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May 2019 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · May 28, 2019 · 19 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. May 2019 Investor Presentation – Concho Resources, Inc. – slide 1
    Investor Presentation May 2019
  2. May 2019 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Leading Development in the Permian Basin Leadership Position The Permian Basin 640,000 Net Acres Our home for 30+ years Home-field advantage with HQ in Midland, Texas Conchos Strategy NM TX Building a…
  3. May 2019 Investor Presentation – Concho Resources, Inc. – slide 3
    Permian Basin: High-Quality Resource Driving U.S. Oil Growth Innovation and Technology Game Changers for U.S. Oil Production Millions of Barrels of Crude Oil Produced per Day The U.S. Oil Growth Permian Basin Other Story is a Permian…
  4. May 2019 Investor Presentation – Concho Resources, Inc. – slide 4
    Key Messages Differentiated Growth & Returns Delivering on Execution Maximizing Commitment to Evolution Strength & Scale Advantage Cash Flow of the Business Model Operational and fiscal execution Track record of generating free…
  5. May 2019 Investor Presentation – Concho Resources, Inc. – slide 5
    Operational & Fiscal Execution Top Priority Well Positioned to Deliver Free Cash Flow Expansion Prudent Capital Investment This is a cyclical commodity business Initial Guide plan around conservative price 3.4-3.6bn Current…
  6. May 2019 Investor Presentation – Concho Resources, Inc. – slide 6
    Maximizing Cash Flow Disciplined Production Growth & Significant, Sustainable Cost Reductions Delivering High-Margin Production Growth Reducing Cash Costs Production (MBoepd) Cash Expenses excl. GP&T (/Boe) LOE G&A Interest 263…
  7. May 2019 Investor Presentation – Concho Resources, Inc. – slide 7
    Free Cash Flow Generation is Not New for Concho Capital Discipline Track Record of Spending Less Than Cash Flow High-Quality Operating vs. Investing Cash Flow (mm) Assets Operating Cash Investing Cash (additions to O&G…
  8. May 2019 Investor Presentation – Concho Resources, Inc. – slide 8
    High-Graded Acreage Position Premium Scale Provides Competitive Advantage Transformational Asset Optimization Concho Acreage at Year-End 2017 Concho Acreage Today Midland Midland Basin Basin Delaware Delaware Basin…
  9. May 2019 Investor Presentation – Concho Resources, Inc. – slide 9
    Full-Field Development Approach Confidence in Full-Field Development Driving Efficiencies Maximizing Resource Recovery and Economics Optimizing Development 4 Dimensions of Development: FY19 program 80% large-scale development & avg.…
  10. May 2019 Investor Presentation – Concho Resources, Inc. – slide 10
    Top-Tier Well Performance Differentiating Performance Across our Portfolio Top 100 Wells in the Permian Basin by Cumulative Oil Production 2017-2018 Wells Put on Production 20 18 16 14 Well Count 12 10 8 6 4 2…
  11. May 2019 Investor Presentation – Concho Resources, Inc. – slide 11
    Capital Allocation Framework Reflects Evolution of the Business Model Capital Allocation Framework Evolution of the Business Model Initiated dividend program Dividend Cash Flow Historically guided by Set at a level that can…
  12. May 2019 Investor Presentation – Concho Resources, Inc. – slide 12
    A Compelling Investment Thesis Leveraging Our Unique Competitive Advantages Our Advantages Execution Strength & Scale Delivering on Commitment to Maximizing Execution Strength Evolution of the Cash Flow & Scale Advantage…
  13. May 2019 Investor Presentation – Concho Resources, Inc. – slide 13
    Appendix
  14. May 2019 Investor Presentation – Concho Resources, Inc. – slide 14
    1Q19 Operational Highlights Strong Performance Across High-Quality Portfolio Asset Performance Activity Overview Delaware Basin Midland Basin Added 23 wells (avg. lateral length 9,125) Added 27 wells (avg. lateral length 10,379)…
  15. May 2019 Investor Presentation – Concho Resources, Inc. – slide 15
    Enhancing Value Through Midstream & Marketing Focus Scale Drives Key Strategies Permian Oil Takeaway Key Strategies Strong Growth Leading to Infrastructure Build-Out Focus on maximizing realized prices Oil basis hedges mitigate price…
  16. May 2019 Investor Presentation – Concho Resources, Inc. – slide 16
    Permian Natural Gas Dynamics Demand Pull Necessary to Improve Market Outlook Regional Gas Price Differentials Oil & Liquids-Weighted Revenue Stream Waha Basis El Paso Permian Basis 1Q19 Revenue Mix - Gulf Coast Express New long-…
  17. May 2019 Investor Presentation – Concho Resources, Inc. – slide 17
    Hedge Position Updated as of April 30, 2019 2019 2020 2021 2Q 3Q 4Q Total Total Total 1 Oil Price Swaps : Volume (Bbl) 16,819,750 14,829,000 12,513,000 44,161,750 39,340,000 13,137,000 Price per Bbl 57.21 57.06 56.65 57.00 57.21…
  18. May 2019 Investor Presentation – Concho Resources, Inc. – slide 18
    Reconciliation of Long-Term Debt to Net Debt (Unaudited) The Company's presentation of net debt is a non-GAAP financial measure. Net debt is defined as long-term debt less cash and cash equivalents. Net debt is presented herein and…
  19. May 2019 Investor Presentation – Concho Resources, Inc. – slide 19
    2019 Guidance Updated as of April 30, 2019 2Q19 Guidance 2019 Guidance 2019 Production Guidance 316 MBoepd 322 MBoepd Production Total production growth 23% - 27% Oil production growth 27% - 31% Price realizations, excluding…

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