Exhibit 99.1

CONCHO RESOURCES INC. REPORTS FIRST QUARTER 2014 FINANCIAL AND OPERATING RESULTS;

ANNOUNCES MIDSTREAM JOINT VENTURE IN THE NORTHERN DELAWARE BASIN

MIDLAND, Texas, May 12, 2014 (Business Wire) – Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today reported financial and operating results for the three months ended March 31, 2014. Highlights include:

First Quarter 2014 Financial Results

Production for the first quarter of 2014 totaled 9.1 million barrels of oil equivalent (“MMBoe”) (5.8 million barrels of oil (“MMBbls”) and 19.8 billion cubic feet of natural gas (“Bcf”)), an increase of 18% as compared to 7.7 MMBoe (4.8 MMBbls of crude oil and 17.8 Bcf of natural gas) produced in the first quarter of 2013. Sequentially, Concho’s average daily production in the first quarter of 2014 increased 5% as compared to the previous quarter of 97.0 MBoepd.

“We are off to a great start executing our Two-by-Three Growth Plan,” commented Tim Leach, Chairman, Chief Executive Officer and President. “Production during the first quarter exceeded our expectations driven by improved operational efficiencies and strong well performance. Our assets in the Delaware Basin continue to deliver consistently strong results, reaffirming this region as one of the most prolific oil basins in the U.S. At the same time, we are realizing improved drill times which are enabling us to expand our budgeted drilling activity as we proceed through 2014.”

For the first quarter of 2014, the Company reported net income of $91.3 million, or $0.87 per diluted share, as compared to net income of $30.1 million, or $0.29 per diluted share, for the first quarter of 2013. The Company’s first quarter 2014 results were impacted by several non-cash and unusual items including: (1) a $35.6 million loss on derivatives not designated as hedges, (2) $14.8 million in cash payments on commodity derivatives, (3) $3.9 million of leasehold abandonments and (4) a $0.1 million net gain on disposition of assets. Excluding these items and their tax effects, first quarter 2014 adjusted net income (non-GAAP) was $106.6 million, or $1.01 per diluted share. Excluding similar non-cash and unusual items and their tax effects, adjusted

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net income (non-GAAP) for the first quarter of 2013 was $60.3 million, or $0.58 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 (non-GAAP) was $483.3 million in the first quarter of 2014, an increase of 42% from $340.7 million 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 for the first quarter of 2014 increased 40% when compared to the first quarter of 2013. This increase was attributable to an 18% increase in production in the first quarter of 2014 compared to the first quarter of 2013, a 12% increase in the Company’s unhedged realized oil price in the first quarter of 2014 compared to the first quarter of 2013 and a 38% increase in the Company’s unhedged realized gas price in the first quarter of 2014 compared to the first quarter of 2013.

Oil and natural gas production expense for the first quarter of 2014, including oil and natural gas taxes, totaled $126.9 million, or $13.87 per barrel of oil equivalent (“Boe”), a 6% increase per Boe from the first quarter of 2013. This increase was due primarily to higher lease operating expenses (“LOE”) and workover costs, which averaged $8.07 per Boe in the first quarter of 2014 as compared to $7.74 per Boe in the first quarter of 2013.

Depreciation, depletion and amortization expense (“DD&A”) for the first quarter of 2014 totaled $221.4 million, or $24.21 per Boe, an 11% increase per Boe from the first quarter of 2013.

General and administrative expense (“G&A”) for the first quarter of 2014 totaled $47.8 million, or $5.22 per Boe, as compared to $43.3 million, or $5.60 per Boe, in the first quarter of 2013. Cash G&A expenses for the first quarter of 2014 totaled $36.4 million and stock-based compensation (non-cash) totaled $11.4 million. The decrease in per Boe expense for the first quarter of 2014 over the first quarter of 2013 was primarily due to an 18% increase in production.

The Company’s cash flow from operating activities (GAAP) was $476.0 million for the first quarter of 2014, as compared to $219.7 million for the first quarter of 2013, an increase of 117%. Adjusted cash flows (non-GAAP), which are cash flows from operating activities (GAAP) adjusted for settlements on derivatives not designated as hedges, were $461.1 million for the first quarter of 2014, as compared to $225.7 million for the first quarter of 2013, an increase of 104%. 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.

Operations

For the quarter ended March 31, 2014, the Company commenced drilling or participated in a total of 127 gross wells (95 operated, 67% horizontal) and completed 123 wells as producers. The table below summarizes the Company’s gross drilling activities by core area for the first quarter of 2014:

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Currently, the Company is operating 33 drilling rigs; 2 of these rigs are drilling Yeso wells in the New Mexico Shelf, 9 are drilling in the Texas Permian and 22 are drilling in the Delaware Basin. Of the Company’s 33 operated rigs, 29 are drilling horizontally, including 2 in the New Mexico Shelf, 5 in the Texas Permian and 22 in the Delaware Basin.

Delaware Basin

Of the 55 wells drilled in the Delaware Basin, 41 were Bone Spring sands wells, 11 were Wolfcamp shale wells, 2 were Brushy Canyon wells and 1 was an Avalon shale well. The Company’s net production in the first quarter of 2014 from horizontal Delaware Basin wells averaged approximately 42.3 MBoepd, an 82% increase over the first quarter of 2013 and an increase of 18% over the fourth quarter of 2013.

In the northern Delaware Basin, 39 new wells had at least 30 days of production by the end of the first quarter of 2014 and set new average production-rate records with an average 30-day rate of 909 Boepd (74% oil) and an average 24-hour peak rate of 1,488 Boepd from an average lateral length of 4,535 feet.

