Corporate History

Although Concho Resources Inc. was officially formed less than five years ago,
it has had a very active history.

2011
Concho divests its North Dakota Bakken assets for approximately $200 million and redeploys this capital in the Permian Basin, making several acquisitions totaling over $500 million in the Midland and Delaware Basins. These acquisitions significantly added to the Company’s inventory in the Wolfberry play in the Midland Basin and the Avalon Shale, Bone Spring and Wolfcamp horizontal plays within the Delaware Basin. Concho produces 23.6 million barrels of oil equivalent with a capital budget of approximately $1.4 billion.

2010
Concho acquires Marbob Energy Corporation and its affiliates for a total purchase price of $1.4 billion, and acquires interests in all of the properties subject to its disputed preferential purchase rights for approximately $285 million. As a result of these transactions, Concho increases its position in the Yeso play on the New Mexico Shelf and adds a new third core area in the Delaware Basin. In addition, Concho divests approximately $103 million in non-core Permian Basin assets. Concho produces 15.6 million barrels of oil equivalent with a capital budget of approximately $ 700 million.

2009
Concho purchases interests in the Midland Basin Wolfberry trend for approximately $271 million, enhancing its Texas Permian asset base. Concho produces 10.9 million barrels of oil equivalent with a capital budget of approximately $400 million.

2008
Concho acquires Henry Petroleum, LP and its affiliates for approximately $584 million, establishing a second core area for the Company in the Midland Basin Wolfberry play. Concho produces 7.1 million barrels of oil equivalent with a capital budget of approximately $390 million.

2007
Concho prices its initial public offering of its common stock at $11.50 per share. The shares are listed on the New York Stock Exchange under the symbol CXO. Concho produces 5.0 million barrels of oil equivalent with a capital budget of approximately $155 million.

2006
Concho Resources Inc. is formed as result of the combination of Concho Equity Holdings Corp. and a portion of the oil and natural gas properties owned by Chase Oil Corporation and its affiliates, establishing Concho’s New Mexico Shelf core area within the Yeso play.

2004
Concho Equity Holdings Corp. is formed, and represents the third of three Permian Basin-focused company formed since 1997 by Tim Leach and certain members of the Company’s management. Concho acquires oil and natural gas properties from Lowe Partners, LP for approximately $117 million.