Market Overview

Concho Resources Inc. Announces New Leadership Appointments


Concho Resources Inc. (NYSE:CXO) (the "Company" or "Concho")
today announced a series of leadership changes that enhance and expand
the Company's management team and position the Company for continued
value creation.

As previously disclosed and planned, Will Giraud has assumed the
position of Executive Vice President and Chief Operating Officer,
succeeding Joe Wright, who retired from the role at year-end 2018 and
continues to serve on Concho's Board of Directors. Giraud most recently
served as Executive Vice President and was responsible for Concho's
asset teams, business development and strategy. Giraud joined Concho in
2009, and was named Senior Vice President, General Counsel and Corporate
Secretary in 2010. He holds a bachelor's degree in Economics from Wake
Forest and a J.D. from University of Texas School of Law.

Brenda Schroer, currently Concho's Senior Vice President, Chief
Accounting Officer and Treasurer, has been appointed Senior Vice
President, Chief Financial Officer (CFO) and Treasurer, effective
immediately. Schroer assumes the CFO role from Jack Harper, who will
continue to serve as the Company's President. In this role, Schroer will
oversee Concho's accounting, finance, investor relations and IT
organizations. Schroer joined Concho in 2013 as Vice President and Chief
Accounting Officer following 14 years at Ernst & Young. She is a
certified public accountant and holds a bachelor's degree in accounting
from West Texas A&M University and a master's degree in accounting from
Texas A&M University.

Price Moncrief, currently Concho's Senior Vice President of Finance and
Strategy, has been appointed Senior Vice President of Corporate
Development and Midstream. In this role, Moncrief will be primarily
responsible for driving the Company's long-term strategy for midstream
and oil and gas marketing, as well as building a commodity fundamentals

Tim Leach, Chairman and Chief Executive Officer, commented, "We are
pleased to announce these appointments, which reflect the strength and
depth of Concho's leadership team. Our senior leaders play an
instrumental role in maintaining the company's strong discipline around
our strategy and focus on driving shareholder value."

Leach continued, "Brenda has played a key role in advancing Concho's
accounting and treasury functions, and we are fortunate to have an
executive of her caliber on our team. She possesses deep expertise and
is a great fit to oversee our financial disciplines. Will brings the
right talents and strong leadership experience to the COO role as we
focus on building the E&P company for the future, providing prudent
growth per share, improving corporate returns and initiating capital
returns to shareholders through the cycles."

Separately, Steve Guthrie, Senior Vice President of Business Operations
and Engineering, announced his intention to retire from the Company, at
year-end 2019. Guthrie will serve as a special advisor to the Company
through year-end 2019. "Steve has made significant contributions to
Concho throughout his 14-year career," said Leach. "We thank Steve for
his service and wish him well."

New Senior Vice Presidents

Clay Bateman, who currently serves as Concho's Vice President of New
Mexico, has been promoted to Senior Vice President of Assets. Bateman
will be responsible for Concho's asset teams, with the vice presidents
for those teams reporting to him.

Keith Corbett, who currently serves as Concho's Vice President of Texas,
has been promoted to Senior Vice President of Corporate Engineering and
Planning. Corbett will be responsible for corporate reservoir
engineering and strategic planning.

Scott Kidwell, the Company's Vice President of Government Affairs, has
been promoted to Senior Vice President of Administration, overseeing
Concho's government affairs and human resources organizations.

New Vice Presidents

Jeff Gasch has been promoted to Vice President of Delaware Basin. Gasch
most recently served as Concho's Delaware Basin Business Unit Manager.

Jacob Gobar has been promoted to Vice President and Chief Accounting
Officer. Gobar most recently served as Concho's Financial Accounting

Aaron Hunter has been promoted to Vice President of Midland Basin.
Hunter most recently served as Midland Basin Business Unit Manager.

Jere Thompson has been promoted to Vice President of Planning. Thompson
most recently served as Finance Director.

Leach continued, "Our new senior vice presidents and vice presidents
have assumed greater responsibility in overseeing important areas of our
business. These leaders demonstrate the highest level of dedication and
integrity, and their promotions recognize the significance of their
contributions and the functions that they lead."

In addition, Chris Gatjanis has been appointed Vice President of
Completions. Gatjanis, who previously served as Vice President of the
Permian Basin for Halliburton, will join Concho in February 2019. "Chris
brings more than 40 years of industry experience to Concho," said Leach.
"We worked closely with Chris in his former role overseeing Permian
operations at one of the largest oil field service companies. His
knowledge of our operations, experience managing an extensive supply
chain and expertise in leading-edge completions technology make him an
ideal choice to lead our completions team."

About Concho Resources

Concho Resources (NYSE:CXO) is the largest unconventional shale
producer in the Permian Basin, with operations focused on acquiring,
exploring, developing, and producing oil and natural gas resources.
Concho is at the forefront of applying advanced technology and
large-scale development to safely and efficiently maximize resource
recovery while delivering attractive, long-term economic returns. We are
working today to deliver a better tomorrow for our shareholders, people
and communities. For more information about Concho, visit

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