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May 2020 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · May 19, 2020 · 16 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 2020 Investor Presentation – Concho Resources, Inc. – slide 1
    Investor Presentation MAY 2020
  2. May 2020 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Our Position in the Permian Basin 800,000 gross (550,000 net) acres High-quality asset Strong financial MIDLAND BASIN portfolio position DELAWARE BASIN Focus on cost Clear strategic control & NM…
  3. May 2020 Investor Presentation – Concho Resources, Inc. – slide 3
    Key Messages Well Positioned to Navigate Challenging Environment Health & safety of our Demonstrating operational 1Q20 performance extends Balance sheet provides a employees & communities flexibility & commitment to track record of…
  4. May 2020 Investor Presentation – Concho Resources, Inc. – slide 4
    Global Economic Uncertainty Compounds Oil Supply/Demand Imbalance Collapsing Oil Demand U.S. Producers Quickly Cutting Capital COVID-19 Impact on 2020 Demand (MMBopd) Capital Cuts by Producer Market Cap 1Q20 2Q20 3Q20 4Q20 FY20 Old…
  5. May 2020 Investor Presentation – Concho Resources, Inc. – slide 5
    Executing from a Position of Strength The Core Principles of Our Strategy Provide Resilience Valuable hedge position mitigates 1 TEAM 2 ASSETS cash flow volatility Build a great team Invest in high-margin Strong financial position…
  6. May 2020 Investor Presentation – Concho Resources, Inc. – slide 6
    Aligning Operations to Market Realities Prudently & dynamically managing capital program Reducing 2020 Capital Program Quickly Adjusting Activity FY20 Outlook 46% Reduction Y/Y Avg. Rig Count Gross operated activity: Drilled 160 180…
  7. May 2020 Investor Presentation – Concho Resources, Inc. – slide 7
    Aligning Operations to Market Realities Reducing well costs Basin-Level DC&E Costs Operational Efficiencies ( per foot) Improving drilling cycle times Delivered significant well cost savings in 2019 Drilling approximately…
  8. May 2020 Investor Presentation – Concho Resources, Inc. – slide 8
    Aligning Operations to Market Realities Reducing operating costs Controllable Costs Further Improving Cost Expenses excl. GP&T ( per Boe) Structure in 2020 LOE G&A Interest Targeting 100mm in cost reductions, primarily through LOE…
  9. May 2020 Investor Presentation – Concho Resources, Inc. – slide 9
    Hedging Strategy Protects Financial Strength Uncomplicated Hedging Strategy Potential Cash Receipts from Oil Price Derivatives (mm) 10 WTI 20 WTI 30 WTI Consistent yet strategic process mitigates Quarterly Annual cash flow…
  10. May 2020 Investor Presentation – Concho Resources, Inc. – slide 10
    Balance Sheet is Strong No Long-Term Debt Maturities Until 2025 Investment Grade Credit Ratings Debt Maturity Profile (mm) Last Firm Rating Report 1,000 1,000 S&P BBB- / Stable March 2020 800 Fitch BBB / Stable April 2020 600…
  11. May 2020 Investor Presentation – Concho Resources, Inc. – slide 11
    Advancing Sustainability Progress Current environment does not deter ongoing commitment to sustainable development & improving ESG disclosures Emissions Reduction Performance Gross Natural Gas Produced (Bcf) Percent of Gross Natural…
  12. May 2020 Investor Presentation – Concho Resources, Inc. – slide 12
    OUR STRATEGIC FOCUS Global economic uncertainty compounds oil Generate free cash flow supply/demand imbalance With the health and safety of our employees, business Maintain financial strength partners & communities as our first…
  13. May 2020 Investor Presentation – Concho Resources, Inc. – slide 13
    Appendix
  14. May 2020 Investor Presentation – Concho Resources, Inc. – slide 14
    1Q20 Summary 1Q20 Operational & Financial Highlights Continued Strong Operational Execution (mm, unless noted) 4Q19 1Q20 Cost control drives strong FCF generation Oil production (MBopd) 215 209 1Q20 total production & oil production…
  15. May 2020 Investor Presentation – Concho Resources, Inc. – slide 15
    Extensive Development Program Optimizing multi-zone development Horizontal Wells Drilled by Zone (Gross Operated) Delaware Basin Midland Basin Formation 2009 - 2020 Well Count 2020 Formation 2009 - 2020 Well Count 2020 Brushy Canyon 23…
  16. May 2020 Investor Presentation – Concho Resources, Inc. – slide 16
    Hedge Position Updated as of April 30, 2020 2020 2021 2022 2Q 3Q 4Q Total Total Total Oil Price Swaps - WTI1: Volume (MBbl) 14,559 12,634 10,781 37,974 30,657 730 Price per Bbl 53.27 54.10 55.53 54.19 47.42 38.68 Oil Price Swaps -…

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