In the southern Delaware Basin, 7 new wells had at least 30 days of production by the end of the first quarter of 2014, with an average 30-day rate of 1,104 Boepd (77% oil) and an average 24-hour peak rate of 1,453 Boepd from an average lateral length of 4,385 feet.

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.

New Credit Facility

On May 9, 2014, the Company entered into a new five-year revolving credit facility. The borrowing base under the new facility increased to $3.25 billion and commitments were maintained at $2.5 billion. Additionally, the new facility provides for a 25 basis point reduction in the drawn spread and further interest rate reductions on the undrawn spread.

At March 31, 2014, the Company had borrowings outstanding under its credit facility of $294.7 million, and the availability under the credit facility was approximately $2.2 billion.

Midstream Joint Venture

The Company has formed a midstream joint venture with a private entity to construct a crude oil transportation system in the northern Delaware Basin. This aligns with the Company’s midstream strategic objectives of improving price realizations and securing transportation for its crude oil volume. The joint venture will connect a substantial portion of the Company’s crude oil production in the northern Delaware Basin and increase optionality by providing multiple delivery points. Current expectations are for the system to be operational in the second half of 2015.

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Updated Guidance

Concho’s upstream capital budget increased to $2.6 billion, excluding acquisitions, as operational efficiencies continue to improve. The Company expects it will drill approximately 40 additional net wells with the incremental capital before the end of 2014. Additionally, the Company’s recently announced midstream joint venture and previously announced acreage acquisitions in the southern Delaware Basin are expected to add approximately $100 million to the overall 2014 capital budget.

In light of its first quarter production results and planned activity increase in the second half of 2014, the Company raised its 2014 annual production guidance range to 20%—24% growth over 2013. For the second quarter of 2014, the Company expects production to average between 104—108 MBoepd.

The Company’s LOE guidance range for 2014 increased to $8.00—$8.50 per Boe as a result of the rapid increase in activity across the Permian Basin and certain related infrastructure challenges.

Crude Oil Realizations

In the first quarter of 2014, the average discount on the Midland-to-Cushing WTI oil basis differential was approximately $3.53 per Bbl. The average discount for the months of April and May was $8.68 and $8.89 per Bbl, respectively. The Company’s unhedged crude oil realization during the second quarter of 2014 is expected to be 88%—92% of NYMEX crude oil. However, the Company’s full-year 2014 unhedged crude oil realization is expected to remain within the annual guidance range of 93%—95% of NYMEX crude oil.

Conference Call and Presentation Information

The Company will host a conference call with an accompanying presentation on Monday, May 12, 2014, at 9 a.m. CST to further discuss information regarding first quarter 2014 financial and operating results. Interested parties may listen to the conference call via the Company’s website at www.concho.com or by dialing (800) 237-9752 (passcode: 78320382). The presentation is also 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: 54056975).

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 proceeds 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

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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 and 10-Q filings and risks relating to declines in the prices we receive for our 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 our capital resources and liquidity; risks related to the concentration of our operations in the Permian Basin; the results of our hedging program; weather; litigation; shortages of oilfield equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about our ability to replace reserves and economically develop our 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.

We may use the terms “unproved reserves,” “resource potential,” “EUR” per well and “upside potential” to describe estimates of potentially recoverable hydrocarbons that the U.S. Securities and Exchange Commission (“SEC”) rules prohibit from being included in filings with the SEC. These are based on analogy to the Company’s existing models applied to additional acres, additional zones and tighter spacing and are the Company’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. These quantities may not constitute “reserves” within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or SEC rules. EUR estimates, resource potential and drilling locations have not been fully risked by Company management and are inherently more speculative than proved reserves estimates. Actual locations drilled and quantities that may be ultimately recovered from the Company’s interests could differ substantially. There is no commitment by the Company to drill all of the drilling locations which have been attributed to these quantities. Factors affecting ultimate recovery include the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of unproved reserves, resource potential, per well EUR and upside potential may change significantly as development of the Company’s oil and natural gas assets provide additional data. Our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.

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.

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Consolidated Balance Sheets

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Consolidated Statements of Operations

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Consolidated Statements of Cash Flows

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Summary Production and Price Data

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The following table sets forth summary information concerning our production and operating data for the periods indicated:

The presentation of average prices with derivatives is a non-GAAP measure as a result of including the cash receipts from (payments on) commodity derivatives that are presented in loss on derivatives not designated as hedges in the statements of operations. This presentation of average prices with derivatives is a means by which to reflect the actual cash performance of our commodity derivatives for the respective periods and presents oil and natural gas prices with derivatives in a manner consistent with the presentation generally used by the investment community.

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Supplemental Non-GAAP Financial Measures

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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:

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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:

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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) non-cash stock-based compensation expense, (5) loss on derivatives not designated as hedges, (6) cash receipts from (payments on) derivatives not designated as hedges, (7) (gain) loss on disposition of assets, net, (8) interest expense, (9) federal and state income taxes on continuing operations and (10) 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:

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Costs Incurred

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The table below provides the costs incurred for the periods indicated:

Costs incurred for oil and natural gas producing activities (a)

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Derivatives Information

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The tables below provide data associated with the Company’s derivatives at May 12, 2014 for the periods indicated:

Contact:

Concho Resources Inc.

Price Moncrief (432) 683-7443

Vice President of Capital Markets and Strategy

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