Concho Resources (CXO) 10-Q5 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	1-May-15
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	CXO
Entity Registrant Name	CONCHO RESOURCES INC
Entity Central Index Key	1358071
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		120,012,851

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$21	$21
Accounts receivable, net of allowance for doubtful accounts:
Oil and natural gas	219,486	250,600
Joint operations and other	401,425	409,665
Derivative instruments	495,803	490,351
Prepaid costs and other	37,541	37,759
Total current assets	1,154,276	1,188,396
Property and equipment:
Oil and natural gas properties, successful efforts method	14,609,006	13,867,831
Accumulated depletion and depreciation	-4,053,199	-3,790,953
Total oil and natural gas properties, net	10,555,807	10,076,878
Other property and equipment, net	132,778	129,136
Total property and equipment, net	10,688,585	10,206,014
Deferred loan costs, net	65,980	68,443
Intangible asset - operating rights, net	26,789	27,154
Inventory	14,352	14,435
Noncurrent derivative instruments	205,250	262,349
Other assets	51,914	33,172
Total assets	12,207,146	11,799,963
Accounts payable:
Trade	23,573	20,380
Related parties	0	0
Bank overdrafts	19,002	92,541
Revenue payable	160,993	238,098
Accrued and prepaid drilling costs	665,922	718,300
Deferred income taxes	166,447	162,566
Other current liabilities	188,840	195,308
Total current liabilities	1,224,777	1,427,193
Long-term debt	3,377,147	3,517,320
Deferred income taxes	1,423,273	1,438,185
Noncurrent derivative instruments	168	0
Asset retirement obligations and other long-term liabilities	139,432	136,477
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 authorized; 120,304,465 and 113,264,918 shares issued at March 31, 2015 and December 31, 2014, respectively	120	113
Additional paid-in capital	3,784,605	3,027,412
Retained earnings	2,287,253	2,279,741
Treasury stock, at cost; 289,069 and 260,124 shares at March 31, 2015 and December 31, 2014, respectively	-29,629	-26,478
Total stockholders' equity	6,042,349	5,280,788
Total liabilities and stockholders' equity	$12,207,146	$11,799,963

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	120,304,465	113,264,918
Treasury shares	289,069	260,124

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating revenues:
Oil sales	$349,584	$539,857
Natural gas sales	63,938	121,102
Total operating revenues	413,522	660,959
Operating costs and expenses:
Oil and natural gas production	125,535	126,924
Exploration and abandonments	5,755	25,375
Depreciation, depletion and amortization	267,205	221,392
Accretion of discount on asset retirement obligations	1,994	1,671
General and administrative (including non-cash stock-based compensation of $15,495 and $11,432 for the three months ended March 31, 2015 and 2014, respectively)	58,801	47,750
(Gain) loss on derivatives not designated as hedges	-115,340	35,615
Total operating costs and expenses	343,950	458,727
Income from operations	69,572	202,232
Other income (expense):
Interest expense	-53,569	-56,135
Other, net	-4,341	541
Total other expense	-57,910	-55,594
Income before income taxes	11,662	146,638
Income tax expense	-4,150	-55,331
Net income	$7,512	$91,307
Earnings per share:
Basic net income	$0.07	$0.87
Diluted net income	$0.06	$0.87

Consolidated_Statements_of_Ope1

Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Non-cash stock-based compensation	$15,495	$11,432

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders Equity (USD $)	Total		Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
In Thousands, except Share data	Total		Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
BALANCE at Dec. 31, 2014	$5,280,788		$113	$3,027,412	$2,279,741	($26,478)
BALANCE, Shares at Dec. 31, 2014			113,265,000			260,000
Net income	7,512		0	0	7,512	0
Issuance of common stock (Shares)	6,900,000		6,900,000
Issuance of common stock	741,184		7	741,177
Stock options exercised	57		0	57	0	0
Stock options exercised, shares	4,812		4,000			0
Grants of restricted stock, shares	139,556	[1]	140,000			0
Cancellation of restricted stock, shares			-5,000			0
Stock-based compensation	15,495		0	15,495	0	0
Excess tax benefits related to stock-based compensation	464		0	464	0	0
Purchase of treasury stock	-3,151		0	0	0	-3,151
Purchase of treasury stock, shares			0			29,000
BALANCE at Mar. 31, 2015	$6,042,349		$120	$3,784,605	$2,287,253	($29,629)
BALANCE, Shares at Mar. 31, 2015			120,304,000			289,000

[1]	Weighted average grant date fair value per share is $101.58

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$7,512	$91,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	267,205	221,392
Accretion of discount on asset retirement obligations	1,994	1,671
Exploration and abandonments, including dry holes	2,700	23,759
Non-cash compensation expense	15,495	11,432
Deferred income taxes	-11,031	41,954
(Gain) loss on disposition of assets, net	39	-146
(Gain) loss on derivatives not designated as hedges	-115,340	35,615
Other non-cash items	2,612	2,710
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	35,731	-10,139
Prepaid costs and other	649	21
Inventory	3	1,126
Accounts payable	3,119	20,087
Revenue payable	-77,105	21,675
Other current liabilities	-7,334	13,516
Net cash provided by operating activities	126,249	475,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on oil and natural gas properties	-790,773	-554,266
Additions to property, equipment and other assets	-8,147	-5,617
Proceeds from the disposition of assets	0	24
Contribution to equity method investment	-20,000	0
Settlements received from (paid on) derivatives not designated as hedges	167,156	-14,837
Net cash used in investing activities	-651,764	-574,696
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt	739,000	593,400
Payments of debt	-878,500	-548,750
Exercise of stock options	57	1,254
Excess tax benefit from stock-based compensation	464	2,993
Net proceeds from issuance of common stock	741,184	0
Purchase of treasury stock	-3,151	-3,748
Increase (decrease) in bank overdrafts	-73,539	53,567
Net cash provided by financing activities	525,515	98,716
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	$21	$21

Organization_and_nature_of_ope

Organization and nature of operations	3 Months Ended
Organization and nature of operations	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Note 1. *Organization and nature of operations*

	Concho Resources Inc. (the “Company”) is a Delaware corporation formed on February 22, 2006. The Company’s principal business is the acquisition, development and exploration of oil and natural gas properties primarily located in the Permian Basin region of Southeast New Mexico and West Texas.

Summary_of_significant_account

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of significant accounting policies	Note 2. *Summary of significant accounting policies*

	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.

	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 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 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 and commodity price outlooks. Other significant estimates include, but are not limited to, the asset retirement obligations, fair value of derivative financial instruments, the fair value of business combinations, fair value of stock-based compensation 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, 2014 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 consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

	Deferred loan costs. Deferred loan costs are stated at cost, net of amortization, which is computed using the effective interest and straight-line methods. The Company had deferred loan costs of $66.0 million and $68.4 million, net of accumulated amortization of $62.1 million and $59.7 million, at March 31, 2015 and December 31, 2014, respectively.

	Equity method investment. The Company owns a 50 percent member interest in a midstream joint venture, Alpha Crude Connector, LLC (“ACC”), to construct a crude oil gathering and transportation system in the northern Delaware Basin. The Company accounts for its investment in ACC under the equity method of accounting for investments in unconsolidated affiliates. The Company’s net investment in ACC is $49.3 million at March 31, 2015 and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2015 is approximately $0.8 million and is included in other expense in the Company’s consolidated statement of operations. During the three months ended March 31, 2015, the Company recorded $0.6 million of capitalized interest on its investment in ACC.

	Revenue recognition. Oil and natural gas revenues are recorded at the time of physical transfer of such products to the purchaser, which for the Company is primarily at the wellhead. The Company follows the sales method of accounting for oil and natural gas sales, recognizing revenues based on the Company’s actual proceeds from the oil and natural gas sold to purchasers.

	General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of general and administrative expense. Such fees totaled approximately $6.4 million and $5.1 million for the three months ended March 31, 2015 and 2014, respectively.

	Recent accounting pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, “Interest–Imputation of Interest (Subtopic 835-30),” that requires debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability. The Company currently presents debt issuance costs on the balance sheet as an asset. The new standard does not impact current recognition or measurement guidance for debt issuance costs.

	An entity is required to apply ASU 2015-03 for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the new standard is permitted. The Company is evaluating the impact that this new guidance will have on its balance sheet presentation of debt issuance costs.

	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” that outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services.

	An entity is required to apply ASU 2014-09 for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements.

Exploratory_well_costs

Exploratory well costs	3 Months Ended
Exploratory well costs	Mar. 31, 2015
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Exploratory well costs	Note 3. *Exploratory well costs*

	The Company capitalizes exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. After an exploratory well has been completed and found oil and natural gas reserves, a determination may be pending as to whether the oil and natural reserves can be classified as proved. In those circumstances, the Company continues to capitalize the well or project costs pending the determination of proved status if (i) the well has found a sufficient quantity of reserves to justify its completion as a producing well and (ii) the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The capitalized exploratory well costs are carried in unproved oil and natural gas properties. See Note 16 for the proved and unproved components of oil and natural gas properties. If the exploratory well is determined to be impaired, the well costs are charged to exploration and abandonments expense in the consolidated statements of operations.

	The following table reflects the Company’s net capitalized exploratory well activity during the three months ended March 31, 2015:


					Three Months Ended
	(in thousands)				31-Mar-15

	Beginning capitalized exploratory well costs				$	241,657
		Additions to exploratory well costs pending the determination of proved reserves				171,806
		Reclassifications due to determination of proved reserves				-167,768
		Exploratory well costs charged to expense				-559
	Ending capitalized exploratory well costs				$	245,136


	The following table provides an aging at March 31, 2015 and December 31, 2014 of capitalized exploratory well costs based on the date drilling was completed:


				March 31,		December 31,
	(dollars in thousands)			2015		2014

	Capitalized exploratory well costs that have been capitalized for a period of one year or less		$	234,983	$	232,346
	Capitalized exploratory well costs that have been capitalized for a period greater than one year			10,153		9,311
		Total capitalized exploratory well costs	$	245,136	$	241,657
	Number of projects with exploratory well costs that have been capitalized for a period greater
		than one year		5		7


	Delaware Basin project. At March 31, 2015, the Company had approximately $4.5 million of suspended well costs greater than one year recorded for a well that was initially drilled to monitor nearby wells but is now undergoing tests to determine commercial production capability.

	Projects operated by others. At March 31, 2015, the Company had approximately $5.7 million of suspended well costs greater than one year recorded for four wells that are operated by others and waiting on completion.

Asset_retirement_obligations

Asset retirement obligations	3 Months Ended
Asset retirement obligations	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	Note 4. *Asset retirement obligations*

	The Company's asset retirement obligations primarily relate to the future plugging and abandonment of wells and facilities. The following table summarizes the Company's asset retirement obligation activity during the three months ended March 31, 2015:


			Three Months Ended
	(in thousands)		31-Mar-15

	Asset retirement obligations, beginning of period		$	119,881
		Liabilities incurred from new wells		1,779
		Accretion expense		1,994
		Liabilities settled upon plugging and abandoning wells		-1,078
		Revision of estimates		-196
	Asset retirement obligations, end of period		$	122,380

Incentive_plans

Incentive plans	3 Months Ended
Incentive plans	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive plans	Note 5. Stock incentive plan

	The Company’s 2006 Stock Incentive Plan, as amended and restated, provides for granting stock options, restricted stock awards and performance awards to directors, officers and employees of the Company.

