Document:

EX-10.7

 Exhibit 10.7 

CONCHO RESOURCES INC. 

EXECUTIVE SEVERANCE PLAN 

I.    INTRODUCTION 

This Concho Resources Inc. Executive Severance Plan (this “Plan”) is being adopted pursuant to the authorization of the
Compensation Committee of the Board for the benefit of certain executives of the Company. This Plan is intended to provide severance benefits to certain executives who experience a Qualifying Termination or a termination due to death or Disability.

 II.    DEFINITIONS AND CONSTRUCTION 

2.1    Definitions. Where the following words and phrases appear in this Plan, they shall have the
respective meanings set forth below, unless their context clearly indicates otherwise. 
 (a) “Applicable
Factor” shall mean the relevant factor specified as applicable to the Executive, as set forth on the attached Schedule A. 

(b) “Board” shall mean the Board of Directors of the Company. 

(c) “Cause” shall mean the Executive (i) has engaged in gross negligence, gross incompetence or willful
misconduct in the performance of the Executive’s duties, (ii) has refused, without proper reason, to perform the Executive’s duties, (iii) has materially breached any material provision of this Plan or corporate policy or code of
conduct established by the Company, (iv) has willfully engaged in conduct which is materially injurious to the Company or its subsidiaries (monetarily or otherwise), (v) has committed an act of fraud, embezzlement or willful breach of a
fiduciary duty to the Company or an affiliate (including the unauthorized disclosure of confidential or proprietary material information of Company or an affiliate), (vi) has been convicted of (or pleaded no contest to) a crime involving fraud,
dishonesty or moral turpitude or any felony, or (vii) has used Company securities owned or controlled by the Executive as collateral for a securities margin account. 

(d) “Change of Control” shall mean the first to occur of any of the following: 

(i) a merger of the Company with another entity, a consolidation involving the Company, or the sale of all or substantially
all of the assets of the Company to another entity if, in any such case, (1) the holders of equity securities of the Company immediately prior to such transaction or event do not beneficially own immediately after such transaction or event
equity securities of the resulting entity entitled to 50% or more of the votes then eligible to be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same proportions that they
owned the equity securities of the Company immediately prior to such transaction or event or (2) the persons who were members of the Board immediately prior to such transaction or event shall not constitute at least a majority of the board of
directors of the resulting entity immediately after such transaction or event; 
 (ii) the Company is dissolved and
liquidated; 
 (iii) any person or entity, including a “group” as contemplated by section 13(d)(3) of the
Securities Exchange Act of 1934, as amended, acquires or gains ownership or control of (including, without limitation, the power to vote) more than 30% of the outstanding shares of the Company’s voting stock (based upon voting power); or 

(iv) the individuals who, as of the original adoption date of this Plan, constitute members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board (provided, however, that any individual becoming a director subsequent to such date whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered for purposes of this definition as though such individual was a member of the Incumbent Board, but
excluding, for these purposes, any such individual whose initial assumption of office as a director occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of any individual, entity or group other than the Board). 

 (e) “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
 (f) “Company” shall mean Concho Resources Inc., a Delaware corporation, and shall include its
successors and assigns. 
 (g) “Disability” shall mean that, as a result of the Executive’s incapacity
due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive’s duties for six consecutive months and the Executive shall not have returned to full-time performance of the
Executive’s duties within 30 days after written notice of termination is given to the Executive by the Employer (provided, however, that such notice may not be given prior to 30 days before the expiration of such
six-month period). 
 (h) “Employer” shall mean the Company and
each of its subsidiaries and affiliates that is treated as an Employer in accordance with the provisions of Section 5.1. 

(i) “Executive” shall mean an individual who is in one of the positions specified on Schedules A and B who
has entered into a Participation Agreement with the Company in substantially the form set forth on the attached Schedule C. 

(j) “Good Reason” shall mean, with respect to each Executive, the occurrence of any one or more of the
following: (i) a material reduction in the nature or scope of the Executive’s position, authority, duties or responsibilities; (ii) a reduction in the Executive’s annual base salary or target annual cash incentive opportunity; or
(iii) a required change in the location of the Executive’s principal place of employment by 50 miles or more from the location where the Executive was previously principally employed. In each such case of Good Reason, the Executive shall
provide the Company with written notice of the grounds for a Good Reason termination within thirty (30) days of the initial occurrence thereof, and the Company shall have a period of thirty (30) days to cure after receipt of the written
notice (the “Cure Period”). Resignation by the Executive following the Company’s cure or before the expiration of the Cure Period shall constitute a voluntary resignation and not a termination or resignation for Good Reason and
shall not entitle the Executive to any benefits under this Plan. 
 (k) “Payment Date” shall mean the first
regularly scheduled payroll date that is at least sixty (60) days following the effective date of the Qualifying Termination. 

(l) “Protection Period” shall mean the period commencing on the consummation of a Change of Control and
ending on the second anniversary of such Change of Control. 
 (m) “Qualifying Termination” shall mean a
termination of the Executive’s employment by the Company without Cause, and not by reason of death or Disability, or a resignation by the Executive for Good Reason. 

(n) “Restricted Period” shall mean, the period of the Executive’s employment with the Employer and a
period of one year following the termination of the Executive’s employment with the Employer for any reason or such applicable shorter period as may be specified pursuant to Section 4.2. 

(o) “Section 409A” means section 409A of the Code and the Department of Treasury rules and
regulations issued thereunder. 
 (p) “Specified Employee” means a person who is, as of the date of the
person’s termination of employment, a “specified employee” within the meaning of Section 409A, taking into account the elections made and procedures established by the Company. 

2.2    Number and Gender. Wherever appropriate herein, a word used in the singular shall be considered to
include the plural and the plural to include the singular. The masculine gender, where appearing in this Plan, shall be deemed to include the feminine gender. 

2.3    Headings. The headings of Articles and Sections herein are included solely for convenience and if
there is any conflict between such headings and the text of this Plan, the text shall control. 

  
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 III.    SEVERANCE BENEFITS 

3.1    Payments and Benefits upon a Qualifying Termination (Unrelated to a Change of Control). Subject
to the further provisions of this Article III and the Executive’s continued compliance with his or her obligations under Article IV hereof, upon an Executive’s Qualifying Termination that does not occur within the Protection Period: 

(a) the Employer shall pay or provide to the Executive the Executive’s unpaid base salary through the date of
termination, any unreimbursed business expenses, and any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the
requirements of applicable law and the terms and conditions of such employee benefit plans, programs or arrangements; 
 (b)
the Employer shall continue to pay to the Executive his base salary, as in effect immediately prior to the Qualifying Termination (or immediately prior to any event constituting Good Reason, if applicable), for the number of months that applies to
the Executive as specified in Schedule B following such Qualifying Termination, which amount shall be payable in accordance with the normal payroll practices of the Employer; 

(c) the Employer shall pay to the Executive an amount in cash equal to the Executive’s target annual bonus for the year
that includes the date of termination pro-rated to reflect the number of days that the Executive was employed by the Company and its subsidiaries during such calendar year, and which shall be payable on the
first regularly scheduled payroll date that is at least sixty (60) days following the effective date of termination; 

