Current Presentation

June 6, 2017MMMM d, yyy June 2017 Investor Presentation
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Board of Directors

Tim Leach has been Chairman and Chief Executive Officer since Concho was formed in 2004 and also served as President until 2017. Previously, Tim served as the Chairman of the Board and Chief Executive Officer of Concho Oil & Gas Corp. from its formation in 2001 until its sale in 2004. From 1997 to 2001, Tim was the Chairman and Chief Executive Officer of Concho Resources Inc., a predecessor company to Concho. Prior to founding Concho, Tim served in various positions with Parker & Parsley, including Executive Vice President.

Tim holds a Bachelor of Science in Petroleum Engineering from Texas A&M University and a Master of Business Administration from the University of Texas of the Permian Basin. Tim was appointed to the Texas A&M University System Board of Regents by Governor Greg Abbott in 2017. Tim also serves on the Board of Governors for Midland Memorial Foundation, as well as the Board of Directors of the Midland College Foundation and Scharbauer Foundation.

Tim Leach , , , Chairman of the Board and Chief Executive Officer

Steven L. Beal has served as a director of Concho since 2006 and currently serves as the Chairman of the Reserves Committee. Mr. Beal was a consultant to Concho from 2009 to 2013. Mr. Beal was the President and Chief Operating Officer of Concho from its formation in 2004 until his retirement in 2009. Previously, Mr. Beal was a director and the Executive Vice President and Chief Financial Officer of Concho Oil & Gas Corp. from its formation in 2001 until he became its President and Chief Operating Officer in 2002, a position he held until its sale in 2004.

Prior to Concho Oil & Gas Corp., Mr. Beal was a director and the Vice President and Chief Financial Officer of Concho Resources Inc., a predecessor company to Concho, from its formation in 1997 until its sale in 2001.

From 1988 until 1997, Mr. Beal was employed by Parker & Parsley Petroleum Company in a variety of capacities, including serving as its Senior Vice President and Chief Financial Officer and as a member of Parker & Parsley Petroleum Company’s Executive Committee. From 1981 until 1988, Mr. Beal was employed by the accounting firm of Price Waterhouse (now Price Waterhouse Cooper). Mr. Beal is also a director of First Financial Bankshares, Inc.

He is a graduate of the University of Texas with a Bachelor of Business Administration in Accounting.

Steve Beal , , , Director

Tucker S. Bridwell has served as a director of Concho since 2006 and currently serves on the Reserves Committee. Mr. Bridwell was a director of Concho Equity Holdings Corp. from its inception in 2004 until 2006 and served as Chairman of its Compensation Committee.

Mr. Bridwell has been the President of each of the Mansefeldt Investment Corporation and the Dian Graves Owen Foundation since 1997 and manages investments for both entities. Mr. Bridwell served as Chairman of the Board of Directors of First Permian, LLC from 2000 until its sale to Energen Corporation in 2002. Mr. Bridwell is also a director of First Financial Bankshares, Inc. and Halcon Resources Corporation.

He is a graduate of Southern Methodist University with a Bachelor of Business Administration and a Master of Business Administration, and is a certified public accountant.

Tucker Bridwell , , , Director

Bill Easter has served as a director of Concho since 2008 and currently serves as the Chairman of the Compensation Committee as well as a member of the Audit Committee and the Nominating & Governance Committee. From 2004 to his retirement in 2008, Mr. Easter served as Chairman of the Board of Directors, President and Chief Executive Officer of DCP Midstream, LLC (formerly Duke Energy Field Services, LLC). He also served as a director of TEPPCO GP, LLC, the general partner of TEPPCO Partners, L.P., from 2004 until 2005, and as a director of DCP Midstream GP, LLC, the general partner of DCP Midstream Partners, L.P., from 2005 to 2008.

From 2002 through 2004, Mr. Easter served as Vice President of State Government Affairs for ConocoPhillips, and from 1998 to 2002, Mr. Easter served as General Manager of the Gulf Coast Refining, Marketing and Transportation Business Unit of Conoco Inc. Mr. Easter is currently a member of the boards of directors of Baker Hughes Inc. and Delta Airlines Inc. Mr. Easter is also a member of the Board of Directors of the Memorial Hermann Hospital System in Houston and the Texas Tri-Cities Chapter of the National Association of Corporate Directors. He earned his Bachelor of Business Administration in Finance from the University of Houston and his Master of Science in Management from The Graduate School of Business at Stanford University.

Bill Easter , , , Director

Ms. Helms joined the Company’s Board of Directors in 2017 and currently serves on the Reserves Committee. Ms. Helms was commissioned from the U.S. Air Force Academy in 1980 and served in the United States Air Force until her retirement in April 2014 with the rank of Lt. General. During her tenure in the United States Air Force, Ms. Helms held a variety of positions of increasing responsibility before ultimately retiring as the Commander, 14th Air Force (Air Forces Strategic), Air Force Space Command, and Commander, Joint Functional Component Command for Space, US Strategic Command, Vandenberg Air Force Base, California. In addition, Ms. Helms is a former NASA astronaut and veteran of five spaceflights. Ms. Helms is the principle and owner of Orbital Visions, LLC, a consulting company established in 2015. Additionally, Ms. Helms currently serves on the NASA Aerospace Safety Advisory Panel and is a member of the Board of Trustees for the Aerospace Corporation. Ms. Helms is also a board member for the Association of Space Explorers (USA) and recently completed a two year term as a trustee for the Woodrow Wilson International Center in Washington D.C.

