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September 2014 Investor Presentation – Concho Resources, Inc.

Concho Resources, Inc. · Sep 1, 2014 · 24 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. September 2014 Investor Presentation – Concho Resources, Inc. – slide 1
    September 2014 September Investor Presentation
  2. September 2014 Investor Presentation – Concho Resources, Inc. – slide 2
    Concho Resources Inc. Leading Permian Basin Operator Company Highlights Permian Basin 503 MMBoe year-end 2013 estimated proved reserves(1) Approximately 1.2mm gross (605,000 net) acres(2) 22,000 drilling locations; 3 billion…
  3. September 2014 Investor Presentation – Concho Resources, Inc. – slide 3
    Permian Oil Production Growth Permian Oil Production vs. Rig Count 2,500 600 Yearly Avg. Rig Count Permian Production 500 2,000 Peak (1973): 2,085 MBopd 400 1,500 Rig Count MBopd 300 1,000 200 Low (2007):…
  4. September 2014 Investor Presentation – Concho Resources, Inc. – slide 4
    Superior Execution 2Q14 Highlights Strong 2Q14 production and cash flow: 107.8 MBoepd Crude Oil Growth (MBopd) (63% crude oil), 504mm EBITDAX(1) 2Q14 average daily production growth: +6% over 1Q14, +18% over 68.5 2Q13 and at the…
  5. September 2014 Investor Presentation – Concho Resources, Inc. – slide 5
    Low Cost, High Margin Operations Unhedged Cash Margin(1) 2Q14 Product Mix Midland / Cushing Crude Oil Wet Gas Basis Widening 75.20 Realized Price (/Boe) 72.27 71.84 70.82 67.85 37% 63% Cash Margin 75% 77% 74% 75% 75%…
  6. September 2014 Investor Presentation – Concho Resources, Inc. – slide 6
    Executing the 2 x 3 Growth Plan Execution Goals On Track YTD14 2015 2016 1 Double production 2x 2013 2 Reduce leverage ratio Volume 3 Expand drilling inventory 4 Pursue operational efficiencies 33.6 2014 Production (MBoepd)…
  7. September 2014 Investor Presentation – Concho Resources, Inc. – slide 7
    Northern Delaware Basin Drilling and Completion Evolution Average Drilling Days(1) Average Lateral Length (Feet) 30 4,657 4,266 4,359 26 23 2012 2013 1H14 2012 2013 1H14 Average Stages per Well Average 30-day IP (Boepd per…
  8. September 2014 Investor Presentation – Concho Resources, Inc. – slide 8
    Northern Delaware Basin Consistently Strong Performance Northern Delaware Basin Activity Average Rates (Boepd)(1) 30-day IP 24-hour Peak Boepd / Deep Brushy Canyon 1,000 931 200 Lusk Avalon 2Q14 31 wells 1,420 304 1st Bone…
  9. September 2014 Investor Presentation – Concho Resources, Inc. – slide 9
    Northern Delaware Basin Robust Inventory Northern Delaware Basin acreage: Average IP Rate (Boepd) YE13 Gross Well Count (1) 365,000 gross (217,000 net) 30-Day 24-Hr Peak Inventory Brushy Canyon 8 568 850 850 Avalon 57 699…
  10. September 2014 Investor Presentation – Concho Resources, Inc. – slide 10
    Southern Delaware Basin Positioned for Growth Southern Delaware Basin Activity North Harpoon Strong well performance with longer laterals (average of 8 most recent wells): 30-day IP rate: 1,093 Boepd (85% oil) 24-hour peak rate:…
  11. September 2014 Investor Presentation – Concho Resources, Inc. – slide 11
    Midland Basin Horizontal Execution Midland Basin Activity Initial well results (average of 24 wells): 30-day IP rate: 677 Boepd (79% oil) 24-hour peak rate: 1,002 Boepd Lateral length: 4,974 30-day IP rate per 1,000 of lateral:…
  12. September 2014 Investor Presentation – Concho Resources, Inc. – slide 12
