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2Q14 Earnings Conference Call – Concho Resources, Inc.

Concho Resources, Inc. · Aug 7, 2014 · 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. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 1
    August 7, 2014 2Q14 Earnings Conference Call
  2. 2Q14 Earnings Conference Call – 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) 22,000 drilling locations; 3 billion Boe of resource potential(1)(2) Approximately 1.2mm…
  3. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 3
    Superior Execution 2Q14 Highlights Strong 2Q14 production and cash flow: 107.8 MBoepd Quarterly Crude Oil Growth (MBopd) (63% crude oil), 504mm EBITDAX(1) 2Q14 average daily production growth: +6% over 1Q14, +18% over 68.5 2Q13 and…
  4. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 4
    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)…
  5. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 5
    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…
  6. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 6
    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…
  7. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 7
    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:…
  8. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 8
    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:…
  9. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 9
    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…
  10. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 10
    Appendix
  11. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 11
    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…
  12. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 12
    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 Spring…
  13. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 13
    EBITDAX Reconciliation Historical EBITDAX T hree Six Months Ended Months Ended June 30, June 30, (in thousands) 2014 2013 2014 2013 Net incom e…
  14. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 14
    Adjusted Net Income Reconciliation Historical Adjusted Net Income T hree Six Months Ended Months Ended June 30, June 30, (in thousands, ex cept per share am ounts) 2014 2013 2014 2013 Net incom e - as reported…
  15. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 15
    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…
  16. 2Q14 Earnings Conference Call – Concho Resources, Inc. – slide 16
    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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