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Press release from Business Wire

Concho Resources Inc. Increases Credit Facility to $2.5 Billion

Thursday, May 31, 2012

Concho Resources Inc. Increases Credit Facility to $2.5 Billion21:47 EDT Thursday, May 31, 2012 MIDLAND, Texas (Business Wire) -- Concho Resources Inc. (NYSE: CXO) (the "Company") today announced that the Company amended its credit facility, increasing the aggregate lender commitments from $2.0 billion to $2.5 billion, equal to its $2.5 billion borrowing base. At March 31, 2012, Concho had approximately $185 million outstanding under its credit facility. 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. Concho Resources Inc.Price Moncrief, 432-683-7443Vice President of Capital Markets and Strategy