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March 4, 2019MMMM d, yyy March 2019 Investor Presentation
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Concho was built on a strategy of investing in high-quality, high rate-of-return projects, executing large, safe and efficient drilling programs and maintaining a strong financial position. Our strategy has allowed us to consistently increase our production and reserves at low costs and to capitalize on opportunities when they arise.

Recent News

04.15.19 Concho Resources Inc. and Frontier Midstream Solutions Announce Midstream Joint Venture

Joint Venture to Build Beta Crude Connector System in Midland Basin

MIDLAND, Texas--(BUSINESS WIRE)-- Concho Resources Inc. (NYSE: CXO) (“Concho”) and Frontier Midstream Solutions IV, LLC (“Frontier”) announced today that Concho and Frontier have executed an agreement to create Beta Crude Connector, LLC (“BCC”). Concho and Frontier will each own a 50% equity interest in BCC, with Frontier serving as operator. BCC will build and provide crude oil gathering, transportation and storage services in the Northern Midland Basin, supporting continued oil production growth in the region.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190415005230/en/

The new gathering and transportation system will consist of an approximately 100-mile gathering system, 250,000 barrels of crude oil storage facilities as well as truck terminals. The pipeline system will have the initial capacity to deliver 150,000 barrels per day of crude oil to multiple delivery points, accessing local refineries and connecting to several downstream pipelines. Following an open season set for April 2019, construction will commence, targeting initial flows in mid-2019.

BCC will file for FERC authority to operate as a common carrier pipeline and solicit interest from other producers and marketers for capacity on the new system. In conjunction with the joint venture agreement, Concho has agreed to enter into a long-term acreage dedication agreement with BCC.

Jack Harper, President of Concho, commented, “We are excited to partner again with Frontier in the development of the Beta Crude Connector. Through the joint venture, we will leverage Frontier’s midstream expertise and enhance the value of our high-quality footprint in the Midland Basin with a reliable, cost-efficient gathering and transportation solution. Importantly, this is a compelling investment opportunity that we can make with no changes to our capital plans.”

Dave Presley, Frontier’s Chief Executive Officer said, “We are pleased that Beta Crude Connector will be the latest of our full-service midstream solutions and our second joint venture partnership with Concho as we demonstrate our commitment to quality partnerships and solutions for producers once again. We are pleased to have a world-class producer in Concho as our partner and are excited with the quality of the resource behind it. We are dedicated to the successful operations and growth of the Beta Crude Connector.”

Concho Resources Inc.

Concho Resources (NYSE: CXO) is one of the largest unconventional shale producers in the Permian Basin, with operations focused on acquiring, exploring, developing and producing oil and natural gas resources. Concho is at the forefront of applying advanced technology and large-scale development to safely and efficiently maximize resource recovery while delivering attractive, long-term economic returns. We are working today to deliver a better tomorrow for our shareholders, people and communities. For more information about Concho, visit www.concho.com.

Frontier Midstream Solutions IV, LLC

Frontier Midstream Solutions IV, LLC, headquartered in Tulsa, Oklahoma, is owned by Frontier Energy Partners II, LLC and certain funds of Energy Spectrum Capital. The company is a full-service midstream company focused on the development of new midstream crude oil and natural gas infrastructure in the Permian Basin and other basins throughout the lower 48 states. For more information please visit www.frontierenergyllc.com.

Energy Spectrum Capital

Founded in 1995, Energy Spectrum Capital ("Energy Spectrum") is a Dallas, Texas-based private equity firm focused on partnering with premier management teams that are pursuing compelling opportunities in the midstream sector of the North American oil and gas industry. To date, Energy Spectrum has successfully raised approximately $4.4 billion of equity capital across eight funds. Frontier Midstream Solutions IV, LLC is supported with capital from Energy Spectrum Partners VII, LP and Energy Spectrum Partners VIII, LP, the firm’s most recent fund. For more information please visit www.energyspectrum.com.

CONCHO
INVESTOR RELATIONS
Megan P. Hays
Vice President of Investor Relations and Public Affairs
432.685.2533

MEDIA
Mary T. Starnes
Manager of Public Affairs
432.221.0477

FRONTIER
Ken Snyder
Chief Commercial Officer
402.677.7655
ksnyder@frontierenergyllc.com

Chris Guglielmo
Director of Business Development
918.388.8418
cguglielmo@frontierenergyllc.com

Source: Concho Resources Inc. and Frontier Midstream Solutions IV, LLC

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04.02.19 Concho Resources Inc. Announces Sale of Its Interest in Oryx I Oil Gathering System

Generates Additional Net Proceeds to Concho of Approximately $300 Million

MIDLAND, Texas--(BUSINESS WIRE)-- Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today announced that Oryx Southern Delaware Holdings, LLC, (“Oryx”), the owner of the Oryx I oil gathering and transportation system, has entered into an agreement to sell 100% of the equity interests in its subsidiaries to Stonepeak Infrastructure Partners for $2.07 billion. Concho owns a 23.75% equity interest in Oryx and will receive approximately $300 million at closing after repayment of Oryx’s outstanding borrowings.

