Document:

Employment Agreement, dated March 19, 2012

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made by and between Concho Resources Inc., a Delaware corporation (“Company”), and Steven H. Pruett (“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, Company desires to employ Executive
in an executive capacity on the terms and conditions, and for the consideration, hereinafter set forth and Executive desires to be employed by Company on such terms and conditions and for such consideration; 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, Company and Executive
agree as follows: 
 ARTICLE 1: DEFINITIONS AND INTERPRETATIONS 

1.1 Definitions. 
 (a) “Annual Base Salary” shall mean an amount equal to the greater of: 
 (i) Executive’s base salary at the annual rate in effect pursuant to Section 4.1 at the date of Executive’s Involuntary Termination; 

(ii) Executive’s base salary at the annual rate in effect pursuant to Section 4.1 on the date that is 60 days
prior to the date of Executive’s Involuntary Termination; or 
 (iii) Executive’s base salary at the
annual rate in effect pursuant to Section 4.1 immediately prior to a Change of Control if Executive’s employment shall be subject to an Involuntary Termination during the Change of Control Period. 

(b) “Average Annual Bonus” shall mean the average of the annual cash performance bonuses, if any, paid
to Executive by Company pursuant to Section 4.2 with respect to the two calendar years ending prior to the date of Executive’s Involuntary Termination; provided, however, that if (i) Executive was not employed by Company for the
entirety of any calendar year used in such averaging period or (ii) Executive was employed by Company for the entirety of any calendar year used in such averaging period but was not paid an annual cash performance bonus for such calendar year
solely due to a termination of Executive’s employment prior to the date such bonus would otherwise have been paid, then, in either such case and solely for purposes of determining the “Average Annual Bonus,” Executive shall be deemed
to have been paid an annual cash performance bonus for such calendar year in an amount equal to 85% of his Annual Base Salary. 

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

 (d) “Cause” shall mean Executive (i) has engaged in gross negligence, gross
incompetence or willful misconduct in the performance of Executive’s duties, (ii) has refused, without proper reason, to perform Executive’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 or controlled by Executive as collateral for a securities margin account. 

(e) “Change in Duties” shall mean: 

(i) The occurrence, prior to the date that a Change of Control Period begins or after the expiration of a Change of
Control Period, of any one or more of the following without the consent of Executive: 
 (1) a reduction in the
rank of Executive’s title as an officer of Company from that previously applicable to Executive (it is specifically agreed that any change in Executive’s position(s) or title(s) with Company shall not constitute a Change in Duties under
this clause unless the rank of Executive’s title as an officer is reduced in connection with such change (for example, a reduction in rank from vice president to assistant vice president)); 

(2) a reduction in Executive’s base salary; or 

(3) a material diminution in employee benefits (including but not limited to medical, dental, life insurance and
long-term disability plans) and perquisites applicable to Executive from those substantially similar to the employee benefits and perquisites provided by Company (including its subsidiaries) to similarly situated executives; or 

(ii) The occurrence, within a Change of Control Period, of any one or more of the following without the consent of
Executive: 
 (1) a material reduction in the nature or scope of Executive’s authorities or duties from
those applicable to Executive immediately prior to the date on which a Change of Control Period begins; 
 (2)
a reduction in Executive’s base salary from that provided to Executive immediately prior to the date on which a Change of Control Period begins; 

  
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 (3) a diminution in Executive’s eligibility to participate in bonus,
stock option, incentive award and other compensation plans which provide opportunities to receive compensation which are the greater of (A) the opportunities provided by Company (including its subsidiaries) for similarly situated executives or
(B) the opportunities under any such plans under which Executive was participating immediately prior to the date on which a Change of Control Period begins; 

(4) a material diminution in employee benefits (including but not limited to medical, dental, life insurance and
long-term disability plans) and perquisites applicable to Executive from the greater of (A) the employee benefits and perquisites provided by Company (including its subsidiaries) to similarly situated executives or (B) the employee
benefits and perquisites to which Executive was entitled immediately prior to the date on which a Change of Control Period begins; or 
 (5) a change in the location of Executive’s principal place of employment by Company (including its subsidiaries) by more than 10 miles from the location where Executive was principally employed
immediately prior to the date on which a Change of Control Period begins. 
 (f) “Change of
Control” shall mean: 
 (i) a merger of Company with another entity, a consolidation involving Company,
or the sale of all or substantially all of the assets of Company to another entity if, in any such case, (1) the holders of equity securities of 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 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
dissolution or liquidation of Company; 
 (iii) when any person or entity, including a “group” as
contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding securities of
Company; or 
 (iv) individuals, who, as of the Effective Date, 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 

  
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director subsequent to the Effective Date whose election, or nomination for election by 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.

