Company Quick10K Filing
Concho Resources
Price73.46 EPS-1
Shares199 P/E-63
MCap14,652 P/FCF7
Net Debt4,349 EBIT-91
TEV19,001 TEV/EBIT-209
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-30 Earnings, Exhibits, Earnings, Exhibits
8-K 2020-04-27 Shareholder Vote
8-K 2020-04-09 Earnings
8-K 2020-03-05 Officers
8-K 2020-02-18 Earnings, Exhibits, Earnings, Exhibits
8-K 2020-01-17 Earnings
8-K 2020-01-02 Officers, Exhibits
8-K 2019-10-29 Earnings, Exhibits, Earnings, Exhibits
8-K 2019-10-10 Earnings
8-K 2019-07-31 Earnings, Exhibits, Earnings, Exhibits
8-K 2019-07-18 Earnings, Earnings
8-K 2019-05-16 Officers, Shareholder Vote, Exhibits
8-K 2019-04-30 Earnings, Earnings, Exhibits
8-K 2019-02-19 Earnings, Earnings, Exhibits
8-K 2019-01-01 Enter Agreement, Officers, Exhibits
8-K 2018-10-30 Earnings, Earnings, Exhibits
8-K 2018-08-14 Enter Agreement, Exhibits
8-K 2018-08-01 Earnings, Earnings, Exhibits
8-K 2018-07-19 M&A, Officers, Other Events, Exhibits
8-K 2018-07-17 Shareholder Vote, Other Events
8-K 2018-07-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-14 Other Events, Exhibits
8-K 2018-06-14 Enter Agreement, Exhibits
8-K 2018-05-17 Officers, Shareholder Vote, Other Events
8-K 2018-05-01 Earnings, Earnings, Exhibits
8-K 2018-04-27 Other Events
8-K 2018-03-28 Regulation FD, Other Events, Regulation FD, Exhibits
8-K 2018-03-27 Enter Agreement, Exhibits
8-K 2018-02-20 Earnings, Earnings, Exhibits
8-K 2018-01-02 Officers, Amend Bylaw, Exhibits

CXO 10Q Quarterly Report

Part I - Financial Information
Item 1. Consolidated Financial Statements (Unaudited)
Note 1. Organization and Nature of Operations
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Note 3. Stock Incentive Plan
Note 4. Disclosures About Fair Value Measurements
Note 5. Derivative Financial Instruments
Note 6. Debt
Note 7. Commitments and Contingencies
Note 8. Income Taxes
Note 9. Related Party Transactions
Note 10. Earnings per Share
Note 11. Stockholders' Equity
Note 12. Subsequent Events
Note 13. Supplementary Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-22.1 cxoex-221.htm
EX-31.1 cxo-ex31103312020.htm
EX-31.2 cxo-ex31203312020.htm
EX-32.1 cxo-ex32103312020.htm
EX-32.2 cxo-ex32203312020.htm

Concho Resources Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
1.20.80.40.1-0.3-0.72016201720182020
Rev, G Profit, Net Income
2.01.20.4-0.5-1.3-2.12012201420172020
Ops, Inv, Fin

cxo-20200331
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                           to                                          a
Commission file number: 1-33615
Concho Resources Inc.
(Exact name of registrant as specified in its charter)
Delaware76-0818600
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Concho Center
600 West Illinois Avenue
MidlandTexas79701
(Address of principal executive offices)(Zip Code)

(432) 683-7443
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCXONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No ¨  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  þ  No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No þ  
Number of shares of the registrant’s common stock outstanding at April 27, 2020: 196,701,580 shares



