Permian Basin Consolidation and Strategic Acreage Acquisition

• • • CONCHO Summary of Terms Concho Resources is acquiring all of the oil and natural gas assets of Three Rivers Operating Company ("Three Rivers" or "3ROC") - Full step up in tax basis Transaction value: $1.0 billion - No debt assumed Consideration: - All cash transaction expected to be funded with borrowings under the credit facility Timing: - - Effective April 1, 2012 - Expected closing in July 2012 CONCHO BROC THREE RIVERS OPERATING COMPANY 4

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