 For purposes of the preceding sentence, (1) “resulting entity” in the context of a transaction or event that
is a merger, consolidation or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary
of another entity and the holders of common stock of Company receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity, and (2) subsequent to the consummation of a
merger or consolidation that does not constitute a Change of Control, the term “Company” shall refer to the resulting entity and the term “Board” shall refer to the board of directors (or comparable governing body) of the
resulting entity. 
 (g) “Change of Control Period” shall mean, with respect to a Change of
Control, the two-year period beginning on the date upon which such Change of Control occurs. 
 (h)
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (i) “Compensation
Committee” shall mean the Compensation Committee of the Board. 
 (j) “Disability”
shall mean that, as a result of Executive’s incapacity due to physical or mental illness, Executive shall have been absent from the full-time performance of Executive’s duties for six consecutive months and Executive shall not have
returned to full-time performance of Executive’s duties within 30 days after written notice of termination is given to Executive by Company (provided, however, that such notice may not be given prior to 30 days before the expiration of such
six-month period). 
 (k) “Effective Date” shall mean March 19, 2012. 

(l) “Involuntary Termination” shall mean any termination of Executive’s employment with Company
which: 
 (i) does not result from a resignation by Executive (other than a resignation pursuant to clause
(ii) of this Section 1.1(l)); or 

  
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 (ii) results from a resignation by Executive on or before the date which is
60 days after the date upon which Executive receives notice of a Change in Duties; 
 provided, however, the term
“Involuntary Termination” shall not include a termination for Cause or any termination as a result of death or Disability. 
 (m) “Monthly Severance Amount” shall mean an amount equal to one-twelfth of Executive’s Annual Base Salary. 
 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 to 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, Executive’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) Executive shall serve as an officer of Company in the position or positions determined by the Board and (b) Executive shall be
employed by Company or a subsidiary or affiliate of Company. The Board may at any time and from time to time assign Executive to a different position or positions with Company and cause Executive to be employed by Company or any subsidiary or
affiliate of Company; provided, however, that any such assignment shall not impair any rights Executive may have under Section 3.3 as a result of such assignment. Subject to the provisions of the last sentence of Section 5.7, 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. Executive agrees to serve in the positions referred to in Section 2.2 and to perform diligently and to the best of Executive’s abilities the duties and
services appertaining to such offices, as well as such additional duties and services appropriate to such offices which the parties mutually may agree upon from time to time. Executive’s employment shall also be 

subject to the policies maintained and established by Company that are of general applicability to Company’s executive employees, as such policies
may be amended from time to time. 
 2.4 Other Interests. Executive agrees, during the period of Executive’s
employment by Company, to devote substantially all of Executive’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 

  
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consent of the Board. The foregoing notwithstanding, the parties recognize and agree that, subject to Section 1.1(d)(vii), Executive may engage in passive personal investment and charitable
activities that do not conflict with the business and affairs of Company or interfere with Executive’s performance of Executive’s duties hereunder, which shall be at the sole determination of the Board. As of the date of this Agreement,
the Board has approved the activities set forth on Attachment A to this Agreement. 
 2.5 Duty of Loyalty.
Executive acknowledges and agrees that Executive owes a fiduciary duty of loyalty to act at all times in the best interests of Company. In keeping with such duty, Executive shall make full disclosure to Company of all business opportunities
pertaining to Company’s business and shall not appropriate for Executive’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 Executive for the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the “Initial
Expiration Date”); provided, however, that beginning on the Initial Expiration Date, and on each anniversary of the Initial Expiration Date thereafter, if Executive’s employment under this Agreement has not been terminated pursuant to
Section 3.2 or 3.3, then said term of employment shall automatically be extended for an additional one-year period unless on or before the date that is 90 days prior to the first day of any such extension period either party shall give written
notice to the other that no such automatic extension shall occur. 
 3.2 Company’s Right to Terminate.
Notwithstanding the provisions of Section 3.1, Company shall have the right to terminate Executive’s employment under this Agreement at any time for any of the following reasons: 

(a) upon Executive’s death; 
 (b) upon Executive’s Disability; 
 (c) for Cause; or

 (d) at any time, for any other reason whatsoever or for no reason, in the sole discretion of the Board.

 3.3 Executive’s Right to Terminate. Notwithstanding the provisions of Section 3.1 Executive shall
have the right to terminate Executive’s employment under this Agreement for any of the following reasons: 

(a) as a result of a Change in Duties; provided, however, that prior to Executive’s termination as a result of a
Change in Duties, Executive must give written notice to Company of the specific occurrence that resulted in the Change in Duties and such occurrence must remain uncorrected for 10 days following such written notice; or 

  
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 (b) at any time for any other reason whatsoever or for no reason, in the
sole discretion of Executive. 
 3.4 Notice of Termination. If Company desires to terminate Executive’s
employment hereunder at any time prior to expiration of the term of employment as provided in Section 3.1, it shall do so by giving written notice to Executive that it has elected to terminate Executive’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 Executive desires to terminate Executive’s employment hereunder at any time prior
to expiration of the term of employment as provided in Section 3.1, Executive shall do so by giving a 60-day written notice to Company that Executive has elected to terminate Executive’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 Executive’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 Executive’s termination nor be construed or interpreted as a termination of Executive’s employment by
Company for any reason whatsoever. 
 3.5 Deemed Resignations. Any termination of Executive’s employment
shall constitute an automatic resignation of Executive as an officer of Company and each affiliate of Company, and an automatic resignation of Executive from the Board (if applicable) and from the board of directors or similar governing body of any
affiliate of Company and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which Company or any affiliate holds an equity interest (including any retirement or other benefit plan
of Company or any affiliate of Company) and with respect to which board or similar governing body Executive serves as Company’s or such affiliate’s designee or other representative. 
 ARTICLE 4: COMPENSATION AND BENEFITS 
 4.1 Base Salary.
During the period of this Agreement, Executive shall receive a minimum base salary of $400,000.00 per annum. Executive’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. Executive’s base salary shall be paid in equal installments in accordance with Company’s standard policy regarding payment of compensation to executives but no less frequently than monthly.