Ms. Helms earned a Bachelor of Science degree in Aeronautical Engineering from the U.S. Air Force Academy and a Master’s of Science degree in Aeronautics/Astronautics from Stanford University.

Susan Helms , , , Director

Gary A. Merriman has served as a director of Concho since 2012 and currently serves as a member of the Compensation Committee and the Reserves Committee. Mr. Merriman began his career with Conoco Inc. in 1976 and retired in 2002. During his time at Conoco, Mr. Merriman held various engineering and supervisory roles, including production superintendent in West Texas, President of Conoco Indonesia Inc., General Manager of Conoco’s Rockies business unit, and ultimately President of Exploration and Production, Americas. Previously, Mr. Merriman served as a director of KCS Energy from April 2005 to July 2006 and as a director of Petrohawk Energy from July 2006 to August 2011. Mr. Merriman holds a Bachelor of Science in Petroleum Engineering from Marietta College and a Master’s in Management from the Massachusetts Institute of Technology.

Gary Merriman , , , Director

Ray M. Poage has served as a director of Concho since 2007 and currently serves as the Chairman of the Audit Committee and as a member of the Nominating & Governance Committee and Reserves Committee.

Mr. Poage was a partner in KPMG from 1980 to 2002 when he retired. Mr. Poage’s responsibilities included providing accounting services, primarily in the area of taxation, to private and publicly held companies engaged in the oil and natural gas industry. Mr. Poage served as the Chairman of the Audit Committee and as a member of the Board of Directors of Parallel Petroleum Corporation from 2003 until the company was sold in 2009.

Mr. Poage holds a Bachelor of Business Administration in Accounting from Texas Tech University in 1972.

Ray Poage , , , Director

Mark B. Puckett has served as a director of Concho since 2009 and currently serves as Chairman of the Nominating & Governance Committee and a member of the Audit Committee and Reserves Committee.

Mr. Puckett is also currently a member of the board of directors of Glori Energy, Inc.

Mr. Puckett began his career at Chevron in 1973 and retired in 2008. During his tenure at Chevron, Mr. Puckett held a variety of positions in Chevron’s upstream operations before ultimately retiring as the President of Chevron’s Energy Technology Company. In addition, Mr. Puckett served on Chevron’s management committee from 1997 until his retirement and served on Chevron’s upstream and gas leadership team from 2001 until his retirement.

He is a member of the Society of Petroleum Engineers and the Dean’s Advisory Council, College of Engineering at Texas A&M University.

Mr. Puckett holds a Bachelor of Science in Civil Engineering from Texas A&M University.

Mark Puckett , , , Director

John Surma joined Concho’s Board of Directors in 2014 after retiring as Chairman and Chief Executive Officer of United States Steel Corporation. Mr. Surma currently serves on the Company’s Audit Committee, Compensation Committee and Reserves Committee.

He is also a member of the boards of directors of Marathon Petroleum Corporation, Ingersoll-Rand plc and MPLX GP LLC, the general partner of MPLX L.P.

Additionally, Mr. Surma is on the boards of directors of the Federal Reserve Bank of Cleveland, the University of Pittsburgh Medical Center and is the chairman of the National Safety Council board of directors. He was appointed by President Barack Obama to the President’s Advisory Committee for Trade Policy and Negotiations and served as its vice chairman.

Prior to joining United States Steel, Mr. Surma served in several executive positions with Marathon Petroleum Corporation and as a Partner with Price Waterhouse LLP.

Mr. Surma holds a Bachelor of Science in Accounting from Pennsylvania State University.

John Surma , , , Director

Joe is Executive Vice President and Chief Operating Officer and has been with Concho since its formation in 2004. Since joining Concho, Joe has held a variety of leadership positions, including Senior Vice President and Chief Operating Officer and Vice President of Engineering and Operations. As Executive Vice President and Chief Operating Officer, Joe oversees exploration and production operations, corporate engineering and land management. Prior to Concho, Joe was Vice President of Operations and Engineering of Concho Oil & Gas Corp. from its formation in 2001 until its sale in 2004. From 1997 to 2001, Joe was Vice President of Operations of Concho Resources Inc., a predecessor company to Concho. Joe has also worked in several operations, engineering and capital markets positions at Mewbourne Oil Company. Joe holds a Bachelor of Science in Petroleum Engineering from Texas A&M University.

Joe Wright , , , Director, Executive Vice President and Chief Operating Officer

Founding Director*

*The Founding Director is not a member of the Company’s Board of Directors, is not entitled to attend, vote at and is not counted for purposes of determining whether a quorum exists at any meeting of the Board, does not receive compensation, and does not have any fiduciary duties to the Company or its stockholders.

W. Howard Keenan, Jr. , , , Founding Director

*The Founding Director is not a member of the Company’s Board of Directors, is not entitled to attend, vote at and is not counted for purposes of determining whether a quorum exists at any meeting of the Board, does not receive compensation, and does not have any fiduciary duties to the Company or its stockholders.

Concho Resources Inc. is an independent exploration and production company engaged in the acquisition, development and exploration of oil and natural gas properties. Concho’s operations are concentrated in the Permian Basin of Southeast New Mexico and West Texas.