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Concho Resources Inc. Reports Fourth Quarter 2012 And Year End Financial And Operating Results

General and administrative expense (“G&A”) from continuing operations for 2012 totaled $133.8 million, or $4.79 per Boe, as compared to $98.5 million, or $4.48 per Boe, in 2011. Cash G&A for 2012 totaled $103.9 million and stock-based compensation (non-cash) totaled $29.9 million. The increase in per Boe expense for 2012 over 2011 was primarily due to a 36% increase in absolute G&A expenses reflecting increased staffing across the Company, and was partially offset by a 27% increase in production from continuing operations.

The Company’s cash flow from operating activities (GAAP) was $1,237.5 million for 2012, as compared to $1,199.5 million for 2011, an increase of 3%. Adjusted cash flows (non-GAAP), which are cash flows from operating activities (GAAP) adjusted for settlements on derivatives not designated as hedges, were $1,261.0 million for 2012, as compared to $1,114.6 million for 2011, an increase of 13%. For a description of the use of adjusted cash flows (non-GAAP) and for a reconciliation of cash flows from operating activities (GAAP) to adjusted cash flows (non-GAAP), please see “Supplemental Non-GAAP Financial Measures” below.

In 2012, the Company collected net cash receipts on derivatives not designated as hedges of $23.5 million and the non-cash unrealized mark-to-market gain on derivatives not designated as hedges was $103.9 million. In comparison, the Company made net cash payments of $84.9 million on derivatives not designated as hedges and reported a $61.5 million non-cash unrealized mark-to-market gain on derivatives not designated as hedges in 2011. To better understand the impact of the Company’s derivative positions and their impact on the statements of operations, please see the “Summary Production and Operating Data” and “Derivatives Information” tables at the end of this press release.

Operations

For 2012, the Company commenced drilling or participated in a total of 840 gross wells (657 operated), 5 of which were plugged and abandoned, and completed 798 wells as producers.

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