Document:

EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

THIS AGREEMENT is effective as of January 2, 2019, between Concho Resources Inc., a Delaware corporation (the “Corporation”),
and the undersigned director or officer of the Corporation (“Indemnitee”). 
 WHEREAS, the Corporation has adopted its Fourth
Amended and Restated Bylaws (as the same may be amended from time to time, the “Bylaws”) providing for indemnification and advancement of expenses of the Corporation’s directors and officers; and 

WHEREAS, the Bylaws and the Delaware General Corporation Law (the “DGCL”) contemplate that contracts and insurance policies may be
entered into with respect to indemnification and advancement of expenses of directors and officers; and 
 WHEREAS, the Corporation
recognizes that competent and experienced persons may be reluctant to serve as directors or officers of corporations unless they have adequate and reliable protection through indemnification, advancement of expenses, and policies of Directors and
Officers Liability Insurance (“D&O Insurance”), covering certain liabilities which might be incurred by directors and officers in the performance of their services; and 

WHEREAS, in order to induce and encourage competent and experienced persons such as Indemnitee to serve and continue to serve as directors and
officers of the Corporation and in any other capacity with respect to the Corporation as the Corporation may request, the Board of Directors of the Corporation (the “Board”) has determined that it is reasonable, prudent and necessary for
the Corporation to obligate itself contractually to indemnify Indemnitee so that she/he will serve or continue to serve the Corporation free from undue concern that she/he will not be adequately protected, and that the following Agreement is in the
best interests of the Corporation and its stockholders. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Corporation and Indemnitee do hereby covenant and agree as follows: 
 1.    Definitions. As
used in this Agreement: 
 (a)    The term “Proceeding” shall include any threatened, pending or completed
action, suit, claim, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative or legislative hearing, or other proceeding, whether brought by or in the right of the Corporation or otherwise, including
any and all appeals, and whether of a civil, criminal, administrative, arbitrative, legislative, investigative or other nature, in which Indemnitee is or is reasonably expected to be involved as a party, as a witness or otherwise, by reason of the
fact that Indemnitee is or was a director, officer, trustee, employee or agent of the Corporation, by reason of any action taken by her/him or of any inaction on her/his part while serving as a director, officer, trustee, employee or agent of the
Corporation, or by reason of the fact that, while a director, officer, trustee, employee or agent of the Corporation, she/he is or was serving at the request of the 

  
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Corporation as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise; in each case whether or
not she/he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement; provided that any action, suit, claim or proceeding (or part
thereof) which is brought by Indemnitee against the Corporation, other than an action brought by Indemnitee to enforce her/his rights under this Agreement, shall not be deemed a Proceeding unless authorized or ratified by the Board under
Section 15(b). 
 (b)    The term “Expenses” shall include, without limitation, all attorneys’ fees
and disbursements, accountants’ fees, private investigation fees and disbursements, retainers, court costs, transcript costs, fees of experts, fees and expenses of witnesses, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements, or expenses, incurred by or for Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a
witness in, a Proceeding, or establishing Indemnitee’s right of entitlement to indemnification or advancement under this Agreement, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against
Indemnitee, or any amounts paid in settlement. 
 (c)    A “Change in Control” will be deemed to have occurred
if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month period, constituted 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 the beginning of such 24-month period whose election,
or nomination for election by the stockholders of the Corporation, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office 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 a person other than the Board. 
 (d)    A “Disinterested Director”
means a director of the Corporation who is not or was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee. 

(e)    “Independent Legal Counsel” means a law firm or a member of a law firm that neither is presently nor in
the past five years has been retained to represent (i) the Corporation or Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Corporation or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 

(f)    References to Indemnitee’s being or acting as “a director, officer, trustee, employee or agent of the
Corporation” or “serving at the request of the Corporation as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise” shall include in
each case service to or actions taken while a director, officer, trustee, employee or agent of any subsidiary of the Corporation or while serving as a member of a committee of the Board of the Corporation. 

  
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 (g)    References to “other enterprise” shall include employee
benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Corporation” shall include any service as a director, officer,
trustee, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, trustee, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in
good faith and in a manner she/he reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation”
as referred to in this Agreement. 
 (h)    The term “substantiating documentation” shall mean copies of bills
or invoices for costs incurred by or for Indemnitee, or copies of court, agency or other orders or decrees or settlement agreements, as the case may be. 

2.    Indemnity and Advances—General. The Corporation hereby agrees to hold harmless and
indemnify Indemnitee, and to pay to Indemnitee in advance of the final disposition of any Proceeding all Expenses actually and reasonably incurred by Indemnitee in defending any such Proceeding, to the fullest extent authorized or permitted by law
(including the applicable provisions of the DGCL), all on the terms and conditions set forth in this Agreement. The phrase “to the fullest extent permitted by law” shall include, but not be limited to (a) to the fullest extent
permitted by any provision of the DGCL that authorizes or permits additional indemnification or advancement by agreement, or the corresponding provision of any amendment to or replacement of the DGCL and (b) to the fullest extent authorized or
permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify or advance Expenses to its officers and directors. Any amendment, alteration or
repeal of the DGCL that adversely affects any right of Indemnitee shall be prospective only and shall not limit or eliminate any such right with respect to any Proceeding involving any occurrence or alleged occurrence of any action or omission to
act that took place prior to such amendment, alteration or repeal. 
 3.    Indemnity. Except as limited
by Section 15, the Corporation hereby agrees to hold harmless and indemnify Indemnitee against all expense, liability and loss (including judgments, fines, ERISA excess taxes, penalties, amounts paid in settlement, and Expenses actually and
reasonably incurred by Indemnitee) by reason of the fact that Indemnitee is or was a director, officer, trustee, employee or agent of the Corporation, or while a director, officer, trustee, employee or agent of the Corporation, Indemnitee is or was
serving at the request of the Corporation as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise, but only if Indemnitee acted in good faith and in
a manner she/he reasonably believed to be in or not opposed to the best interests of the Corporation. Additionally, in the case of a criminal proceeding, Indemnitee must have had no reasonable cause to believe that her/his conduct was
unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself (a) create a presumption that Indemnitee did not act in good faith and in a
manner which she/he reasonably believed to be in or not opposed to the best interests of 

  
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the Corporation, and with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that her/his conduct was unlawful or (b) otherwise adversely affect the rights
of Indemnitee to indemnification except as may be provided herein. To receive indemnification, Indemnitee shall submit a written request in accordance with Section 7. 

