Published: August 19, 2020 |

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Concho Resources released its inaugural 2020 Sustainability Report. The report outlines Concho’s approach to sustainability, details the company’s environmental, social, governance and safety performance, and includes an update to the company’s 2019 Climate Risk Report.

“At Concho, we strive to produce efficient and reliable energy, and we believe our efforts contribute to improving quality of life around the world. Our role in supplying a competitive energy source is one we take seriously, and sustainability is core to our strategy and success. This inaugural report demonstrates our progress and commitment to advancing our sustainability initiatives, increasing transparency of our performance and continuing a dialogue on these important matters,” said Tim Leach, chairman and chief executive officer.

Highlights and achievements from the 2020 Sustainability Report include:

• Operating Safely. We prioritize the health and safety of our people, as demonstrated by our safety performance, which shows a trend of consistently low incident rates.

• Safeguarding the Environment. We are reducing emissions and improving our air quality performance, demonstrated by approximately a 60 percent decrease in methane emissions in 2019 and nearly a 25 percent reduction in greenhouse gas intensity since 2017. In addition, we flared less than 2 percent of gross gas produced in 2019, and so far in 2020 we are closer to 1 percent.

• Encouraging Water Reuse. We are advancing our water recycling efforts, which resulted in nearly a 70 percent increase in reused water volumes in 2019, compared to 2018.

• Investing in Our Team. We are investing in our team and creating a diverse and inclusive culture, which has resulted in recognition as a Great Place to Work for five consecutive years and in 2019 recognition as a Great Place to Work for diversity.

• Investing in Our Community. The wellbeing of our local community is important and guides our approach to philanthropy and giving back. We invested more than $5 million in Permian Basin communities during 2019.

• Ensuring Accountability. Since 2018, we have included key sustainability performance measures within our compensation structure, which we believe strengthens the integration of sustainability into our operations and strategic direction.

Concho’s 2020 Sustainability Report was informed by key frameworks and reporting guidance, including the Sustainability Accounting Standards Board, Global Reporting Initiative and Oil and Gas Industry Guidance on Voluntary Sustainability Reporting by IPIECA. Preparation of the report was also informed by the recommendations from the Task Force for Climate-Related Financial Disclosures.

Concho Resources Inc.
Concho Resources is one of the largest unconventional shale producers in the Permian Basin, with operations focused on safely and efficiently developing and producing oil and natural gas resources. We are working today to deliver a better tomorrow for our shareholders, people and communities.

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