	A summary of the Company’s activity for the three months ended March 31, 2015 is presented below:


					Restricted		Stock		Performance
					Stock		Options		Units
		Outstanding at December 31, 2014				1,091,309		47,713		250,314
			Awards granted (a)			139,556		-		176,330
			Options exercised			-		-4,812		-
			Awards cancelled / forfeited			-4,821		-		-
			Lapse of restrictions			-109,630		-		-
		Outstanding at March 31, 2015			1,116,414		42,901		426,644

		(a) Weighted average grant date fair value per share			$	101.58	$	-	$	156.86


	The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at March 31, 2015:



	(in thousands)

	Remaining 2015			$	42,195
	2016				38,043
	2017				18,300
	2018				1,887
	2019				71
	Thereafter				-
		Total		$	100,496

Disclosures_about_fair_value_m

Disclosures about fair value measurements	3 Months Ended
Disclosures about fair value measurements	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Disclosures about fair value measurements	Note 6. *Disclosures about fair value measurements*

	The Company uses a valuation framework based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. These two types of inputs are further prioritized into the following fair value input hierarchy:
	Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 2 instruments primarily include non-exchange traded derivatives such as over-the-counter commodity price swaps, basis swaps, collars and floors, investments and interest rate swaps. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value, (iii) current market and contractual prices for the underlying instruments and (iv) volatility factors, as well as other relevant economic measures.
	Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value, (iii) volatility factors and (iv) current market and contractual prices for the underlying instruments, as well as other relevant economic measures.

	Financial Assets and Liabilities Measured at Fair Value

	The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014


					31-Mar-15						31-Dec-14
					Carrying			Fair			Carrying			Fair
	(in thousands)				Value			Value			Value			Value

		Assets:
			Derivative instruments		$	701,053		$	701,053		$	752,700		$	752,700

		Liabilities:
			Derivative instruments		$	168		$	168		$	-		$	-
			Credit facility		$	-		$	-		$	139,500		$	131,068
			7.0% senior notes due 2021		$	600,000		$	628,500		$	600,000		$	625,500
			6.5% senior notes due 2022		$	600,000		$	630,000		$	600,000		$	628,500
			5.5% senior notes due 2022		$	600,000		$	603,000		$	600,000		$	598,500
			5.5% senior notes due 2023		$	1,577,147		$	1,592,761		$	1,577,820		$	1,573,875


	Cash and cash equivalents, accounts receivable, other current assets, accounts *payable, interest payable and other current liabilities.* The carrying amounts approximate fair value due to the short maturity of these instruments.

	Credit facility. The fair value of the Company’s credit facility is estimated by discounting the principal and interest payments at the Company’s credit-adjusted discount rate at the reporting date, which utilizes inputs that are Level 2 measurements in the fair value hierarchy.

	Senior notes. The fair values of the Company’s senior notes are based on quoted market prices. The debt securities are not actively traded and, therefore, are classified as Level 2 in the fair value hierarchy.

	Derivative instruments. The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2015 and December 31, 2014. The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets.


	31-Mar-15
						Fair Value Measurements Using																	Net
						Quoted Prices														Gross			Fair Value
						in Active					Significant									Amounts			Presented
						Markets for					Other			Significant						Offset in the			in the
						Identical					Observable			Unobservable						Consolidated			Consolidated
						Assets					Inputs			Inputs			Total			Balance			Balance
	(in thousands)					(Level 1)					(Level 2)			(Level 3)			Fair Value			Sheet			Sheet

		Assets:
			Current:
				Commodity derivatives			$	-		$	527,500		$	-		$	527,500		$	-31,697		$	495,803
			Noncurrent:
				Commodity derivatives				-			207,937			-			207,937			-2,687			205,250

		Liabilities:
			Current:
				Commodity derivatives				-			-31,697			-			-31,697			31,697			-
			Noncurrent:
				Commodity derivatives				-			-2,855			-			-2,855			2,687			-168

		Net derivative instruments					$	-		$	700,885		$	-		$	700,885		$	-		$	700,885



	31-Dec-14
					Fair Value Measurements Using																	Net
					Quoted Prices														Gross			Fair Value
					in Active					Significant									Amounts			Presented
					Markets for					Other			Significant						Offset in the			in the
					Identical					Observable			Unobservable						Consolidated			Consolidated
					Assets					Inputs			Inputs			Total			Balance			Balance
(in thousands)					(Level 1)					(Level 2)			(Level 3)			Fair Value			Sheet			Sheet

	Assets:
		Current:
			Commodity derivatives			$	-		$	501,717		$	-		$	501,717		$	-11,366		$	490,351
		Noncurrent:
			Commodity derivatives				-			262,349			-			262,349			-			262,349

	Liabilities:
		Current:
			Commodity derivatives				-			-11,366			-			-11,366			11,366			-
		Noncurrent:
			Commodity derivatives				-			-			-			-			-			-

	Net derivative instruments					$	-		$	752,700		$	-		$	752,700		$	-		$	752,700


Concentrations of credit risk. At March 31, 2015, the Company’s primary concentration of credit risks are the risk of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations.
The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not in default may set off all derivative liabilities owed to the defaulting party against all derivative asset receivables from the defaulting party. See Note 7 for additional information regarding the Company's derivative activities.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are reported at fair value on a nonrecurring basis in the Company’s consolidated balance sheets. The following methods and assumptions were used to estimate the fair values:

Impairments of long-lived assets. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable, for instance when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. In this circumstance, the Company recognizes an impairment loss for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. The Company reviews its oil and natural gas properties by depletion base or by individual well for those wells not constituting part of a depletion base. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair value of the properties would be recognized at that time.

It is reasonably possible that the estimate of undiscounted future net cash flows may change in the future resulting in the need to impair carrying values. The primary factors that may affect estimates of future cash flows are (i) commodity futures prices, (ii) increases or decreases in production and capital costs, (iii) future reserve adjustments, both positive and negative, to proved reserves and appropriate risk-adjusted probable and possible reserves and (iv) results of future drilling activities.

Additionally, based on the factors above as of March 31, 2015, the Company determined that undiscounted future cash flows attributable to certain depletion groups indicated that their carrying amounts were expected to be recovered; however, they may be at risk for impairment if management’s estimates of future cash flows further decline.

Derivative_financial_instrumen

Derivative financial instruments	3 Months Ended
Derivative financial instruments	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Note 7. *Derivative financial instruments*

	The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to (i) reduce the effect of the volatility of price changes on the oil and natural gas the Company produces and sells, (ii) support the Company’s capital budget and expenditure plans and (iii) support the economics associated with acquisitions. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company may also enter into physical delivery contracts to effectively provide commodity price hedges. Because these contracts are not expected to be net cash settled, they are considered to be normal sales contracts and not derivatives. Therefore, these contracts are not recorded in the Company’s consolidated financial statements.
	The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its statements of operations as they occur.

	The following table summarizes the gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2015 and 2014:


				Three Months Ended
				March 31,
	(in thousands)				2015			2014

	Gain (loss) on derivatives not designated as hedges:
		Oil derivatives		$	110,280		$	-24,220
		Natural gas derivatives			5,060			-11,395
			Total	$	115,340		$	-35,615



	The following table represents the Company's cash receipts from (payments on) derivatives for the three months ended March 31, 2015 and 2014:



				Three Months Ended
				March 31,
	(in thousands)				2015			2014

	Cash receipts from (payments on) derivatives not designated as hedges:
		Oil derivatives		$	160,186		$	-9,769
		Natural gas derivatives			6,970			-5,068
			Total	$	167,156		$	-14,837


	Commodity derivative contracts at March 31, 2015. The following table sets forth the Company’s outstanding derivative contracts at March 31, 2015. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2015 are expected to settle by June 30, 2017.

					First		Second		Third		Fourth
					Quarter		Quarter		Quarter		Quarter		Total
	Oil Swaps: (a)
		2015:00:00
			Volume (Bbl)				4,579,000		4,314,000		4,109,000		13,002,000
			Price per Bbl			$	83.05	$	82.83	$	82.47	$	82.79
		2016:00:00
			Volume (Bbl)		3,398,000		3,248,000		3,138,000		2,715,000		12,499,000
			Price per Bbl	$	88.87	$	89.24	$	88.77	$	63.48	$	83.43
		2017:00:00
			Volume (Bbl)		84,000		84,000		-		-		168,000
			Price per Bbl	$	87	$	87	$	-	$	-	$	87
	Oil Basis Swaps: (b)
		2015:00:00
			Volume (Bbl)				4,200,500		4,002,000		3,772,000		11,974,500
			Price per Bbl			$	-3.32	$	-3.3	$	-3.24	$	-3.29
		2016:00:00
			Volume (Bbl)		2,639,000		2,639,000		2,668,000		2,668,000		10,614,000
			Price per Bbl	$	-2.31	$	-2.31	$	-2.31	$	-2.31	$	-2.31
	Natural Gas Swaps: (c)
		2015:00:00
			Volume (MMBtu)				5,915,000		5,980,000		5,980,000		17,875,000
			Price per MMBtu			$	4.16	$	4.16	$	4.16	$	4.16
	Natural Gas Basis Swaps: (d)
		2015:00:00
			Volume (MMBtu)				1,365,000		1,380,000		1,380,000		4,125,000
			Price per MMBtu			$	-0.13		-0.13	$	-0.13	$	-0.13


(a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate
	(“WTI”) monthly average futures price.
(b) The basis differential price is between Midland – WTI and Cushing – WTI.
(c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.
(d) The basis differential price is between the El Paso Permian delivery point and NYMEX – Henry Hub delivery point.


Derivative counterparties. The Company uses credit and other financial criteria to evaluate the credit worthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. Other than provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any counterparties under its derivative contracts, nor are they required to provide credit support to the Company.

At March 31, 2015, the Company had a net asset position of $700.9 million as a result of outstanding derivative contracts which are reflected in the accompanying consolidated balance sheets. The Company assessed this balance for concentration risk and noted balances of approximately $113.4 million, $85.3 million, $81.3 million and $73.7 million with J.P. Morgan Chase Bank, Wells Fargo Bank, N.A., Barclays Bank PLC and Citibank, N.A., respectively.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Note 8. *Debt*

	The Company’s debt consisted of the following at March 31, 2015 and December 31, 2014:



						March 31,			December 31,
	(in thousands)					2015			2014

	Credit facility				$	-		$	139,500
	7.0% unsecured senior notes due 2021					600,000			600,000
	6.5% unsecured senior notes due 2022					600,000			600,000
	5.5% unsecured senior notes due 2022					600,000			600,000
	5.5% unsecured senior notes due 2023					1,550,000			1,550,000
	Unamortized original issue premium, net					27,147			27,820
		Less: current portion				-			-
			Total long-term debt		$	3,377,147		$	3,517,320


	Credit facility. The Company’s credit facility, as amended and restated, has a maturity date of May 9, 2019. In April 2015, the Company amended its credit agreement, which removed the current ratio financial covenant and reaffirmed its borrowing base of $3.25 billion. At March 31, 2015, commitments from the Company’s bank group totaled $2.5 billion.