4.    Contribution. If the indemnification provided under Section 2 or Section 3 is unavailable by
reason of a court decision finding that Indemnitee is not eligible to receive indemnification under this Agreement, based on grounds other than any of those set forth in Section 15, then, in respect of any Proceeding in which the Corporation is
jointly liable with Indemnitee (or would be if joined in such Proceeding), the Corporation shall contribute to the amount of Expenses actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect
(a) the relative benefits received by the Corporation on one hand and Indemnitee on the other from the transaction from which such Proceeding arose and (b) the relative fault of the Corporation on the one hand and of Indemnitee on the
other in connection with the events that resulted in such Expenses as well as any other relevant equitable considerations. The relative fault of the Corporation on the one hand and of Indemnitee on the other shall be determined by reference to,
among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses. The Corporation agrees that it would not be just and equitable if
contribution pursuant to this Section 4 were determined by pro rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations. 

5.    Defense of Proceedings; Choice of Counsel. 

(a)    Promptly after receipt by Indemnitee of notice of any Proceeding, Indemnitee shall, if a request for
indemnification or an advancement of Expenses in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation in writing of the commencement thereof; but the omission to notify the Corporation shall not relieve
it from any liability that it may have to Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which Indemnitee notifies the Corporation, the Corporation shall be entitled to participate therein
at its own expense. 
 (b)    Except as otherwise provided in this Section 5(b), to the extent that it may wish,
the Corporation, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense of the Proceeding, with counsel satisfactory to Indemnitee. The Corporation may satisfy its obligations under this Agreement by
paying for single counsel for a group of indemnitees, and legal counsel may represent both Indemnitee and the Corporation (and/or any other indemnitees entitled to receive advancement or indemnification from the Corporation with respect to such
matter), in each case unless (i) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee or any other such indemnitees or (ii) under the applicable standards of
professional conduct then prevailing, such legal counsel would have a conflict of interest. Any counsel retained in accordance with the preceding sentence shall be approved by a majority vote of the indemnitees, which approval shall not be
unreasonably withheld. 
 (c)    In any Proceeding brought by or in the right of the Corporation to procure a judgment
in its favor, Indemnitee (and/or any other indemnitees entitled to receive advancement 

  
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of Expenses or indemnification from the Corporation with respect to such matter) shall be entitled to select single counsel of their choice to represent such group of indemnitees, and such
counsel shall represent the group of indemnitees unless (i) Indemnitee or another indemnitee shall have reasonably concluded that there may be a conflict of interest between Indemnitee or any other such indemnitees or (ii) under the
applicable standards of professional conduct then prevailing, such legal counsel would have a conflict of interest. Counsel for the group of indemnitees shall be selected and approved by majority vote of the indemnitees, which approval shall not be
unreasonably withheld. If the Corporation has D&O Insurance, or other insurance, with a panel counsel requirement that may cover the matter for which advancement of Expenses or indemnification is sought, then such counsel shall be selected from
among the panel counsel or other counsel approved by the insurers, unless the Corporation waives such requirement in writing. The Corporation shall not be entitled to assume the defense of any Proceeding brought by or in the right of the Corporation
to procure a judgment in its favor. 
 (d)    Notwithstanding any other provision of this Agreement, Indemnitee shall
have the right to employ Indemnitee’s own counsel in any Proceeding, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless (i) there is a conflict of interest as described above or (ii) the employment
of counsel by Indemnitee has been authorized by the Corporation. 
 6.    Advances of Expenses. To receive
an advancement of Expenses under this Agreement, Indemnitee shall submit a written request to the Corporation, accompanied by substantiating documentation. Expenses incurred by Indemnitee in connection with a Proceeding shall be paid by the
Corporation, in advance of the final disposition of the Proceeding, within 20 calendar days after receipt of Indemnitee’s written request, accompanied by substantiating documentation and by Indemnitee’s written undertaking to repay any
amounts advanced to the extent it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to indemnification. Indemnitee’s
undertaking to repay such amounts is not required to be secured. Indemnitee’s right to advancement shall not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to Indemnitee’s ultimate
entitlement to indemnification under the provisions of this Agreement or otherwise. No objections based on or involving the question whether such charges meet the definition of “Expenses,” including any question regarding the
reasonableness of such Expenses, shall be grounds for failure to advance such amounts to Indemnitee, or to reimburse such Indemnitee for, the amounts claimed within such 20-day period, and the undertaking of
Indemnitee to repay any such amounts to the extent it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to indemnification shall
be deemed to include an undertaking to repay any such amounts determined not to have met such definition. 

7.    Procedure for Requesting and Obtaining Indemnification. 

(a)    Written Request. To receive indemnification under this Agreement, Indemnitee shall submit a written request
to the Corporation, accompanied by substantiating documentation. Any indemnification under this Agreement shall be paid in full no later than 60 calendar days after receipt by the Corporation of the written request of Indemnitee, accompanied by
substantiating documentation, unless, in the case of Proceedings addressed in Section 7(d), a determination is made that Indemnitee is not entitled to indemnification. 

  
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 (b)    Successful Proceedings. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the
dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that Indemnitee is otherwise entitled to be indemnified
against Expenses, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. 

(c)    Witness Expenses. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by
the DGCL, Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or
related to Indemnitee’s service as a director, officer, trustee, employee or agent of the Corporation, in any Proceeding to which Indemnitee neither is, nor is threatened to be made, a party. 

