Permian Basin Consolidation and Strategic Acreage Acquisition

CONCHO Midland Basin - Meaningful Addition to "Wolfberry" Play Midland Basin Addition • Significant addition to vertical drilling inventory across the Midland Basin Increases net acreage by 42% - Primary targets include Wolfberry and shallow Wolfcamp •Ability to accelerate vertical development through robust drilling program within low-risk, high- margin oil play • •Attractive bolt-on to existing northern Midland Basin acreage (Terry County) • Evaluating horizontal upside Combination Impact - Midland Basin BAILEY LAMB HALE FLOYD MOTLEY COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS YOAKUM TERRY LYNN GARZA KENT GAINES DAWSON BORDEN SCURRY FISHER ANDREWS MIDLAND MARTIN HOWARD MITCHELL NOLAN WINKLER ECTOR MIDLAND GLASSCOCK COKE STERLING CXO¹ 3ROC PF TOM GREEN Vertical Locations 4,585 1,141 5,726 WARD CRANE Horizontal Locations Under Evaluation UPTON REAGAN IRION Gross Acreage ('ooos) 224 72 295 Net Acreage ('ooos) Rig Count (Current / 2H12) 102 43 145 CROCKETT SCHLEICHER 19/18 2/5 21/23 1 Three Rivers Acreage As of 12/31/11. Adjusted for 1Q12 Midland Basin acquisition which includes 10,700 gross (10,000 net) acres, 170 40-acre Wolfberry locations and 200 20-acre Wolfberry locations. Concho Acreage

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