Concho Resources Inc. Announces Expiration and Results of Cash Tender Offer for Any and All of Its Outstanding 5.5% Senior Notes due 2022 and 5.5% Senior Notes due 2023

MIDLAND, Texas–(BUSINESS WIRE)–Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”)
today announced that the cash tender offer (the “offer”) that it
commenced on September 13, 2017 to purchase any and all of its
outstanding 5.5% Senior Notes due 2022 and 5.5% Senior Notes due 2023
expired at 5:00 PM ET on September 25, 2017.

According to D.F. King & Co., Inc., the tender agent for the offer,
valid tenders had been received at the expiration of the offer in the
amounts and percentages set forth in the table below.

Concho expects to accept for payment all notes validly tendered and not
validly withdrawn as of the expiration time of the offer, and Concho
expects to make payment for these notes later today, which payment will
include accrued and unpaid interest thereon from the last interest
payment date up to, but not including, September 26, 2017. Concho also
expects to accept for payment all notes that remain subject to
guaranteed delivery procedures and to make payment for such notes on
September 28, 2017, which payment would include accrued and unpaid
interest thereon only to, but not including, September 26, 2017.

Concho will apply a portion of the net proceeds from its issuance of
3.750% Senior Notes due 2027 and 4.875% Senior Notes due 2047, which is
also expected to close today, to the payment of all notes it purchases
in the offer.

As previously announced, Concho exercised, concurrently with the launch
of the offer, its right to optionally redeem any notes not purchased by
it in the offer with a redemption date of October 13, 2017, at a price
equal to 102.75% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the redemption date. Concho anticipates
satisfying and discharging the indentures governing the 5.5% Senior
Notes due 2022 and 5.5% Senior Notes due 2023 prior to September 30,
2017.

Concho retained BofA Merrill Lynch to serve as the exclusive dealer
manager for the offer. Questions regarding the terms of the offer may be
directed to BofA Merrill Lynch by calling (980) 387-3907 (collect) or
(888) 292-0070 (toll-free). Concho also retained D.F. King & Co., Inc.
to serve as the tender agent and information agent for the offer.

This press release is neither an offer to purchase nor a solicitation of
an offer to sell any notes in the offer. In addition, this press release
is not an offer to sell or the solicitation of an offer to buy any
securities issued in connection with any contemporaneous notes offering,
nor shall there be any sale of the securities issued in such offering in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. Any such securities will be offered only
by means of a prospectus, including a prospectus supplement relating to
such securities, meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.

Concho Resources Inc.

Concho Resources Inc. is an independent oil and natural gas company
engaged in the acquisition, development, exploration and production 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 fact, 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. Forward-looking statements contained in this
press release specifically include statements, estimates and projections
regarding the Company’s future financial position, operations,
performance, business strategy, oil and natural gas reserves, drilling
program, capital expenditure budget, liquidity and capital resources,
the timing and success of specific projects, outcomes and effects of
litigation, claims and disputes, derivative activities and potential
financing. The words “estimate,” “project,” “predict,” “believe,”
“expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,”
“goal” or other similar expressions that convey the uncertainty of
future events or outcomes are intended to identify forward-looking
statements, which generally are not historical in nature. However, the
absence of these words does not mean that the statements are not
forward-looking. These statements are based on certain assumptions and
analyses 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 risks include, without limitation, the
risk factors discussed or referenced in the Company’s most recent Annual
Report on Form 10-K and in the Company’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2017; risks relating to declines in, or
the sustained depression of, the prices the Company receives for its oil
and natural gas; uncertainties about the estimated quantities of oil and
natural gas reserves; drilling, completion and operating risks; the
effects of government regulation, permitting and other legal
requirements, including new legislation or regulation of hydraulic
fracturing and the export of oil and natural gas; environmental hazards,
such as uncontrollable flows of oil, natural gas, brine, well fluids,
toxic gas or other pollution into the environment, including groundwater
contamination; difficult and adverse conditions in the domestic and
global capital and credit markets; risks related to the concentration of
the Company’s operations in the Permian Basin of southeast New Mexico
and west Texas; disruptions to, capacity constraints in or other
limitations on the pipeline systems that deliver the Company’s oil,
natural gas liquids and natural gas and other processing and
transportation considerations; the costs and availability of equipment,
resources, services and qualified personnel required to perform the
Company’s drilling, completion and operating activities; potential
financial losses or earnings reductions from the Company’s commodity
price risk-management program; risks and liabilities associated with
acquired properties or businesses; uncertainties about the Company’s
ability to successfully execute its business and financial plans and
strategies; the adequacy of the Company’s capital resources and
liquidity including, but not limited to, access to additional borrowing
capacity under the Company’s credit facility; the impact of potential
changes in the Company’s credit ratings; cybersecurity risks, such as
those involving unauthorized access, malicious software, data privacy
breaches by employees or others with authorized access, cyber or
phishing-attacks, ransomware and other security issues; uncertainties
about the Company’s ability to replace reserves and economically develop
its current reserves; general economic and business conditions, either
internationally or domestically; competition in the oil and natural gas
industry; uncertainty concerning the Company’s 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.

Contacts

Concho Resources Inc.
Megan P. Hays, 432-685-2533
Vice
President of Investor Relations and Public Affairs
or
Mary
T. Starnes, 432-221-0477
Senior Financial Analyst