	Senior notes. Interest on the Company’s senior notes is paid in arrears semi-annually. The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by all subsidiaries of the Company, subject to customary release provisions as described in Note 14.

	At March 31, 2015, the Company was in compliance with the covenants under all of its debt instruments.

	Principal maturities of long-term debt. Principal maturities of long-term debt outstanding at March 31, 2015 were as follows:


	(in thousands)

	Remaining 2015			$		-
	2016					-
	2017					-
	2018					-
	2019					-
	2020					-
	Thereafter					3,350,000
		Total		$		3,350,000


	Interest expense. The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2015 and 2014:


							Three Months Ended
							March 31,
	(in thousands)							2015			2014

	Cash payments for interest						$	46,007		$	44,320
	Amortization of original issue premium							-673			-637
	Amortization of deferred loan origination costs							2,463			3,347
	Net changes in accruals							6,982			9,105
		Interest costs incurred						54,779			56,135
	Less: capitalized interest							-1,210			-
		Total interest expense					$	53,569		$	56,135

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 9. *Commitments and contingencies*

	Severance agreements. The Company has entered into severance and change in control agreements with all of its officers. The current annual salaries for the Company’s officers covered under such agreements total approximately $7.9 million.

	Indemnifications. The Company has agreed to indemnify its directors and officers with respect to claims and damages arising from certain acts or omissions taken in such capacity.

	Legal actions. The Company is a party to proceedings and claims incidental to its business. While many of these matters involve inherent uncertainty, the Company believes that the amount of the liability, if any, ultimately incurred with respect to any such proceedings or claims will not have a material adverse effect on the Company’s consolidated financial position as a whole or on its liquidity, capital resources or future results of operations. The Company will continue to evaluate proceedings and claims involving the Company on a regular basis and will establish and adjust any reserves as appropriate to reflect its assessment of the then current status of the matters.

	Severance tax, royalty and joint interest audits. The Company is subject to routine severance, royalty and joint interest audits from regulatory bodies and non-operators and makes accruals as necessary for estimated exposure when deemed probable and estimable. Additionally, the Company is subject to various possible contingencies that arise primarily from interpretations affecting the oil and natural gas industry. Such contingencies include differing interpretations as to the prices at which oil and natural gas sales may be made, the prices at which royalty owners may be paid for production from their leases, allowable costs under joint interest arrangements and other matters. At March 31, 2015 and December 31, 2014, the Company had $12.5 million and $12.3 million accrued for estimated exposure, respectively. Although the Company believes that it has estimated its exposure with respect to the various laws and regulations, administrative rulings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued.

	Commitments. The Company periodically enters into contractual arrangements under which the Company is committed to expend funds. These contractual arrangements relate to purchase agreements the Company has entered into including daywork drilling contracts, water commitment agreements, throughput volume delivery commitments and power commitments. The following table summarizes the Company’s commitments at March 31, 2015:


	(in thousands)

	Remaining 2015		$	42,201
	2016			36,609
	2017			17,210
	2018			21,182
	2019			10,040
	2020			3,550
	Thereafter			28,530
		Total	$	159,322


	Operating leases. The Company leases vehicles, equipment and office facilities under non-cancellable operating leases. Lease payments associated with these operating leases for the three months ended March 31, 2015 and 2014 were approximately $1.9 million and $1.7 million, respectively.

	Future minimum lease commitments under non-cancellable operating leases at March 31, 2015 were as follows:


	(in thousands)

	Remaining 2015		$	5,460
	2016			5,889
	2017			5,861
	2018			5,040
	2019			4,227
	2020			4,259
	Thereafter			4,687
		Total	$	35,423

Income_taxes

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Note 10. Income taxes

	The effective income tax rates were 35.6 percent and 37.7 percent for the three months ended March 31, 2015 and 2014, respectively. Total income tax expense for the three months ended March 31, 2015 and 2014 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due primarily to state taxes and the impact of permanent differences between book and taxable income.

Related_party_transactions

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	Note 11. *Related party transactions*

	The following table summarizes charges incurred with and payments made to related parties and reported in the Company’s consolidated statements of operations for the periods presented:


		Three Months Ended
		March 31,
	(in thousands)		2015		2014

	Amounts paid to a partnership in which a director has an ownership interest (a)	$	1,694	$	2,802

	Amounts paid to a director and certain officers of the Company (b)	$	523	$	97


	(a) Amounts include royalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest.

	(b) Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an officer.

Net_income_per_share

Net income per share	3 Months Ended
Net income per share	Mar. 31, 2015
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Net income per share	Note 12. *Net income per share*

	The Company uses the two-class method of calculating net income per share because certain of the Company’s unvested share-based awards qualify as participating securities.

	The following table reconciles the Company’s income from operations and income attributable to common stockholders to the basic and diluted earnings used to determine the Company’s income per share amounts for the three months ended March 31, 2015 and 2014, respectively, under the two-class method:



				Three Months Ended
				March 31,
	(in thousands, except per share amounts)			2015		2014

	Income as reported			$	7,512	$	91,307
	Participating basic earnings				-74		-1,068
		Basic income attributable to common stockholders			7,438		90,239
	Reallocation of participating earnings				-		4
		Diluted income attributable to common stockholders		$	7,438	$	90,243

	Income per common share:
		Basic		$	0.07	$	0.87
		Diluted		$	0.06	$	0.87



	The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2015 and 2014:



					Three Months Ended
					March 31,
	(in thousands)				2015	2014

	Weighted average common shares outstanding:
		Basic			114,047	103,949
			Dilutive common stock options		25	123
			Dilutive performance units		411	234
		Diluted			114,483	104,306



	Performance unit awards. The number of shares of common stock that will ultimately be issued for performance units will be determined by a combination of (i) comparing the Company's total shareholder return relative to the total shareholder return of a predetermined group of peer companies at the end of the performance period and (ii) the Company’s absolute total shareholder return at the end of the performance period. The performance period is 36 months. The actual payout of shares will be between zero and 300 percent of the performance units granted depending on the Company's performance at the end of the performance period.

Stockholders_equity

Stockholders' equity	3 Months Ended
Stockholders' equity	Mar. 31, 2015
Stockholders' Equity Disclosure [Abstract]
Stockholders' equity	Note 13. *Stockholders’ equity*

	Public common stock offering. In March 2015, the Company issued 6.9 million shares of its common stock in a secondary public offering at $107.49 per share and received net proceeds of approximately $741.2 million.

Subsidiary_guarantors

Subsidiary guarantors	3 Months Ended
Subsidiary guarantors	Mar. 31, 2015
Guarantees [Abstract]
Subsidiary guarantors	Note 14. *Subsidiary guarantors*

	All of the Company’s 100 percent owned subsidiaries have fully and unconditionally guaranteed the Company’s senior notes. The indentures governing the Company’s senior notes provide that the guarantees of its subsidiary guarantors will be released in certain customary circumstances, including (i) in connection with any sale, exchange or other disposition, whether by merger, consolidation or otherwise, of the capital stock of that guarantor to a person that is not the Company or a restricted subsidiary of the Company, such that, after giving effect to such transaction, such guarantor would no longer constitute a subsidiary of the Company, (ii) in connection with any sale, exchange or other disposition (other than a lease) of all or substantially all of the assets of that guarantor to a person that is not the Company or a restricted subsidiary of the Company, (iii) upon the merger of a guarantor into the Company or any other guarantor or the liquidation or dissolution of a guarantor, (iv) if the Company designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the indenture, (v) upon legal defeasance or satisfaction and discharge of the indenture and (vi) upon written notice of such release or discharge by the Company to the trustee following the release or discharge of all guarantees by such guarantor of any indebtedness that resulted in the creation of such guarantee, except a discharge or release by or as a result of payment under such guarantee.

	See Note 8 for a summary of the Company’s senior notes. In accordance with practices accepted by the United States Securities and Exchange Commission, the Company has prepared condensed consolidating financial statements in order to quantify the assets, results of operations and cash flows of such subsidiaries as subsidiary guarantors.

	The following condensed consolidating balance sheets at March 31, 2015 and December 31, 2014, condensed consolidating statements of operations for the three months ended March 31, 2015 and 2014 and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distributions to the Company.

	Condensed Consolidating Balance Sheet
	31-Mar-15


					Parent			Subsidiary			Consolidating
	(in thousands)				Issuer			Guarantors			Entries			Total

	ASSETS
	Accounts receivable - related parties			$	7,405,404		$	1,186,344		$	-8,591,748		$	-
	Other current assets				561,539			592,737			-			1,154,276
	Oil and natural gas properties, net				-			10,555,807			-			10,555,807
	Property and equipment, net				-			132,778			-			132,778
	Investment in subsidiaries				4,035,672			-			-4,035,672			-
	Other long-term assets				271,232			93,053			-			364,285
		Total assets		$	12,273,847		$	12,560,719		$	-12,627,420		$	12,207,146

	LIABILITIES AND EQUITY
	Accounts payable - related parties			$	1,186,344		$	7,405,404		$	-8,591,748		$	-
	Other current liabilities				244,566			980,211			-			1,224,777
	Long-term debt				3,377,147			-			-			3,377,147
	Other long-term liabilities				1,423,441			139,432			-			1,562,873
	Equity				6,042,349			4,035,672			-4,035,672			6,042,349
		Total liabilities and equity		$	12,273,847		$	12,560,719		$	-12,627,420		$	12,207,146


	Condensed Consolidating Balance Sheet
	31-Dec-14

					Parent			Subsidiary			Consolidating
	(in thousands)				Issuer			Guarantors			Entries			Total

	ASSETS
	Accounts receivable - related parties			$	6,670,744		$	1,201,950		$	-7,872,694		$	-
	Other current assets				569,545			618,851			-			1,188,396
	Oil and natural gas properties, net				-			10,076,878			-			10,076,878
	Property and equipment, net				-			129,136			-			129,136
	Investment in subsidiaries				4,085,045			-			-4,085,045			-
	Other long-term assets				330,792			74,761			-			405,553
		Total assets		$	11,656,126		$	12,101,576		$	-11,957,739		$	11,799,963

	LIABILITIES AND EQUITY
	Accounts payable - related parties			$	1,201,950		$	6,670,744		$	-7,872,694		$	-
	Other current liabilities				217,884			1,209,309			-			1,427,193
	Long-term debt				3,517,320			-			-			3,517,320
	Other long-term liabilities				1,438,184			136,478			-			1,574,662
	Equity				5,280,788			4,085,045			-4,085,045			5,280,788
		Total liabilities and equity		$	11,656,126		$	12,101,576		$	-11,957,739		$	11,799,963


	Condensed Consolidating Statement of Operations
	Three Months Ended March 31, 2015


