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Concho Resources Inc. Reports Second Quarter 2013 Financial And Operating Results

The following table provides a reconciliation of net income to EBITDAX for the periods indicated:

                   

Three Months Ended
Three Months Ended Six Months Ended
March 31, June 30, June 30,
(in thousands)     2013     2013     2012     2013     2012
 
Net income $ 30,093 $ 84,700 $ 319,297 $ 114,793 $ 350,414
Exploration and abandonments 18,407 8,398 14,398 26,805 20,377
Depreciation, depletion and amortization 168,420 188,730 133,267 357,150 260,530
Accretion of discount on asset retirement obligations 1,394 1,442 901 2,836 1,742
Impairments of long-lived assets - 65,375 - 65,375 -
Non-cash stock-based compensation 6,767 8,588 7,347 15,355 13,475
Unrealized gain on derivatives not designated as hedges 65,033 (68,749 ) (394,763 ) (3,716 ) (268,581 )
(Gain) loss of sale of assets, net 5 (137 ) (827 ) (132 ) 68
Interest expense 52,106 54,079 41,899 106,185 77,736
Loss on extinguishment of debt - 28,616 - 28,616 -
Income tax expense from continuing operations 10,977 53,351 191,707 64,328 205,322
Discontinued operations   (12,534 )   453     14,185     (12,081 )   28,440  
EBITDAX $ 340,668   $ 424,846   $ 327,411   $ 765,514   $ 689,523  
 
                   
Concho Resources Inc.
Costs Incurred
Unaudited
 

The table below provides the costs incurred for the periods indicated:
 

Costs incurred for oil and natural gas producing activities (a)
 
Three Months Ended Six Months Ended
June 30, June 30,
(in thousands)   2013     2012       2013     2012
 
Property acquisition costs:
Proved $ 652 $ 5,568 $ 2,537 $ 165,615
Unproved 16,945 21,851 44,841 61,207
Exploration 283,254 159,013 549,944 343,496
Development   220,588   192,051   395,310   386,782
Total costs incurred for oil and natural gas properties $ 521,439 $ 378,483 $ 992,632 $ 957,100
                               
 

(a)
The costs incurred for oil and natural gas producing activities includes the following amounts of asset retirement obligations:
                           
 
Three Months Ended Six Months Ended
June 30, June 30,
(in thousands)   2013     2012       2013     2012
 
Exploration costs $ 820 $ 469 $ 1,554 $ 1,267
Development costs   5,832   3,239   7,362   3,283
Total asset retirement obligations $ 6,652 $ 3,708 $ 8,916 $ 4,550
 
 
Concho Resources Inc.
Derivatives Information
Unaudited
 

The table below provides data associated with the Company’s derivatives at August 7, 2013:
   
  2013                
Third Quarter     Fourth Quarter     Total Remaining 2014 2015 2016 2017
 
Oil Swaps: (a)
Volume (Bbl) 4,537,000 4,214,000 8,751,000 13,603,000 10,948,000 429,000 168,000
Price (Bbl) $ 95.52 $ 95.28 $ 95.40 $ 91.30 $ 86.62 $ 88.31 $ 87.00
 
Oil Basis Swaps: (b)
Volume (Bbl) 3,680,000 3,404,000 7,084,000 3,635,000 - - -
Price (Bbl) $ (1.11 ) $ (1.12 ) $ (1.12 ) $ (0.55 ) $ - $ - $ -
 
Natural Gas Swaps: (c)
Volume (MMBtu) 6,992,000 6,992,000 13,984,000 - - - -
Price (MMBtu) $ 4.25 $ 4.25 $ 4.25 $ - $ - $ - $ -
 
Natural Gas Collars: (d)
Volume (MMBtu) - - - 21,900,000 - - -
Price (MMBtu) $ - $ - $ - $ 3.85 - 4.40 $ - $ - $ -
 
Natural Gas Basis Swaps: (e)
Volume (MMBtu) 6,440,000 6,440,000 12,880,000 - - - -
Price (MMBtu) $ (0.15 ) $ (0.15 ) $ (0.15 ) $ - $ - $ - $ -
                                               
 
(a) The index prices for the oil contracts are based on the NYMEX – West Texas Intermediate (“WTI”) monthly average futures price.
(b) The basis differential price is between Midland – WTI and Cushing – WTI.
(c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.
(d) The index prices for the natural gas collars are based on the El Paso Permian delivery point.
(e) The basis differential price is between the El Paso Permian delivery point and NYMEX-Henry Hub delivery point.

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