(d) during the portion, if any, of the 18-month period commencing on the date of
termination that the Executive properly elects continuation coverage for himself and/or his eligible dependents under the Company’s or a subsidiary’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended, the Employer shall promptly reimburse the Executive on a monthly basis for the cost of such coverage; 
 (e) the
Employer shall reimburse the Executive, up to a maximum cumulative amount of $15,000, for the reasonable fees of an outplacement or similar service provider engaged by the Executive to assist in finding employment opportunities for such Executive;
provided that the Executive submits documentation of such expenses to the Employer within thirty (30) days following the date of termination; 

(f) a pro-rated portion of each outstanding unvested time-based equity-based
compensation award held by the Executive shall vest immediately as of the date of termination based on the number of days that the Executive was employed by the Company and its subsidiaries during the vesting period applicable to the unvested
portion of such award divided by the total number of days in such vesting period; and 
 (g) a pro-rated portion of each outstanding unvested performance-based equity-based compensation award held by the Executive shall vest immediately as of the date of termination at the lower of the target level of
achievement of any applicable performance conditions or the actual level of achievement of any applicable performance conditions as of the date of termination, and, in either case, based on the number of days that the Executive was employed by the
Company and its subsidiaries during the vesting period applicable to such award divided by the total number of days in such vesting period. 

3.2    Severance Benefits upon a Qualifying Termination (Related to a Change of Control). Subject to the
further provisions of this Article III, upon an Executive’s Qualifying Termination that occurs within the Protection Period, the Executive shall receive all of the payments and benefits described in Section 3.1 above, except that the
following payments shall be substituted for their respective counterparts in Sections 3.1(b), 3.1(f), and 3.1(g): 
 (a) in
lieu of any payment under Section 3.1(b), the Employer shall pay to the Executive in a single lump sum on the Payment Date an amount in cash equal to (1) the sum of (i) the Executive’s annualized base salary as in effect
immediately prior to the Qualifying Termination (or immediately prior to any event constituting Good Reason, if applicable), plus (ii) the average of the annual bonuses, if any, paid or payable to the Executive for the three-year period (or for
any shorter period of the Executive’s employment, if such Executive has not been employed for three years) immediately preceding the date of termination, (2) multiplied by the Applicable Factor that applies to the Executive; 

(b) in lieu of any vesting acceleration under Section 3.1(f), each outstanding unvested time-based equity-based
compensation award held by the Executive shall vest in full as of the date of termination; and 
 (c) in lieu of any vesting
acceleration under Section 3.1(g), each outstanding unvested performance-based equity-based compensation award held by the Executive shall vest in full as of the date of termination at the actual level of achievement of any applicable
performance conditions as of the date of the Change of Control. 

  
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 3.3    Payments upon a Termination of Employment Due to Death or
Disability. Subject to the further provisions of this Article III, upon an Executive’s termination of employment with the Company due to death or Disability: 

(a) the Employer shall pay or provide to the Executive or his personal representative or estate, the Executive’s unpaid
base salary through the date of termination, any unreimbursed business expenses, and any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements, which amounts shall be
payable in accordance with the requirements of applicable law and the terms and conditions of such employee benefit plans, programs or arrangements; 

(b) the Employer shall pay to the Executive or his or her personal representative or estate, in a single lump sum cash payment
on the first regularly scheduled payroll date that is at least sixty (60) days following the effective date of termination, an amount equal to the sum of (i) the Executive’s annualized base salary as in effect immediately prior to
termination plus (ii) the Executive’s target annual bonus for the year that includes the date of termination pro-rated to reflect the number of days that the Executive was employed by the Company and
its subsidiaries during such calendar year; 
 (c) each outstanding unvested time-based equity-based compensation award held
by the Executive shall vest in full as of the date of termination; and 
 (d) each outstanding unvested performance-based
equity-based compensation award held by the Executive shall vest in full as of the date of termination at the higher of the target level of achievement of any applicable performance conditions or the actual level of achievement of any applicable
performance conditions as of the date of termination. 
 3.4    Release and Full Settlement; Payment Delay;
Repayment Obligations. Any provision of this Plan to the contrary notwithstanding, the payment of any amounts or provision of any benefits under Sections 3.1(b) through (g), 3.2(a) through 3.2(c), 3.3(b) or Section 4.2 hereof shall be
subject to the Executive’s (or, if applicable, his personal representative or estate’s) execution, within forty five (45) days following receipt (or such shorter period as set forth in such release), of a waiver and general release of
claims in the form provided by the Company, and such waiver and general release of claims becoming effective and irrevocable in accordance with its terms within sixty (60) days following the date of termination. Except as set forth in the
following sentence, any payments pursuant to Sections 3.1(b) through (g), 3.2(a) through 3.2(c), 3.3(b) or Section 4.2 hereof that would otherwise be payable in the first sixty (60) days following the date of termination shall be withheld
and become payable in a lump sum on the date that is sixty (60) days following the date of termination. However, if the Executive is a Specified Employee, any payments hereunder that constitute a “deferral of compensation” within the
meaning of Section 409A and to which the Executive would otherwise be entitled during the first six months following the date of termination shall be accumulated and paid to the Executive on the date that is six months following the date of
termination (or if earlier, to the Executive’s estate or personal representative upon the Executive’s death). Furthermore, the payment of any amounts or provision of any benefits under Sections 3.1(b) through (g) or Section 4.2
hereof shall be subject to the Executive’s continued compliance with his or her obligations under Article IV hereof, and, in the event of any breach of such obligations by the Executive, the Executive agrees to promptly repay the Employer the
gross amount or value of any payments or benefits provided under Sections 3.1(b) through (g) or Section 4.2 hereof. 

3.5    Parachute Payments. Anything to the contrary herein notwithstanding, if an Executive is a
“disqualified individual” (as defined in section 280G(c) of the Code), and the severance benefits provided for in Sections 3.1 or 3.2, together with any other payments or benefits which the Executive has the right to receive from the
Employer, would constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the severance benefits provided hereunder shall be either (a) reduced (but not below zero) so that the present value of such total
amounts received by the Executive from the Employer will be one dollar ($1.00) less than three times the Executive’s “base amount” (as defined in section 280G(b)(3) of the Code) and so that no portion of such amounts received by the
Executive shall be subject to the excise tax imposed by section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to the Executive (taking into account any
applicable excise tax under section 4999 of the Code and any applicable income tax). The determination as to whether any such reduction in the amount of the severance benefits is necessary shall be made by the Board (or any committee appointed by
the Board) in good faith and any such reduction shall be implemented in a manner consistent with the requirements of Section 409A of the Code. If a reduced cash payment is made and through error or otherwise that payment, when aggregated with
other payments or benefits from the Employer (or its affiliates) used in determining if a “parachute payment” exists, exceeds 

  
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one dollar ($1.00) less than three times the Executive’s base amount, the Executive shall immediately repay such excess to the Employer upon notification that an overpayment has been made.
Nothing in this Section 3.5 shall require the Employer to be responsible for, or have any liability or obligation with respect to, any Executive’s excise tax liabilities under section 4999 of the Code. 

3.6    Coordination with Certain Other Agreements. The benefits under and participation in this Plan
are intended to supersede and replace the severance and separation benefits to which an Executive may be entitled under any other plan, policy, agreement or arrangement. By executing a Participation Agreement with the Company to participate in this
Plan, an Executive shall waive any right to severance or separation benefits under any other plan, policy, agreement or arrangement of any Employer. 