 4.2 Bonuses. Executive shall be eligible to participate in Company’s annual cash incentive plan as
approved from time to time by the Board or the Compensation Committee in amounts to be determined by the Compensation Committee based upon criteria established by the Compensation Committee. 

4.3 Other Perquisites. During Executive’s employment hereunder, Executive shall be afforded the following benefits as
incidences of Executive’s employment: 

  
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 (a) Business and Entertainment Expenses—Subject to
Company’s standard policies and procedures with respect to expense reimbursement as applied to its executive employees generally, Company shall reimburse Executive for, or pay on behalf of Executive, reasonable and appropriate expenses incurred
by Executive for business related purposes, including dues and fees to industry and professional organizations and costs of entertainment and business development. 

(b) Other Company Benefits—Executive and, to the extent applicable, Executive’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 now, or may hereafter be, available to other executive employees of Company. Such benefits, plans and
programs shall include, without limitation, any profit sharing plan, thrift plan, health insurance or health care plan, life insurance, disability insurance, pension plan, supplemental retirement plan, vacation and sick leave plan, and the like
which may be maintained by 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, so long as such changes are
similarly applicable to executive employees generally. 
 ARTICLE 5: EFFECT OF TERMINATION ON COMPENSATION; ADDITIONAL PAYMENTS

 5.1 Termination Other Than an Involuntary Termination. If Executive’s employment hereunder shall
terminate upon expiration of the term provided in Section 3.1 because either party has provided the notice contemplated in such Section, or if Executive’s employment hereunder shall terminate for any other reason except those described in
Sections 5.2 and 5.3, then all compensation and all benefits to Executive 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 if such termination of employment shall be for a reason encompassed by Section 3.2(a) or (b), then, subject to the provisions of Sections 5.5, 5.7 and, in the case of a termination encompassed
by Section 3.2(b), Section 5.6, Company shall (a) pay Executive an aggregate amount equal to Executive’s base salary at the annual rate in effect pursuant to Section 4.1 as of the date of such termination of employment,
which aggregate amount shall be divided into 18 equal installments and one such installment shall be paid on the last day of each month throughout the 18-month period commencing on the date of such termination of employment, and (b) pay
Executive 30 days after such termination of employment an amount equal to Executive’s target bonus pursuant to Section 4.2 for the year in which such termination of employment occurs multiplied by a fraction, the numerator of which is the
number of days during the period beginning on the first day of the calendar year in which such termination of employment occurs and ending on the date of such termination of employment, and the denominator of which is 365. 

5.2 Involuntary Termination Other Than During a Change of Control Period. Subject to the provisions of Sections 5.5, 5.6
and 5.7, if Executive’s employment by Company or any subsidiary thereof or successor thereto shall be subject to an Involuntary Termination which occurs prior to the date that a Change of Control Period begins or after the expiration of a
Change of Control Period, then Company shall, as additional compensation for services rendered to Company (including its subsidiaries), pay to Executive the following amounts and take the following actions: 

  
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 (a) pay Executive the Monthly Severance Amount on the last day of each month
throughout the 18-month period commencing on the date of such Involuntary Termination; and 
 (b) during the
portion, if any, of the 12-month period commencing on the date of such Involuntary Termination that Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under Company’s or a subsidiary’s
group health plans, as applicable, under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and/or Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, Company shall promptly reimburse
Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of Company pay for the same or similar coverage under
such group health plans. Notwithstanding the foregoing, if the provision of the benefit described in this Section 5.2(b) cannot be provided in the manner described in such Section without penalty, tax or other adverse impact on Company, then
Company and Executive shall negotiate in good faith to determine an alternative manner in which Company may provide a substantially equivalent benefit to Executive without such adverse impact on Company. 