Table of Contents
TABLE OF CONTENTS

ii

Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Various statements and information contained in or incorporated by reference into this report that express a belief, expectation, or intention, or that are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include statements, projections and estimates concerning our future financial position, operations, performance, business strategy, oil and natural gas reserves, drilling program, production, capital expenditures, liquidity and capital resources, the timing and success of specific projects, and outcomes and effects of regulation and disputes. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,” “will,” “goal” or other words that convey future events, expectations or possible outcomes. Forward-looking statements are not guarantees of performance. We have based these forward-looking statements on our current expectations and assumptions about future events and their potential effect on us. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate under the circumstances. Actual results may differ materially from those implied or expressed by any forward-looking statements. These forward-looking statements speak only as of the date of this report, or if earlier, as of the date they were made. We disclaim any obligation to update or revise these statements unless required by law, whether as a result of new information, future events or otherwise, and we caution you not to rely on them unduly. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties relating to, among other matters, the risks discussed in “Part II, Item 1A. Risk Factors” in this Quarterly Report and in “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as those factors summarized below, many of which are beyond our control:
declines in, the sustained depression of, or increased volatility in the prices we receive for our oil and natural gas, or increases in the differential between index oil or natural gas prices and prices received, including the recent dramatic decline of oil and natural gas prices;
risks related to and the impact of actual or anticipated pandemics such as the novel coronavirus (“COVID-19”) pandemic;
disruptions to, capacity constraints in or other limitations on the pipeline systems that deliver our oil and natural gas and other processing and transportation considerations;
general economic and business conditions, either internationally or domestically;
difficult and adverse conditions in the domestic and global capital and credit markets;
the adequacy of our capital resources and liquidity including, but not limited to, access to the capital markets and additional borrowing capacity under our Credit Facility, as defined herein;
the impact of potential changes in our credit ratings;
uncertainties about our ability to successfully execute our business and financial plans and strategies;
risks related to the concentration of our operations in the Permian Basin of West Texas and Southeast New Mexico;
evolving cybersecurity risks, such as those involving unauthorized access or control, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches or other actions;
the effects of government regulation, permitting and other legal requirements, including new legislation or regulation related to hydraulic fracturing and climate change;
uncertainties about our ability to replace reserves and economically develop our current reserves;
competition in the oil and natural gas industry;
drilling, completion and operating risks, including our ability to efficiently execute large-scale project development as we could experience delays, curtailments and other adverse impacts associated with well spacing and a high concentration of activity;
uncertainties about the estimated quantities of oil and natural gas reserves;
uncertainty concerning our assumed or possible future results of operations;
environmental hazards, such as uncontrollable flows of oil, natural gas, saltwater, well fluids, toxic gas or other pollution into the environment, including groundwater contamination;
the costs and availability of equipment, resources, services and qualified personnel required to perform our drilling, completion and operating activities;
risks associated with acquisitions such as increased expenses and integration efforts, failure to realize the expected benefits of the transaction and liabilities associated with acquired properties or businesses;
risks related to the recruitment and retention of qualified personnel in the Permian Basin;
the impact of current and potential changes to federal or state tax rules and regulations; and
potential financial losses or earnings reductions from our commodity price risk-management program.
Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and the price and cost assumptions made by our reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ from the quantities of oil and natural gas that are ultimately recovered.
iii

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements (Unaudited)

iv

Table of Contents
Concho Resources Inc.
Consolidated Balance Sheets
Unaudited

(in millions, except share and per share amounts)March 31,
2020
December 31,
2019
Assets
Current assets:
Cash and cash equivalents$165  $70  
Accounts receivable, net:
Oil and natural gas472  584  
Joint operations and other298  304  
Inventory25  30  
Derivative instruments1,241  6  
Prepaid costs and other59  61  
Total current assets2,260  1,055  
Property and equipment:
Oil and natural gas properties, successful efforts method26,644  28,785  
Accumulated depletion and depreciation(16,182) (7,895) 
Total oil and natural gas properties, net10,462  20,890  
Other property and equipment, net449  437  
Total property and equipment, net10,911  21,327  
Deferred loan costs, net6  7  
Goodwill  1,917  
Intangible assets, net17  17  
Noncurrent derivative instruments225  11  
Other assets195  398  
Total assets$13,614  $24,732  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable - trade$80  $53  
Revenue payable260  268  
Accrued drilling costs382  386  
Derivative instruments  112  
Other current liabilities324  363  
Total current liabilities1,046  1,182  
Long-term debt3,956  3,955  
Deferred income taxes87  1,654  
Noncurrent derivative instruments  7  
Asset retirement obligations and other long-term liabilities146  152  
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 authorized; 197,930,291 and 198,863,681 shares issued at March 31, 2020 and December 31, 2019, respectively    
Additional paid-in capital14,526  14,608  
Retained earnings (accumulated deficit)(5,997) 3,320  
Treasury stock, at cost; 1,225,682 and 1,175,026 shares at March 31, 2020 and December 31, 2019, respectively(150) (146) 
Total stockholders’ equity8,379  17,782  
Total liabilities and stockholders’ equity$13,614  $24,732  
The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents
Concho Resources Inc.
Consolidated Statements of Operations
Unaudited