3.7    No Mitigation. An Executive shall not be required to mitigate the amount of any payment or
benefit provided for in this Article III or Section 4.2 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Article III or Section 4.2 be reduced by any compensation or benefit
earned by the Executive as the result of employment by another employer. 
 IV.    RESTRICTIVE COVENANTS 

4.1    Non-Competition and
Non-Solicitation Obligations. In consideration of the payments and benefits that may be paid or provided to the Executive hereunder and to protect the trade secrets and confidential information of the
Company that have been and will in the future be disclosed or entrusted to the Executive, the business goodwill of the Company or its affiliates, and the business opportunities that have been and will in the future be disclosed or entrusted to the
Executive by the Company or its affiliates, the Company and the Executive agree to the provisions of this Article IV. The Executive agrees that during the Restricted Period, the Executive will not: 

(a) directly or indirectly, either as principal, agent, independent contractor, consultant, director, officer, employee,
employer, advisor, stockholder, partner or in any other individual or representative capacity whatsoever, either for the Executive’s own benefit or for the benefit of any other person or entity either (i) hire, contract or solicit, or
attempt any of the foregoing with respect to hiring any employee of the Company or its affiliates, or (i) induce or otherwise counsel, advise, or encourage any employee of the Company or its affiliates to leave the employment of the Company or
its affiliates; or 
 (b) within any geographic area or market where the Company or any of its affiliates are conducting any
business or have, during the twelve months preceding the termination of the Executive’s employment with Company, conducted such business or proposed to conduct business, as applicable: 

(i) directly or indirectly participate in the ownership, management, operation or control of, or be connected as an officer,
employee, partner, director, contractor or otherwise with, or have any financial interest in or aid or assist anyone else in the conduct of, any business similar to that conducted by the Company or its affiliates or provide or sell a service or
product that is the same, substantially similar to or otherwise competitive with the products and services provided or sold by the Company or its affiliates (each, a “Competitive Operation”); provided, however, that this provision
shall not preclude the Executive from owning less than 2% of the equity securities of any publicly held Competitive Operation so long as the Executive does not serve as an employee, officer, director or consultant to such business; 

(ii) directly or indirectly, either as principal, agent, independent contractor, consultant, director, officer, employee,
employer, advisor, stockholder, partner or in any other individual or representative capacity whatsoever, either for the Executive’s own benefit or for the benefit of any other person or entity call upon, solicit, divert or take away, any
customer or vendor of the Company or its affiliates with whom the Executive dealt, directly or indirectly, during the Executive’s engagement with Company or its affiliates, in connection with a Competitive Operation; or 

(iii) call upon any prospective acquisition candidate on the Executive’s own behalf or on behalf of any Competitive
Operation, which candidate is a Competitive Operation or which candidate was, to the Executive’s knowledge after due inquiry, either called upon by the Company or for which the Company or any of its affiliates made an acquisition analysis, for
the purpose of acquiring such entity. 

  
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 4.2    Limitations on
Non-Competition. Notwithstanding the provisions of Section 4.1, if the Executive provides written notice to the Company that the Executive will terminate employment with the Employer pursuant to a
resignation by the Executive that does not constitute a Qualifying Termination, then, solely for purposes of Section 4.1(b)(i), the Restricted Period shall end on a date selected by the Company and set forth in a written notice provided by the
Company to the Executive; provided, however, that (i) the date selected by the Company shall be a whole number of months (not in excess of 12) after the last day of the Executive’s employment with the Employer and (ii) subject to the
provisions of Section 3.4 hereof, the Employer shall pay to the Executive an amount equal to one-twelfth of the Executive’s annualized base salary for each month of the Restricted Period following
the last day of the Executive’s employment with the Employer, which amount shall be paid on or about the last day of each month of the Restricted Period following the last day of the Executive’s employment with Company. The Executive
hereby delegates to the Company the right to select and determine in good faith the duration of the Restricted Period as provided in this Section 4.2. 

4.3    Non-Disparagement. During and following the Executive’s
employment with the Employer, the Executive agrees not to disparage, either orally or in writing, the Company, any of Company’s affiliates, business, products, services or practices, or any of Company’s or its affiliates’ directors,
officers, agents, representatives, stockholders, or employees. During and following the Executive’s employment with the Employer, the Employer agrees not to disparage, either orally or in writing, the Executive. 

V.    GENERAL PROVISIONS 

5.1    Other Participating Employers. It is contemplated that subsidiaries and affiliates of the Company may
adopt this Plan, with the approval of the Board or the Compensation Committee thereof, and thereby become an “Employer” hereunder. Any such entity, whether or not presently existing, may become an “Employer” by appropriate action
of its board of directors or non-corporate counterpart. The provisions of this Plan shall apply separately and equally to each Employer and its employees in the same manner as is expressly provided for the
Company and its employees, except that the determination of whether a Change of Control has occurred shall be made based solely on the Company. Transfer of employment among the Company and other participating Employers shall not be considered a
Qualifying Termination hereunder unless such transfer otherwise constitutes a Good Reason event. Subject to the provisions of Section 5.2, any participating Employer may, by appropriate action of its board of directors or non-corporate counterpart, terminate its participation in this Plan. Amounts payable hereunder shall be paid by the Employer that employs the particular Executive. 

5.2    Termination and Amendment. This Plan may be amended from time to time or terminated at the discretion
of the Board or the Compensation Committee thereof; provided, however, that notwithstanding the foregoing, (a) any amendment or termination of this Plan prior to a Change of Control will only become effective, to the extent it would adversely
affect the benefits or rights to benefits (contingent or otherwise) of any Executive under this Plan, on the date that is six (6) months following adoption thereof by the Board or the Compensation Committee thereof and (b) this Plan may
not be amended on or following a Change of Control to adversely affect the benefits or rights to benefits (contingent or otherwise) of any Executive under this Plan or terminated on or following a Change of Control until there are no longer any
benefits potentially payable under this Plan. Further, a participating Employer may not terminate its participation in this Plan on or following a Change of Control unless and until it no longer employs any Executives and has otherwise satisfied its
obligations to pay benefits under this Plan. 
 5.3    Funding; Cost of Plan. The benefits
provided herein shall be unfunded and shall be provided from the Employers’ general assets. No Executive shall have any right to, or interest in, any assets of any Employer that may be applied by the Employer to the payment of amounts due
hereunder. 
 5.4    Nonalienation; Successors. This Plan shall be binding upon the Employer and
any successor of the Employer, by merger, consolidation, acquisition or similar transaction, and shall inure to the benefit of and be enforceable by the Employer’s Executives. Executives shall not have any right to pledge, hypothecate,
anticipate or assign benefits or rights under this Plan, except by will or the laws of descent and distribution. An Executive’s rights and interests hereunder shall inure to the benefit of and be enforceable by the Executive’s
personal representative. 

