Concho Resources Expands Executive Management Team

MIDLAND, Texas--(BUSINESS WIRE)--

Concho Resources Inc. CXO (“Concho” or the “Company”) today announced several management promotions designed to add depth and structure to Concho's management team.

Joe Wright and Will Giraud, each formerly a Senior Vice President of the Company, have been promoted to Executive Vice President. “These promotions recognize Joe and Will's past contributions to the Company's success, strengthen our organizational structure and provide leadership development for the future. I look forward to working closely with Joe and Will as we continue to guide the Company's daily operations and plan for the future,” Concho's Chairman, Chief Executive Officer and President Tim Leach said.

Steve Guthrie, formerly Vice President of Texas, has been promoted to Senior Vice President of Business Operations and Engineering. After serving in various operational and engineering positions with Henry Petroleum and Exxon, Mr. Guthrie joined Concho in 2004 and has held positions of increasing responsibility since that time. Mr. Guthrie is a graduate of Texas Tech University with a Bachelor of Science degree in Petroleum Engineering.

“Steve's promotion reflects his 30 years of broad industry experience, as well as the great development success of the Company's Wolfberry and Southern Delaware Basin assets under his leadership,” said Mr. Wright. “As we embark on an accelerated production growth strategy, I look forward to Steve playing a broader role in the management of the Company's operations.”

The Company's executive management team now consists of Tim Leach, Chairman, Chief Executive Officer and President; Joe Wright, Executive Vice President and Chief Operating Officer; Will Giraud, Executive Vice President and Chief Commercial Officer; Steve Guthrie, Senior Vice President of Business Operations and Engineering; Darin Holderness, Senior Vice President and Chief Financial Officer; and Matt Hyde, Senior Vice President of Exploration.

In addition, Clay Bateman, formerly an asset manager for the Southern Delaware Basin, has been promoted to replace Mr. Guthrie as Vice President of Texas. Mr. Bateman came to Concho in 2008 and has held various leadership roles within the Company's Texas asset teams since that time. He graduated from the University of Texas with a Bachelor of Science degree in Petroleum Engineering.

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.