					Parent			Subsidiary			Consolidating
	(in thousands)				Issuer			Guarantors			Entries			Total

Total operating revenues			$	-		$	413,522		$	-		$	413,522
Total operating costs and expenses				114,604			-458,554			-			-343,950
	Income (loss) from operations			114,604			-45,032			-			69,572
Interest expense				-53,569			-			-			-53,569
Other, net				-49,373			-4,341			49,373			-4,341
	Income (loss) before income taxes			11,662			-49,373			49,373			11,662
Income tax expense				-4,150			-			-			-4,150
	Net income (loss)		$	7,512		$	-49,373		$	49,373		$	7,512


Condensed Consolidating Statement of Operations
Three Months Ended March 31, 2014

				Parent			Subsidiary			Consolidating
(in thousands)				Issuer			Guarantors			Entries			Total

Total operating revenues			$	-		$	660,959		$	-		$	660,959
Total operating costs and expenses				-36,153			-422,574			-			-458,727
	Income (loss) from operations			-36,153			238,385			-			202,232
Interest expense				-56,135			-			-			-56,135
Other, net				238,926			541			-238,926			541
	Income before income taxes			146,638			238,926			-238,926			146,638
Income tax expense				-55,331			-			-			-55,331
	Net income		$	91,307		$	238,926		$	-238,926		$	91,307


Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2015

					Parent			Subsidiary			Consolidating
(in thousands)					Issuer			Guarantors			Entries			Total

Net cash flows provided by (used in) operating activities				$	-766,210		$	892,459		$	-		$	126,249
Net cash flows provided by (used in) investing activities					167,156			-818,920			-			-651,764
Net cash flows provided by (used in) financing activities					599,054			-73,539			-			525,515
	Net increase (decrease) in cash and cash equivalents				-			-			-			-
	Cash and cash equivalents at beginning of period				-			21			-			21
	Cash and cash equivalents at end of period			$	-		$	21		$	-		$	21


Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2014

					Parent			Subsidiary			Consolidating
(in thousands)					Issuer			Guarantors			Entries			Total

Net cash flows provided by (used in) operating activities				$	-30,312		$	506,292		$	-		$	475,980
Net cash flows used in investing activities					-14,837			-559,859			-			-574,696
Net cash flows provided by financing activities					45,149			53,567			-			98,716
	Net increase (decrease) in cash and cash equivalents				-			-			-			-
	Cash and cash equivalents at beginning of period				-			21			-			21
	Cash and cash equivalents at end of period			$	-		$	21		$	-		$	21

Subsequent_events

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent events	Note 15. *Subsequent events*

	New commodity derivative contracts. After March 31, 2015, the Company entered into the following oil price swaps and oil basis swaps to hedge additional amounts of the Company’s estimated future production:


					First		Second		Third		Fourth
					Quarter		Quarter		Quarter		Quarter		Total

	Oil Swaps: (a)
		2015:00:00
			Volume (Bbl)				535,000		1,405,000		795,000		2,735,000
			Price per Bbl			$	59.83	$	59.87	$	60.05	$	59.91
		2016:00:00
			Volume (Bbl)		640,000		460,000		330,000		330,000		1,760,000
			Price per Bbl	$	64.8	$	64.88	$	64.98	$	64.98	$	64.89
		2017:00:00
			Volume (Bbl)		1,890,000		1,890,000		-		-		3,780,000
			Price per Bbl	$	64.62	$	64.62	$	-	$	-	$	64.62
	Oil Basis Swaps: (b)
		2015:00:00
			Volume (Bbl)				150,000		460,000		460,000		1,070,000
			Price per Bbl			$	-0.98	$	-0.98	$	-0.98	$	-0.98
		2016:00:00
			Volume (Bbl)		637,000		637,000		276,000		-		1,550,000
			Price per Bbl	$	-1.68	$	-1.68	$	-1.7	$	-	$	-1.68


	(a)	The index prices for the oil price swaps are based on the NYMEX – WTI monthly average futures price.
	(b)	The basis differential price is between Midland – WTI and Cushing – WTI.

Supplementary_information

Supplementary information	3 Months Ended
Supplementary information	Mar. 31, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplementary information	Note 16. *Supplementary information*

	Capitalized costs


				March 31,		December 31,
	(in thousands)			2015		2014

	Oil and natural gas properties:
		Proved		$	13,530,022	$	12,795,970
		Unproved			1,078,984		1,071,861
		Less: accumulated depletion			-4,053,199		-3,790,953
			Net capitalized costs for oil and natural gas properties	$	10,555,807	$	10,076,878



	Costs incurred for oil and natural gas producing activities


				Three Months Ended
				March 31,
	(in thousands)			2015		2014

	Property acquisition costs:
		Proved		$	-	$	20,490
		Unproved			16,013		24,688
	Exploration				429,169		324,497
	Development				301,744		211,679
		Total costs incurred for oil and natural gas properties		$	746,926	$	581,354

Summary_of_significant_account1

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of consolidation	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.
Use of estimates in the preparation of financial statements	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 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 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 and commodity price outlooks. Other significant estimates include, but are not limited to, the asset retirement obligations, fair value of derivative financial instruments, the fair value of business combinations, fair value of stock-based compensation and income taxes.
Interim Financial Statements [Policy Text Block]	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, 2014 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 consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Deferred loan costs.	Deferred loan costs. Deferred loan costs are stated at cost, net of amortization, which is computed using the effective interest and straight-line methods. The Company had deferred loan costs of $66.0 million and $68.4 million, net of accumulated amortization of $62.1 million and $59.7 million, at March 31, 2015 and December 31, 2014, respectively.
Equity method investment	Equity method investment. The Company owns a 50 percent member interest in a midstream joint venture, Alpha Crude Connector, LLC (“ACC”), to construct a crude oil gathering and transportation system in the northern Delaware Basin. The Company accounts for its investment in ACC under the equity method of accounting for investments in unconsolidated affiliates. The Company’s net investment in ACC is $49.3 million at March 31, 2015 and is included in other assets in the Company’s consolidated balance sheet. The equity loss for the three months ended March 31, 2015 is approximately $0.8 million and is included in other expense in the Company’s consolidated statement of operations. During the three months ended March 31, 2015, the Company recorded $0.6 million of capitalized interest on its investment in ACC.
Revenue recognition	Revenue recognition. Oil and natural gas revenues are recorded at the time of physical transfer of such products to the purchaser, which for the Company is primarily at the wellhead. The Company follows the sales method of accounting for oil and natural gas sales, recognizing revenues based on the Company’s actual proceeds from the oil and natural gas sold to purchasers.
General and administrative expense.	General and administrative expense. The Company receives fees for the operation of jointly-owned oil and natural gas properties and records such reimbursements as reductions of general and administrative expense. Such fees totaled approximately $6.4 million and $5.1 million for the three months ended March 31, 2015 and 2014, respectively.
Recent accounting pronouncements	Recent accounting pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, “Interest–Imputation of Interest (Subtopic 835-30),” that requires debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability. The Company currently presents debt issuance costs on the balance sheet as an asset. The new standard does not impact current recognition or measurement guidance for debt issuance costs.

	An entity is required to apply ASU 2015-03 for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the new standard is permitted. The Company is evaluating the impact that this new guidance will have on its balance sheet presentation of debt issuance costs.

	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” that outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services.

	An entity is required to apply ASU 2014-09 for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. An entity can apply ASU 2014-09 using either a full retrospective method, meaning the standard is applied to all of the periods presented, or a modified retrospective method, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. The Company is evaluating the impact that this new guidance will have on its consolidated financial statements.

Exploratory_well_costs_Tables

Exploratory well costs (Tables)	3 Months Ended
Exploratory well costs (Tables)	Mar. 31, 2015
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Company's capitalized exploratory well activity	The following table reflects the Company’s net capitalized exploratory well activity during the three months ended March 31, 2015:


					Three Months Ended
	(in thousands)				31-Mar-15

	Beginning capitalized exploratory well costs				$	241,657
		Additions to exploratory well costs pending the determination of proved reserves				171,806
		Reclassifications due to determination of proved reserves				-167,768
		Exploratory well costs charged to expense				-559
	Ending capitalized exploratory well costs				$	245,136

Aging of capitalized exploratory well costs based on the date drilling was completed	The following table provides an aging at March 31, 2015 and December 31, 2014 of capitalized exploratory well costs based on the date drilling was completed:


				March 31,		December 31,
	(dollars in thousands)			2015		2014

	Capitalized exploratory well costs that have been capitalized for a period of one year or less		$	234,983	$	232,346
	Capitalized exploratory well costs that have been capitalized for a period greater than one year			10,153		9,311
		Total capitalized exploratory well costs	$	245,136	$	241,657
	Number of projects with exploratory well costs that have been capitalized for a period greater
		than one year		5		7

Asset_retirement_obligations_T

Asset retirement obligations (Tables)	3 Months Ended
Asset retirement obligations (Tables)	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	The Company's asset retirement obligations primarily relate to the future plugging and abandonment of wells and facilities. The following table summarizes the Company's asset retirement obligation activity during the three months ended March 31, 2015:


			Three Months Ended
	(in thousands)		31-Mar-15

	Asset retirement obligations, beginning of period		$	119,881
		Liabilities incurred from new wells		1,779
		Accretion expense		1,994
		Liabilities settled upon plugging and abandoning wells		-1,078
		Revision of estimates		-196
	Asset retirement obligations, end of period		$	122,380

Incentive_plans_Tables

Incentive plans (Tables)	3 Months Ended
Incentive plans (Tables)	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the Company's stock awards activity	A summary of the Company’s activity for the three months ended March 31, 2015 is presented below:


					Restricted		Stock		Performance
					Stock		Options		Units
		Outstanding at December 31, 2014				1,091,309		47,713		250,314
			Awards granted (a)			139,556		-		176,330
			Options exercised			-		-4,812		-
			Awards cancelled / forfeited			-4,821		-		-
			Lapse of restrictions			-109,630		-		-
		Outstanding at March 31, 2015			1,116,414		42,901		426,644

		(a) Weighted average grant date fair value per share			$	101.58	$	-	$	156.86

Future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding	The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at March 31, 2015:



	(in thousands)

	Remaining 2015			$	42,195
	2016				38,043
	2017				18,300
	2018				1,887
	2019				71
	Thereafter				-
		Total		$	100,496

Disclosures_about_fair_value_m1

Disclosures about fair value measurements (Tables)	3 Months Ended
Disclosures about fair value measurements (Tables)	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Carrying amounts and fair values of the Company's financial instruments	The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2015 and December 31, 2014:


					31-Mar-15						31-Dec-14
					Carrying			Fair			Carrying			Fair
	(in thousands)				Value			Value			Value			Value

		Assets:
			Derivative instruments		$	701,053		$	701,053		$	752,700		$	752,700

		Liabilities:
			Derivative instruments		$	168		$	168		$	-		$	-
			Credit facility		$	-		$	-		$	139,500		$	131,068
			7.0% senior notes due 2021		$	600,000		$	628,500		$	600,000		$	625,500
			6.5% senior notes due 2022		$	600,000		$	630,000		$	600,000		$	628,500
			5.5% senior notes due 2022		$	600,000		$	603,000		$	600,000		$	598,500
			5.5% senior notes due 2023		$	1,577,147		$	1,592,761		$	1,577,820		$	1,573,875

Net basis derivative fair values as reported in the consolidated balance sheets	The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s consolidated balance sheets at March 31, 2015 and December 31, 2014. The Company nets the fair value of derivative instruments by counterparty in the Company’s consolidated balance sheets.