(d)    Other Proceedings. To the extent Sections 7(b) and Section 7(c) do not apply, the entitlement of
Indemnitee to indemnification shall be determined by the following person or persons, who shall be empowered to make such determination (as selected by the Board, except with respect to clause (v) below): (i) the Board by a majority vote
Disinterested Directors, whether or not such majority constitutes a quorum, (ii) a committee of Disinterested Directors designated by majority vote of such directors, whether or not such majority constitutes a quorum, (iii) if there are no
Disinterested Directors, or if such Disinterested Directors so direct, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, (iv) the stockholders or (v) in the event that a
Change in Control has occurred, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. Such Independent Legal Counsel shall be selected by the Board and approved by Indemnitee, except that
in the event that a Change in Control has occurred, Independent Legal Counsel shall be selected by Indemnitee. Upon failure of the Board to select such Independent Legal Counsel or upon failure of Indemnitee to approve (or to select, in the event a
Change in Control has occurred), such Independent Legal Counsel shall be selected upon application to a court of competent jurisdiction. If the person making such determination shall determine that Indemnitee is entitled to indemnification as to
part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues or matters at issue at the time of the determination. 

8.    Presumptions and Effect of Certain Proceedings. 

(a)    Upon making a written request for indemnification, Indemnitee shall be presumed to be entitled to indemnification
hereunder and the Corporation shall have the burden of proof in making any determination to the contrary. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to
indemnification within 60 calendar days after receipt by the Corporation of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be absolutely entitled to such
indemnification, absent actual fraud in the request for indemnification. 

  
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 (b)    In the event that a determination is made that Indemnitee is not
entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Section 7(d) or Section 8(a), or if an advancement of Expenses is not timely made pursuant to
Section 6, Indemnitee may at any time thereafter bring suit against the Corporation seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the
State of Delaware, unless otherwise required by the law of the state in which Indemnitee primarily resides and works. The Corporation shall not oppose Indemnitee’s right to seek any such adjudication. In any suit brought by Indemnitee to
enforce a right to indemnification hereunder (but not in a suit brought by Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that Indemnitee has not met any applicable standard of conduct for indemnification set
forth in the DGCL, including the standard described in Section 4 or 5, as applicable. Further, in any suit brought by the Corporation to recover an advancement of Expenses pursuant to the terms of an undertaking, the Corporation shall
be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that Indemnitee has not met the standard of conduct described above. Neither the failure of the
Corporation (including the Disinterested Directors, any committee thereof, Independent Legal Counsel or its stockholders) to have made a determination prior to the commencement of such suit that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct described above, nor an actual determination by the Corporation (including the Disinterested Directors, any committee thereof, Independent Legal Counsel or its stockholders) that Indemnitee has
not met such applicable standard of conduct, shall create a presumption that Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by Indemnitee, be a defense to such suit. In any suit brought by Indemnitee
to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Corporation to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that Indemnitee is not entitled to
be indemnified, or to such advancement of Expenses, under this Agreement or otherwise shall be on the Corporation. If a determination is made or deemed to have been made pursuant to the terms of Section 7(d) or Section 8(a) that Indemnitee
is entitled to indemnification, the Corporation shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding, and
enforceable. The Corporation further agrees to stipulate in any court pursuant to this Section 8 that the Corporation is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court
shall determine that Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Corporation shall pay all Expenses actually and reasonably incurred by Indemnitee in connection with such adjudication (including, but not
limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Corporation to recover an advancement of Expenses pursuant to the terms of an undertaking, the Corporation shall pay all Expenses actually
and reasonably incurred by Indemnitee in connection with such suit to the extent Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law. 

9.    Indemnification Hereunder Not Exclusive; Prior Indemnification Agreements. The indemnification and
advancement of expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may now or hereafter be entitled under the provisions of a certificate of incorporation or bylaws (including the

  
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Corporation’s Restated Certificate of Incorporation and the Bylaws), the DGCL or other applicable law, any D&O Insurance, any agreement or otherwise. This Agreement supersedes and
replaces all prior written indemnification agreements between the Corporation (or any predecessor thereof) and Indemnitee with respect to the subject matter hereof and any such prior agreements shall be terminated upon execution of this
Agreement. However, Indemnitee shall reimburse the Corporation for amounts paid to her/him pursuant to such other rights to the extent such payments duplicate any payments received pursuant to this Agreement. 

10.    Continuation of Indemnity. All agreements and obligations of the Corporation contained herein shall
continue during the period Indemnitee is a director, officer, trustee, employee or agent of the Corporation (or while a director, officer, trustee, employee or agent of the Corporation, Indemnitee is or was serving at the request of the Corporation
as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any possible
Proceeding (notwithstanding the fact that Indemnitee has ceased to serve the Corporation). 
 11.    Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for a portion of any expense, liability or loss (including judgments, fines, ERISA excess taxes, penalties, amounts paid in
settlement, and Expenses actually and reasonably incurred by Indemnitee), but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such amounts to which Indemnitee is entitled. 

12.    Settlement of Claims. The Corporation shall not be liable to indemnify Indemnitee under this
Agreement for any amounts paid in settlement of any Proceeding effected without the Corporation’s prior written consent. The Corporation shall not settle any Proceeding in any manner which would impose any penalty or limitation on or
disclosure obligation with respect to Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to Indemnitee, without Indemnitee’s prior written
consent. Neither the Corporation nor Indemnitee will unreasonably withhold or delay their consent to any proposed settlement. The Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding effected without the Corporation’s written consent, or with regard to any judicial award, if the Corporation was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such
Proceeding. 
 13.    Acknowledgements. 

(a)    Corporation Acknowledgement. The Corporation expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on the Corporation hereby in order to induce Indemnitee to serve or to continue to serve as a director or officer of the Corporation, and acknowledges that Indemnitee is relying upon this Agreement in
agreeing to serve or in continuing to serve as a director or officer of the Corporation. 

  
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 (b)    Mutual Acknowledgment. Both the Corporation and Indemnitee
acknowledge that in certain instances, Federal law or public policy may override applicable state law and prohibit the Corporation from indemnifying its directors and officers under this Agreement or otherwise. For example, the Corporation and
Indemnitee acknowledge that the Securities and Exchange Commission (the “SEC”) has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits
indemnification for certain ERISA violations. Indemnitee understands and acknowledges that the Corporation has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain
circumstances for a determination of the Corporation’s right under public policy to indemnify Indemnitee. 