  
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 5.5    Not Contract of Employment. The adoption and
maintenance of this Plan shall not be deemed to be a contract of employment between the Employer and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to (a) give any person the right
to be retained in the employ of the Employer, (b) restrict the right of the Employer to discharge any person at any time, (c) give the Employer the right to require any person to remain in the employ of the Employer, or (d) restrict
any person’s right to terminate his employment at any time. 
 5.6    Indemnification. If an
Executive shall obtain any money judgment relating to this Plan or otherwise prevails with respect to any litigation brought by such Executive or the Employer to enforce or interpret any provision contained herein, the Employer, to the fullest
extent permitted by applicable law, hereby indemnifies such Executive for his reasonable attorneys’ fees and disbursements incurred in such litigation and hereby agrees to pay in full all such fees and disbursements. Such payments shall be made
within ten (10) business days after the delivery of the Executive’s written request for the payment (on or following the date on which he obtains a money judgment relating to this Plan or otherwise prevails with respect to litigation
brought by him to enforce or interpret any provision contained herein) accompanied by such evidence of such fees and expenses incurred as the Company may reasonably require. In any event the Employer shall pay the Executive such legal fees and
expenses by the last day of the Executive’s taxable year following the taxable year in which the Executive incurred such legal fees and expenses. The legal fees or expenses that are subject to reimbursement pursuant to this Section 5.6
shall not be limited as a result of when the fees or expenses are incurred. The amount of legal fees or expenses that are eligible for reimbursement pursuant to this Section 5.6 during a given taxable year of the Executive shall not affect the
amount of expenses eligible for reimbursement in any other taxable year of the Executive. The right to reimbursement pursuant to this Section 5.6 is not subject to liquidation or exchange for another benefit. 

5.7    Payment Obligations Absolute. The Employer’s obligation to pay an Executive the amounts provided
herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Employer or any
of its subsidiaries may have against such Executive or anyone else. All amounts payable by the Employer shall be paid without notice or demand. 

5.8    Withholding. Any benefits or amounts paid or provided pursuant to this Plan shall be subject to all
applicable taxes and withholdings. 
 5.9    Severability. Any provision in this Plan that is prohibited
or unenforceable in any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

5.10    Compliance With Section 409A. To the maximum extent
permitted by applicable law, amounts payable under this Plan are intended to be exempt from Section 409A or in compliance with the requirements of Section 409A and this Plan shall be administered accordingly. No amounts payable under this
Plan that constitute a “deferral of compensation” within the meaning of Section 409A shall be payable unless the Executive’s termination of employment constitutes a “separation from service” within the meaning of Treas.
Reg. § 1.409A-1(h). Each payment under this Plan is intended to be a “separate payment” and not a series of payments for purposes of Section 409A. Any payments or reimbursements of any
expenses provided for under this Plan shall be made in accordance with Treas. Reg. § 1.409A-3(i)(1)(iv). 

5.11    Governing Law. This Plan shall be construed and enforced under and be governed in all respects by
the laws of the State of Texas, without regard to the conflict of laws principles thereof. 

  
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 SCHEDULE A 

The Applicable Factor is determined based on the position of the Executive as follows: 

 

			
	 Position
	  	 Applicable Factor

	Chief Executive Officer	  	3.0
	President	  	2.75
	Executive Vice President	  	2.5
	Senior Vice President	  	2.25
	Vice President	  	2.0

  
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 SCHEDULE B 

The number of months that base salary will continue to be paid upon a Qualifying Termination outside of the Protection Period is determined
based on the position of the Executive as follows: 
  

			
	 Position
	  	 Number of Months

	Chief Executive Officer	  	24
	President	  	21
	Executive Vice President	  	18
	Senior Vice President	  	15
	Vice President	  	12

  
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 SCHEDULE C 

PARTICIPATION AGREEMENT 

CONCHO RESOURCES INC. 

EXECUTIVE SEVERANCE PLAN 

This Participation Agreement (the “Agreement”) is made and entered into by and between
                             (the “Executive”) and Concho Resources Inc., a Delaware
corporation (the “Company”), effective as of January 1, 2019 (the “Effective Date”). 
 The Company maintains the
Concho Resources Inc. Executive Severance Plan (the “Plan”) to provide for specified severance benefits in connection with certain Qualifying Terminations (as defined in the Plan). The Executive hereby acknowledges that he has read and
understands the terms of the Plan and agrees to participate in the Plan. The Executive also expressly acknowledges and agrees that participation in the Plan replaces and supersedes the Employment Agreement made by and between the Company and the
Executive dated                                 , and that such Employment
Agreement shall be terminated and the Executive will no longer be entitled to any benefits under such Employment Agreement upon execution of this Agreement and participation in the Plan. 

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day
and year first above written. 
  

									
	CONCHO RESOURCES INC.	 		 		 	EXECUTIVE
					
	By:	 	 	 		 		 	 
		 		 		 		 	Executive Signature
					
	Title:	 	 	 		 		 	

  
 10EX-10.8

 Exhibit 10.8 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made by and between Concho Resources Inc., a Delaware corporation
(“Company”), and J. Steve Guthrie (“Employee”). 
 WITNESSETH: 

WHEREAS, both Employee and Company seek to enter into an agreement regarding Employee’s employment with Company or a subsidiary of
Company and in doing so agree that this Agreement supersedes any previous contracts between Employee and Company relating to such subject matter and identified as an Employment Agreement, including the Employment Agreement dated January 25,
2011 (the “Employment Agreement”); and 
 WHEREAS, Company is desirous of continuing to employ Employee in a Special
Advisor capacity on the terms and conditions, and for the consideration, hereinafter set forth, and Employee is desirous of continuing to be employed by Company on such terms and conditions and for such consideration; and 

WHEREAS, Employee shall resign from his position as Senior Vice President of Business Operations and Engineering of the Company,
effective as of the Effective Date (defined below). 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and
obligations contained herein, Company and Employee agree as follows: 
 ARTICLE 1 

DEFINITIONS AND INTERPRETATIONS 
  

	1.1.	 Definitions. 

 

	 	(a)	 “Board” shall mean the Board of Directors of the Company. 

 

	 	(b)	 “Cause” shall mean Employee (i) has engaged in gross negligence, gross incompetence or
willful misconduct in the performance of Employee’s duties, (ii) has refused, without proper reason, to perform Employee’s duties, (iii) has materially breached any material provision of this Agreement or corporate policy or code
of conduct established by Company, (iv) has willfully engaged in conduct which is materially injurious to Company or its subsidiaries (monetarily or otherwise), (v) has committed an act of fraud, embezzlement or willful breach of a fiduciary
duty to Company or an affiliate (including the unauthorized disclosure of confidential or proprietary material information of Company or an affiliate), (vi) has been convicted of (or pleaded no contest to) a crime involving fraud, dishonesty or
moral turpitude or any felony, or (vii) has used Company securities owned by or controlled by Employee as collateral for a securities margin account. 

  

	 	(c)	 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

  
 -1- 

	 	(d)	 “Compensation Committee” shall mean the Compensation Committee of the Board.

  

	 	(e)	 “Disability” shall mean that, as a result of Employee’s incapacity due to physical or
mental illness, Employee shall have been absent from the full-time performance of Employee’s duties for six consecutive months and Employee shall not have returned to full-time performance of Employee’s duties within 30 days after written
notice of termination is given to Employee by Company (provided, however, that such notice may not be given prior to 30 days before the expiration of such six-month period). 

 

	 	(f)	 “Effective Date” shall mean January 1, 2019. 

 

	 	(g)	 “Expiration Date” shall mean January 5, 2020. 

 

	1.2.	 Interpretations. In this Agreement, unless a clear contrary intention appears, (a) the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not any particular Article, Section or other subdivision, (b) reference to any Article or Section means
such Article or Section hereof, (c) the words “including” (and with correlative meaning “include”) means including, without limiting the generality of any description preceding such term, and (d) where any provision of
this Agreement refers to action to be taken by either party, or which such party is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such party. 

