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invesor and Analyst day – Continental Resources, Inc.

Continental Resources, Inc. · Sep 18, 2014 · 105 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. invesor and Analyst day – Continental Resources, Inc. – slide 1
  2. invesor and Analyst day – Continental Resources, Inc. – slide 2
    CLR: Exceptional Future Quantifying the Potential Jack Stark President and COO
  3. invesor and Analyst day – Continental Resources, Inc. – slide 3
    Exceptional Future From Growing Assets Potential Undrilled Net Wells Net Unrisked Resource Potential + Proved Reserves 20,000 10,000 9,600 18,600 18,000 9,000 Other Other 16,000 8,000 Net Unrisked Resource Potential MMBoe…
  4. invesor and Analyst day – Continental Resources, Inc. – slide 4
    Superior Portfolio: CLR Bakken and SCOOP Type Curves SCOOP SCOOP 1,000 Condensate Springer 1,725 MBoe 940 MBoe (13% Oil) (67% Oil) 73% ROR 105% ROR Boe per day 100 Bakken 603 MBoe (85% Oil) 45% ROR SCOOP Condensate SCOOP…
  5. invesor and Analyst day – Continental Resources, Inc. – slide 5
    Northern Region
  6. invesor and Analyst day – Continental Resources, Inc. – slide 6
    The Bakken Maximizing Profitability Gary Gould Senior Vice President, Operations and Resource Development
  7. invesor and Analyst day – Continental Resources, Inc. – slide 7
    State of the Bakken Field Orderly development underway Bakken Field Production and Rig Count Steady industry rig count 300 1,200 New infrastructure in place ND & MT Rigs Oil (MBo per day) Operators shifting from HBP to full-field Gas…
  8. invesor and Analyst day – Continental Resources, Inc. – slide 8
    Bakken: CLR Track Record of Successful Execution Bakken Net Production Growth Track record of successful execution 110,000 NetNet BoeBOEPD per day 58% annual production growth rate over 100,000 the last three years 90,000…
  9. invesor and Analyst day – Continental Resources, Inc. – slide 9
    Bakken: Whats New for Continental 75 geologic areas, Detailed geologic and reservoir studies completed microseismic study and reservoir simulation 4.1 Billion Boe potential, 11,800 net undrilled Resource potential refined and…
  10. invesor and Analyst day – Continental Resources, Inc. – slide 10
    Bakken: CLR Culture of Maximizing Profitability If You Like Our Track Record, Youll Like Our Future Even More Optimization: Maximizing Profitability Resource potential refined and inventory ranked Quantity Inventory: 4.1 Billion Boe…
  11. invesor and Analyst day – Continental Resources, Inc. – slide 11
    The Bakken Bakken Petroleum System Update, Middle Bakken and Three Forks Detailed Reservoir Studies Updated Resources Potential Leasehold Update Tony Moss Senior Exploration Geologist Jennifer White Senior Petrophysicist Stan Wilson…
  12. invesor and Analyst day – Continental Resources, Inc. – slide 12
    Middle Bakken and TF1 Delivering Excellent Results Grade A reservoirs of the Bakken CANADA Petroleum System MT ND Proximity to source rock 6% average porosity Focused on optimizing completion and lift technology Maximizing…
  13. invesor and Analyst day – Continental Resources, Inc. – slide 13
    Gamma Ray Resistivity Lower Three Forks Update Lodgepole Productivity proven, economic areas identified Upper 73 wells completed in LTF to date, 59% CLR-operated MBKKN Integrating into field development to maximize ROR and…
  14. invesor and Analyst day – Continental Resources, Inc. – slide 14
    Lower Three Forks Well Performance CANADA MT ND Prospective outline defined and confirmed by CLR and industry LTF results LTF Prospective Outline IMMATURE BAKKEN 300 Inside Prospective Outline Outside Prospective Outline…
  15. invesor and Analyst day – Continental Resources, Inc. – slide 15
    Defining the Lower Three Forks Fairways Geologic Requirements for LTF Development: Bakken Structure Map CANADA CANADA 1. Lower Bakken source rock MT ND MT ND Highest oil saturation in areas where the Lower Bakken Shale 10…
  16. invesor and Analyst day – Continental Resources, Inc. – slide 16
    Bakken Petroleum System (BPS) Current Productive Fairways CANADA Multiple zones contribute to recoverable MT ND reserves throughout the Bakken Field MB & TF1 Extent of saturation in lower reservoirs of the system is heavily…
  17. invesor and Analyst day – Continental Resources, Inc. – slide 17
    BPS: Detailed Petrophysical Analysis Basin-Wide Petrophysical Model Connected Porosity Isolated Porosity IMMATURE BAKKEN Three Forks 2nd Bench FIB-SEM Cube Regional Mapping of Petrophysical Data by Geologic Area Three Forks…