14.    Enforcement. In the event Indemnitee is required to bring any action to enforce rights or to collect
moneys due under this Agreement, to the extent Indemnitee has been successful, on the merits or otherwise, in whole or in part, in such action, the Corporation shall reimburse Indemnitee for Expenses actually and reasonably incurred by Indemnitee in
bringing and pursuing such action. 
 15.    Exceptions. Any other provision herein to the contrary
notwithstanding, the Corporation shall not be obligated pursuant to the terms of this Agreement: 
 (a)    No
Entitlement to Indemnification or Advancement. To indemnify Indemnitee for any amounts incurred by Indemnitee with respect to any action instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction
determines that Indemnitee was not entitled to indemnification or advancement of Expenses hereunder; 
 (b)    Claims
Brought by Indemnitee. To indemnify or advance Expenses to Indemnitee in connection with an action, suit or proceeding, or part thereof, voluntarily initiated by Indemnitee (including claims and counterclaims, whether such counterclaims are
asserted by (i) Indemnitee or (ii) the Corporation in an action, suit or proceeding initiated by Indemnitee), except a proceeding pursuant to Section 8(b) to enforce or interpret this Agreement, unless the action, suit or proceeding,
or part thereof, was authorized or ratified by the Board or the Board otherwise determines that indemnification or advancement of Expenses is appropriate; 

(c)    Insured Claims. To indemnify or advance Expenses to Indemnitee for Expenses or liabilities of any type
whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes, penalties and amounts paid in settlement) to the extent such Expenses or liabilities have been paid directly to Indemnitee by an insurance carrier under a D&O
Insurance policy maintained by the Corporation; or 
 (d)    Indemnification Unlawful. To indemnify or advance
Expenses to Indemnitee to the extent (i) expressly prohibited by applicable law, or (ii) it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that such
indemnification or advancement is not lawful. 
 16.    Severability. If any provision of this Agreement
shall be held to be invalid, illegal or unenforceable (a) the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in any way affected or impaired thereby, and (b) to the fullest extent possible,
the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. Each section of this Agreement 

  
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is a separate and independent portion of this Agreement. If the indemnification or advancement of Expenses to which Indemnitee is entitled with respect to any aspect of any claim varies
between two or more sections of this Agreement, that section providing the most comprehensive protection shall apply. 

17.    Miscellaneous.

(a)    Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations
of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of law, unless otherwise required by the law of the state in which Indemnitee
primarily resides and works. 
 (b)    Amendment; Enforcement of Rights. No modification of or amendment to this
Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a
waiver of any rights of such party. 
 (c)    Construction. This Agreement is the result of negotiations between
and has been reviewed by each of the parties hereto, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

(d)    Notices. All notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) one business day after the date when sent to the recipient by reputable overnight courier service
(charges prepaid), (iii) five business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid or (iv) when sent by email to the recipient. Such notices, demands and
other communications shall be sent to the parties at the addresses indicated on the signature page hereto, or to such other address or such email as any party hereto may from time to time provide. 

(e)    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall constitute one instrument. 
 (f)    Successors and Assigns. This
Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, legal representatives and assigns. 

(g)    Subrogation. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee (excluding insurance obtained on Indemnitee’s own behalf), who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable
the Corporation to effectively bring suit to enforce such rights. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

					
	CONCHO RESOURCES INC.
		
	By:	 	 
		 	Travis L. Counts, Senior Vice President, General Counsel and Corporate Secretary
			
		 	Address:	 	 One Concho Center
 600 W. Illinois Ave.

Midland, Texas 79701

  

			
	INDEMNITEE:
		
	           	 	 

 
			
		
	Print:	 	 

 
			
		
	Title:	 	 

 
			
		
	Address:	 	 
		
		 	 

  
 11EX-10.2

 Exhibit 10.2 

CONCHO RESOURCES INC. 

2015 STOCK INCENTIVE PLAN 

PERFORMANCE UNIT AWARD AGREEMENT 

JANUARY 2, 2019 

To:    <first_name> <last_name> 

Concho Resources Inc., a Delaware corporation (the “Company”), is pleased to grant you an award (the
“Award”) consisting of an aggregate of <shares_awarded> performance units (each, a “Performance Unit”) that have a performance period beginning on
January 1, 2019 through December 31, 2021 (the “Performance Period”). The Award is subject to your acceptance of and agreement to all the applicable terms, conditions and
restrictions described in this Performance Unit Award Agreement (this “Agreement”) and the Concho Resources Inc. 2015 Stock Incentive Plan (as such plan may be amended or restated thereafter from time to time, the
“Plan”). A copy of the Plan is available upon request. To the extent that any provision of this Agreement conflicts with the expressly applicable terms of the Plan, you acknowledge and agree that those terms of the
Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed amended so as to carry out the purpose and intent of the Plan. Terms that have their initial letters capitalized, but that are not otherwise defined in
this Agreement, shall have the meanings given to them in the Plan in effect as of the date of this Agreement. The Performance Units contemplated herein are granted as Performance Awards under the Plan and are subject to the award limitations
applicable to awards denominated in shares of the Company’s common stock (the “Common Stock”) that are set forth in Paragraph V(a) of the Plan. 

This Agreement sets forth the terms of the agreement between you and the Company with respect to the Performance Units. By accepting this
Agreement, you agree to be bound by all of the terms hereof. 
 1.    Overview of Performance Units. 

(a)    Performance Units Generally. Each Performance Unit represents a contractual right to receive one share of
Common Stock, subject to the terms and conditions of this Agreement; provided that, based on the achievement of the performance objective outlined in Section 2 hereof (the “Performance
Objective”), the number of shares of Common Stock that may be deliverable hereunder in respect of the Performance Units may range from 0% to 300% of the number of Performance Units stated in the preamble to this
Agreement (such stated number of Performance Units hereafter called the “Initial Performance Units”). Your right to receive Common Stock in respect
of Performance Units is generally contingent, in whole or in part, upon (i) the achievement of the Performance Objective and (ii) except as provided in Section 4(a) or Section 5 hereof, your continued employment with the Company
through the end of the Performance Period. 