In February 2018, Concho received a $157 million distribution related to a recapitalization of Oryx. The sale proceeds from Oryx combined with the earlier distribution total approximately $457 million, representing a 10 times multiple on invested capital of approximately $45 million since December 2015.

Jack Harper, Concho’s President, commented, “Our investment in Oryx supported the continued growth of our assets in the Southern Delaware Basin with secured transportation for our production and improved oil price realizations. This sale represents an excellent return on investment for our shareholders. A strong balance sheet underpins our ability to execute a resilient high-margin growth and returns strategy, and we will use the proceeds of this sale to further strengthen our balance sheet by repaying borrowings on our revolver.

“We congratulate the Oryx management team. Their demonstrated execution and expertise created tremendous midstream and upstream value.”

This transaction is not expected to impact oil price realizations or transportation costs as Concho’s existing gathering agreement remains unchanged. Upon closing, the net cash proceeds from the transaction will be used to repay borrowings outstanding on the Company’s credit facility. Closing is expected to occur in the second quarter of 2019, subject to customary terms and conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Concho Resources Inc.

Concho Resources (NYSE: CXO) is one of the largest unconventional shale producers in the Permian Basin, with operations focused on acquiring, exploring, developing, and producing oil and natural gas resources. Concho is at the forefront of applying advanced technology and large-scale development to safely and efficiently maximize resource recovery while delivering attractive, long-term economic returns. We are working today to deliver a better tomorrow for our shareholders, people and communities. For more information about Concho, visit www.concho.com.

Forward-Looking Statements and Cautionary Statements

The foregoing contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “enable,” “foresee,” “plan,” “will,” “guidance,” “outlook,” “goal” or other similar expressions that convey the uncertainty of future events or outcomes are intended to identify forward-looking statements, which generally are not historical in nature. However, the absence of these words does not mean that the statements are not forward-looking. These statements are based on certain assumptions and analyses made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, current plans, anticipated future developments, expected financings and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the risk factors and other information discussed or referenced in the Company’s most recent Annual Report on Form 10-K and other filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Information on Concho’s website is not part of this press release.

INVESTOR RELATIONS
Megan P. Hays
Vice President of Investor Relations and Public Affairs
432.685.2533

MEDIA
Mary T. Starnes
Manager of Public Affairs
432.221.0477

Source: Concho Resources Inc.

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03.28.19 Concho Resources Inc. Schedules First-Quarter 2019 Results Conference Call for Wednesday, May 1, 2019

MIDLAND, Texas--(BUSINESS WIRE)-- Concho Resources Inc. (NYSE: CXO) (the “Company” or “Concho”) will host a conference call on Wednesday, May 1, 2019 at 8:00 AM CT (9:00 AM ET) to discuss first-quarter 2019 financial and operating results. The Company plans to announce results for the first quarter of 2019 on Tuesday, April 30, 2019, after close of trading.

Conference Call Information:

Dial-in: (844) 263-8298
Intl. dial-in: (478) 219-0007
Participant Passcode: 4757136

To access the live webcast, visit the Company’s website at www.concho.com. The replay will also be available on Concho’s website under the “Investors” section.

About Concho Resources Inc.

Concho Resources (NYSE: CXO) is one of the largest unconventional shale producers in the Permian Basin, with operations focused on acquiring, exploring, developing and producing oil and natural gas resources. Concho is at the forefront of applying advanced technology and large-scale development to safely and efficiently maximize resource recovery while delivering attractive, long-term economic returns. We are working today to deliver a better tomorrow for our shareholders, people and communities. For more information about Concho, visit www.concho.com.

INVESTOR RELATIONS
Megan P. Hays
Vice President of Investor Relations and Public Affairs
432.685.2533

MEDIA
Mary T. Starnes
Manager of Public Affairs
432.221.0477

Source: Concho Resources Inc.

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IR CONTACTS

Megan Hays
Vice President of Investor Relations and Public Affairs
(432) 685-2533
mhays@concho.com
Mary T. Starnes
Investor Relations Manager
(432) 221-0477
mstarnes@concho.com

TRANSFER AGENT

American Stock Transfer & Trust Company
6201 15th Avenue
Brooklyn, NY 11219
www.astfinancial.com

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.