Three Months Ended
March 31,
(in millions, except per share amounts)20202019
Operating revenues:
Oil sales$872  $935  
Natural gas sales50  169  
Total operating revenues922  1,104  
Operating costs and expenses:
Oil and natural gas production164  174  
Production and ad valorem taxes74  86  
Gathering, processing and transportation50  26  
Exploration and abandonments2,719  47  
Depreciation, depletion and amortization524  465  
Accretion of discount on asset retirement obligations2  3  
Impairments of long-lived assets7,772    
Impairments of goodwill1,917    
General and administrative (including non-cash stock-based compensation of $18 and $24 for the three months ended March 31, 2020 and 2019, respectively)69  91  
(Gain) loss on derivatives(1,769) 1,059  
(Gain) loss on disposition of assets, net5  (1) 
Transaction costs2    
Total operating costs and expenses11,529  1,950  
Loss from operations(10,607) (846) 
Other income (expense):
Interest expense(42) (47) 
Other, net(195) 4  
Total other expense(237) (43) 
Loss before income taxes(10,844) (889) 
Income tax benefit1,567  194  
Net loss$(9,277) $(695) 
Earnings per share:
Basic net loss$(47.49) $(3.49) 
Diluted net loss$(47.49) $(3.49) 
The accompanying notes are an integral part of these consolidated financial statements.
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Concho Resources Inc.
Consolidated Statements of Stockholders’ Equity
Unaudited

Three Months Ended March 31, 2020
Common Stock IssuedAdditional
Paid-in
Capital
Retained
Earnings (Accumulated Deficit)
Treasury StockTotal
Stockholders’
Equity
(in millions, except share data)SharesAmountSharesAmount
(in thousands)(in thousands)
BALANCE AT DECEMBER 31, 2019198,864  $  $14,608  $3,320  1,175  $(146) $17,782  
Adoption of ASU No. 2016-13 (Note 2)—  —  —  (1) —  —  (1) 
BALANCE AT JANUARY 1, 2020198,864    14,608  3,319  1,175  (146) 17,781  
Net loss—  —  —  (9,277) —  —  (9,277) 
Common stock repurchased and retired(1,126) —  (100) —  —  —  (100) 
Common stock dividends ($0.20 per share)—  —  —  (39) —  —  (39) 
Grants of restricted stock175  —  —  —  —  —  —  
Performance unit share conversion41  —  —  —  —  —  —  
Cancellation of restricted stock(24) —  —  —  —  —  —  
Stock-based compensation—  —  18  —  —  —  18  
Purchase of treasury stock—  —  —  —  51  (4) (4) 
BALANCE AT MARCH 31, 2020197,930  $  $14,526  $(5,997) 1,226  $(150) $8,379  

Three Months Ended March 31, 2019
Common Stock IssuedAdditional
Paid-in
Capital
Retained
Earnings
Treasury StockTotal
Stockholders’
Equity
(in millions, except share data)SharesAmountSharesAmount
(in thousands)(in thousands)
BALANCE AT DECEMBER 31, 2018201,289  $  $14,773  $4,126  1,032  $(131) $18,768  
Net loss—  —  —  (695) —  —  (695) 
Common stock dividends ($0.125 per share)—  —  —  (25) —  —  (25) 
Grants of restricted stock235  —  —  —  —  —  —  
Performance unit share conversion246  —  —  —  —  —  —  
Cancellation of restricted stock(15) —  —  —  —  —  —  
Stock-based compensation—  —  24  —  —  —  24  
Purchase of treasury stock—  —  —  —  124  (13) (13) 
BALANCE AT MARCH 31, 2019201,755  $  $14,797  $3,406  1,156  $(144) $18,059  
The accompanying notes are an integral part of these consolidated financial statements.
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Concho Resources Inc.
Consolidated Statements of Cash Flows
Unaudited

Three Months Ended
March 31,
(in millions)20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(9,277) $(695) 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization524  465  
Accretion of discount on asset retirement obligations2  3  
Impairments of long-lived assets7,772    
Impairments of goodwill1,917    
Exploration and abandonments2,713  38  
Non-cash stock-based compensation expense18  24  
Deferred income taxes(1,567) (194) 
Net (gain) loss on disposition of assets and other non-operating items5  (1) 
(Gain) loss on derivatives(1,769) 1,059  
Net settlements received from derivatives201    
Other205  2  
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable122  (111) 
Prepaid costs and other2  9  
Inventory5    
Accounts payable27  11  
Revenue payable(8) 8  
Other current liabilities(56) 5  
Net cash provided by operating activities836  623  
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties(556) (918) 
Changes in working capital associated with oil and natural gas property additions(1) 33  
Acquisitions of oil and natural gas properties(20) (5) 
Additions to property, equipment and other assets(19) (15) 
Proceeds from the disposition of assets  5  
Direct transaction costs for asset acquisitions and dispositions  (2) 
Net cash used in investing activities(596) (902) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility345  1,112  
Payments on credit facility(345) (739) 
Payment of common stock dividends(39) (25) 
Purchases of treasury stock(4) (13) 
Purchases of common stock under share repurchase program(100)   
Decrease in book overdrafts  (54) 
Other(2) (2) 
Net cash provided by (used in) financing activities(145) 279  
Net increase in cash and cash equivalents95    
Cash and cash equivalents at beginning of period70    
Cash and cash equivalents at end of period$165  $  
The accompanying notes are an integral part of these consolidated financial statements.
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Concho Resources Inc.
Condensed Notes to Consolidated Financial Statements
March 31, 2020
Unaudited