  18. invesor and Analyst day – Continental Resources, Inc. – slide 18
    Bakken Field-Wide Analysis 3,400 Bakken/Three Forks wells CANADA completed since Investor Day 2012 MT ND Field-wide petrophysical model provides more clarity of BPS than ever before Wells with core utilized to build…
  19. invesor and Analyst day – Continental Resources, Inc. – slide 19
    Updated Bakken OOIP and Estimated Recovery 413 - 643 BBo in place (P50 P10) CLR UPDATED ESTIMATES Expected recovery factor increased to Original Oil In Place 413-643 BBo 15% based on production from Est. Recovery Factor 15% density…
  20. invesor and Analyst day – Continental Resources, Inc. – slide 20
    Bakken Net Unrisked Resource Potential and Drilling Inventory 8+ years of 600+ MBoe wells Potential Undrilled Net Wells Net Unrisked Resource Potential 14,000 4,500 4,100 11,800 4,000 12,000 Net Unrisked Resource Potential…
  21. invesor and Analyst day – Continental Resources, Inc. – slide 21
    CLR: Bakkens 1 Leasehold Owner Bakken total 1,197,884 net acres North Dakota 892,824 net acres 91% HBP in de-risked area 120 Miles Montana 305,060 net acres 84% HBP in de-risked area Expansion Mode 25 Miles Continental Acreage…
  22. invesor and Analyst day – Continental Resources, Inc. – slide 22
    Continued Growth through Trades, Acquisitions and Leasing Progress since 2012 CLR Investor Day Leasehold Acquired By: Strategic trades to consolidate operated position 47 trades with 22 industry 11% participants 32% Acquisitions…
  23. invesor and Analyst day – Continental Resources, Inc. – slide 23
    The Bakken Conclusions on Density Pilots Hawkinson Microseismic and Reservoir Simulation Study Stan Wilson Vice President, Resource Development Allan Schlosser Senior Staff Geophysicist
  24. invesor and Analyst day – Continental Resources, Inc. – slide 24
    Density Pilots Increasing Recovery and Bringing Value Forward from Bakken Petroleum System 6 producing density pilots CANADA CLR Tangsrud 1,320 4 CLR: MT ND 1,320: Hawkinson, Rollefstad, Tangsrud 660: Wahpeton 2 KOG:…
  25. invesor and Analyst day – Continental Resources, Inc. – slide 25
    Hawkinson Takeaways Technical and economic success Industrys largest microseismic project Full DSU development validated (4 zones on 1,320 spacing) Average well performance exceeds 603 MBoe model by 50%+ Project ROR 100%…
  26. invesor and Analyst day – Continental Resources, Inc. – slide 26
    Hawkinson Unit Performance Hawkinson: Middle Bakken Hawkinson: Three Forks 250,000 250,000 200,000 200,000 Cumulative Boe Cumulative Boe 150,000 150,000 100,000 100,000 50,000 50,000 0 0 0 100 200 300 0 100 200 300…
  27. invesor and Analyst day – Continental Resources, Inc. – slide 27
    Hawkinson Cutting-Edge Microseismic Project Largest downhole project ever conducted industry-wide 283 stages monitored and imaged 1.2 million data points recorded Provides unprecedented 3D visualization of a fully drilled and…
  28. invesor and Analyst day – Continental Resources, Inc. – slide 28
    Microseismic Study Results Model of sand-propped fractures for all zones Significant un-propped area exists between wellbores (1,320 spacing / 330 stage) Models suggest sand-propped fractures extend 280-340 in each direction from…
  29. invesor and Analyst day – Continental Resources, Inc. – slide 29
    3D Visualization: Hawkinson Microseismic Study Model of sand-propped fractures 10 wells monitored 30
  30. invesor and Analyst day – Continental Resources, Inc. – slide 30
    Reservoir Simulation Results Hawkinson: Middle Bakken Formation only Opportunity to test Middle Bakken infill Sand-Propped Model Reservoir Model May 2014 Staggered wellbores can improve drainage in the BPS Enhanced completions…
  31. invesor and Analyst day – Continental Resources, Inc. – slide 31
    Hawkinson Pressure Depletion Simulation May 2014 Cumulative production Reservoir Pressure prior to simulation forecast totaled 2.5 Million Boe 32
  32. invesor and Analyst day – Continental Resources, Inc. – slide 32
    Rollefstad Conclusions Staggering wellbores provide superior density pattern to stacking Strong Three Forks 2 production Optimizing artificial lift 90,000 80,000 70,000 60,000 Cumulative Boe 50,000 40,000 30,000 20,000 10,000 0 0 20 40…
  33. invesor and Analyst day – Continental Resources, Inc. – slide 33
    Wahpeton: 660 Test Results Conclusions Exceptional early results for Middle Bakken wells at 660 spacing Overall results indicate drilling pattern in Lower Bench was beyond optimal density Noteworthy, one TF2 well was drilled as close…
  34. invesor and Analyst day – Continental Resources, Inc. – slide 34
