Permian Basin Consolidation and Strategic Acreage Acquisition

CONCHO Conventional Permian Basin - Potential Source of Divestitures LOCITY CHAVES ARTESIA NORTHWEST SHELF EDDY DELAWARE CULBERSON BASIN SIERRA DIABLO PLATFORM JEFF DAVIS LEA NEW MEXICO TEXAS LOVING WINKLER REEVES Concho Acreage ROAKUM TERRY LYNN GARZ MIDLAND BASIN INES BORDEN Conventional Permian Position ANDREWS CENTRAL BASIN PLATFORM ECTOR MIDLAND MARTIN HOWARD MIDLAND GLASSCOCK WARD CRANE UPTON REAGAN PECO CROCKER Three Rivers Acreage Three Rivers Conventional Permian Boundary Conventional Permian • Targeting divestitures of $200 - $400 million in existing and newly acquired assets post-close • -Timing expected within 9 months Three Rivers conventional Permian assets are a source of potential divestment - Current net production is approximately 1.5 MBoe/d • Long-lived production mix • Large PDP component • Minimal development capital • Over 70% held by production 12

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