	31-Mar-15
						Fair Value Measurements Using															Net
						Quoted Prices													Gross		Fair Value
						in Active					Significant								Amounts		Presented
						Markets for					Other			Significant					Offset in the		in the
						Identical					Observable			Unobservable					Consolidated		Consolidated
						Assets					Inputs			Inputs			Total		Balance		Balance
	(in thousands)					(Level 1)					(Level 2)			(Level 3)			Fair Value		Sheet		Sheet

		Assets:
			Current:
				Commodity derivatives			$	-		$	527,500		$	-		$	527,500	$	-31,697	$	495,803
			Noncurrent:
				Commodity derivatives				-			207,937			-			207,937		-2,687		205,250

		Liabilities:
			Current:
				Commodity derivatives				-			-31,697			-			-31,697		31,697		-
			Noncurrent:
				Commodity derivatives				-			-2,855			-			-2,855		2,687		-168

		Net derivative instruments					$	-		$	700,885		$	-		$	700,885	$	-	$	700,885



	31-Dec-14
						Fair Value Measurements Using															Net
						Quoted Prices													Gross		Fair Value
						in Active					Significant								Amounts		Presented
						Markets for					Other			Significant					Offset in the		in the
						Identical					Observable			Unobservable					Consolidated		Consolidated
						Assets					Inputs			Inputs			Total		Balance		Balance
	(in thousands)					(Level 1)					(Level 2)			(Level 3)			Fair Value		Sheet		Sheet

		Assets:
			Current:
				Commodity derivatives			$	-		$	501,717		$	-		$	501,717	$	-11,366	$	490,351
			Noncurrent:
				Commodity derivatives				-			262,349			-			262,349		-		262,349

		Liabilities:
			Current:
				Commodity derivatives				-			-11,366			-			-11,366		11,366		-
			Noncurrent:
				Commodity derivatives				-			-			-			-		-		-

		Net derivative instruments					$	-		$	752,700		$	-		$	752,700	$	-	$	752,700

Derivative_financial_instrumen1

Derivative financial instruments (Tables)	3 Months Ended
Derivative financial instruments (Tables)	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summarizes the gains and losses reported in earnings related to the commodity and interest rate derivative instruments	The following table summarizes the gains (losses) reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2015 and 2014:


				Three Months Ended
				March 31,
	(in thousands)				2015			2014

	Gain (loss) on derivatives not designated as hedges:
		Oil derivatives		$	110,280		$	-24,220
		Natural gas derivatives			5,060			-11,395
			Total	$	115,340		$	-35,615



	The following table represents the Company's cash receipts from (payments on) derivatives for the three months ended March 31, 2015 and 2014:



				Three Months Ended
				March 31,
	(in thousands)				2015			2014

	Cash receipts from (payments on) derivatives not designated as hedges:
		Oil derivatives		$	160,186		$	-9,769
		Natural gas derivatives			6,970			-5,068
			Total	$	167,156		$	-14,837

Company's outstanding derivative contracts	The following table sets forth the Company’s outstanding derivative contracts at March 31, 2015. When aggregating multiple contracts, the weighted average contract price is disclosed. All of the Company’s derivative contracts at March 31, 2015 are expected to settle by June 30, 2017.

					First		Second		Third		Fourth
					Quarter		Quarter		Quarter		Quarter		Total
	Oil Swaps: (a)
		2015:00:00
			Volume (Bbl)				4,579,000		4,314,000		4,109,000		13,002,000
			Price per Bbl			$	83.05	$	82.83	$	82.47	$	82.79
		2016:00:00
			Volume (Bbl)		3,398,000		3,248,000		3,138,000		2,715,000		12,499,000
			Price per Bbl	$	88.87	$	89.24	$	88.77	$	63.48	$	83.43
		2017:00:00
			Volume (Bbl)		84,000		84,000		-		-		168,000
			Price per Bbl	$	87	$	87	$	-	$	-	$	87
	Oil Basis Swaps: (b)
		2015:00:00
			Volume (Bbl)				4,200,500		4,002,000		3,772,000		11,974,500
			Price per Bbl			$	-3.32	$	-3.3	$	-3.24	$	-3.29
		2016:00:00
			Volume (Bbl)		2,639,000		2,639,000		2,668,000		2,668,000		10,614,000
			Price per Bbl	$	-2.31	$	-2.31	$	-2.31	$	-2.31	$	-2.31
	Natural Gas Swaps: (c)
		2015:00:00
			Volume (MMBtu)				5,915,000		5,980,000		5,980,000		17,875,000
			Price per MMBtu			$	4.16	$	4.16	$	4.16	$	4.16
	Natural Gas Basis Swaps: (d)
		2015:00:00
			Volume (MMBtu)				1,365,000		1,380,000		1,380,000		4,125,000
			Price per MMBtu			$	-0.13		-0.13	$	-0.13	$	-0.13


	(a) The index prices for the oil price swaps are based on the New York Mercantile Exchange (“NYMEX”) – West Texas Intermediate
		(“WTI”) monthly average futures price.
	(b) The basis differential price is between Midland – WTI and Cushing – WTI.
	(c) The index prices for the natural gas price swaps are based on the NYMEX – Henry Hub last trading day futures price.
	(d) The basis differential price is between the El Paso Permian delivery point and NYMEX – Henry Hub delivery point.

Debt_Tables

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2015
Debt Disclosure [Abstract]
Company's debt	The Company’s debt consisted of the following at March 31, 2015 and December 31, 2014:



						March 31,			December 31,
	(in thousands)					2015			2014

	Credit facility				$	-		$	139,500
	7.0% unsecured senior notes due 2021					600,000			600,000
	6.5% unsecured senior notes due 2022					600,000			600,000
	5.5% unsecured senior notes due 2022					600,000			600,000
	5.5% unsecured senior notes due 2023					1,550,000			1,550,000
	Unamortized original issue premium, net					27,147			27,820
		Less: current portion				-			-
			Total long-term debt		$	3,377,147		$	3,517,320

Principal maturities of debt	Principal maturities of long-term debt. Principal maturities of long-term debt outstanding at March 31, 2015 were as follows:


	(in thousands)

	Remaining 2015			$		-
	2016					-
	2017					-
	2018					-
	2019					-
	2020					-
	Thereafter					3,350,000
		Total		$		3,350,000

Interest expense	Interest expense. The following amounts have been incurred and charged to interest expense for the three months ended March 31, 2015 and 2014:


							Three Months Ended
							March 31,
	(in thousands)							2015			2014

	Cash payments for interest						$	46,007		$	44,320
	Amortization of original issue premium							-673			-637
	Amortization of deferred loan origination costs							2,463			3,347
	Net changes in accruals							6,982			9,105
		Interest costs incurred						54,779			56,135
	Less: capitalized interest							-1,210			-
		Total interest expense					$	53,569		$	56,135

Commitments_and_contingencies_

Commitments and contingencies (Tables)	3 Months Ended
Commitments and contingencies (Tables)	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's future commitments	The following table summarizes the Company’s commitments at March 31, 2015:


	(in thousands)

	Remaining 2015		$	42,201
	2016			36,609
	2017			17,210
	2018			21,182
	2019			10,040
	2020			3,550
	Thereafter			28,530
		Total	$	159,322

Future minimum lease commitments under non-cancellable operating leases	Future minimum lease commitments under non-cancellable operating leases at March 31, 2015 were as follows:


	(in thousands)

	Remaining 2015		$	5,460
	2016			5,889
	2017			5,861
	2018			5,040
	2019			4,227
	2020			4,259
	Thereafter			4,687
		Total	$	35,423

Related_party_transactions_Tab

Related party transactions (Tables)	3 Months Ended
Related party transactions (Tables)	Mar. 31, 2015
Related Party Transactions [Abstract]
Summary of charges incurred with and payments made to the Company's related parties and reported in the consolidated statements of operations	The following table summarizes charges incurred with and payments made to related parties and reported in the Company’s consolidated statements of operations for the periods presented:


		Three Months Ended
		March 31,
	(in thousands)		2015		2014

	Amounts paid to a partnership in which a director has an ownership interest (a)	$	1,694	$	2,802

	Amounts paid to a director and certain officers of the Company (b)	$	523	$	97


	(a) Amounts include royalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest.

	(b) Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an officer.

Net_income_per_share_Tables

Net income per share (Tables)	3 Months Ended
Net income per share (Tables)	Mar. 31, 2015
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Reconciliation of earnings attributable to common shares, basic and diluted	The following table reconciles the Company’s income from operations and income attributable to common stockholders to the basic and diluted earnings used to determine the Company’s income per share amounts for the three months ended March 31, 2015 and 2014, respectively, under the two-class method:



				Three Months Ended
				March 31,
	(in thousands, except per share amounts)			2015		2014

	Income as reported			$	7,512	$	91,307
	Participating basic earnings				-74		-1,068
		Basic income attributable to common stockholders			7,438		90,239
	Reallocation of participating earnings				-		4
		Diluted income attributable to common stockholders		$	7,438	$	90,243

	Income per common share:
		Basic		$	0.07	$	0.87
		Diluted		$	0.06	$	0.87


reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding	The following table is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three months ended March 31, 2015 and 2014:



					Three Months Ended
					March 31,
	(in thousands)				2015	2014

	Weighted average common shares outstanding:
		Basic			114,047	103,949
			Dilutive common stock options		25	123
			Dilutive performance units		411	234
		Diluted			114,483	104,306

Subsidiary_guarantors_Tables

Subsidiary guarantors (Tables)	3 Months Ended
Subsidiary guarantors (Tables)	Mar. 31, 2015
Guarantees [Abstract]
Condensed Consolidating Balance Sheet	The following condensed consolidating balance sheets at March 31, 2015 and December 31, 2014, condensed consolidating statements of operations for the three months ended March 31, 2015 and 2014 and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distributions to the Company.