ARTICLE 2 

EMPLOYMENT AND DUTIES 
  

	2.1.	 Employment. Effective as of the Effective Date and continuing for the period of time set forth in
Section 3.1, Employee’s employment by Company shall be subject to the terms and conditions of this Agreement. 

  

	2.2.	 Positions. From and after the Effective Date, (a) Employee shall serve as a Special Advisor
to the Company and (b) Employee shall be employed by Company or a subsidiary or affiliate of Company. The Company may at any time and from time to time assign Employee to a different position or positions with the Company and cause Employee to
be employed by Company or any subsidiary or affiliate of Company. Subject to the provisions of the last sentence of Section 5.5(a), employment with a subsidiary or affiliate of Company pursuant to the preceding sentence shall be considered as
employment with Company for purposes of this Agreement. 

  

	2.3.	 Duties and Services. Employee agrees to serve in the positions referred to in Section 2.2
and to perform diligently and to the best of Employee’s abilities the duties and services appertaining to such positions as determined by the Company from time to time. Employee’s employment shall also be subject to the policies maintained
and established by Company that are of general applicability to Company’s employees, as such policies may be amended from time to time. 

  
 -2- 

	2.4.	 Other Interests. Employee agrees, during the period of Employee’s employment by Company, to
devote substantially all of Employee’s business time, energy and best efforts to the business and affairs of Company and its affiliates and not to engage, directly or indirectly, in any other business or businesses, whether or not similar to
that of Company, except with the consent of the Company. The foregoing notwithstanding, the parties recognize and agree that, subject to Section 1.1(b)(vii), Employee may engage in passive personal investment and charitable activities that do
not conflict with the business and affairs of Company or interfere with Employee’s performance of Employee’s duties hereunder, which shall be at the sole determination of the Company. As of the date of this Agreement, the Company has
approved the activities set forth on Attachment A to this Agreement, subject to the limitations set forth thereon; provided, however, that during the period of Employee’s employment by Company, such activities may not interfere with
Employee’s performance of his duties and services as an employee of Company. 

  

	2.5.	 Duty of Loyalty. Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty
to act at all times in the best interest of Company. In keeping with such duty, Employee shall make full disclosure to Company of all business opportunities pertaining to Company’s business and shall not appropriate for Employee’s own
benefit business opportunities concerning Company’s business. 

 ARTICLE 3 

TERM AND TERMINATION OF EMPLOYMENT 
  

	3.1.	 Term. Unless sooner terminated pursuant to other provisions hereof, Company agrees to employ
Employee for the period beginning on the Effective Date and ending on the Expiration Date. 

  

	3.2.	 Company’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Company
shall have the right to terminate Employee’s employment under this Agreement at any time for any of the following reasons: 

  

	 	(a)	 upon Employee’s death; 

 

	 	(b)	 upon Employee’s Disability; or 

 

	 	(c)	 for Cause. 

  

	3.3.	 Employee’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Employee
shall have the right to terminate Employee’s employment under this Agreement at any time for any reason whatsoever, in the sole discretion of Employee. 

  

	3.4.	 Notice of Termination. If Company desires to terminate Employee’s employment hereunder at
any time prior to the Expiration Date, it shall do so by giving written notice to Employee that it has elected to terminate Employee’s employment hereunder and stating the effective date and reason for such termination, provided that no such
action shall alter or amend any other provisions hereof or rights arising hereunder. If Employee desires to terminate Employee’s employment hereunder at any time prior to the Expiration Date,

  
 -3- 

	 	
Employee shall do so by giving a 60-day written notice to Company that Employee has elected to terminate Employee’s employment hereunder and stating
the effective date and reason for such termination; provided, however, that (a) no such action shall alter or amend any other provisions hereof or rights arising hereunder and (b) Company may accelerate Employee’s elected effective
date of termination to any date of Company’s choice from and after its receipt of such notice, and such action by Company shall not change the basis for Employee’s termination nor be construed or interpreted as a termination of
Employee’s employment by Company for any reason whatsoever. 

 ARTICLE 4 

COMPENSATION AND BENEFITS 
  

	4.1.	 Base Salary. During the period of this Agreement, Employee shall receive a minimum base salary of
$40,000.00 per month. Employee’s base salary may, in the sole discretion of the Compensation Committee, be increased, but not decreased, effective as of any date determined by the Compensation Committee. Employee’s base salary shall be
paid in equal installments in accordance with Company’s standard policy regarding payment of compensation to employees but no less frequently than monthly. 

 

	4.2.	 Bonuses. Employee acknowledges and agrees that he shall be ineligible for participation in
Company’s 2019 annual cash incentive plan as approved from time to time by the Board or the Compensation Committee. 

  

	4.3.	 Company Benefits. Employee and, to the extent applicable, Employee’s spouse, dependents and
beneficiaries, shall be allowed to participate in all benefits, plans and programs, including improvements or modifications of the same, which are, or may hereafter be, available to other similarly situated employees of Company. Company shall not,
however, by reason of this paragraph, be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such benefit plan or program. 

ARTICLE 5 

EFFECT OF TERMINATION ON COMPENSATION 
  

	5.1.	 Termination Upon the Expiration Date or Upon Death or Disability. If Employee’s employment
hereunder shall terminate upon the Expiration Date or upon death or Disability, then all compensation and benefits to Employee hereunder shall continue to be provided until the date of such termination of employment and such compensation and
benefits shall terminate contemporaneously with such termination of employment; provided, however, that subject to the provisions of Sections 5.3, 5.4 and 5.5, Company shall: 

 

	 	(a)	 pay Employee an amount equal to $384,000.00, which amount shall be paid in one lump sum within 60 days
following the date of such termination of employment; and 

  
 -4- 

	 	(b)	 during the portion, if any, of the 18-month period commencing on the
date of such termination of employment that Employee is eligible to elect and timely elects to continue group health plan coverage, as applicable, under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
and/or Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, pay the premiums for such continued group health coverage for Employee and his covered dependents (as of the date of termination of employment)
pursuant to COBRA. 

  

	5.2.	 Termination Prior to the Expiration Date. If Employee’s employment hereunder shall terminate
prior to the Expiration Date for Cause or by Employee pursuant to Section 3.3, then all compensation and benefits to Employee hereunder shall continue to be provided until the date of such termination of employment and such compensation and
benefits shall terminate contemporaneously with such termination of employment. 

  

	5.3.	 Parachute Payments. Notwithstanding anything to the contrary in this Agreement, if Employee is a
“disqualified individual” (as defined in Section 280G(c) of the Code), and the benefits provided for in this Article, together with any other payments and benefits which Employee has the right to receive from Company and its
affiliates, would constitute a ‘‘parachute payment” (as defined in Section 280G(b)(2) of the Code), then the benefits provided hereunder (beginning with any benefit to be paid in cash hereunder) shall be either (1) reduced
(but not below zero) so that the present value of such total amounts and benefits received by Employee from Company will be one dollar ($1.00) less than three times Employee’s “base amount” (as defined in Section 280G(b)(3) of
the Code) and so that no portion of such amounts and benefits received by Employee shall be subject to the excise tax imposed by Section 4999 of the Code or (2) paid in full, whichever produces the better net
after-tax position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The determination as to whether any such reduction in the
amount of the benefits provided hereunder is necessary shall be made by the Compensation Committee in good faith and in consultation with Employee and tax and legal advisors of Company. If a reduced cash payment is made and through error or
otherwise that payment, when aggregated with other payments and benefits from Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Employee’s base amount,
then Employee shall immediately repay such excess to Company upon notification that an overpayment has been made. Nothing in this Section 5.3 shall require Company to be responsible for, or have any liability or obligation with respect to,
Employee’s excise tax liabilities under Section 4999 of the Code. 