  
 1 

 (b)    Dividend Equivalents. With respect to each outstanding
Performance Unit, the Company shall credit a book entry account with an amount equal to the amount of any cash dividend paid during the Performance Period on one share of Common Stock. The amount credited to such book entry account shall be payable
to you at the same time or times, and subject to the same terms and conditions as are applicable to, your Performance Units; provided that, if more than the Initial Performance Units shall become payable in accordance with this Agreement, then the
maximum amount payable in respect of such dividend equivalents shall be the amount credited to your book entry account. Dividends and distributions payable on Common Stock other than in cash shall have a value equal to the amount of such dividends
reported by the issuer to its shareholders for purposes of Federal income taxation and will be addressed in accordance with Section 9 hereof. 

2.    Performance Objective. The Performance Objective with respect to the Initial Performance Units is
based on both (a) the Total Shareholder Return achieved by the Company relative to the Peer Companies (as defined below) for the Performance Period (the “Relative Total Shareholder Return”) and (b) the
absolute annualized Total Shareholder Return achieved by the Company for the Performance Period (the “Absolute Total Shareholder Return”). “Total Shareholder Return” shall mean, as to the
Company and each of the Peer Companies, the percentage rate of return shareholders receive through stock price changes and the receipt of cash dividends paid over the Performance Period, determined in accordance with the following formula:
(Closing Value minus Initial Value plus Cash Dividends) divided by Initial Value, where: 

Closing Value means the average of the closing stock prices of the Company or such Peer Company, as applicable, on each trading
day during the period beginning on the first day of the calendar month in which the last day of the Performance Period occurs and ending on the last day of the Performance Period; provided, however, that if a Peer Company ceases to have a class of
common equity securities listed to trade under Section 12(b) or Section 12(g) of the Exchange Act during the Performance Period (determined after any applicable adjustment by the Committee pursuant to Section 9 hereof), then the Total
Shareholder Return for such Peer Company shall be determined by the Committee as provided in the preceding provisions of this sentence but, from and after the date of such cessation, the price per share of such Peer Company’s common stock shall
be deemed to be equal to the price per share of such common stock immediately prior to such cessation increased by the interest that would be earned on such amount if it were invested in U.S. Treasury securities of approximate equal duration to the
portion of the Performance Period remaining after such cessation. 
 Notwithstanding the foregoing, if Total Shareholder Return for the
Company and the Peer Companies is required to be determined for purposes of Section 5 hereof, then the Closing Value shall be determined as described above, except that (i) the last day of the Performance Period shall be deemed to be the
Change of Control Date and the Closing Value with respect to the Peer Companies shall be based on the 30-day period ending on the date of such termination of employment, and (ii) the Closing Value with
respect to the Company shall mean the fair market value (as determined in good faith by the Committee) of the consideration received by the stockholders of the Company with respect to each share of Common Stock as of the effective time of the Change
of Control; provided, however, that if such Change of Control is effected in a manner that does not result in the 

  
 2 

 
stockholders of the Company receiving consideration in exchange for their Common Stock, then such Closing Value shall mean the average of the closing stock prices of the Company on each trading
day during the 30-day period immediately preceding the date of the Change of Control Date (as defined in Section 5 hereof). 

In addition, if Total Shareholder Return for the Company and the Peer Companies is required to be determined for purposes of Section 4(a)
or 4(b) hereof, then the Closing Value shall be determined as described above, except that the last day of the Performance Period shall be deemed to be the Termination Date (as defined in Section 4(a) hereof) and the Closing Value shall be
based on the 30-day period ending on the date of such termination of employment. 
 Initial
Value means the average of the closing stock prices of the Company or such Peer Company, as applicable, on each trading day in the calendar month immediately preceding the first day of the Performance Period. The Initial Value of the Common
Stock to be used to determine the Company’s Total Shareholder Return over the Performance Period is $             per share. 

Cash Dividends means the aggregate amount of cash dividends per share paid over the Performance Period by the Company or such
Peer Company, as applicable. 
 Achievement with respect to the portion of the Performance Objective that is based on Relative Total Shareholder Return
shall be determined by the Committee based on the Company’s relative ranking in respect of the Performance Period with regard to Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies, and shall be a percentage
determined in accordance with the table set forth in Appendix A hereto. A company shall be a “Peer Company” if it is one of the companies listed on Appendix A hereto. Achievement with respect to the portion of the
Performance Objective that is based on Absolute Total Shareholder Return shall be determined by the Committee based on the Company’s annualized Total Shareholder Return achieved over the Performance Period, and shall be a percentage determined
in accordance with the provisions set forth in Appendix A hereto. As soon as administratively practicable following the end of the Performance Period (but in no event later than the 15th day of
the third calendar month following the calendar month in which the Performance Period ends), the Committee shall certify whether and to the extent that the Performance Objective has been achieved and will determine the number of Performance Units,
if any, determined to be earned for the Performance Period (which number of Performance Units shall equal the product of the Initial Performance Units (subject to adjustment as set forth in Section 9 hereof) multiplied by the percentage
determined with respect to Relative Total Shareholder Return pursuant to the table set forth in Appendix A hereto multiplied by the percentage determined with respect to Absolute Total Shareholder Return in accordance with the provisions set
forth in Appendix A hereto). The number of Performance Units, if any, determined by the Committee to be earned pursuant to the preceding provisions of this Section 2 shall be referred to as the “Earned Performance
Units.” 
 3.    Conversion of Performance Units; Delivery of Common Stock with respect to
Performance Units. Unless an earlier date applies pursuant to Section 5(d) hereof, payment in respect of Earned Performance Units shall be made not later than the 15th day of the
third calendar 

  
 3 

 
month following the calendar month in which the Performance Period ends. All payments in respect of Earned Performance Units shall be made in freely transferable shares of Common Stock. Neither
this Section 3 nor any action taken pursuant to or in accordance with this Section 3 shall be construed to create a trust of any kind. Any shares of Common Stock issued to you pursuant to this Agreement in settlement of Earned Performance
Units shall be in book entry form registered in your name. Any fractional Earned Performance Units shall be rounded up to the nearest whole share of Common Stock. 

