Permian Basin Consolidation and Strategic Acreage Acquisition

1 CONCHO Combined Permian Basin Acreage Position CHAVES ARTESIA NORTHWEST SHELF CULBERSON EDDY LOVING DELAWARE BAILEY LANTE HALE Attractive Permian Basin Consolidation Acquisition ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS LEA BASIN WARD REEVES SIERRA DIABLO PLATFORM NEW MEXICO TEXAS YOAKUM TERRY LYNN GARZA KENT MIDLAND BASIN GAINES DAWSON BORDEN SCURRY FIS Strategic Rationale . • Represents a significant consolidation transaction in the Permian Basin • ⚫ Drilling opportunities across all three. of Concho's core areas Additional exposure to emerging oil and liquids-rich plays WINKLER CENTRAL BASIN PLATFORM ANDREWS "MARTIN HOWARD MITCHELL NO Combination Impact - Consolidated MIDLAND EASTERN SHELF CXO¹ 3ROC PF ECTOR MIDLAND GLASSCOCK COM STERLING Proved Reserves (MMBoe) 400 58 458 TOM GR 1Q12 Net Production (MBoe/d) 76.0 7.0 83.0 CRANE UPTON REAGAN IRIOM Gross Drilling Locations 9,275 1,560 10,835 Gross Acreage ('000s) 980 310 1,290 PECOS SCHLEICH CROCKETT Net Acreage ('000s) Rig Count (Current/2H12) 544 200 744 37/36 TERRELL SUTTON 3/7 40/43 JEFF DAVIS Concho Acreage VAL VERDE BASIN Three Rivers Acreage Concho year end reserves as of 12/31/11 at SEC pricing. Adjusted for 1Q12 Midland Basin acquisition which includes proved reserves of 13 MMBoe (as of November 1, 2011), 10,700 gross (10,000 net) acres, 170 40-acre Wolfberry locations and 200 20-acre Wolfberry locations.

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