Exhibit 99.1

Concho Resources Inc. Reports Second Quarter 2013 Financial and Operating Results

MIDLAND, Texas--(BUSINESS WIRE)--August 7, 2013--Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today reported financial and operating results for the three and six months ended June 30, 2013. Highlights for the three months ended June 30, 2013 include:

• Production from continuing operations of 8.3 million barrels of oil equivalent (“MMBoe”) for the second quarter of 2013, a 30% increase over the second quarter of 2012 and a 7% increase over the first quarter of 2013
• Net income of $84.7 million, or $0.81 per diluted share, for the second quarter of 2013, as compared to net income of $319.3 million, or $3.07 per diluted share, for the second quarter of 2012
• Adjusted net income¹ (non-GAAP) of $102.5 million, or $0.98 per diluted share, for the second quarter of 2013, as compared to $80.5 million, or $0.78 per diluted share, for the second quarter of 2012
• EBITDAX² (non-GAAP) of $424.8 million for the second quarter of 2013, as compared to $327.4 million for the second quarter of 2012

¹ Adjusted net income (non-GAAP) is comparable to securities analyst estimates. For an explanation of how the Company calculates and uses adjusted net income (non-GAAP) and a reconciliation of net income (GAAP) to adjusted net income (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

² For an explanation of how the Company calculates and uses EBITDAX (non-GAAP) and a reconciliation of net income (GAAP) to EBITDAX (non-GAAP), please see "Supplemental Non-GAAP Financial Measures" below.

Second Quarter 2013 Financial Results

Production from continuing operations for the second quarter of 2013 totaled 8.3 MMBoe (5.2 million barrels of oil (“MMBbls”) and 18.6 billion cubic feet of natural gas (“Bcf”)), an increase of 30% as compared to 6.4 MMBoe (3.9 MMBbls and 14.9 Bcf) produced in the second quarter of 2012 and an increase of 7% as compared to the 7.7 MMBoe (4.8 MMBbls and 17.8 Bcf) produced in the first quarter of 2013.

“Our performance during the second quarter of 2013 was exceptional and highlights the quality of our assets across the resource-rich Delaware and Midland Basins,” commented Tim Leach, Concho’s Chairman, CEO and President. “Our Delaware Basin asset is now our largest producing core area, a milestone that took just a little over two years to achieve. Production from our horizontal Delaware Basin grew 37% over the previous quarter driven by our industry-leading well results in both the northern and southern Delaware Basin. We have also drilled some of the industry’s best horizontal wells in our core Wolfberry position in the Midland Basin and will expand that activity through the rest of the year.”

For the second quarter of 2013, the Company reported net income of $84.7 million, or $0.81 per diluted share, as compared to net income of $319.3 million, or $3.07 per diluted share, for the second quarter of 2012. The Company’s second quarter 2013 results were impacted by several non-cash and unusual items including: (1) a $68.7 million unrealized mark-to-market gain on commodity derivatives, (2) a $65.4 million impairment of long-lived assets primarily relating to non-core natural gas New Mexico Shelf properties, (3) $2.9 million of leasehold abandonments and (4) a $28.6 million loss on the extinguishment of debt. Excluding these items and their tax effects, second quarter 2013 adjusted net income (non-GAAP) was $102.5 million, or $0.98 per diluted share. Excluding similar non-cash and unusual items and their tax impact, adjusted net income (non-GAAP) for the second quarter of 2012 was $80.5 million, or $0.78 per diluted share. For a description and a reconciliation of net income (GAAP) to adjusted net income (non-GAAP), please see “Supplemental Non-GAAP Financial Measures” below.

EBITDAX was $424.8 million in the second quarter of 2013, an increase of 30% from $327.4 million reported in the second quarter of 2012 and an increase of 25% from the $340.7 million reported in the first quarter of 2013. For a description and a reconciliation of net income (GAAP) to EBITDAX (non-GAAP), please see “Supplemental Non-GAAP Financial Measures” below.

Oil and natural gas sales from continuing operations for the second quarter of 2013 increased 40% when compared to the second quarter of 2012. This increase was attributable to a 5% increase ($4.28 per barrel) in the Company’s unhedged realized oil price, a 13% increase ($0.59 per Mcf) in the Company’s unhedged realized natural gas price, and a 30% increase in production from continuing operations.

