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3Q 2018 Earnings Presentation – Concho Resources, Inc.

Concho Resources, Inc. · Oct 30, 2018 · 17 slides

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Slides

  1. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 1
    3Q 2018 Quarterly Update October 30, 2018
  2. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 2
    Key Messages Summary 3Q 2018 Well Positioned to Deliver Sustainable, Strong results Profitable Performance Successful integration of RSP Development projects driving efficiencies Execution strength and scale Disciplined capital…
  3. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 3
    3Q 2018 Performance Executing Near-Term Goals, Focusing on Long-Term Returns Highlights High-Margin Growth Production (MBoepd) Oil Gas Delivering Strong, Consistent Execution 287 Total production of 287 MBoepd above the high end…
  4. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 4
    3Q 2018 Operational Highlights Scaling Development to Maximize Recoveries and Economics Activity Overview Asset Performance Delaware Basin Midland Basin Added 31 horizontal wells (avg. lateral Added 34 horizontal wells (avg. lateral…
  5. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 5
    Track Record of Delivering Production Growth & Free Cash Flow Foundation for New Capital Allocation Framework Cash Flow from Operating Activities vs. D&C Capital (mm) Organic 287 Takeaways Growth & RSP Free cash flow 771 80.00…
  6. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 6
    New Capital Allocation Framework Driving Shareholder Returns Our Mindset Reflects evolution Historically Disciplined approach to growth of the E&P Historically guided by Enhance free cash business model guided by growth…
  7. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 7
    Well Positioned to Deliver on New Capital Allocation Framework Building on Our Advantages to Deliver Growth and Value Execution Strength & Scale High-Quality Portfolio Leading Large-Scale Development in the Permian Balanced Portfolio…
  8. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 8
    2019 Development Sets Up Strong 2020+ 2019 Development Outlook More Capital to Large-Scale Projects Significant Increase in Lateral Length Production Starts 2H19-Weighted Capital Allocated to Large-Scale Projects Average Lateral…
  9. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 9
    2019 Development Sets Up Strong 2020+ 2019-2020 Financial Outlook Exit Rate Outlook 2019e 2019e-2020e 4Q 2018 4Q 2019 Run 34 rigs in 19; Capital Program 3.4-3.6bn 38 rigs in 20 +25% crude oil Free Cash Flow (FCF) FCF+ FCF+ growth…
  10. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 10
    Appendix
  11. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 11
    Large-Scale Project Update Status of 2Q18 Announced Projects Delaware Basin Project Well Count Drilling Completion Production Midland Basin Tiger Cat 4 Gettysburg 5 4Q18 Delaware Basin Dominator 23 In progress 1H19 Eider…
  12. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 12
    Historical Well Performance Historical Activity Tables & Well Results Horizontal Wells Added 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Delaware Basin 25 20 23 27 33 21 31 Midland Basin 21 31 13 10 20 21 34 Avg. 30-Day Peak Rates (MBoepd)…
  13. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 13
    Reconciliation of Net Loss to Adjusted Net Income and Adjusted Net Income Per Diluted Share (Unaudited) The Companys presentation of adjusted net income and adjusted net income per diluted share that exclude the effect of certain items…
  14. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 14
    Reconciliation of Net Loss to EBITDAX (Unaudited) EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net loss because of its wide acceptance by the investment community as a financial indicator. The…
  15. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 15
    Costs Incurred (Unaudited) The table below provides the 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,…
  16. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 16
    2018 Operational & Financial Outlook Updated as of October 30, 2018 2018 4Q18 PRODUCTION Guidance 305-310 MBoepd Production (65% oil) Production (MBoepd) 260 - 263 Crude oil production mix 64% Price realizations, excluding…
  17. 3Q 2018 Earnings Presentation – Concho Resources, Inc. – slide 17
    Hedge Position Updated as of October 30, 2018 2018 2019 2020 4Q 1Q 2Q 3Q 4Q Total Total Oil Price Swaps1: Volume (Bbl) 11,902,007 11,992,250 10,835,750 10,066,000 9,484,000 42,378,000 26,534,000 Price per Bbl 56.86 56.80 56.40…

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