	Condensed Consolidating Balance Sheet
	31-Mar-15


				Parent			Subsidiary			Consolidating
	(in thousands)			Issuer			Guarantors			Entries			Total

	ASSETS
	Accounts receivable - related parties		$	7,405,404		$	1,186,344		$	-8,591,748		$	-
	Other current assets			561,539			592,737			-			1,154,276
	Oil and natural gas properties, net			-			10,555,807			-			10,555,807
	Property and equipment, net			-			132,778			-			132,778
	Investment in subsidiaries			4,035,672			-			-4,035,672			-
	Other long-term assets			271,232			93,053			-			364,285
		Total assets	$	12,273,847		$	12,560,719		$	-12,627,420		$	12,207,146

	LIABILITIES AND EQUITY
	Accounts payable - related parties		$	1,186,344		$	7,405,404		$	-8,591,748		$	-
	Other current liabilities			244,566			980,211			-			1,224,777
	Long-term debt			3,377,147			-			-			3,377,147
	Other long-term liabilities			1,423,441			139,432			-			1,562,873
	Equity			6,042,349			4,035,672			-4,035,672			6,042,349
		Total liabilities and equity	$	12,273,847		$	12,560,719		$	-12,627,420		$	12,207,146


	Condensed Consolidating Balance Sheet
	31-Dec-14

				Parent			Subsidiary			Consolidating
	(in thousands)			Issuer			Guarantors			Entries			Total

	ASSETS
	Accounts receivable - related parties		$	6,670,744		$	1,201,950		$	-7,872,694		$	-
	Other current assets			569,545			618,851			-			1,188,396
	Oil and natural gas properties, net			-			10,076,878			-			10,076,878
	Property and equipment, net			-			129,136			-			129,136
	Investment in subsidiaries			4,085,045			-			-4,085,045			-
	Other long-term assets			330,792			74,761			-			405,553
		Total assets	$	11,656,126		$	12,101,576		$	-11,957,739		$	11,799,963

	LIABILITIES AND EQUITY
	Accounts payable - related parties		$	1,201,950		$	6,670,744		$	-7,872,694		$	-
	Other current liabilities			217,884			1,209,309			-			1,427,193
	Long-term debt			3,517,320			-			-			3,517,320
	Other long-term liabilities			1,438,184			136,478			-			1,574,662
	Equity			5,280,788			4,085,045			-4,085,045			5,280,788
		Total liabilities and equity	$	11,656,126		$	12,101,576		$	-11,957,739		$	11,799,963

Condensed Consolidating Statement of Operations	The following condensed consolidating balance sheets at March 31, 2015 and December 31, 2014, condensed consolidating statements of operations for the three months ended March 31, 2015 and 2014 and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distributions to the Company.

	Condensed Consolidating Statement of Operations
	Three Months Ended March 31, 2015


				Parent			Subsidiary			Consolidating
	(in thousands)			Issuer			Guarantors			Entries			Total

	Total operating revenues		$	-		$	413,522		$	-		$	413,522
	Total operating costs and expenses			114,604			-458,554			-			-343,950
		Income (loss) from operations		114,604			-45,032			-			69,572
	Interest expense			-53,569			-			-			-53,569
	Other, net			-49,373			-4,341			49,373			-4,341
		Income (loss) before income taxes		11,662			-49,373			49,373			11,662
	Income tax expense			-4,150			-			-			-4,150
		Net income (loss)	$	7,512		$	-49,373		$	49,373		$	7,512


	Condensed Consolidating Statement of Operations
	Three Months Ended March 31, 2014

				Parent			Subsidiary			Consolidating
	(in thousands)			Issuer			Guarantors			Entries			Total

	Total operating revenues		$	-		$	660,959		$	-		$	660,959
	Total operating costs and expenses			-36,153			-422,574			-			-458,727
		Income (loss) from operations		-36,153			238,385			-			202,232
	Interest expense			-56,135			-			-			-56,135
	Other, net			238,926			541			-238,926			541
		Income before income taxes		146,638			238,926			-238,926			146,638
	Income tax expense			-55,331			-			-			-55,331
		Net income	$	91,307		$	238,926		$	-238,926		$	91,307

Condensed Consolidating Statement of Cash Flows	The following condensed consolidating balance sheets at March 31, 2015 and December 31, 2014, condensed consolidating statements of operations for the three months ended March 31, 2015 and 2014 and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014, present financial information for Concho Resources Inc. as the parent on a stand-alone basis (carrying any investments in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. All current and deferred income taxes are recorded on Concho Resources Inc., as the subsidiaries are flow-through entities for income tax purposes. The subsidiary guarantors are not restricted from making distributions to the Company.

	Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2015

					Parent			Subsidiary			Consolidating
	(in thousands)				Issuer			Guarantors			Entries			Total

	Net cash flows provided by (used in) operating activities			$	-766,210		$	892,459		$	-		$	126,249
	Net cash flows provided by (used in) investing activities				167,156			-818,920			-			-651,764
	Net cash flows provided by (used in) financing activities				599,054			-73,539			-			525,515
		Net increase (decrease) in cash and cash equivalents			-			-			-			-
		Cash and cash equivalents at beginning of period			-			21			-			21
		Cash and cash equivalents at end of period		$	-		$	21		$	-		$	21


	Condensed Consolidating Statement of Cash Flows
	Three Months Ended March 31, 2014

					Parent			Subsidiary			Consolidating
	(in thousands)				Issuer			Guarantors			Entries			Total

	Net cash flows provided by (used in) operating activities			$	-30,312		$	506,292		$	-		$	475,980
	Net cash flows used in investing activities				-14,837			-559,859			-			-574,696
	Net cash flows provided by financing activities				45,149			53,567			-			98,716
		Net increase (decrease) in cash and cash equivalents			-			-			-			-
		Cash and cash equivalents at beginning of period			-			21			-			21
		Cash and cash equivalents at end of period		$	-		$	21		$	-		$	21

Subsequent_events_Tables

Subsequent events (Tables)	3 Months Ended
Subsequent events (Tables)	Mar. 31, 2015
Subsequent Events [Abstract]
New commodity derivative contracts	New commodity derivative contracts. After March 31, 2015, the Company entered into the following oil price swaps and oil basis swaps to hedge additional amounts of the Company’s estimated future production:


					First		Second		Third		Fourth
					Quarter		Quarter		Quarter		Quarter		Total

	Oil Swaps: (a)
		2015:00:00
			Volume (Bbl)				535,000		1,405,000		795,000		2,735,000
			Price per Bbl			$	59.83	$	59.87	$	60.05	$	59.91
		2016:00:00
			Volume (Bbl)		640,000		460,000		330,000		330,000		1,760,000
			Price per Bbl	$	64.8	$	64.88	$	64.98	$	64.98	$	64.89
		2017:00:00
			Volume (Bbl)		1,890,000		1,890,000		-		-		3,780,000
			Price per Bbl	$	64.62	$	64.62	$	-	$	-	$	64.62
	Oil Basis Swaps: (b)
		2015:00:00
			Volume (Bbl)				150,000		460,000		460,000		1,070,000
			Price per Bbl			$	-0.98	$	-0.98	$	-0.98	$	-0.98
		2016:00:00
			Volume (Bbl)		637,000		637,000		276,000		-		1,550,000
			Price per Bbl	$	-1.68	$	-1.68	$	-1.7	$	-	$	-1.68


	(a)	The index prices for the oil price swaps are based on the NYMEX – WTI monthly average futures price.
	(b)	The basis differential price is between Midland – WTI and Cushing – WTI.

Supplementary_information_Tabl

Supplementary information (Tables)	3 Months Ended
Supplementary information (Tables)	Mar. 31, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized costs	Capitalized costs


				March 31,		December 31,
	(in thousands)			2015		2014

	Oil and natural gas properties:
		Proved		$	13,530,022	$	12,795,970
		Unproved			1,078,984		1,071,861
		Less: accumulated depletion			-4,053,199		-3,790,953
			Net capitalized costs for oil and natural gas properties	$	10,555,807	$	10,076,878


costs incurred for oil and natural gas producing activities	Costs incurred for oil and natural gas producing activities


				Three Months Ended
				March 31,
	(in thousands)			2015		2014

	Property acquisition costs:
		Proved		$	-	$	20,490
		Unproved			16,013		24,688
	Exploration				429,169		324,497
	Development				301,744		211,679
		Total costs incurred for oil and natural gas properties		$	746,926	$	581,354

Recovered_Sheet1

Summary Of Significant Accounting Policies (Narrative) (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Disclosure Summary Of Significant Accounting Policies Narrative [Abstract]
Deferred loan costs	$65,980,000		$68,443,000
Accumulated amortization	62,100,000		59,700,000
Fees related to operation of jointly owned oil and natural gas properties	6,400,000	5,100,000
Equity method investment ownership percentage	50.00%
Total equity method investment	49,300,000
Income (loss) from equity method investments	-800,000
Interest costs capitalized on equity method investment	$600,000

Exploratory_Well_Costs_Capital

Exploratory Well Costs (Capitalized Exploratory Well Activity) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Disclosure Exploratory Well Costs Capitalized Exploratory Well Activity [Abstract]
Beginning capitalized exploratory well costs	$241,657
Additions to exploratory well costs pending the determination of proved reserves	171,806
Reclassifications due to determination of proved reserves	-167,768
Exploratory well costs charged to expense	-559
Ending capitalized exploratory well costs	$245,136

Exploratory_Well_Costs_Aging_O

Exploratory Well Costs (Aging Of Capitalized Exploratory Well Costs Based On The Date Of Drilling) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Number	Number
Disclosure Exploratory Well Costs Aging Of Capitalized Exploratory Well Costs Based On The Date Of Drilling [Abstract]
Capitalized exploratory well costs that have been capitalized for a period of one year or less	$234,983	$232,346
Capitalized exploratory well costs that have been capitalized for a period greater than one year	10,153	9,311
Total capitalized exploratory well costs	$245,136	$241,657
Projects that have Exploratory Well Costs that have been Capitalized for Period Greater than One Year, Number of Projects	5	7

Exploratory_Well_Costs_Narrati

Exploratory Well Costs (Narrative) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$10,153	$9,311
Delaware Basin Area [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	4,500
OBO Projects [Member]
Oil And Gas In Process Activities [Line Items]
Capitalized Exploratory Well Costs That Have Been Capitalized For Period Greater Than One Year	$5,700

Asset_Retirement_Obligations_S

Asset Retirement Obligations (Schedule Of Asset Retirement Obligation Transactions) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure Asset Retirement Obligations Schedule Of Asset Retirement Obligation Transactions [Abstract]
Asset retirement obligations, beginning of period	$119,881
Liabilities incurred from new wells	1,779
Accretion expense	1,994	1,671
Liabilities settled upon plugging and abandoning wells	-1,078
Revision of estimates	-196
Asset retirement obligations, end of period	$122,380

Incentive_Plans_Schedule_Of_Re

Incentive Plans (Schedule Of Restricted Stock Awards Activity) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Disclosure Incentive Plans Schedule Of Restricted Stock Awards Activity [Abstract]
Outstanding at beginning of period	1,091,309
Shares granted	139,556	[1]
Shares cancelled / forfeited	-4,821
Lapse of restrictions	-109,630
Outstanding at end of period	1,116,414
Shares Granted - Grant Date Value Per Share	$101.58

[1]	Weighted average grant date fair value per share is $101.58

Incentive_Plans_Schedule_Of_St

Incentive Plans (Schedule Of Stock Option Awards Activity) (Detail)	3 Months Ended
	Mar. 31, 2015
Disclosure Incentive Plans Schedule Of Stock Option Awards Activity [Abstract]
Outstanding at beginning of period (Shares)	47,713
Options exercised (Shares)	-4,812
Outstanding at end of period (Shares)	42,901