  

	5.4.	 Release and Full Settlement. As a condition to the receipt of any severance compensation and
benefits under this Agreement, Employee must first execute a release and agreement, in a form reasonably satisfactory to Company, which (1) shall release and discharge Company and its affiliates, and their officers, directors, employees and
agents from any and all claims or causes of action of any kind or character, including all claims or causes of action arising out of Employee’s employment with Company or its affiliates or the termination of such employment, and (2) must
be effective and irrevocable by the 55th day after the termination of Employee’s employment. In the event Employee dies or is 

  
 -5- 

	 	
incapacitated prior to the completion of any payment(s) owed pursuant to this Agreement, Company will direct the remaining payment(s) to Employee’s personal representative, provided that the
personal representative signs the applicable release and agreement on Employee’s behalf and/or on behalf of Employee’s estate. If Employee is entitled to and receives the benefits provided hereunder, performance of the obligations of
Company hereunder will constitute full settlement of all claims that Employee might otherwise assert against Company on account of Employee’s employment and termination of employment. 

 

	5.5.	 Section 409A of the Code. Company and Employee intend that
payments and benefits under this Agreement comply with or are exempt from Section 409A of the Internal Revenue Code (the “Code”), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered
to be in compliance therewith or exempt therefrom. If for any reason, such as imprecision in drafting, any provision of this Agreement does not accurately reflect its intended establishment of an exemption from (or compliance with) Code
Section 409A, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by Company in a
manner consistent with such intent, as determined in the discretion of Company. It is intended that each installment of the payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Code
Section 409A. While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Code Section 409A, in no event whatsoever will Company or any of its respective
affiliates be liable for any additional tax, interest, or penalties that may be imposed on Employee as a result of Code Section 409A or any damages for failing to comply with Code Section 409A. Employee hereby acknowledges and agrees that
neither the Company nor any of the Company’s representatives or advisors is providing Employee with any legal or tax advice with respect to the matters contemplated in this Agreement, and Employee has had an opportunity to consult with and seek
the advice of his or her own legal and tax advisors regarding the payments and benefits under this Agreement, including the application, if any, of Section 409A of the Code. Notwithstanding anything herein to the contrary, to the extent the
benefits set forth in this Agreement constitute “non-qualified deferred compensation” subject to Code Section 409A, then the following conditions apply to the payment of such benefits:

  

	 	(a)	 Notwithstanding the foregoing provisions of this Article 5, if the payment of any severance compensation or
severance benefits under this Agreement would be subject to additional taxes and interest under Section 409A of the Code because the timing of such payment is not delayed as provided in Section 409A(a)(2)(B) of the Code, then any such
payments that Employee would otherwise be entitled to during the first six months following the date of Employee’s termination of employment shall be accumulated and paid on the date that is six months after the date of Employee’s
termination of employment (or if such payment date does not fall on a business day of Company, the next following business day of Company), or such earlier date upon which such amount can be paid under Section 409A of the Code without being
subject to such additional taxes and interest. Employee hereby agrees to be bound by Company’s determination of its “specified employees” (as such term 

  
 -6- 

	 	
is defined in Section 409A of the Code) in accordance with any of the methods permitted under the regulations issued under Section 409A of the Code. The provisions of this
Section 5.5 shall also apply, to the extent required under Section 409A of the Code, to any payment of the Non-Compete Amount (defined below) to Employee pursuant to Section 7.l(b). For the
purposes of this Agreement, Employee shall be considered to have terminated employment with Company when Employee incurs a “separation from service” with Company within the meaning of Section 409A(a)(2)(A)(i) of the Code and
applicable administrative guidance issued thereunder; provided, however, that whether such a separation from service has occurred shall be determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to be
performed to no more than 49% of the average level of bona fide services provided in the immediately preceding 36 months. 

  

	 	(b)	 Neither Employer nor Employee shall have the right to accelerate or defer the delivery of any such payments or
benefits except to the extent specifically permitted or required by Code Section 409A. 

 If any other payments of
money or other benefits due to Employee hereunder could cause the application of an accelerated or additional tax under Code Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits
compliant under Code Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company that does not cause such an accelerated or additional tax. Employee shall not
have any right to determine a date of payment of any amount under this Agreement. Notwithstanding anything herein to the contrary, to the extent required by Section 409A (1) the amount of expenses eligible for reimbursement or in-kind benefits provided under this Agreement during a calendar year will not affect the expenses eligible for reimbursement or in-kind benefits provided in any other
calendar year, and (2) the right to reimbursement or in-kind benefits provided under this Agreement shall not be subject to liquidation or exchange for another benefit. 

 

	5.6.	 Liquidated Damages. In light of the difficulties in estimating the damages for an early
termination of Employee’s employment under this Agreement, Company and Employee hereby agree that the payments, if any, to be received by Employee pursuant to this Article 5 shall be received by Employee as liquidated damages.

  

	5.7.	 Other Benefits. This Agreement governs the rights and obligations of Employee and Company with
respect to Employee’s base salary and certain perquisites of employment. Except as expressly provided herein, Employee’s rights and obligations both during the term of his employment and thereafter with respect to stock options, restricted
stock, incentive and deferred compensation, life insurance policies insuring the life of Employee, and other benefits under the plans and programs maintained by Company shall be governed by the separate agreements, plans and other documents and
instruments governing such matters. 

  
 -7- 

 ARTICLE 6 

PROTECTION OF CONFIDENTIAL INFORMATION 
  

	6.1.	 Disclosure to and Property of Company. All information, designs, ideas, concepts, improvements,
product developments, discoveries and inventions, whether patentable or not, that are conceived, made, developed or acquired by Employee, individually or in conjunction with others, during the period of Employee’s employment by Company (whether
during business hours or otherwise and whether on Company’s premises or otherwise) that relate to Company’s (or any of its affiliates’) business, trade secrets, products or services (including, without limitation, all such information
relating to corporate opportunities, product specification, compositions, manufacturing and distribution methods and processes, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisitions prospects, the
identity of customers or their requirements, the identity of key contacts within the customer’s organizations or within the organization of acquisition prospects, marketing and merchandising techniques, business plans, computer software or
programs, computer software and database technologies, prospective names and marks) (collectively, “Confidential Information”) shall be disclosed to Company and are and shall be the sole and exclusive property of Company (or its
affiliates). Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, E-mail, voice
mail, electronic databases, maps, drawings, architectural renditions, models and all other writings or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of
expression (collectively, “Work Product”) are and shall be the sole and exclusive property of Company (or its affiliates). Upon Employee’s termination of employment with Company, for any reason, Employee promptly shall deliver such
Confidential Information and Work Product, and all copies thereof, to Company. 

