Concho Resources Inc. Announces Upsizing and Pricing of Common Stock Offering

  Concho Resources Inc. Announces Upsizing and Pricing of Common Stock

Business Wire

MIDLAND, Texas -- May 12, 2014

Concho Resources Inc. (NYSE: CXO) (the “Company”) today announced that it has
priced a public offering of 6,500,000 shares of its common stock at a price to
the public of $129.00 per share. The size of the offering was upsized from
6,000,000 shares. Net proceeds from the offering are expected to be used to
repay all outstanding borrowings under the Company’s credit facility and for
general corporate purposes, including funding the Company’s three-year
accelerated growth plan, capital commitments associated with the recently
announced midstream joint venture and future acquisitions. The Company has
also granted the underwriters an option to purchase up to an additional
975,000 shares of its common stock. The offering is expected to close on May
16, 2014, subject to customary closing conditions.

Goldman, Sachs & Co., BofA Merrill Lynch, Barclays and J.P. Morgan acted as
joint book-running managers for the offering. The offering will be made only
by means of a prospectus supplement and the accompanying base prospectus,
copies of which may be obtained on the Securities and Exchange Commission’s
website at Alternatively, the underwriters will arrange to send
you the prospectus supplement and related base prospectus if you request them
by contacting: Goldman, Sachs & Co., 200 West Street, New York, NY 10282,
Attention: Prospectus Department, by calling (866) 471-2526, or by emailing; BofA Merrill Lynch, 222 Broadway, New York, NY
10038, Attn: Prospectus Department, email;
Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue
Edgewood, NY 11717, Telephone: (888) 603-5847 or by emailing; or J.P. Morgan, via Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, by calling:
(866) 803-9204.

This press release 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 relating to the
securities has been filed and became effective September 21, 2012.

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.

Forward-Looking Statements and Cautionary Statements

The foregoing contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical
facts, included in this press release that address activities, events or
developments that the Company expects, believes or anticipates will or may
occur in the future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained in this
press release specifically include statements, estimates and projections
regarding the Company's future financial position, liquidity and capital
resources, operations, performance, production growth, acquisitions, returns,
capital expenditure budgets, oil and natural gas reserves, number of
identified drilling locations, drilling program, derivative activities, costs
and other guidance included in this press release. These statements are based
on certain assumptions made by the Company based on management's experience,
expectations and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be appropriate.
Forward-looking statements are not guarantees of performance. Although the
Company believes the expectations reflected in its forward-looking statements
are reasonable and are based on reasonable assumptions, no assurance can be
given that these assumptions are accurate or that any of these expectations
will be achieved (in full or at all) or will prove to have been correct.
Moreover, such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company, which may
cause actual results to differ materially from those implied or expressed by
the forward-looking statements. These include the factors discussed or
referenced in the “Risk Factors” section of the Company's most recent Form
10-K filing and risks relating to declines in the prices we receive for our
oil and natural gas; uncertainties about the estimated quantities of reserves;
drilling and operating risks; the adequacy of our capital resources and
liquidity; the effects of government regulation, permitting and other legal
requirements, including new legislation or regulation of hydraulic fracturing;
difficult and adverse conditions in the capital and credit markets; risks
related to the concentration of our operations in the Permian Basin; shortages
of oilfield equipment, services and qualified personnel and increases in costs
for such equipment, services and personnel; the results of our hedging
program; risks and liabilities related to the integration of acquired assets;
uncertainties about our ability to successfully execute our business and
financial plans and strategies; uncertainties about our ability to replace
reserves and economically develop our current reserves; general economic and
business conditions; competition in the oil and natural gas industry;
uncertainty concerning our assumed or possible future results of operations;
and other important factors that could cause actual results to differ
materially from those projected.

Any forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable law.


Concho Resources Inc.
Price Moncrief, 432-683-7443
Vice President of Capital Markets and Strategy
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