Note 1. Organization and nature of operations
Concho Resources Inc., a Delaware corporation (the “Company”), 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 primarily focused in the Permian Basin of West Texas and Southeast New Mexico.
Note 2. Basis of presentation and summary of significant accounting policies
A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”).
Principles of consolidation. The consolidated financial statements of the Company include the accounts of the Company and its 100 percent owned subsidiaries. The Company consolidates the financial statements of these entities. All material intercompany balances and transactions have been eliminated.
Reclassifications. Certain prior period amounts have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on net income (loss), total assets, liabilities and stockholders’ equity or total cash flows.
Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved oil and natural gas reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, goodwill, fair value of stock-based compensation, fair value of business combinations, fair value of nonmonetary transactions, fair value of derivative financial instruments and income taxes.
Interim financial statements. The accompanying consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2019 is derived from audited consolidated financial statements. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments necessary to present fairly the Company’s consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.
Certain disclosures have been condensed in or omitted from these consolidated financial statements. Accordingly, these condensed notes to the consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2019 Form 10-K.
Accounts receivable. The Company sells oil and natural gas to various customers and participates with other parties in the drilling, completion and operation of oil and natural gas wells.
One area of the Company’s exposure to credit risk is through the sale of its oil and natural gas production. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. The Company extends credit terms based on its evaluation of each counterparty’s creditworthiness. Oil and natural gas sales receivables are generally unsecured and typically received from the purchaser one to two months after production. The Company had an allowance for expected credit losses of $6 million at March 31, 2020, which was primarily based on a historical loss rate. The Company’s allowance for doubtful accounts at December 31, 2019 was $5 million.
Joint interest receivables are generally secured pursuant to the operating agreement between or among the co-owners of the operated property. The Company has the right to realize the receivables through netting of anticipated future production revenues. The allowance for expected credit losses for these receivables is primarily based on a historical loss rate. The Company’s assessment of the creditworthiness of the joint interest owners is another factor that is considered in developing its allowance for expected credit losses. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written-off against the allowance for expected credit losses only after all collection
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Concho Resources Inc.
Condensed Notes to Consolidated Financial Statements
March 31, 2020
Unaudited
attempts have been exhausted. The Company had an allowance for expected credit losses of $2 million at March 31, 2020. The Company had an allowance for doubtful accounts of $2 million at December 31, 2019.
The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary.
Equity method investments. The Company holds membership interests in certain entities and accounts for these investments using the equity method of accounting:
The Company owns a 50 percent membership interest in Beta Holding Company, LLC, a midstream joint venture formed to construct a crude oil gathering system in the Midland Basin.
The Company owns a 20 percent membership interest in Solaris Midstream Holdings, LLC, an entity that owns and operates water gathering, transportation, disposal, recycling and storage infrastructure assets in the Permian Basin.
The Company owns a preferred membership interest in WaterBridge Operating LLC, an entity that operates and manages various water infrastructure assets located in the Permian Basin.
The Company includes its equity method investment balance in other assets on the consolidated balance sheets. The Company records its share of equity investment earnings and losses in other income (expense) on the consolidated statements of operations. The Company recorded equity method investment losses of $202 million for the three months ended March 31, 2020. The loss during the first quarter of 2020 was primarily due to an other than temporary impairment of an equity method investment of $204 million, which is also included in other cash flows from operating activities on the consolidated statement of cash flows.
Litigation contingencies. The Company is a party to proceedings and claims incidental to its business. In each reporting period, the Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. The amount of any resulting losses may differ from these estimates. An accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable. See Note 7 for additional information.
Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them disaggregated on the Company’s consolidated statements of operations. All revenues are recognized in the geographical region of the Permian Basin.
The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” (“ASC 606”). Specifically, revenue is recognized when the Company’s performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2020 and December 31, 2019, the Company had net receivables related to contracts with customers of $320 million and $584 million, respectively.
Oil Contracts. The majority of the Company’s oil marketing contracts transfer physical custody and title at or near the wellhead, which is generally when control of the oil has been transferred to the purchaser. The majority of the oil produced is sold under contracts using market-based pricing which is then adjusted for differentials based upon delivery location and oil quality. To the extent the differentials are incurred after the transfer of control of the oil, the differentials are included in oil sales on the consolidated statements of operations as they represent part of the transaction price of the contract. If the differentials, or other related costs, are incurred prior to the transfer of control of the oil, those costs are included in gathering, processing and transportation on the Company’s consolidated statements of operations and are accounted for as costs incurred directly and not netted from the transaction price.
Natural Gas Contracts. The majority of the Company’s natural gas is sold at the lease location, which is generally when control of the natural gas has been transferred to the purchaser. The natural gas is sold under (i) percentage of proceeds processing contracts, (ii) fee-based contracts or (iii) a hybrid of percentage of proceeds and fee-based contracts. Under the majority of the Company’s contracts, the purchaser gathers the natural gas in the field where it is produced and transports it via pipeline to natural gas processing plants where natural gas liquid products are extracted. The natural gas liquid products
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Concho Resources Inc.
Condensed Notes to Consolidated Financial Statements
March 31, 2020
Unaudited
and remaining residue gas are then sold by the purchaser. Under the percentage of proceeds and hybrid percentage of proceeds and fee-based contracts, the Company receives a percentage of the value for the extracted liquids and the residue gas. Under the fee-based contracts, the Company receives natural gas liquids and residue gas value, less the fee component, or is invoiced the fee component. To the extent control of the natural gas transfers upstream of the transportation and processing activities, revenue is recognized as the net amount received from the purchaser. To the extent that control transfers downstream of those activities, revenue is recognized on a gross basis, and the related costs are classified in gathering, processing and transportation on the Company’s consolidated statements of operations.
The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties during the drilling and production phases and records such reimbursements as reductions to general and administrative expense. Such fees totaled $5 million and $4 million for the three months ended March 31, 2020 and 2019, respectively.
Goodwill. Goodwill is assessed for impairment on an annual basis, or more frequently if indicators of impairment exist. Impairment tests, which involve the use of estimates related to the fair market value of the reporting unit with which goodwill is associated, are performed as of July 1 of each year. The balance of goodwill is allocated in its entirety to the Company’s one reporting unit. The reporting unit’s fair value is the Company’s enterprise value calculated as the combined market capitalization of the Company’s equity plus a control premium and the fair value of the Company’s long-term debt. If the results of the quantitative test are such that the fair value of the reporting unit is less than the carrying value, goodwill is then reduced by an amount that is equal to the amount by which the carrying value of the reporting unit exceeds the fair value.
The Company performed an impairment test at March 31, 2020 due to the recent significant decline in oil and natural gas prices as well as the reduced demand for oil and natural gas as a result of the COVID-19 pandemic and other supply factors during the first quarter of 2020. As a result, the Company impaired its entire goodwill balance of $1.9 billion. The impairment was due to the significant decline in the Company’s enterprise value. To estimate the fair value of the reporting unit at March 31, 2020, the Company used an average stock price of $41.63. The period over which this average stock price was calculated was shortened for the announcement of the COVID-19 pandemic to include the impact of the recent decline in oil and natural gas prices on the Company’s common stock. In addition, the Company’s control premium was based on the median control premium of recent transactions in the Company’s industry.

