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March 2020 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · Mar 2, 2020 · 17 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. March 2020 Investor Presentation – Concho Resources, Inc. – slide 1
    Investor Presentation March 2020
  2. March 2020 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Our Position in the Permian Basin Well Positioned to Deliver Growth & Returns 800,000 gross (550,000 net) acres High-quality asset portfolio Sustainable, long-term growth platform in the Midland & Delaware Basins…
  3. March 2020 Investor Presentation – Concho Resources, Inc. – slide 3
    4Q19 Summary Key messages Delivering growth & Driving strong free Strengthening Growing lower costs cash flow investment case sustainably Production exceeded 2020 capital program Repurchased 250mm Continuous high end of guidance…
  4. March 2020 Investor Presentation – Concho Resources, Inc. – slide 4
    FY19 Summary Strategic focus resulting in better margins, optimized portfolio & increasing returns Capital Efficiency Margin Expansion Sustainable Growth Execute a returns-based program Capture efficiencies through scale Deliver…
  5. March 2020 Investor Presentation – Concho Resources, Inc. – slide 5
    Continuing to Reduce Well Costs Basin-Level DC&E Costs Operational Efficiencies ( per Foot) Drilling & completion efficiencies contributing to lower costs Delivered significant well cost savings in 2019 Improving Drilling more footage…
  6. March 2020 Investor Presentation – Concho Resources, Inc. – slide 6
    Achieving Controllable Cost Target Controllable Costs Expenses excl. GP&T ( per Boe) LOE G&A Interest 14.79 12.52 4.12 10.49 3.69 10.08 9.44 2.08 9.00 3.21 1.55 1.53 3.02 2.61 2.39 1.98 On track to deliver 2020…
  7. March 2020 Investor Presentation – Concho Resources, Inc. – slide 7
    2020 Outlook: Capital Allocation to Support Growing Margins Overview Improving Operating Efficiency Improving Capital Efficiency 2020 Capital Program Extending Lateral Lengths (m per Bopd Added) Midland 31 Basin 10,000 30 50% 9,000…
  8. March 2020 Investor Presentation – Concho Resources, Inc. – slide 8
    2020 Development Outlook High-Quality Growth Returns-Focused Capital 2020 Development Outlook Platform Allocation High Grading Inventory with Long Optimizing Spacing; Maximizing Laterals & Acreage Trades Project Economics Project…
  9. March 2020 Investor Presentation – Concho Resources, Inc. – slide 9
    Focused on Delivering Sustainable Free Cash Flow Free Cash Flow Potential 2020 FCF Outlook (mm) Driving margin expansion through productivity & cost 750 Improving NGL prices Efficiency upside control 650 Prioritizing efficient…
  10. March 2020 Investor Presentation – Concho Resources, Inc. – slide 10
    Capital Allocation Strategy to Deliver Both Growth & Returns Capital Discipline Capital Allocation Framework Generate robust FCF Remain disciplined with capital investment 50/Bbl WTI Increase capital returns to shareholders Cash…
  11. March 2020 Investor Presentation – Concho Resources, Inc. – slide 11
    Growing Sustainably Ongoing commitment to sustainable development & improving ESG disclosures Emission Reduction Performance Gross Natural Gas Produced (Bcf) Percent of Gross Natural Gas Production Flared 40 0 4.00 % Reduce…
  12. March 2020 Investor Presentation – Concho Resources, Inc. – slide 12
    Sustainable Growth & Returns Growing margins Our core portfolio is stronger than ever Growing free cash flow Disciplined investment & cost management is a priority Growing distributions Focused on delivering Advancing…
  13. March 2020 Investor Presentation – Concho Resources, Inc. – slide 13
    Appendix
  14. March 2020 Investor Presentation – Concho Resources, Inc. – slide 14
    4Q19 Summary Strong Production Volumes & Lower Costs Production Volumes Exceed High End of Driving Excess Cash Flow Guidance Range Financial Highlights (mm) Quarterly Production (MBoepd) Oil (MBopd) Gas 3Q19 4Q19 330 337 Realized…
  15. March 2020 Investor Presentation – Concho Resources, Inc. – slide 15
    Our Extensive Development Program Informs Optimization Strategy Horizontal Wells Drilled by Zone (Gross Operated) Delaware Basin Midland Basin Formation 2009 - 2019 Well Count 2018 - 2019 Formation 2009 - 2019 Well Count 2018 - 2019…
  16. March 2020 Investor Presentation – Concho Resources, Inc. – slide 16
    Hedge Position Updated as of February 18, 2020 2020 2021 2022 1Q 2Q 3Q 4Q Total Total Total Oil Price Swaps - WTI1: Volume (MBbl) 14,674 12,494 11,080 10,045 48,293 18,977 - Price per Bbl 57.13 56.90 56.88 57.00 56.98 54.21 - Oil…
  17. March 2020 Investor Presentation – Concho Resources, Inc. – slide 17
    2020 Guidance Updated as of February 18, 2020 2020 1Q20 Production Guidance Guidance Production growth, pro forma for New Mexico Shelf asset sale 316-325 MBoepd Total production growth 6% - 8% 202-208 MBopd Oil production growth…

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