  

	6.2.	 Disclosure to Employee. Company has and will disclose to Employee, or place Employee in a
position to have access to or develop, Confidential Information and Work Product of Company (or its affiliates); and/or has and will entrust Employee with business opportunities of Company (or its affiliates); and/or has and will place Employee in a
position to develop business good will on behalf of Company (or its affiliates). Employee agrees to preserve and protect the confidentiality of all Confidential Information or Work Product of Company (or its affiliates). 

 

	6.3.	 No Unauthorized Use or Disclosure. Employee agrees that he will not, at any time during or after
Employee’s employment by Company, make any unauthorized disclosure of, and will prevent the removal from Company premises of, Confidential Information or Work Product of Company (or its affiliates), or make any use thereof, except in the
carrying out of Employee’s responsibilities during the course of Employee’s employment with Company. Employee shall use commercially reasonable efforts to cause all persons or entities to whom any Confidential Information shall be
disclosed by him hereunder to observe the terms and conditions set forth herein as though each such person or entity was bound hereby. Employee shall have no obligation hereunder to keep confidential any

  
 -8- 

	 	
Confidential Information if and to the extent disclosure thereof is specifically required by law; provided, however, that in the event disclosure is required by applicable law, Employee shall
provide Company with prompt notice of such requirement prior to making any such disclosure, so that Company may seek an appropriate protective order. At the request of Company at any time, Employee agrees to deliver to Company all Confidential
Information that he may possess or control. Employee agrees that all Confidential Information of Company (whether now or hereafter existing) conceived, discovered or made by him during the period of Employee’s employment by Company exclusively
belongs to Company (and not to Employee), and Employee will promptly disclose such Confidential Information to Company and perform all actions reasonably requested by Company to establish and confirm such exclusive ownership. Affiliates of Company
shall be third party beneficiaries of Employee’s obligations under this Article 6. As a result of Employee’s employment by Company, Employee may also from time to time have access to, or knowledge of, Confidential Information or Work
Product of third parties, such as customers, suppliers, partners, joint venturers, and the like, of Company and its affiliates. Employee also agrees to preserve and protect the confidentiality of such third party Confidential Information and Work
Product to the same extent, and on the same basis, as Company’s Confidential Information and Work Product. Nothing in this Article, or in any other provision of this Agreement, prohibits Employee from reporting possible violations of federal,
state, or local law or regulation to any governmental agency or entity, including to the United States Department of Justice, the Securities and Exchange Commission, Congress, and/or any agency Inspector General, or making other disclosures that are
protected under the whistleblower provisions or other provisions of federal, state, or local law or regulation. Employee does not need to provide prior notice to the Company to make any such reports or disclosures and Employee is not required to
notify Company that Employee has made such reports or disclosures. 

  

	6.4.	 Ownership by Company. If, during Employee’s employment by Company, Employee creates any work
of authorship fixed in any tangible medium of expression that is the subject matter of copyright (such as videotapes, written presentations, or acquisitions, computer programs, E-mail, voice mail, electronic
databases, drawings, maps, architectural renditions, models, manuals, brochures, or the like) relating to Company’s business, products, or services, whether such work is created solely by Employee or jointly with others (whether during business
hours or otherwise and whether on Company’s premises or otherwise), including any Work Product, Company shall be deemed the author of such work if the work is prepared by Employee in the scope of Employee’s employment; or, if the work is
not prepared by Employee within the scope of Employee’s employment but is specially ordered by Company as a contribution to a collective work, as a part of a motion picture or other audiovisual work, as a translation, as a supplementary work,
as a compilation, or as an instructional text, then the work shall be considered to be work made for hire and Company shall be the author of the work. If such work is neither prepared by Employee within the scope of Employee’s employment nor a
work specially ordered that is deemed to be a work made for hire, then Employee hereby agrees to assign, and by these presents does assign, to Company all of Employee’s worldwide right, title, and interest in and to such work and all rights of
copyright therein. 

  
 -9- 

	6.5.	 Assistance by Employee. During the period of Employee’s employment by Company and
thereafter, Employee shall, at Company’s expense, assist Company and its nominee, at any time, in the protection of Company’s (or its affiliates’) worldwide right, title and interest in and to Work Product and the execution of all
formal assignment documents requested by Company or its nominee and the execution of all lawful oaths and applications for patents and registration of copyright in the United States and foreign countries. 

 

	6.6.	 Remedies. Employee acknowledges that money damages would not be sufficient remedy for any breach
of this Article 6 by Employee, and Company or its affiliates shall be entitled to enforce the provisions of this Article 6 by terminating payments then owing to Employee under this Agreement or otherwise and to specific performance and injunctive
relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of this Article 6 but shall be in addition to all remedies available at law or in equity, including the recovery of
damages from Employee and his agents. 

 ARTICLE 7 

NON-COMPETITION AND RELATED OBLIGATIONS 

 

	7.1.	 General. (a) As part of the consideration for Company’s employment of Employee and the
compensation and benefits that may be paid to Employee hereunder; to protect the trade secrets and Confidential Information of Company or its affiliates that have been and will in the future be disclosed or entrusted to Employee, the business good
will of Company or its affiliates that has been and will in the future be developed in Employee, or the business opportunities that have been and will in the future be disclosed or entrusted to Employee by Company or its affiliates; and as an
additional incentive for Company to enter into this Agreement, Company and Employee agree to the provisions of this Article 7. Employee agrees that during Employee’s employment with Company and for a period beginning upon the date of the
termination of Employee’s employment with Company for any reason and ending on the 12-month anniversary of the date of termination of employment (the
“Non-Compete Period”), Employee shall not: 

  

	 	(i)	 directly or indirectly, either as principal, agent, independent contractor, consultant, director, officer,
employee, employer, advisor, stockholder, partner or in any other individual or representative capacity whatsoever, either for Employee’s own benefit or for the benefit of any other person or entity either (1) hire, contract or solicit, or
attempt any of the foregoing with respect to any employee, former employee (who was employed during the 12 months preceding the termination of Employee’s employment) or contractor of Company or its affiliates, or (2) induce or otherwise
counsel, advise, or encourage any employee or contractor of Company or its affiliates to leave the employment of Company or its affiliates or terminate the contractor’s relationship with Company or its affiliates; and 

  
 -10- 

	 	(ii)	 within any geographic area or market where Company or any of its affiliates are conducting any business or
have, during the twelve months preceding the termination of Employee’s employment with Company, conducted such business, as applicable: 

  

	 	(1)	 directly or indirectly participate in the ownership, management, operation or control of, or be connected as an
officer, employee, partner, director, contractor or otherwise with, or have any financial interest in or aid or assist anyone else in the conduct of, any business in any of the business territories in which Company is presently or from time-to-time conducting business that either conducts a business similar to that conducted by Company or its affiliates or provides or sells a service or product that is the
same, substantially similar to or otherwise competitive with the products and services provided or sold by Company or its affiliates (a “Competitive Operation”); provided, however, that this provision shall not preclude Employee after the
termination of Employee’s employment with Company from owning less than 2% of the equity securities of any publicly held Competitive Operation so long as Employee does not serve as an employee, officer, director or consultant to such business
and further provided that this provision shall not preclude Employee from continuing the approved activities listed on Attachment A to this Agreement; 

  

	 	(2)	 directly or indirectly, either as principal, agent, independent contractor, consultant, director, officer,
employee, employer, advisor, stockholder, partner or in any other individual or representative capacity whatsoever, either for Employee’s own benefit or for the benefit of any other person or entity call upon, solicit, divert or take away, any
customer or vendor of Company or its affiliates with whom Employee dealt, directly or indirectly, during Employee’s engagement with Company or its affiliates, in connection with a Competitive Operation; or 

 

	 	(3)	 call upon any prospective acquisition candidate on Employee’s own behalf or on behalf of any Competitive
Operation, which candidate is a Competitive Operation or which candidate was, to Employee’s knowledge after due inquiry, either called upon by Company or for which Company or any of its affiliates made an acquisition analysis, for the purpose
of acquiring such entity. 