Incentive_Plans_Schedule_Of_Pe

Incentive Plans (Schedule Of Performance Unit Awards Activity) (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
Disclosure Incentive Plans Schedule Of Performance Unit Awards Activity [Abstract]
Performance units outstanding at beginning of period (Shares)	426,644		250,314
Units granted	176,330	[1]
Performance units outstanding at end of period (Shares)	426,644		250,314
Shares Granted - Grant Date Fair Value - Performance Units	$156.86

[1]	Weighted average grant date fair value per share is $156.86

Incentive_Plans_Summary_For_Fu

Incentive Plans (Summary For Future Stock-Based Compensation Expense) (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining 2015	$42,195
2016	38,043
2017	18,300
2018	1,887
2019	71
Thereafter	0
Total	$100,496

Recovered_Sheet2

Disclosures About Fair Value Measurements (Carrying Amounts And Fair Values Of The Company's Financial Instruments) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Credit facility	$0	$139,500
Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	1,550,000	1,550,000
Carrying Reported Amount Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets	701,053	752,700
Derivative instruments, Liabilities	168	0
Credit facility	0	139,500
Carrying Reported Amount Fair Value Disclosure [Member] \| Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Five Piont Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	600,000	600,000
Carrying Reported Amount Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	1,577,147	1,577,820
Portion At Fair Value Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative instruments, Assets	701,053	752,700
Derivative instruments, Liabilities	168	0
Credit facility	0	131,068
Portion At Fair Value Fair Value Disclosure [Member] \| Seven Point Zero Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	628,500	625,500
Portion At Fair Value Fair Value Disclosure [Member] \| Six Point Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	630,000	628,500
Portion At Fair Value Fair Value Disclosure [Member] \| Five Piont Five Percent Unsecured Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	603,000	598,500
Portion At Fair Value Fair Value Disclosure [Member] \| Five Point Five Percent Unsecured Senior Notes Due Twenty Twenty Three [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Unsecured senior notes	$1,592,761	$1,573,875

Recovered_Sheet3

Disclosures About Fair Value Measurements (Company's Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	$495,803	$490,351
Noncurrent derivative contracts, assets	205,250	262,349
Noncurrent derivative contracts, liabilities	-168	0
Net financial assets (liabilities)	700,885	752,700
Fair Value Inputs Level 1 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	0	0
Noncurrent derivative contracts, assets	0	0
Current derivative contracts, liabilities	0	0
Noncurrent derivative contracts, liabilities	0	0
Net financial assets (liabilities)	0	0
Fair Value Inputs Level 2 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	527,500	501,717
Noncurrent derivative contracts, assets	207,937	262,349
Current derivative contracts, liabilities	-31,697	-11,366
Noncurrent derivative contracts, liabilities	-2,855	0
Net financial assets (liabilities)	700,885	752,700
Fair Value Inputs Level 3 [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	0	0
Noncurrent derivative contracts, assets	0	0
Current derivative contracts, liabilities	0	0
Noncurrent derivative contracts, liabilities	0	0
Net financial assets (liabilities)	0	0
Estimate Of Fair Value Fair Value Disclosure [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	527,500	501,717
Noncurrent derivative contracts, assets	207,937	262,349
Current derivative contracts, liabilities	-31,697	-11,366
Noncurrent derivative contracts, liabilities	-2,855	0
Net financial assets (liabilities)	700,885	752,700
Gross Amounts Offset in Consolidated Balance Sheet [Member]
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Current derivative contracts, assets	-31,697	-11,366
Noncurrent derivative contracts, assets	-2,687	0
Current derivative contracts, liabilities	31,697	11,366
Noncurrent derivative contracts, liabilities	2,687	0
Net financial assets (liabilities)	$0	$0

Disclosures_About_Fair_Value_M2

Disclosures About Fair Value Measurements (Fair Value Derivative Instruments) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current:(b)
Fair value assets measured on recurring basis, derivative financial instruments assets, current	$495,803	$490,351
Noncurrent:(c)
Fair value assets measured on recurring basis, derivative financial instruments assets, noncurrent	205,250	262,349
Noncurrent:(c)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, noncurrent	-168	0
Net financial assets (liabilities)	700,885	752,700
Fair Value Inputs Level 1 [Member]
Current:(b)
Fair value assets measured on recurring basis, derivative financial instruments assets, current	0	0
Noncurrent:(c)
Fair value assets measured on recurring basis, derivative financial instruments assets, noncurrent	0	0
Current:(b)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, current	0	0
Noncurrent:(c)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, noncurrent	0	0
Net financial assets (liabilities)	0	0
Fair Value Inputs Level 2 [Member]
Current:(b)
Fair value assets measured on recurring basis, derivative financial instruments assets, current	527,500	501,717
Noncurrent:(c)
Fair value assets measured on recurring basis, derivative financial instruments assets, noncurrent	207,937	262,349
Current:(b)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, current	-31,697	-11,366
Noncurrent:(c)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, noncurrent	-2,855	0
Net financial assets (liabilities)	700,885	752,700
Fair Value Inputs Level 3 [Member]
Current:(b)
Fair value assets measured on recurring basis, derivative financial instruments assets, current	0	0
Noncurrent:(c)
Fair value assets measured on recurring basis, derivative financial instruments assets, noncurrent	0	0
Current:(b)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, current	0	0
Noncurrent:(c)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, noncurrent	0	0
Net financial assets (liabilities)	0	0
Estimate Of Fair Value Fair Value Disclosure [Member]
Current:(b)
Fair value assets measured on recurring basis, derivative financial instruments assets, current	527,500	501,717
Noncurrent:(c)
Fair value assets measured on recurring basis, derivative financial instruments assets, noncurrent	207,937	262,349
Current:(b)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, current	-31,697	-11,366
Noncurrent:(c)
Fair value liabilities measured on recurring basis, derivative financial instruments liabilities, noncurrent	-2,855	0
Net financial assets (liabilities)	$700,885	$752,700

Recovered_Sheet4

Derivative Financial Instruments (Gains And Losses Reported In Earnings Related To The Commodity And Interest Rate Derivative Instruments) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	($167,156)	$14,837
Mark-to-market gain (loss)	115,340	-35,615
Oil Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	160,186	-9,769
Mark-to-market gain (loss)	110,280	-24,220
Natural Gas Commodity Derivative [Member]
Derivative Financial Instruments Gains And Losses Reported In Earnings Related To Commodity And Interest Rate Derivative Instruments [Line Items]
Cash (payments on) receipts from derivatives not designated as hedges	6,970	-5,068
Mark-to-market gain (loss)	$5,060	($11,395)

Recovered_Sheet5

Derivative Financial Instruments (Outstanding Commodity Derivative Contracts) (Detail)	3 Months Ended								12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2015
	bbl		bbl		bbl		bbl		bbl
Oil Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year	4,109,000	[1]	4,314,000	[1]	4,579,000	[1]			13,002,000	[1]
Price per Bbl/MMBtu - Current Year	82.47	[1]	82.83	[1]	83.05	[1]			82.79	[1]
Volume (Bbl/MMBtu) - Year One	2,715,000	[1]	3,138,000	[1]	3,248,000	[1]	3,398,000	[1]	12,499,000	[1]
Price per Bbl/MMBtu - Year One	63.48	[1]	88.77	[1]	89.24	[1]	88.87	[1]	83.43	[1]
Volume (Bbl/MMBtu) - Year Two	0	[1]	0	[1]	84,000	[1]	84,000	[1]	168,000	[1]
Price per Bbl/MMBtu - Year Two	0	[1]	0	[1]	87	[1]	87	[1]	87	[1]
Oil Basis Swaps [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year	3,772,000	[2]	4,002,000	[2]	4,200,500	[2]			11,974,500	[2]
Price per Bbl/MMBtu - Current Year	-3.24	[2]	-3.3	[2]	-3.32	[2]			-3.29	[2]
Volume (Bbl/MMBtu) - Year One	2,668,000	[2]	2,668,000	[2]	2,639,000	[2]	2,639,000	[2]	10,614,000	[2]
Price per Bbl/MMBtu - Year One	-2.31	[2]	-2.31	[2]	-2.31	[2]	-2.31	[2]	-2.31	[2]
Natural Gas Swap [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year	5,980,000	[3]	5,980,000	[3]	5,915,000	[3]			17,875,000	[3]
Price per Bbl/MMBtu - Current Year	4.16	[3]	4.16	[3]	4.16	[3]			4.16	[3]
Natural Gas Basis Swap [Member]
Derivative [Line Items]
Volume (Bbl/MMBtu) - Current Year	1,380,000	[4]	1,380,000	[4]	1,365,000	[4]			4,125,000	[4]
Price per Bbl/MMBtu - Current Year	-0.13	[4]	-0.13	[4]	-0.13	[4]			-0.13	[4]

[1]	The index prices for the oil price swaps are based on the New York Mercantile Exchange (bNYMEXb) b West Texas Intermediate (bWTIb) monthly average futures price.
[2]	The basis differential price is between Midland b WTI and Cushing b WTI.
[3]	The index prices for the natural gas price swaps are based on the NYMEX b Henry Hub last trading day futures price.
[4]	The basis differential price is between the El Paso Permian delivery point and NYMEX b Henry Hub delivery point.

Derivative_Counterparties_Deta

Derivative Counterparties (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivative Counterparties Fair Value [Line Items]
Net financial assets (liabilities)	$700,885,000	$752,700,000
JP Morgan Chase Bank [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	113,400,000
Wells Fargo Bank NA [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	85,300,000
Barclays Bank PLC [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	81,300,000
Citibank NA [Member]
Derivative Counterparties Fair Value [Line Items]
Credit Risk Derivative Assets At Fair Value	$73,700,000

Debt_Summary_Of_LongTerm_Debt_

Debt (Summary Of Long-Term Debt) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit facility	$0	$139,500
Unamortized original issue premium, net	27,147	27,820
Less: current portion	0	0
Total long-term debt	3,377,147	3,517,320
7.0% senior notes due 2021
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
6.5% senior notes due 2022
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
5.5% unsecured senior notes due 2022
Debt Instrument [Line Items]
Unsecured senior notes	600,000	600,000
5.5% unsecured senior notes due 2023
Debt Instrument [Line Items]
Unsecured senior notes	$1,550,000	$1,550,000

Debt_Narrative_Detail

Debt (Narrative) (Detail) (USD $)	3 Months Ended
In Billions, unless otherwise specified	Mar. 31, 2015
Debt Disclosure [Line Items]
Line of credit maturity date	9-May-19
Aggregate maximum borrowing base	$3.25
Aggregate lender commitments	$2.50

Debt_Principal_Maturities_Of_D

Debt (Principal Maturities Of Debt) (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Disclosure Debt Principal Maturities Of Debt [Abstract]
Remaining 2015	$0
2016	0
2017	0
2018	0
2019	0
2020	0
Thereafter	3,350,000
Total	$3,350,000