4.    Termination of Employment. 

(a)    Termination without Cause. In the event that your employment with the Company terminates during the
Performance Period due to your termination of employment by the Company without Cause (as defined in the Severance Plan (as defined below)) (and not by reason of your death or Disability (as in the Severance Plan)), then you shall be deemed to have
earned, as of the date of your termination of employment (the “Termination Date”), that number of Performance Units equal to the product of (i) and (ii), where: 

 

	 	(i)	 equals the number of Earned Performance Units that you would have earned in accordance with Section 2
hereof assuming that (A) the Performance Period ended on the Termination Date and (B) the determination of whether, and to what extent, the Performance Objective is achieved is based on the lower of the target level of performance and the
actual performance against the stated performance criteria through the Termination Date; and 

  

	 	(ii)	 equals a fraction (the “Pro-Ration
Fraction”), (A) the numerator of which is the number of days during the Performance Period during which you were employed by the Company and (B) the denominator of which is the total number of days in the Performance Period.

 Any portion of the Performance Units that do not become earned and payable in accordance with the preceding sentence shall terminate
and automatically be cancelled as of the Termination Date. Distribution of shares of Common Stock in respect of the Performance Units determined to be earned by reason of this Section 4(a) shall be made made not later than the 15th day of the third calendar month following the calendar month in which the Termination Date occurs. 

(b)    Death or Disability. In the event that your employment with the Company terminates during the Performance
Period due to your death or Disability, then you shall be deemed to have earned, as of the Termination Date, that number of Performance Units equal to the number of Earned Performance Units that you would have earned in accordance with
Section 2 hereof assuming that (A) the Performance Period ended on the Termination Date and (B) the determination of whether, and to what extent, the Performance Objective is achieved is based on the higher of the target level of
performance and the actual performance against the stated performance criteria through the Termination Date. Any portion of the Performance Units that do not become earned and payable in accordance with the preceding sentence shall terminate and
automatically be cancelled as of the Termination Date. Distribution of shares of Common Stock in respect of the Performance Units determined to be earned by reason of this Section 4(b) shall be made made not later than the 15th day of the third calendar month following the calendar month in which the Termination Date occurs. 

  
 4 

 (c)    Retirement. In the event that your employment with the
Company terminates during the Performance Period due to your retirement at or after having attained age 65, then you shall be deemed to have earned, as of the end of the Performance Period, that number of Performance Units equal to the product of
(i) and (ii), where: 
  

	 	(i)	 equals the number of Earned Performance Units that you would have earned in accordance with Section 2
hereof had you remained employed through the end of the Performance Period; and 

  

	 	(ii)	 the Pro-Ration Fraction. 

Any portion of your Performance Units that is eligible to be earned pursuant to first sentence of this subparagraph (c), but is not earned as of the end of
the Performance Period, shall terminate and be canceled upon the expiration of the Performance Period. Distribution of shares of Common Stock in respect of the Performance Units determined to be earned by reason of this Section 4(c) shall be
made at the time provided in Section 3 hereof. 
 (d)    Other Termination of Employment. Unless otherwise
determined by the Committee at or after grant, in the event that your employment with the Company terminates prior to the end of the Performance Period for any reason other than those listed in Section 4(a), 4(b) or 4(c) hereof, all of your
Performance Units shall terminate and automatically be canceled upon such termination of employment. 

(e)    Definitions of Severance Plan. As used in this Agreement, the term “Severance
Plan” shall mean that certain Concho Resources Inc. Executive Severance Plan, as amended from time to time in accordance with the terms thereof. 

(f)    Termination of Employment. For all purposes of this Agreement, you will be considered to have terminated
from employment with the Company when you incur a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and applicable administrative guidance 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. 
 5.    Change of Control. Notwithstanding the provisions of
Section 1 through Section 4 hereof or the terms of any Employment Agreement between you and the Company or any Affiliate, if you have been continuously employed from the grant date specified above until the date that a Change of Control
(as in the Severance Plan) occurs (the “Change of Control Date”), then upon the occurrence of a Change of Control your rights in respect of the Performance Units shall be determined as provided in Section 5(a)
hereof. If your employment shall have terminated prior to the Change of Control Date, but at least some of your Performance Units remain outstanding pursuant to Section 4(c) hereof, then your rights in respect of your outstanding Performance
Units shall be determined as provided in Section 5(b) hereof. 

  
 5 

 (a)    Continuous Employment. If a Change of Control occurs and
your employment has not terminated prior to the Change of Control Date, then on the Change in Control Date, your outstanding Performance Units will be automatically converted into a number of time-based Restricted Stock that will vest, subject
solely to your continued employment, on the last date of the Performance Period. The number of such time-based Restricted Stock will be equal to the number of Performance Units that would have become Earned Performance Units in accordance with the
provisions of Section 2 hereof assuming that: 
 (i)    the Performance Period ended on the Change
of Control Date; and 
 (ii)    the determination of whether, and to what extent, the Performance
Objective is achieved is based on the actual performance against the stated performance criteria through the Change of Control Date. 
 In the event your
Performance Units are converted into time-based Restricted Stock pursuant to this Section 5(a), and your employment is terminated as a result of a Qualifying Termination (as defined in the Severance Plan) within the two-year period beginning on the Change of Control Date, 100% of your then-unvested Restricted Stock shall immediately vest as of your Termination Date. 

(b)    Termination of Employment Upon Change of Control. If a Change of Control occurs and your employment is
terminated upon the Change of Control Date as a result of a Qualifying Termination, then you will be issued a number of shares of Common Stock equal to the number of Performance Units that would have become Earned Performance Units in accordance
with the provisions of Section 2 hereof assuming that: 
 (i)    the Performance Period ended on
the Change of Control Date; and 
 (ii)    the determination of whether, and to what extent, the
Performance Objective is achieved is based on the actual performance against the stated performance criteria through the Change of Control Date. 

(c)    Prior Termination of Employment. If your employment terminated prior to the Change of Control Date, but some
or all of your Performance Units are still outstanding on such date pursuant to Section 4(c) hereof, then you shall receive a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock that would have
been issued to you determined as though Section 5(a) hereof was applicable to you, times (ii) the Pro-Ration Fraction. 