5.3 Involuntary Termination During a Change of Control Period. Subject to the provisions of Sections 5.5, 5.6 and 5.7,
if Executive’s employment by Company or any subsidiary thereof or successor thereto shall be subject to an Involuntary Termination during a Change of Control Period, then Company shall, as additional compensation for services rendered to
Company (including its subsidiaries), pay to Executive the following amounts and take the following actions: 

(a) (i) if the Change of Control relating to such Change of Control Period constitutes a change in control event (as
defined in Treasury regulation section 1.409A-3(i)(5)), pay Executive on the fifth day after the last day of Executive’s employment with Company a lump sum cash payment in an amount equal to two times the sum of (A) Executive’s Annual
Base Salary plus (B) Executive’s Average Annual Bonus, or (ii) if the Change of Control relating to such Change of Control Period does not constitute a change in control event (as defined in Treasury regulation section
1.409A-3(i)(5)), pay Executive an aggregate amount equal to two times the sum of (A) Executive’s Annual Base Salary plus (B) Executive’s Average Annual Bonus, which aggregate amount shall be divided into 18 equal installments and
one such installment shall be paid on the last day of each month throughout the 18-month period commencing on the date of such Involuntary Termination; 
 (b) cause any and all outstanding options to purchase common stock of Company held by Executive to be fully vested and to become immediately exercisable in full and cause any and all shares of restricted
shares of Company’s common stock held by Executive to become immediately nonforfeitable; and 

  
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 (c) during the portion, if any, of the 18-month period commencing on the
date of such Involuntary Termination that Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under Company’s or a subsidiary’s group health plans, as applicable, under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, and/or Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, Company shall promptly reimburse Executive on a monthly basis for the difference between the
amount Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of Company pay for the same or similar coverage under such group health plans. Notwithstanding the foregoing, if
the provision of the benefit described in this Section 5.3(c) cannot be provided in the manner described in such Section without penalty, tax or other adverse impact on Company, then Company and Executive shall negotiate in good faith to
determine an alternative manner in which Company may provide a substantially equivalent benefit to Executive without such adverse impact on Company. 
 5.4 Interest on Late Payments. If any payment provided for in Section 5.2 or 5.3 hereof is not made when due (applying the deferred payment date provided for in Section 5.7 as the
due date, if applicable), then Company shall pay to Executive interest on the amount payable from the date that such payment should have been made under such Section until such payment is made, which interest shall be calculated at the prime rate of
interest announced by JPMorgan Chase Bank (or any successor thereto) at its principal office in New York, and shall change when and as any such change in such prime rate shall be announced by such bank. 

5.5 Parachute Payments. Notwithstanding anything to the contrary in this Agreement, if Executive 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 Executive 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 Executive from Company will be one dollar ($1.00) less than three times Executive’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 Executive 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 Executive (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 Executive 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 Executive’s base amount, then Executive shall immediately repay such excess to Company upon notification that an
overpayment has been made. Nothing in this Section 5.5 shall require Company to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999 of the Code. 

  
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 5.6 Release and Full Settlement. As a condition to the receipt of any
severance compensation and benefits under this Agreement, Executive 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 but not limited to all claims or causes of action arising out of Executive’s employment with Company or its affiliates or the
termination of such employment, and (2) must be effective and irrevocable by the earlier of (a) the 55th day after the termination of Executive’s employment or (b) the day immediately preceding the first day any cash severance
compensation payment is due to be paid to Executive under the provisions of Article 5 (which due date shall be determined after taking into consideration any payment delay required under Section 5.7). If Executive is entitled to and receives
the benefits provided hereunder, performance of the obligations of Company hereunder will constitute full settlement of all claims 
 that
Executive might otherwise assert against Company on account of Executive’s termination of employment. 
 5.7 Payments
Subject to Section 409A of the Code. 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 Executive would otherwise be entitled to during the first six months following
the date of Executive’s termination of employment shall be accumulated and paid on the date that is six months after the date of Executive’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. Executive hereby agrees to be bound by Company’s
determination of its “specified employees” (as such term 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 5.7 shall also apply, to the extent required under Section 409A of the Code, to any payment of the Monthly Severance Amount to Executive pursuant to Section 7.1(b). For the purposes of this Agreement, Executive shall be
considered to have terminated employment with Company when Executive 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. 
 5.8 Liquidated Damages. In light of the
difficulties in estimating the damages for an early termination of Executive’s employment under this Agreement, Company and Executive hereby agree that the payments, if any, to be received by Executive pursuant to this Article 5 shall be
received by Executive as liquidated damages. 

  
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 5.9 Other Benefits. This Agreement governs the rights and obligations
of Executive and Company with respect to Executive’s base salary and certain perquisites of employment. Except as expressly provided herein, Executive’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 Executive, 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. 
 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 Executive, individually or in conjunction with others, during the period of Executive’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 Executive’s termination of employment with Company, for any reason, Executive promptly shall deliver such Confidential Information and Work
Product, and all copies thereof, to Company. 
 6.2 Disclosure to Executive. Company has and will disclose to
Executive, or place Executive 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 Executive with business opportunities of Company (or its affiliates);
and/or has and will place Executive in a position to develop business good will on behalf of Company (or its affiliates). Executive 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. Executive agrees that he will not, at any time during or
after Executive’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 Executive’s responsibilities during the course of Executive’s employment with Company. 

  
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Executive 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. Executive shall have no obligation hereunder to keep confidential any 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, Executive 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, Executive agrees to deliver to Company all Confidential Information that he may possess or control. Executive agrees that all Confidential Information of Company (whether now or hereafter existing) conceived, discovered or
made by him during the period of Executive’s employment by Company exclusively belongs to Company (and not to Executive), and Executive 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 Executive’s obligations under this Article 6. As a result of Executive’s employment by Company, Executive 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. Executive 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. 

