Resource Capture Premium Resource Depth Drives Differentiated Growth Outlook Growing Proved Reserves & Expanding Resource Proved Reserves (MMBoe) 10 BBoe of Captured Horizontal Resource Proved Developed Proved…
Prioritizing Capital Discipline Generating Free Cash Flow Over the Long Term Operating Cash Flow vs. D&C Capital (mm) Performance Track Record 211 193 Returns-focused capital program generating 60.00 Cumulative free cash 181 185…
Strengthening Financial Position Fortified Balance Sheet Provides Significant Flexibility Long-Term Debt Profile (mm) Key Highlights 3,350 Investment grade credit ratings Reduced long-term debt by 900mm since 2Q16 600 7.0% due…
2018 Outlook Leveraging Scale Advantage to Deliver Long-Term, Sustainable Performance 2018 Capital Program & Activity Overview New Long-Term Outlook Targeting midpoint of 1.9bn - 2.1bn capital program guidance1 Prior Outlook 93% for…
2017 Key Operational Milestones Execution Machine Firing on all Cylinders Long-Lateral Development Completion Optimization Productivity Uplift Avg. Lateral Length (ft.) Gross Stages Avg. Peak 90-Day Rate (Boepd) Proppant / Lateral…
Manufacturing Mode Scaling Development to Maximize Returns & Recoveries Economic Benefits Key Projects 2018 & 2019 Technology Drilling 1 Dominator 20+ well 4 Mabee 240A 10+ well multi-zone project multi-zone project 2 Eider 10+ well…
Midland Basin Mabee Ranch Consolidating Core Acreage Adding Scale & High-Quality Drilling Locations with CXO Acreage ANDREWS Reliance Contiguous Leasehold MARTIN October 2016 Relative Size Among Pure-Play Permian Operators Acquired…
Track Record of Peer-Leading Execution 10-Year Production Growth per Debt-Adjusted Share (CAGR)1 Peers 23% 23% 21% 20% 17% 10% 9% Average2: 6% 0% 1% 1% A B C D E F G H I J K L M N O -2% 0% -3% -2% -4% -6% Data per…
Key Messages Executing Clear, Disciplined Capital Industry-Leading Scale Cycle-Tested Strategy Allocation and Execution Hire the best Capital spending on Drive productivity gains high-return projects Develop the best asset base…
Asset Update
Northern Delaware Basin Industry-Leading Exposure to Prolific Stacked Resource Premier Acreage Position 2016-2017 Well Completions1 340,000 gross (230,000 net) acres Well Avg. Peak Rate (Boepd) Lateral Formation Count 30-Day % Oil…
Southern Delaware Basin Core Position in Rapidly Advancing Oil Play Focused Position Ready for Full-Field Development 100,000 gross (70,000 net) acres 4Q17 Results CXO Acreage Added 3 horizontal wells (record avg. lateral length…
Midland Basin Building Momentum with Large-Scale Development Projects Blocky Acreage Driving Growth 280,000 gross (170,000 net) acres 4Q17 Results Added 6 horizontal wells targeting the Wolfcamp A and Wolfcamp B MARTIN (record avg.…
Appendix
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…
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, September…
Hedge Position 2018 2019 2020 First Second Third Fourth Total Total Total FY18 OIL HEDGES Oil Price Swaps1: 105 MBopd Volume (Bbl) 11,038,629 10,178,170 8,944,318 8,106,007 38,267,124 27,306,500 4,026,000 Price per Bbl 53.01 53.30…
2018 Operational & Financial Outlook 2018 Guidance 1Q18 GUIDANCE Production 215 219 MBoepd Total production growth 16% - 20% Crude oil production growth 20% Price realizations, excluding commodity derivatives Crude oil…
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