Oil and natural gas production expense from continuing operations for the second quarter of 2013, including oil and natural gas taxes, totaled $107.2 million, or $12.93 per barrel of oil equivalent (“Boe”), a 1% increase per Boe from the second quarter of 2012. This increase was due primarily to higher oil and natural gas taxes, which averaged $5.68 per Boe in the second quarter of 2013 as compared to $5.27 in the second quarter of 2012, as a result of higher oil and natural gas prices. This was partially offset by lower lease operating expenses and workover costs, which averaged $7.25 per Boe in the second quarter of 2013 as compared to $7.57 per Boe in the second quarter of 2012.

Depreciation, depletion and amortization (“DD&A”) expense from continuing operations for the second quarter of 2013 totaled $188.7 million, or $22.75 per Boe, a 9% increase per Boe from the second quarter of 2012. This increase in the Company’s DD&A rate is primarily driven by higher cost, exploratory horizontal drilling activity in the Delaware Basin.

In the second quarter of 2013, the Company recognized a $65.4 million impairment of long-lived assets on non-core, natural gas properties in the New Mexico Shelf asset. The impairment of these assets was primarily due to downward adjustments to the economically recoverable proved reserves associated with declines in well performance and a reduction in estimated realized natural gas prices.

General and administrative expense (“G&A”) from continuing operations for the second quarter of 2013 totaled $41.0 million, or $4.94 per Boe, as compared to $32.5 million, or $5.09 per Boe, in the second quarter of 2012. Cash G&A for the second quarter of 2013 totaled $32.4 million and stock-based compensation (non-cash) totaled $8.6 million. The decrease in per Boe expense for the second quarter of 2013 over the second quarter of 2012 was primarily due to a 30% increase in production from continuing operations, and was partially offset by a 26% increase in absolute G&A expenses.

In the second quarter of 2013, the Company tendered for and subsequently redeemed all of the $300 million 8.625% senior notes due 2017 at a premium to par. In part to finance this tender and redemption, the Company completed the issuance of an $850 million add-on offering to the Company’s 5.5% senior notes due in 2023 at 103.75 percent of par (resulting in a 4.884% yield) with the remaining proceeds used to repay amounts outstanding under its credit facility. As a result of the tender and redemption, the Company recognized a loss on the extinguishment of debt of $28.6 million.

The Company’s cash flows from operating activities (GAAP) were $487.1 million for the first six months of 2013, as compared to $611.0 million for the first six months of 2012, a decrease of 20%. Adjusted cash flows (non-GAAP), which are cash flows from operating activities (GAAP) adjusted for settlements paid on or received from derivatives not designated as hedges, were $494.7 million for the first six months of 2013, as compared to $587.3 million for the first six months of 2012, a decrease of 16%. For a description of the use of adjusted cash flows (non-GAAP) and for a reconciliation of cash flows from operating activities (GAAP) to adjusted cash flows (non-GAAP), please see “Supplemental Non-GAAP Financial Measures” below.

In the second quarter of 2013, the Company collected net cash receipts on derivatives not designated as hedges of $1.6 million and the non-cash unrealized mark-to-market gain on derivatives not designated as hedges was $68.7 million. In comparison, the Company collected net cash receipts of $8.3 million on derivatives not designated as hedges and reported an $394.8 million non-cash unrealized mark-to-market gain on derivatives not designated as hedges in the second quarter of 2012. To better understand the impact of the Company’s derivative positions and their impact on the statements of operations, please see the “Summary Production and Price Data” and “Derivatives Information” tables at the end of this press release.

Operations

For the quarter ended June 30, 2013, the Company commenced the drilling of or participated in a total of 196 gross wells (144 operated). The Company had a 100% success rate on the 245 wells that were completed in the second quarter of 2013.

The table below summarizes the Company’s gross drilling activities by core area for the second quarter of 2013:

Currently, the Company is operating 25 drilling rigs; 1 of these rigs is drilling in the New Mexico Shelf, 11 are drilling in the Texas Permian and 13 are drilling in the Delaware Basin. Of the Company’s 25 operated rigs, 18 are drilling horizontally, including 1 in the New Mexico Shelf, 4 in the Texas Permian and 13 in the Delaware Basin.

