Concho Resources Inc. (NYSE: CXO) ("Concho" or the "Company") today announced the promotion of two new officers to its management team: Mr. L. Price Moncrief, Vice President of Capital Markets and Strategy Mr. Moncrief has been employed by the Company since November 2010 as the Company’s Director of Corporate Development. He has over 10 years of industry and energy investment banking experience. Mr. Moncrief earned a Bachelor of Science degree in Business Administration from Washington & Lee University and an MBA from the University of Texas at Austin. Mr. M. Ray Peterson, Vice President of Drilling Mr. Peterson has been employed by the Company since April 2011 as the Company's Drilling Manager. He has over 34 years of industry experience, including serving as CEO of two contract drilling companies. He earned a Bachelor of Science degree from New Mexico State University and an MBA from Georgia State University. Tim Leach, Concho's Chairman, CEO and President, commented, "Price and Ray play key roles for the Company and I value both of their opinions and insight. These well-deserved promotions reflect their increasing contributions, as well as the Company’s overall expansion." About Concho Resources Inc. Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company's operations are focused in the Permian Basin of Southeast New Mexico and West Texas. For more information, visit Concho's website at www.concho.com.