Concho Resources Inc. (NYSE: CXO) (“Concho”) today announced that it has priced an offering of $700 million aggregate principal amount of its senior unsecured notes due 2023. The notes will bear interest at a rate of 5.500% per annum and will be issued at par. Concho intends to use the net proceeds from the offering to repay a portion of the outstanding balance under its credit facility. Concho expects to close the sale of the notes on August 17, 2012, subject to the satisfaction of customary closing conditions. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the senior unsecured notes offering. The offering is being made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the Securities and Exchange Commission website at www.sec.gov. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, 3rd Floor, New York, NY, 10179, Attention: Syndicate Desk, or by calling (800) 245-8812; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway 7th Floor, New York, NY, 10038, Attention: Syndicate Operations, or by calling (800) 294-1322; or Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by sending an email to Barclaysprospectus@broadridge.com or by calling (888) 603-5847; or Wells Fargo Securities, LLC at 550 South Tryon Street, 7th Floor, MAC D1086-070, Charlotte, NC 28202, by calling (800) 326-5897 or by sending an email to email@example.com. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement, as amended, relating to the securities has been filed and became effective September 9, 2009.