6.4 Ownership by Company. If, during Executive’s employment by Company, Executive 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 Executive 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 Executive in the scope of Executive’s employment; or, if the work is not prepared by Executive within the scope of
Executive’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 Executive within the scope of Executive’s employment nor a work specially ordered that is deemed
to be a work made for hire, then Executive hereby agrees to assign, and by these presents does assign, to Company all of Executive’s worldwide right, title, and interest in and to such work and all rights of copyright therein. 

6.5 Assistance by Executive. During the period of Executive’s employment by Company and thereafter, Executive 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. 

  
 13 

 6.6 Remedies. Executive acknowledges that money damages would not be
sufficient remedy for any breach of this Article 6 by Executive, and Company or its affiliates shall be entitled to enforce the provisions of this Article 6 by terminating payments then owing to Executive 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 Executive and his agents. 
 ARTICLE 7: NON-COMPETITION AND RELATED
OBLIGATIONS 
 7.1 General. (a) As part of the consideration for Company’s employment of
Executive and the compensation and benefits that may be paid to Executive 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 Executive,
the business good will of Company or its affiliates that has been and will in the future be developed in Executive, or the business opportunities that have been and will in the future be disclosed or entrusted to Executive by Company or its
affiliates; and as an additional incentive for Company to enter into this Agreement, Company and Executive agree to the provisions of this Article 7. Except as provided in Section 7.1(b), Executive agrees that during Executive’s
employment with Company and for a period of one year following the termination of Executive’s employment with Company for any reason (the “Non-Compete Period”), Executive 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 Executive’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 hiring any employee of Company or its affiliates, or (2) induce or otherwise counsel, advise, or encourage any employee of Company or its affiliates to leave the employment of Company or its affiliates; and

 (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 Executive’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 Executive after the termination of Executive’s employment with Company from owning less than 2% of the equity securities of any publicly held Competitive Operation
so long as Executive does not serve as an employee, officer, director or consultant to such business; 

  
 14 

 (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 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 Company or its affiliates with whom Executive dealt, directly or indirectly, during Executive’s engagement with Company or its affiliates, in connection with a Competitive
Operation; or 
 (3) call upon any prospective acquisition candidate on Executive’s own behalf or on behalf
of any Competitive Operation, which candidate is a Competitive Operation or which candidate was, to Executive’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) Notwithstanding the provisions of Section 7.1(a), if
(i) Executive provides written notice to Company pursuant to Section 3.4 that Executive will terminate employment with Company pursuant to a resignation by Executive that does not constitute an Involuntary Termination or (ii) either
party provides written notice to the other that the term of this Agreement shall not be automatically extended as provided in Section 3.1, then, in any such case: 

(1) for purposes of Sections 7.1(a)(ii)(1), the Non-Compete Period shall end on a date selected by Company and set forth
in a written notice provided by Company to Executive (the “Non-Compete Notice”); provided, however, that (1) the date selected by Company shall be a whole number of months (not in excess of 12) after the last day of
Executive’s employment with Company and (2) Company shall pay to Executive the Monthly Severance Amount on the last day of each month during the portion of the Non-Compete Period that is after the last day of Executive’s employment
with Company; and 
 (2) for purposes of Sections 7.1(a)(i), 7.1(a)(ii)(2) and 7.1(a)(ii)(3), the Non-Compete
period shall end on the date that is one year after the last day of Executive’s employment with Company. 
 The Non-Compete Notice shall be
delivered by Company to Executive within 10 days after receipt by Company of Executive’s notice pursuant to Section 3.4 or on or before the date that is 45 days prior to the expiration of the term of this Agreement under Section 3.1,
as applicable. Executive hereby delegates to Company the right to select and determine in good faith the duration of the Non-Compete Period as provided in clause (1) of this Section 7.1(b). 

7.2 Non-Disparagement. During Executive’s employment with Company and following any termination of employment with
Company, Executive and Company agree not to disparage, either orally or in writing, Executive, 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. 

  
 15 

 7.3 New Employer. Executive agrees that prior to accepting any new employment
during the Non-Compete Period, Executive 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. Executive acknowledges
that money damages would not be a sufficient remedy for any breach of this Article 7 by Executive, and Company or its affiliates shall be entitled to enforce the provisions of this Article 7 by terminating payments then owing to Executive
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 Executive and his agents. 