  

	 	(b)	 If Employee’s employment with the Company terminates other than for Cause, then subject to Sections 5.3,
5.4 and 5.5, Company shall pay to Employee an aggregate amount equal to $480,000.00 (the “Non-Compete Amount”), which aggregate amount shall be divided into two equal installments with one such
installment to be paid on July 31, 2020, and the other such installment to be paid on December 31, 2020. 

  
 -11- 

	7.2.	 Non-Disparagement. During Employee’s employment with
Company and following termination of employment with Company, Employee agrees not to disparage, either orally or in writing, Company, any of Company’s affiliates, businesses, products, services or practices, or any of Company’s or its
affiliates’ directors, officers, agents, representatives, stockholders, or employees. 

  

	7.3.	 New Employer. Employee agrees that prior to accepting any new employment during the Non-Compete Period, Employee shall advise Company of the identity of the potential new employer. Company may serve such new employer with notice of the non-competition
restrictions set forth in this Article 7 and may furnish such employer with a copy of this Agreement or the relevant portions thereof. 

  

	7.4.	 Remedies. Employee acknowledges that money damages would not be a sufficient remedy for any
breach of this Article 7 by Employee, and Company or its affiliates shall be entitled to enforce the provisions of this Article 7 by terminating payments then owing to Employee under this Agreement or otherwise and to specific performance and
injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of this Article 7 but shall be in addition to all remedies available at law or in equity, including the
recovery of damages from Employee and his agents. 

  

	7.5.	 Reformation. Company and Employee agree that the foregoing restrictions are reasonable under the
circumstances and that any breach of the covenants contained in this Article 7 would cause irreparable injury to Company. Employee understands that the foregoing restrictions may limit Employee’s ability to engage in certain businesses anywhere
in the United States or such other geographic areas or markets in which Company or any of its affiliates are conducting business or have, during the 12 months preceding the termination of Employee’s employment, conducted such business, as
applicable, during the Non-Compete Period, but acknowledges that Employee will receive sufficiently high remuneration and other benefits from Company to justify such restriction. Nevertheless, if any of the
aforesaid restrictions are found by a court of competent jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, the parties intend for the restrictions therein set forth to be modified by the
court making such determination so as to be reasonable and enforceable and, as so modified, to be fully enforced. By agreeing to this contractual modification prospectively at this time, Company and Employee intend to make this provision enforceable
under the law or laws of all applicable States so that the entire agreement not to compete and this Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or illegal. Such modification shall not
affect the payments made to Employee under this Agreement. 

 ARTICLE 8 

MISCELLANEOUS 
  

	8.1.	 Payment Obligations Absolute. Except as specifically provided in Sections 6.6 and 7.4,
Company’s obligation to pay (or cause one of its subsidiaries to pay) Employee the amounts 

  
 -12- 

	 	
and to make the arrangements provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, recoupment, defense or other right which Company (including its subsidiaries) may have against him or anyone else. All amounts payable by Company (including its subsidiaries hereunder)
shall be paid without notice or demand. Employee shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and the obtaining of any such other employment shall in
no event effect any reduction of Company’s obligations to make (or cause to be made) the payments and arrangements required to be made under this Agreement. 

 

	8.2.	 Notices. For purposes of this Agreement, notices and all other communications provided for herein
shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
	 If to Company to:
	 	Concho Resources Inc.
		 	600 W. Illinois Avenue
		 	Midland, Texas 79701
		 	Attention: Vice President and Chief of Staff
		
		 	With a copy to:
		
		 	Concho Resources Inc.
		 	600 W. Illinois Avenue
		 	Midland, Texas 79701
		 	Attention: Senior Vice President, General Counsel
		
	 If to Employee to:
	 	Mr. J. Steve Guthrie
		 	5305 Scottsboro
		 	Midland, Texas 79707

 or to such other address as either party may furnish to the other in writing in accordance herewith, except
that notices or changes of address shall be effective only upon receipt. 
  

	8.3.	 Applicable Law. This Agreement is entered into under, and shall be governed for all purposes by,
the laws of the State of Texas. 

  

	8.4.	 No Waiver. No failure by either party hereto at any time to give notice of any breach by the
other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

 

	8.5.	 Severability. Any provision in this Agreement which is prohibited or unenforceable in any
jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 -13- 

	8.6.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which together will constitute one and the same Agreement. 

  

	8.7.	 Withholding of Taxes and Other Employee Deductions. Company may withhold from any benefits and
payments made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to Company’s employees
generally. 

  

	8.8.	 Headings. The paragraph headings have been inserted for purposes of convenience and shall not be
used for interpretive purposes. 

  

	8.9.	 Gender and Plurals. Wherever the context so requires, the masculine gender includes the feminine
or neuter, and the singular number includes the plural and conversely. 

  

	8.10.	 Assignment. This Agreement shall be binding upon and inure to the benefit of Company and any
successor of Company, by merger or otherwise. This Agreement shall also be binding upon and inure to the benefit of Employee and his estate. If Employee shall die prior to full payment of amounts due pursuant to this Agreement, such amounts shall be
payable pursuant to the terms of this Agreement to his estate. Employee shall not have any right to pledge, hypothecate, anticipate or assign this Agreement or the rights hereunder, except by will or the laws of descent and distribution.

  

	8.11.	 Term. This Agreement has a term co-extensive with the
term of employment provided in Section 3.1. Termination shall not affect any right or obligation of any party which is accrued or vested prior to such termination. The provisions of Articles 6 and 7 shall survive the termination of this
Agreement. 

  

	8.12.	 Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to
the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to such subject matter. Without limiting the scope of the preceding sentence, all understandings and
agreements preceding the date of execution of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect, including, without limitation, all prior employment and severance agreements, if any,
by and between Company and Employee, including, without limitation, the Employment Agreement. Any modification of this Agreement will be effective only if it is in writing and signed by the party to be charged. 

[Signatures begin on next page.] 

  
 -14- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 1st day of
January, 2019, to be effective as of the Effective Date. 
  

					
	Concho Resources Inc.
		
	By:	 	/s/ Timothy A. Leach
			
		 	Name:	 	Timothy A. Leach
			
		 	Title:	 	Chief Executive Officer
			
		 		 	COMPANY
	
	J. Steve Guthrie
	
	/s/ J. Steve Guthrie
	
	EMPLOYEE

  
 -15- 

 ATTACHMENT A 

TO 
 EMPLOYMENT AGREEMENT

 BETWEEN 
 CONCHO
RESOURCES INC. 
 AND 

J. STEVE GUTHRIE 

PERMITTED ACTIVITIES 
 As
of the Effective Date, the Company has approved Employee’s participation in the following activities: 
  

	 	•	 	 As disclosed on the Employment Agreement between J. Steve Guthrie and Company dated January 25, 2011

  
 -16-

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