Concho Resources

Concho Resources Inc., a Delaware corporation ("Concho," the "Company," "we," "us" and "our") incorporated in February 2006, is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Our operations are primarily focused in the Permian Basin of West Texas and Southeast New Mexico. The Permian Basin is one of the most prolific oil and natural gas producing regions in the United States and is characterized by an extensive production history, long reserve life, multiple producing horizons and significant recovery potential. Concho's legacy in the Permian Basin provides us a deep understanding of operating and geological trends, and we are actively developing our resource base utilizing long-lateral wells and multi-well pad locations.

Our operations are focused in the Permian Basin, which underlies an area of West Texas and Southeast New Mexico approximately 250 miles wide and 300 miles long. Commercial accumulations of hydrocarbons occur in multiple stratigraphic horizons, at depths ranging from less than 1,000 feet to over 25,000 feet. At December 31, 2019, our 1,002 MMBoe total estimated proved reserves were approximately 74 percent proved developed, as compared to proved developed reserves of approximately 69 percent of total estimated proved reserves of 1,187 MMBoe at December 31, 2018. Our total estimated proved reserves at December 31, 2019 consisted of approximately 62 percent oil and 38 percent natural gas.

We have one operating segment and one reporting unit, which is oil and natural gas development, exploration and production. All of our operations are conducted in one geographic area of the United States.