Recently adopted accounting pronouncements. In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The amended rules, which can be found under new Rule 13-01 of Regulation S-X, narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those statements. The amended rules allow the registrants, among other things, to disclose summarized financial information of the issuer and guarantors on a combined basis and to present only the most recently completed fiscal year and subsequent year-to-date interim period. The rule allows the parent company to omit summarized financial information if it is not material, or if assets, liabilities, and results of operations of the combined issuers and guarantors of the security are not materially different than the amounts in the parent company’s consolidated financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. The Company early adopted the rule in the first quarter of 2020 and chose to omit the summarized financial information as the combined financial statements of the issuer and guarantors were not materially different than the amounts in the Company’s consolidated financial statements.
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“Topic 326”), which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments–Credit Losses,” which makes amendments to clarify the scope of the guidance, including the amendment clarifying that receivables arising from operating leases are not within the scope of Topic 326. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements or related disclosures. Oil and natural gas sales receivables and joint interest receivables are the primary financial assets that are within the scope of the new guidance. A loss-rate method is applied to these receivables to estimate credit losses. The Company recognized a tax effected $1 million non-cash cumulative effect adjustment to retained earnings on its
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Concho Resources Inc.
Condensed Notes to Consolidated Financial Statements
March 31, 2020
Unaudited