Delaware Basin

Of the 52 wells drilled in the Delaware Basin, 42 were Bone Spring sands wells, 2 were Avalon shale wells and 8 were Wolfcamp shale wells. The Company’s net production in the second quarter of 2013 from horizontal Delaware Basin wells averaged approximately 31,700 Boepd, a 128% increase over the second quarter of 2012 and an increase of 37% over the first quarter of 2013.

Credit Facility

At June 30, 2013, the Company had borrowings outstanding under the credit facility of $76.1 million, and availability under the credit facility was approximately $2.4 billion.

Derivative Update

The Company maintains an active crude oil and natural gas hedging program and has continued to add to its derivative positions. Please see the “Derivatives Information” table at the end of this press release for more detailed information about the Company’s current derivative positions.

Guidance Update

The Company is adjusting its full-year 2013 DD&A guidance to reflect increased capital allocation to its exploratory drilling activity in the Delaware Basin. The revised guidance range for full-year 2013 DD&A is $22.00 to $24.00 per Boe.

Conference Call and Presentation Information

The Company will host a conference call on Thursday, August 8, 2013 at 9:00 a.m. Central Time to discuss the second quarter 2013 financial and operating results, with an accompanying presentation. Interested parties may listen to the conference call via the Company’s website at www.concho.com or by dialing (800) 299-8538 (passcode: 42836569). The presentation is available on the Company’s website. To access the presentation, visit www.concho.com and select “Investor Relations,” then “Presentations.”

A replay of the conference call will be available on the Company’s website or by dialing (888) 286-8010 (passcode: 75921452).

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.

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, operations, performance, production growth, returns, divestitures, capital expenditure budget, the timing and estimated proceeds of the closing of the sale of the non-core properties, oil and natural gas reserves, number of identified drilling locations, drilling program, derivative activities, costs and other guidance. 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 Concho receives for the Company’s oil and natural gas; uncertainties about the estimated quantities of reserves; risks related to the integration of acquired assets; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; drilling and operating risks; the adequacy of the Company’s capital resources and liquidity; risks related to the concentration of the Company’s operations in the Permian Basin; the results of the Company’s hedging program; weather; litigation; shortages of oilfield equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about the Company’s ability to replace reserves and economically develop the Company’s current reserves; competition in the oil and natural gas industry; 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.
Supplemental Non-GAAP Financial Measures
Unaudited

The following tables provide information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company net income and cash flows from operating activities to exclude certain non-cash and unusual items.

Adjusted Net Income

The following table provides a reconciliation of net income (GAAP) to adjusted net income (non-GAAP) for the periods indicated:

Adjusted Cash Flows

The following table provides a reconciliation of cash flows from operating activities (GAAP) to adjusted cash flows (non-GAAP) for the periods indicated:

EBITDAX

EBITDAX (as defined below) is presented herein, and reconciled from the generally accepted accounting principles ("GAAP") measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to internally fund exploration and development activities.

The Company defines EBITDAX as net income, plus (1) exploration and abandonments expense, (2) depreciation, depletion and amortization expense, (3) accretion expense, (4) impairment of long-lived assets (5) non-cash stock-based compensation expense, (6) unrealized (gain) loss on derivatives not designated as hedges, (7) (gain) loss on sale of assets, (8) interest expense, (9) loss on extinguishment of debt, (10) federal and state income taxes on continuing operations and (11) similar items listed above that are presented in discontinued operations. EBITDAX is not a measure of net income or cash flows as determined by GAAP.

The Company’s EBITDAX measure (which includes continuing and discontinued operations) provides additional information which may be used to better understand the Company’s operations. EBITDAX is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic cost of depreciable assets, none of which are components of EBITDAX. EBITDAX, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDAX is a widely followed measure of operating performance and is one of many metrics used by the Company’s management team, and by other users, of the Company’s consolidated financial statements. For example, EBITDAX can be used to assess the Company’s operating performance and return on capital in comparison to other independent exploration and production companies without regard to financial or capital structure, and to assess the financial performance of the Company’s assets and the Company without regard to capital structure or historical cost basis.

The following table provides a reconciliation of net income to EBITDAX for the periods indicated:

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