Debt_Summary_Of_Interest_Expen

Debt (Summary Of Interest Expense) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure Debt Summary Of Interest Expense [Abstract]
Cash payments for interest	$46,007	$44,320
Amortization of original issue premium	-673	-637
Amortization of deferred loan origination costs	2,463	3,347
Net changes in accruals	6,982	9,105
Interest costs incurred	54,779	56,135
Less: capitalized interest	-1,210	0
Total interest expense	$53,569	$56,135

Recovered_Sheet6

Commitments And Contingencies (Narrative) (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Commitments [Line Items]
Annual officers' salaries	$7.90
Operating leases, lease payments	1.9	1.7
Accrued Exposure	$12.50		$12.30

Commitments_And_Contingencies_1

Commitments And Contingencies (Future Commitments) (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Disclosure Commitments And Contingencies Future Commitments [Abstract]
Remaining 2015	$42,201
2016	36,609
2017	17,210
2018	21,182
2019	10,040
2020	3,550
Thereafter	28,530
Total	$159,322

Commitments_And_Contingencies_2

Commitments And Contingencies (Future Minimum Lease Commitments Under Non-Cancellable Operating Leases) (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Disclosure Commitments And Contingencies Future Minimum Lease Commitments Under Non Cancellable Operating Leases [Abstract]
Remaining 2015	$5,460
2016	5,889
2017	5,861
2018	5,040
2019	4,227
2020	4,259
Thereafter	4,687
Total	$35,423

Income_Taxes_Narrative_Detail

Income Taxes (Narrative) (Detail)	3 Months Ended
Income Taxes (Narrative) (Detail)	Mar. 31, 2015	Mar. 31, 2014
Disclosure Income Taxes Narrative [Abstract]
Effective tax rate	35.60%	37.70%

Related_Party_Transactions_Sch

Related Party Transactions (Schedule Of Related Party Transactions) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Related Party Transaction [Line Items]
Ownership interest in system	3.50%
Partnership (Director Ownership Interest) [Member]
Related Party Transaction [Line Items]
Royalty interest paid	$1,694	[1]	$2,802	[1]
Director and Certain Officers [Member]
Related Party Transaction [Line Items]
Royalty interest paid	$523	[2]	$97	[2]

[1]	Amounts include royalties on certain properties and lease bonus payments paid to a partnership in which a director of the Company is the general partner and owns a 3.5 percent partnership interest.
[2]	Amounts include revenue interests, overriding royalty interests, and net profits interests in properties owned by the Company made to a director and certain officers (or affiliated entities). Amounts also include payments for an acreage acquisition and lease bonuses to an affiliated entity of an officer.

Net_Income_Per_Share_Reconcili

Net Income Per Share (Reconciliation Of Earnings Attributable To Common Shares Basic And Diluted) (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Income (loss) as reported	$7,512	$91,307
Participating basic earnings	-74	-1,068
Basic net income (loss) attributable to common stockholders	7,438	90,239
Reallocation of participating earnings	0	4
Diluted net income (loss) attributable to common stockholders	$7,438	$90,243
Basic net income	$0.07	$0.87
Diluted net income	$0.06	$0.87

Net_Income_Per_Share_Reconcili1

Net Income Per Share (Reconciliation Of The Weighted Average Common Shares Outstanding) (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic	114,047	103,949
Diluted	114,483	104,306
Stock Options [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	25	123
Performance Shares [Member]
Reconciliation Of Basic Weighted Average Common Shares Outstanding To Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive shares	411	234

Stockholders_Equity_Narrative_

Stockholders' Equity (Narrative) (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure Stockholders' Equity Narrative [Abstract]
Issuance of common stock (Shares)	6,900
Net proceeds from issuance of common stock	$741,184	$0
Shares issued price per share	$107.49

Subsidiary_Guarantors_Condense

Subsidiary Guarantors (Condensed Consolidating Balance Sheet) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Accounts receivable - related parties	$0	$0
Other current assets	1,154,276	1,188,396
Oil and natural gas properties, net	10,555,807	10,076,878
Property and equipment, net	132,778	129,136
Investment in subsidiaries	0	0
Other long-term assets	364,285	405,553
Total assets	12,207,146	11,799,963
LIABILITIES AND EQUITY
Accounts payable - related parties	0	0
Other current liabilities	1,224,777	1,427,193
Long-term debt	3,377,147	3,517,320
Other long-term liabilities	1,562,873	1,574,662
Equity	6,042,349	5,280,788
Total liabilities and stockholders' equity	12,207,146	11,799,963
Parent Company [Member]
ASSETS
Accounts receivable - related parties	7,405,404	6,670,744
Other current assets	561,539	569,545
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	4,035,672	4,085,045
Other long-term assets	271,232	330,792
Total assets	12,273,847	11,656,126
LIABILITIES AND EQUITY
Accounts payable - related parties	1,186,344	1,201,950
Other current liabilities	244,566	217,884
Long-term debt	3,377,147	3,517,320
Other long-term liabilities	1,423,441	1,438,184
Equity	6,042,349	5,280,788
Total liabilities and stockholders' equity	12,273,847	11,656,126
Guarantor Subsidiaries [Member]
ASSETS
Accounts receivable - related parties	1,186,344	1,201,950
Other current assets	592,737	618,851
Oil and natural gas properties, net	10,555,807	10,076,878
Property and equipment, net	132,778	129,136
Investment in subsidiaries	0	0
Other long-term assets	93,053	74,761
Total assets	12,560,719	12,101,576
LIABILITIES AND EQUITY
Accounts payable - related parties	7,405,404	6,670,744
Other current liabilities	980,211	1,209,309
Long-term debt	0	0
Other long-term liabilities	139,432	136,478
Equity	4,035,672	4,085,045
Total liabilities and stockholders' equity	12,560,719	12,101,576
Consolidation Eliminations [Member]
ASSETS
Accounts receivable - related parties	-8,591,748	-7,872,694
Other current assets	0	0
Oil and natural gas properties, net	0	0
Property and equipment, net	0	0
Investment in subsidiaries	-4,035,672	-4,085,045
Other long-term assets	0	0
Total assets	-12,627,420	-11,957,739
LIABILITIES AND EQUITY
Accounts payable - related parties	-8,591,748	-7,872,694
Other current liabilities	0	0
Long-term debt	0	0
Other long-term liabilities	0	0
Equity	-4,035,672	-4,085,045
Total liabilities and stockholders' equity	($12,627,420)	($11,957,739)

Subsidiary_Guarantors_Condense1

Subsidiary Guarantors (Condensed Consolidating Statement Of Operations) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed Financial Statements Captions [Line Items]
Total operating revenues	$413,522	$660,959
Total operating costs and expenses	-343,950	-458,727
Income (loss) from continuing operations	69,572	202,232
Interest expense	-53,569	-56,135
Other, net	-4,341	541
Income before income taxes	11,662	146,638
Income tax expense	-4,150	-55,331
Net income	7,512	91,307
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	-114,604	36,153
Income (loss) from continuing operations	114,604	-36,153
Interest expense	-53,569	-56,135
Other, net	-49,373	238,926
Income before income taxes	11,662	146,638
Income tax expense	-4,150	-55,331
Net income	7,512	91,307
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	413,522	660,959
Total operating costs and expenses	458,554	422,574
Income (loss) from continuing operations	-45,032	238,385
Interest expense	0	0
Other, net	-4,341	541
Income before income taxes	-49,373	238,926
Income tax expense	0	0
Net income	-49,373	238,926
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Total operating revenues	0	0
Total operating costs and expenses	0	0
Income (loss) from continuing operations	0	0
Interest expense	0	0
Other, net	49,373	-238,926
Income before income taxes	49,373	-238,926
Income tax expense	0	0
Net income	$49,373	($238,926)

Subsidiary_Guarantors_Condense2

Subsidiary Guarantors (Condensed Consolidating Statement Of Cash Flows) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	$126,249	$475,980
Net cash flows used in investing activities	-651,764	-574,696
Net cash flows provided by (used in) financing activities	525,515	98,716
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	21	21
Parent Company [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	-766,210	-30,312
Net cash flows used in investing activities	167,156	-14,837
Net cash flows provided by (used in) financing activities	599,054	45,149
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Guarantor Subsidiaries [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	892,459	506,292
Net cash flows used in investing activities	-818,920	-559,859
Net cash flows provided by (used in) financing activities	-73,539	53,567
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	21	21
Cash and cash equivalents at end of period	21	21
Consolidation Eliminations [Member]
Condensed Financial Statements Captions [Line Items]
Net cash flows provided by (used in) operating activities	0	0
Net cash flows used in investing activities	0	0
Net cash flows provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$0	$0

Subsequent_Events_New_Commodit

Subsequent Events (New Commodity Derivative Contracts) (Detail) (Subsequent Event [Member])	3 Months Ended								12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2015
	bbl		bbl		bbl		bbl		bbl
Oil Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year	795,000	[1]	1,405,000	[1]	535,000	[1]			2,735,000	[1]
Price per Bbl/MMBtu - Current Year	60.05	[1]	59.87	[1]	59.83	[1]			59.91	[1]
Volume (Bbl/MMBtu) - Year One	330,000	[1]	330,000	[1]	460,000	[1]	640,000	[1]	1,760,000	[1]
Price per Bbl/MMBtu - Year One	64.98	[1]	64.98	[1]	64.88	[1]	64.8	[1]	64.89	[1]
Volume (Bbl/MMBtu) - Year Two	0	[1]	0	[1]	1,890,000	[1]	1,890,000	[1]	3,780,000	[1]
Price per Bbl/MMBtu - Year Two	0	[1]	0	[1]	64.62	[1]	64.62	[1]	64.62	[1]
Oil Basis Swaps [Member]
Subsequent Event [Line Items]
Volume (Bbl/MMBtu) - Current Year	460,000	[2]	460,000	[2]	150,000	[2]			1,070,000	[2]
Price per Bbl/MMBtu - Current Year	-0.98	[2]	-0.98	[2]	-0.98	[2]			-0.98	[2]
Volume (Bbl/MMBtu) - Year One	0	[2]	276,000	[2]	637,000	[2]	637,000	[2]	1,550,000	[2]
Price per Bbl/MMBtu - Year One	0	[2]	-1.7	[2]	-1.68	[2]	-1.68	[2]	-1.68	[2]

[1]	The index prices for the oil price swaps are based on the NYMEX b WTI monthly average futures price.
[2]	The basis differential price is between Midland b WTI and Cushing b WTI.

Supplementary_Information_Capi

Supplementary Information (Capitalized Costs) (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Disclosure Supplementary Information Capitalized Costs [Abstract]
Proved	$13,530,022	$12,795,970
Unproved	1,078,984	1,071,861
Accumulated depletion and depreciation	-4,053,199	-3,790,953
Net capitalized costs for oil and natural gas properties	$10,555,807	$10,076,878

Supplementary_Information_Cost

Supplementary Information (Costs Incurred For Oil And Natural Gas Producing Activities) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure Supplementary Information Costs Incurred For Oil And Natural Gas Producing Activities [Abstract]
Proved	$0	$20,490
Unproved	16,013	24,688
Exploration	429,169	324,497
Development	301,744	211,679
Total costs incurred for oil and natural gas properties	$746,926	$581,354