7.5 Reformation. Company and Executive 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. Executive understands that the foregoing restrictions may limit Executive’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 Executive’s employment, conducted such business, as applicable,
during the Non-Compete Period, but acknowledges that Executive 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 Executive 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 Executive under
this Agreement. 
 ARTICLE 8: MISCELLANEOUS 
 8.1 Indemnification. If Executive shall obtain any money judgment or otherwise prevail with respect to any litigation brought by Executive or Company to enforce or interpret any provision
contained herein, Company, to the fullest extent permitted by applicable law, hereby indemnifies Executive for his reasonable attorneys’ fees and disbursements incurred in such litigation and hereby agrees (i) to pay in full all such fees
and disbursements and (ii) to pay prejudgment interest on any money judgment obtained by Executive from the earliest date that payment to him should have been made under this Agreement until such judgment shall have been paid in full, which
interest shall be calculated at the prime rate of interest announced by JPMorgan Chase Bank (or any successor thereto) at its principal office in New York, and shall change when and as any such change in such prime rate shall be announced by such
bank. Any reimbursement of reasonable attorneys’ fees and disbursements required under this Section 8.1 shall be made not later than the close of Executive’s taxable year following the taxable year in

  
 16 

 
which Executive incurs the expense; provided, however, that, upon Executive’s termination of employment with Company, in no event shall any additional reimbursement be made prior to the date
that is six months after the date of Executive’s termination of employment to the extent such payment delay is required under Section 409A(a)(2)(B)(i) of the Code. In no event shall any reimbursement be made to Executive for such fees and
disbursements incurred after the later of (1) Executive’s death or (2) the date that is 10 years after the date of Executive’s termination of employment with Company. 

8.2 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) Executive the amounts 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. Executive
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. 
 8.3
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.
 550 W.
Texas Avenue, Suite 100
 Midland, Texas 79701
 Attention: Chairman of the Board of Directors

		 	  
 With a copy to:

 
 Concho Resources Inc.
 550 W. Texas Avenue, Suite 100
 Midland, Texas 79701

Attention: Chief Executive Officer

		
	 If to Executive to:
	 	 Mr. Steven H. Pruett

c/o Concho Resources Inc.
 550 W. Texas Avenue,
Suite 100
 Midland, Texas 79701

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

  
 17 

 8.5 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. 

8.6 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. 
 8.7
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. 

8.8 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. 

8.9 Headings. The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive
purposes. 
 8.10 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. 
 8.11 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 Executive and his estate. If Executive 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. Executive 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. 
 8.12 Effect of Termination of the Employment
Relationship. The provisions of Section 3.5 and Articles 5, 6, 7 and 8 shall survive any termination of the employment relationship between Executive and Company. 
 8.13 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 Executive. Any modification of this
Agreement will be effective only if it is in writing and signed by the party to be charged. 
 [Signatures are on the following
page.] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 19th day
of March, 2012 to be effective as of the Effective Date. 
  

			
	Concho Resources Inc.
		
	By:	 	 /s/ C. William Giraud

		 	Name: C. William Giraud
		 	Title:   Senior Vice President
		 	  
 COMPANY

  

	
	Steven H. Pruett
	
	/s/ Steven H. Pruett
	EXECUTIVE

  
 19 

 ATTACHMENT A 
 TO 
 EMPLOYMENT AGREEMENT 

BETWEEN 

CONCHO RESOURCES INC. 
 AND 
 STEVEN H. PRUETT 

PERMITTED ACTIVITIES 
 As of the Effective Date, the Board has approved Executive’s participation in the following activities: 
 President of PSI Management LLC, as its sole member, owns an undivided 1.0% working interest in 2500 gross acres (JW Ranch) in Midland County, Texas. PSI has not and will not pursue additional oil and gas
direct investments since 2004 and while employed by Concho. 
 Mineral and overriding royalty interest in the FGA Family Trust
in the Permian Basin and Mid-continent. Deborah Alstrin Pruett, Mr. Pruett’s wife, is Trustee of FGA and owns an economic interest alongside two other family members. FGA is not active in acquiring additional mineral or overriding royalty
interests. FGA has leased minerals to Concho and receives less than $10,000 per month of royalty income from Concho and its purchasers. 
 Investment in Quantum Energy Partners III, LP; and a 0.5% ownership interest in Quantum Energy Management III, LP, its general partner. 

Investment in Legacy Reserves LP representing less than 1% of the outstanding units of Legacy. Various board, trustee and committee roles
in non-profit, religious and educational organizations including the Permian Basin Petroleum Association, Midland Memorial Hospital, First Presbyterian Church, Trinity School (private secondary school), and the University of Texas of the Permian
Basin School of Business. 

  
 A-1Indemnification Agreement, dated March 19, 2012

 Exhibit 10.2 
 INDEMNIFICATION AGREEMENT 
 THIS AGREEMENT is effective March 19,
2012, between Concho Resources Inc., a Delaware corporation (the “Corporation”), and the undersigned director or officer of the Corporation (“Indemnitee”). 
 WHEREAS, the Restated Certificate of Incorporation of the Corporation (as the same may be amended from time to time, the “Certificate of Incorporation”) provides for indemnification of the
Corporation’s directors and officers; and 
 WHEREAS, the Corporation has adopted Amended and Restated Bylaws (as the same
may be amended from time to time, the “Bylaws”) providing for indemnification 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 of directors and
officers; and 
 WHEREAS, there are questions concerning the adequacy and reliability of the protection which might be afforded
to directors and officers from acquisition of 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
to the Corporation; and 
 WHEREAS, it is reasonable, prudent and necessary for the Corporation to obligate itself contractually
to indemnify Indemnitee so that he will serve or continue to serve the Corporation free from undue concern that he will not be adequately protected; 
 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, inquiry or proceeding, whether brought by or in the right of the Corporation or otherwise and
whether of a civil, criminal, administrative, arbitrative or investigative 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 or
officer of the Corporation, by reason of any action taken by him or of any inaction on his part while acting as a director or officer of the Corporation or by reason of the fact that he 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; in each case whether or not he is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement; provided that any such action, suit, claim, inquiry or proceeding which is brought by Indemnitee against the Corporation or directors
or officers of the Corporation, other than an action brought by Indemnitee to enforce his rights under this Agreement, shall not be deemed a Proceeding without prior approval by a majority of the Board of Directors of the Corporation. 