(d)    Time and Form of Payment. Any shares of Common Stock issuable pursuant to Section 5(a) shall be issued
at the time provided in Section 3 hereof, or, if sooner, immediately upon your Termination Date. Any shares of Common Stock issuable pursuant to Section 5(b) or 5(c) shall be issued immediately following (and not later than five business
days after) the Change of Control Date and shall be fully earned and freely transferable as of the Change of Control Date. Notwithstanding anything else contained in this Section 5 to the contrary (other than Section 5(e)), if the Change
of Control involves a merger, reclassification or other reorganization or business 

  
 6 

 
combination pursuant to which the Common Stock is exchanged for or converted to stock of the surviving or continuing corporation in such transaction, the successor or continuing entity to the
Company or the direct or indirect parent of the Company (collectively, the “Successor Corporation”), then you shall receive, instead of each share of Common Stock otherwise deliverable hereunder, the same consideration
(whether stock, cash or other property) payable or distributable in such transaction in respect of a share of Common Stock. Any property distributed pursuant to this Section 5(d), whether in shares of the Successor Corporation or otherwise,
shall in all cases be freely transferable without any restriction (other than any such restriction that may be imposed by applicable law), and any securities issued hereunder shall be registered to trade under the Exchange Act, and shall have been
registered under the Securities Act of 1933, as amended (the “Securities Act”). 

(e)    Alternative Form of Payment. Notwithstanding anything else contained in this Section 5 to the contrary,
the Committee may elect, at its sole discretion by resolution adopted prior to the Change of Control Date, to have the Company satisfy your rights in respect of the Performance Units (as determined pursuant to the foregoing provisions of this
Section 5), in whole or in part, by having the Company make a cash payment to you within five business days of the Change of Control Date in respect of all such Performance Units or such portion of such Performance Units as the Committee shall
determine. Any cash payment for any Performance Unit shall be equal to the Fair Market Value of the number of shares of Common Stock into which it would convert, determined on the Change of Control Date. 

6.    Clawback and Forfeiture under Certain Circumstances. Notwithstanding any provisions in this
Agreement to the contrary, any portion of the payments and benefits provided under this Agreement or the sale of shares of Common Stock shall be subject to a clawback to the extent necessary to comply with applicable law including, without
limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any Securities and Exchange Commission rule. In addition, notwithstanding any provisions herein to the contrary, the Committee may terminate your Award
if it determines that you have engaged in conduct that would permit the Company to terminate your employment for cause. For purposes of the preceding sentence, the term “cause” has the meaning assigned to such term in your employment
agreement with the Company or an Affiliate; provided, however, that in the absence of such an employment agreement or if such employment agreement does not define the term “cause,” then “cause” means a determination by the
Company that you have (a) engaged in conduct that is injurious (monetarily or otherwise) to the Company or any Affiliate (including, without limitation, misuse of any of the Company’s funds or other property), (b) been convicted of, or
pleaded no contest to, or received adjudicated probation or deferred adjudication in connection with any felony or any other crime involving fraud, dishonesty or moral turpitude, (c) breached any material provision of the Plan, this Agreement
or any other written agreement or corporate policy or code of conduct established by the Company or its Affiliates, (d) engaged in gross negligence or willful misconduct in the performance of your duties, or (e) refused without proper
legal reason to perform your duties. 
 7.    Nontransferability of Awards. The Performance Units granted
hereunder may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of, other than by will or by the laws of descent and distribution. Following your death, any shares distributable (or cash
payable) in respect of Performance Units will be delivered or paid, at the time specified in Section 3 hereof or, if applicable, Section 5 hereof, to your beneficiary in accordance with, and subject to, the terms and conditions hereof and
of the Plan. 

  
 7 

 8.    [Reserved]. 

9.    Adjustments in Respect of Performance Units. In the event of any common stock dividend or common stock
split, recapitalization (including, but not limited to, the payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of shares, or
other similar corporate change with regard to the Company or any Peer Company (other than the payment of cash dividends), appropriate adjustments shall be made by the Committee to the Initial Value of the corresponding common stock, and, if any such
event occurs with respect to the Company, in the aggregate number of Performance Units subject to this Agreement. The Committee’s determination with respect to any such adjustment shall be conclusive. 

10.    Effect of Settlement. Upon conversion into shares of Common Stock (or Successor Corporation common
stock) pursuant to Section 3 or Section 5 hereof, a cash settlement of your rights, at the election of the Committee at its sole discretion pursuant to Section 5(e) hereof, or a combination of the issuance of Common Stock and the
payment of cash in accordance with any applicable provisions of this Agreement, all of your Performance Units subject to the Award shall be cancelled and terminated. If and to the extent that you are still employed at the end of the Performance
Period, and none of your Performance Units shall have become earned in accordance with the terms of this Agreement, all such Performance Units subject to the Award shall be cancelled and terminated. 

11.    Furnish Information. You agree to furnish to the Company all information requested by the Company to
enable it to comply with any reporting or other requirements imposed upon the Company by or under any applicable statute or regulation. 

12.    Remedies. The parties to this Agreement shall be entitled to recover from each other reasonable
attorneys’ fees incurred in connection with the enforcement of the terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise. 

13.    Information Confidential. As partial consideration for the granting of the Award hereunder, you
hereby agree with the Company that you will keep confidential all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided,
however, that such information may be disclosed as required by law and may be given in confidence to your spouse, tax and financial advisors, or to a financial institution to the extent that such information is necessary to secure a loan. 

14.    Payment of Taxes. The Company may from time to time require you to pay to the Company (or an
Affiliate if you are an employee of an Affiliate) the amount that the Company deems necessary to satisfy the Company’s or its Affiliate’s current or future obligation to withhold federal, state or local income or other taxes that you incur
as a result of the Award. With respect 

  
 8 

 
to any required tax withholding, unless another arrangement is permitted by the Company in its discretion, the Company shall withhold from the shares of Common Stock to be issued to you the
number of shares necessary to satisfy the Company’s obligation to withhold taxes, that determination to be based on the shares’ Fair Market Value at the time as of which such determination is made. In the event the Company subsequently
determines that the aggregate Fair Market Value of any shares of Common Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then you shall pay to the Company, immediately upon the
Company’s request, the amount of that deficiency. 
 15.    Right of the Company and Affiliates to Terminate
Your Employment. Nothing contained in this Agreement shall confer upon you the right to continue in the employ of the Company or any Affiliate, or interfere in any way with the rights of the Company or any Affiliate to terminate your
employment at any time for any or no reason; provided, however, that any such termination shall be subject to the terms and conditions of any employment agreement between you and the Company or any Affiliate. 