    New Mexico Shelf Horizontal De-Risking New Mexico Shelf Overview Deep inventory of high ROR drilling locations Horizontal Yeso: 1,250 locations Vertical Yeso: 1,100 locations Lakewood 1 horizontal rig running Shelf Fairway…
  13. September 2014 Investor Presentation – Concho Resources, Inc. – slide 13
    Enhanced Midstream Strategy Develop midstream solutions to enhance marketing optionality First midstream JV Alpha Crude Connector in northern Delaware Basin on schedule to be operational in 2H15 400 miles of crude oil gathering…
  14. September 2014 Investor Presentation – Concho Resources, Inc. – slide 14
    Key Takeaways Largest Permian pure play Significant inventory delivering industry-leading well results across the Permian Basin Low-cost structure key to reinvesting high-margin cash flows The 2x3 Growth Plan doubles production…
  15. September 2014 Investor Presentation – Concho Resources, Inc. – slide 15
    Appendix
  16. September 2014 Investor Presentation – Concho Resources, Inc. – slide 16
    Permian Basin Base of the Wolfcamp Delaware Basin Central Midland Platform Basin DELAWARE CENTRAL MIDLAND PERIOD SERIES BASIN PERIOD SERIES PLATFORM PERIOD SERIES BASIN FORMATION FORMATION FORMATION TANSILL TANSILL…
  17. September 2014 Investor Presentation – Concho Resources, Inc. – slide 17
    Northern Delaware Basin State Line Recent Developments State Line Area Area with greatest number of upsized completions Brushy Canyon Brushy Canyon Avalon Plan to test across State Line in 2014 1st Bone Spring 2nd Bone Spring…
  18. September 2014 Investor Presentation – Concho Resources, Inc. – slide 18
    Northern Delaware Basin Lusk, Deep and Red Hills Recent Developments Northern Delaware Basin Avalon shale Deep Brushy Canyon Testing slickwater completions Pilot program in Red Hills testing higher density Avalon 2nd Bone…
  19. September 2014 Investor Presentation – Concho Resources, Inc. – slide 19
    Permian Basin Oil Takeaway Capacity Existing Takeaway Borger Cushing Refineries MBopd Big Spring 70 Holly Frontier Navajo 100 Borger Refinery (net from Permian) 115 Western 125 Wichita Falls Total 410 Oil Pipelines MBopd…
  20. September 2014 Investor Presentation – Concho Resources, Inc. – slide 20
    Permian Basin NGL Takeaway Capacity Existing Takeaway NGL Pipelines MBblpd Existing NGL Infrastructure 707 Inflows from Rockies Recent NGL Infrastructure Additions Lone Star West Texas 210 DCP Sand Hills 200 Texas Express* 280…
  21. September 2014 Investor Presentation – Concho Resources, Inc. – slide 21
    EBITDAX Reconciliation Historical EBITDAX T hree Six Months Ended Months Ended June 30, June 30, (in thousands) 2014 2013 2014 2013 Net incom e…
  22. September 2014 Investor Presentation – Concho Resources, Inc. – slide 22
    Unhedged Cash Margin Historical Unhedged Cash Margin 2013 2014 ( in thousands, ex cept per unit data) 2Q13 3Q13 4Q13 1Q14 2Q14 Net incom e . 84,7 00 30,421 1 05,7 89 91 ,307 1 1 ,7 69 Ex ploration and abandonments 8,398 1 0,992 7 1…
  23. September 2014 Investor Presentation – Concho Resources, Inc. – slide 23
    Hedges as of 8/6/2014 Current Hedges 2014 3Q 4Q T otal 2015 2016 2017 Oil Swaps: (a) V olume (Bbl) ................................................................... 5,221 ,000 4,633,000 9,854,000 1 5,262,000 7 ,329,000 1 68,000…
  24. September 2014 Investor Presentation – Concho Resources, Inc. – slide 24
    Production and Operating Guidance as of 8/6/2014 Annual Guidance 2014 Production: 3Q14 Production Guidance: A nnual Production 20% - 24% 62% - 64% 113 116 MBoepd % Oil Price differentials to NY MEX (90/Bbl; 4/MMBtu): (ex…

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