 (b) The term “Expenses” shall include, without limitation, any judgments, fines
and penalties against Indemnitee in connection with a Proceeding; amounts paid by Indemnitee in settlement of a Proceeding pursuant to this Agreement; and 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, reasonably incurred by or for Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in a Proceeding or establishing Indemnitee’s
right of entitlement to indemnification for any of the foregoing. 
 (c) References to Indemnitee’s being or acting as
“a director or officer 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 Directors of the
Corporation. 
 (d) 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, 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 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 interest of the Corporation” as referred to in this Agreement.

 (e) The term “substantiating documentation” shall mean copies of bills or invoices for costs incurred by or for
Indemnitee, or copies of court or agency orders or decrees or settlement agreements, as the case may be, accompanied by a sworn statement from Indemnitee that such bills, invoices, court or agency orders or decrees or settlement agreements,
represent costs or liabilities meeting the definition of “Expenses” herein. 
 (f) The terms “he” and
“his” have been used for convenience and mean “she” and “her” if Indemnitee is a female. 
 2.
Indemnity of Director or Officer. The Corporation hereby agrees to hold harmless and indemnify Indemnitee against Expenses to the fullest extent authorized or permitted by law (including the applicable provisions of the DGCL). 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 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 

  
 2 

 
adopted after the date of this Agreement that increase the extent to which a corporation may indemnify 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 or repeal. 
 3. Additional Indemnity. The Corporation hereby further agrees to hold harmless and indemnify
Indemnitee against Expenses incurred by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Corporation, or 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 the case of conduct in his official capacity, in a manner he reasonably believed to be in
the best interests of the Corporation and, in all other cases, 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 his conduct was
unlawful. The termination of any Proceeding by judgment, order of the court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best interest of the Corporation, and with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 

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 for Expenses incurred by Indemnitee 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 (i) the relative benefits received by the Corporation on one hand and Indemnitee on the other from the transaction from which such Proceeding arose and (ii) 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 of the foregoing equitable considerations. 

5. Choice of Counsel. Each Indemnitee that is an Outside Director, Chase Director or Other Indemnitee, together with the other
Indemnitees who are designated in the same group, shall be entitled to employ, and be reimbursed for the fees and disbursements of, separate counsel to represent the Outside Directors, the Chase Directors or the Other Indemnitees, as the case may
be, in connection with any Proceeding. For purposes of this Agreement, an Indemnitee shall be designated as (i) an “Outside Director” if such Indemnitee is a director and not an officer of the Corporation and is not a Chase Director,
(ii) a “Chase Director” if such Indemnitee is 

  
 3 

 
G. Carl Everett, Larry V. Kalas, John A. Knorr, Bradley D. Bartek or Robert C. Chase, and (iii) an “Other Indemnitee” if such Indemnitee is not an Outside Director or a Chase
Director. The principal counsel for Outside Directors (“Outside Director Counsel”) shall be determined by majority vote of the Outside Directors, the principal counsel for Chase Directors (“Chase Counsel”) shall be determined by
majority vote of the Chase Directors, and the Principal Counsel for the Other Indemnitees (“Other Indemnitee Counsel”) shall be determined by majority vote of the Other Indemnitees, in each case subject to the consent of the Corporation
(not to be unreasonably withheld or delayed). The obligation of the Corporation to reimburse Indemnitee for the fees and disbursements of counsel hereunder shall not extend to the fees and disbursements of any counsel employed by Indemnitee other
than Outside Director Counsel, Chase Counsel or Other Indemnitee Counsel, as the case may be, unless Indemnitee has interests that are different from those of the other Indemnitees or defenses available to him that are in addition to or different
from those of the other Indemnitees such that Outside Director Counsel, Chase Counsel or Other Indemnitee Counsel, as the case may be, would have an actual, apparent or potential conflict of interest in representing Indemnitee. 