16.    No Liability for Good Faith Determinations. Neither the Company nor the members of the Board and the
Committee shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Performance Units granted hereunder. 

17.    No Guarantee of Interests. The Board, the Committee and the Company do not guarantee the Common Stock
of the Company from loss or depreciation. 
 18.    Company Records. Records of the Company or its
Affiliates regarding your period of employment, termination of employment and the reason therefor, leaves of absence, re-employment, and other matters shall be conclusive for all purposes hereunder, unless
determined by the Company to be incorrect. 
 19.    Severability. If any provision of this Agreement is
held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid
provision had never been included herein. 
 20.    Notices. Whenever any notice is required or permitted
hereunder, such notice must be in writing and personally delivered or sent by mail. Any such notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered, or, whether actually
received or not, on the third business day after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written
notice delivered in accordance herewith. The Company or you may change, at any time and from time to time, by written notice to the other, the address which it or you had previously specified for receiving notices. 

  
 9 

 The Company and you agree that any notices shall be given to the Company or to you at the
following addresses: 
 Company: 
 Concho Resources Inc. 

Attn: Corporate Secretary 
 One Concho Center 

600 W. Illinois Avenue 
 Midland, Texas 79701 

Holder:    At your current address as shown in the Company’s records. 

21.    Waiver of Notice. Any person entitled to notice hereunder may waive such notice in writing. 

22.    Successor. This Agreement shall be binding upon you, your legal representatives, heirs, legatees and
distributees, and upon the Company, its successors and assigns. 
 23.    Headings. The titles and
headings of Sections and paragraphs are included for convenience of reference only and are not to be considered in construction of the provisions hereof. 

24.    Governing Law. All questions arising with respect to the provisions of this Agreement shall be
determined by application of the laws of the State of Texas except to the extent Texas law is preempted by federal law. The obligation of the Company to sell and deliver Common Stock hereunder is subject to applicable laws and to the approval of any
governmental or regulatory authority (including any applicable stock exchange) required in connection with the authorization, issuance, sale, or delivery of such Common Stock. 

25.    Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of
Common Stock or other property to you, or to your legal representative, heir, legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder. The
Company may require you or your legal representative, heir, legatee or distributee, as a condition precedent to such payment or issuance, to execute a release and receipt therefor in such form as it shall determine. 

26.    Amendment. This Agreement may be amended at any time unilaterally by the Company provided that such
amendment is consistent with all applicable laws and does not reduce any rights or benefits you have accrued pursuant to this Agreement. This Agreement may also be amended at any time unilaterally by the Company to the extent the Company believes in
good faith that such amendment is necessary or advisable to bring this Agreement into compliance with any applicable laws, including Section 409A of the Code. 

27.    The Plan. This Agreement is subject to all the terms, conditions, limitations and restrictions
contained in the Plan. 
 28.    Agreement Respecting Securities Act. You represent and agree that you
will not sell the Common Stock that may be issued to you pursuant to your Performance Units except pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under the Securities Act
(including Rule 144). 

  
 10 

 29.    No Stockholder Rights. The Performance Units
granted pursuant to this Agreement do not and shall not entitle you to any rights as a stockholder of Common Stock until such time as you receive shares of Common Stock pursuant to this Agreement. Your rights with respect to the Performance Units
shall remain forfeitable at all times prior to the date on which rights become earned in accordance with this Agreement. 
 [Signatures on
the following page.] 

  
 11 

 If you accept this Performance Unit Award Agreement and agree to its terms and conditions,
please so confirm by signing and returning the duplicate of this Agreement enclosed for that purpose. 
  

					
	Very Truly Yours,
	
	CONCHO RESOURCES INC.
		
	By:	 	 
		 	Name:	 	Timothy A. Leach
		 	Title:	 	Chief Executive Officer

 ACKNOWLEDGED AND AGREED: 
  

			
	By:	 	 
		 	<first_name> <last_name>

  
 12 

 Appendix A 

Determination of Earned Performance Units 

A.    Relative Total Shareholder Return 

Peer Companies: 
  

			
	OXY	 	Occidental Petroleum Corporation
	EOG	 	EOG Resources, Inc.
	APC	 	Anadarko Petroleum Corporation
	DVN	 	Devon Energy Corporation
	APA	 	Apache Corporation
	MRO	 	Marathon Oil Corporation
	PXD	 	Pioneer Natural Resources
	CLR	 	Continental Resources, Inc.
	NBL	 	Noble Energy, Inc.
	HES	 	Hess Corporation
	COG	 	Cabot Oil & Gas Corporation
	XEC	 	Cimarex Energy Co.
	FANG	 	Diamondback Energy, Inc.
	PE	 	Parsley Energy Inc.
	COP	 	ConocoPhillips

 Determination of Percentage Attributable to Relative Total Shareholder Return: 

The percentage attributable to the achievement of Relative Total Shareholder Return shall be determined in accordance with the following table based on the
Company’s relative ranking in respect of the Performance Period with regard to Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies (straight line interpolation will be used between levels): 

 

			
	 Company’s Relative
Ranking
	  	 Applicable Percentage

		
	93rd Percentile or Above	  	200%
		
	80th Percentile	  	175%
		
	60th Percentile	  	125%
		
	40th Percentile	  	80%
		
	27th Percentile	  	54%
		
	20th Percentile or Below	  	0%

  
 13 

 B.    Absolute Total Shareholder Return 

The percentage attributable to the achievement of Absolute Total Shareholder Return shall be determined in accordance with the following table based on the
Company’s annualized Total Shareholder Return for the Performance Period: 
  

			
	 Company’s annualized Total Shareholder

Return for the Performance Period
	  	 Applicable Percentage

	Less than 0%	  	50%
	0% to 5%	  	75%
	5% to 10%	  	100%
	10% to 15%	  	125%
	Greater than 15%	  	150%

  
 14

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