6. Advances of Expenses. Expenses (other than judgments, penalties, fines and settlements) incurred by Indemnitee 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 Indemnitee’s written affirmation that he has met
the standard of conduct for indemnification and a written undertaking to repay such amount to the extent it is ultimately determined that indemnitee is not entitled to indemnification. 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 amount to Indemnitee, or to reimburse such Indemnitee for, the amount claimed
within such 20-day period, and the undertaking of Indemnitee set forth in Section 8 hereof to repay any such amount to the extent it is ultimately determined 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. Right of Indemnitee to
Indemnification Upon Application; Procedure Upon Application. Any indemnification under this Agreement, other than advances pursuant to Section 6 hereof, shall be made no later than 60 days after receipt by the Corporation of the written
request of Indemnitee, accompanied by substantiating documentation, unless a determination is made within said 60-day period by (a) the Board of Directors by a majority vote of a quorum consisting of directors who are not or were not parties to
such Proceeding, (b) a committee of the 
 Board of Directors designated by majority vote of the Board of Directors, even though less than a
quorum, (c) if there are no such directors, or if such directors so direct, independent legal counsel in a written opinion or (d) the stockholders, that Indemnitee has not met the relevant standards for indemnification set forth in
Section 3 hereof. 
 The right to indemnification or advances as provided by this Agreement shall be enforceable by
Indemnitee in any court of competent jurisdiction. The burden of proving that indemnification is not appropriate shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, any committee thereof,
independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification is proper in the circumstances because Indemnitee has met the applicable

  
 4 

 
standards of conduct, nor an actual determination by the Corporation (including its Board of Directors, any committee thereof, independent legal counsel or its stockholders) that Indemnitee has
not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 8. Undertaking by Indemnitee. Indemnitee hereby undertakes to repay to the Corporation (a) any advances of Expenses pursuant to Section 6 hereof and (b) any judgments, penalties,
fines and settlements paid to or on behalf of Indemnitee hereunder, in each case to the extent that it is ultimately determined that Indemnitee is not entitled to indemnification. As a condition to the advancement of such Expenses or the payment of
such judgments, penalties, fines and settlements, Indemnitee shall, at the request of the Corporation, execute an acknowledgment that such Expenses or such judgments, penalties, fines and settlements, as the case may be, are delivered pursuant and
are subject to the provisions of this Agreement. 
 9. Indemnification Hereunder Not Exclusive. The indemnification and
advancement of expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the Certificate of Incorporation, the Bylaws, the DGCL, any D&O Insurance, any agreement, or
otherwise, both as to action in his official capacity and as to action in another capacity while holding such office of the Corporation; provided, however, that this Agreement supersedes all prior written indemnification agreements between the
Corporation (or any predecessor thereof) and Indemnitee with respect to the subject matter hereof. However, Indemnitee shall reimburse the Corporation for amounts paid to 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 or officer of the Corporation (or is or was serving at the request of the Corporation as a director, officer, 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 Expenses, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses 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 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 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 action. 

  
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 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. 
 (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 or other proceeding to enforce rights or to collect
moneys due under this Agreement and is successful in such action, the Corporation shall reimburse Indemnitee for all of Indemnitee’s Expenses 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. To indemnify Indemnitee for any expenses incurred by
Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that Indemnitee was not entitled to indemnification hereunder; 

(b) Insured Claims. To indemnify Indemnitee for Expenses or liabilities of any type whatsoever (including, but not limited to,
judgments, fines, ERISA excise taxes or 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; 
 (c) Remuneration in Violation of Law. To indemnify Indemnitee in respect of remuneration paid to
Indemnitee if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation of law; 
 (d) Indemnification Unlawful. To indemnify Indemnitee if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful; 

(e) Misconduct, Etc. To indemnify Indemnitee on account of Indemnitee’s conduct which is finally adjudged to have been
knowingly fraudulent or deliberately dishonest or to constitute intentional misconduct, a knowing violation of law, a violation of Section 174 of the DGCL or a transaction from which Indemnitee derived an improper personal benefit; 

  
 6 

 (f) Breach of Duty. To indemnify Indemnitee on account of Indemnitee’s conduct
which is the subject of any Proceeding brought by the Corporation and approved by a majority of the Board of Directors which alleges willful misappropriation of corporate assets by Indemnitee, disclosure of confidential information in violation of
Indemnitee’s fiduciary or contractual obligations to the Corporation, or any other willful and deliberate breach in bad faith of Indemnitee’s duty to the Corporation or its stockholders; or 

(g) Claims Under Section 16(b). To indemnify Indemnitee for expenses or the payment of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 
 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 is a separate and independent portion of this Agreement. If the indemnification 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 indemnification 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. 
 (b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions
between them. 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 and their respective counsel, 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) when sent to the recipient by telecopy (receipt
electronically confirmed by sender’s telecopy machine) if during normal 

  
 7 

 
business hours of the recipient, otherwise on the next business day, (iii) one business day after the date when sent to the recipient by reputable overnight courier service (charges
prepaid), or (iv) five business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. 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 as any party hereto may, from time to time, designate in writing delivered pursuant to the terms of this Section 17(d). 

(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, 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 on and as of the day and
year first above written. 
  

			
	CONCHO RESOURCES INC.
		
	By:	 	 /s/ C. William Giraud

		 	C. William Giraud, Senior Vice President
		
		 	 Address: 550 West Texas Avenue

      Suite 100
       Midland, Texas 79701

      Facsimile: (432) 683-7441

  

			
	INDEMNITEE:
		
	By:	 	 /s/ Steven H. Pruett

		 	Steven H. Pruett
		
		 	 Address: 550 West Texas Avenue

      Suite 100
       Midland, Texas 79701

      Facsimile: (432) 683-7441

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