    The Bakken Operational Optimization Boost Economics/Maximize Value Drilling, Completions & Production Alan McNally Drilling Manager Chris Nichols Completions Manager Tyler Bolton Senior Reservoir Engineer Kevin Murray Production…
  35. invesor and Analyst day – Continental Resources, Inc. – slide 35
    Bakken Drilling Performance Improvement Wells per Rig per Year Cycle Times (2012 2014) 20 Spud to TD 20% 16 15 Lateral Days 28% 12 12 Mobilization 15% 8 Wells Drilled on Year Multi Well Pads 4 2012 45% 0 2014 75% 2012…
  36. invesor and Analyst day – Continental Resources, Inc. – slide 36
    Bakken Drilling Performance Avg. Drilling Cost per Lateral Foot Operational gains 410 Technology 398 390 Bits Motors 370 372 Fluids 354 350 337 Tool reliability 330 324 31% one run laterals (2-mi) 320 310 310 10%…
  37. invesor and Analyst day – Continental Resources, Inc. – slide 37
    Bakken Enhanced Completions Comprehensive Testing Program CLR has most completion tests of any Bakken operator - Range of tests to-date included: Larger proppant volume Slickwater Hybrid - Greatest aerial extent of tests all…
  38. invesor and Analyst day – Continental Resources, Inc. – slide 38
    2014 Bakken Enhanced Completions Large Proppant Volume Slickwater Advantages Hybrid Advantages Advantages High conductivity Complex fractures Complex fractures Fastest transition from old designs Upward growth is limited High near…
  39. invesor and Analyst day – Continental Resources, Inc. – slide 39
    Bakken Enhanced Completion Evolution Proppant Pumped per Well 6,000,000 5.4MMlbs 2013 4.6MMlbs 5,000,000 Various types of proppant in 4.2MMlbs different areas 4,000,000 3.2MMlbs 3,000,000 2.7MMlbs Variables: hybrid, slickwater…
  40. invesor and Analyst day – Continental Resources, Inc. – slide 40
    Bakken Enhanced Completions Cross Link Large Proppant Volume Cross Link Large Proppant Volume Average Offset Well (610 MBOE) 603 Model 100,000 200 The incremental 0.9 MM of capital to Cumulative Production (Boe) 90,000 180…
  41. invesor and Analyst day – Continental Resources, Inc. – slide 41
    Bakken Enhanced Completions Slickwater Slick Water Average Offset Well (574 MBOE) 603 Model 140,000 200 Cumulative Production (Boe) The incremental 1.3 MM of capital to 180 120,000 conduct the enhanced completion is returned in…
  42. invesor and Analyst day – Continental Resources, Inc. – slide 42
    Bakken Enhanced Completions Hybrid Type Hybrid 180K+ Proppant Average Offset Well (501 MBOE) 603 Model 140,000 200 The incremental 1.4 MM of capital to Cumulative Production (Boe) conduct the enhanced completion is returned 180…
  43. invesor and Analyst day – Continental Resources, Inc. – slide 43
    2014 Bakken Enhanced Completions To Date Williams, McKenzie, Mountrail and Dunn Counties Gross Incremental Completed Range of Completion Average 30-90 Capital Incremental EUR Incremental Wells Capital Well Cost Production Method…
  44. invesor and Analyst day – Continental Resources, Inc. – slide 44
    Optimized Artificial Lift & Production Facilities Increasing Production Artificial lift optimization Long stroke pumping unit (LSU) Electric submersible pump (ESP) Gas lift (GL) Optimized water handling Production and disposal…
  45. invesor and Analyst day – Continental Resources, Inc. – slide 45
    Higher Capacity Artificial Lift Installations Increasing by Quarter ESP Gas Lift Long Stroke Unit 40 35 Quarterly % of 34 installations with higher capacity lift 73% 30 of Lift Installations 25 61% 21 20 53% 19 15 14…
  46. invesor and Analyst day – Continental Resources, Inc. – slide 46
    Bakken Artificial Lift Optimization Beating Prior Rod Pump Area Averages 1. Maximizing the value of standard completions 1 Area Average Cecilia 1-27H1 (LSU) using higher volume lift (long stroke unit) 50,000 Cumulative…
  47. invesor and Analyst day – Continental Resources, Inc. – slide 47
    Optimized Water Handling: LOE Reduction Current Under Construction Planned Salt Water Disposal 9 2 4 Wells (SWDs) Produced Water Gathering System 150 miles 175 miles 100 miles Freshwater Distribution System 25 miles 25 miles 125…
  48. invesor and Analyst day – Continental Resources, Inc. – slide 48
    Optimized Central Tank Batteries (CTBs) 6 CTBs are currently servicing as many as 14 wells each with plans for up to 28 wells per facility Benefits include a smaller footprint, cost savings and flexibility to easily expand for…
  49. invesor and Analyst day – Continental Resources, Inc. – slide 49
    Bakken Development Cost Evolution Encouraging enhanced Operational efficiency leads to Cost reduction allows for completions results drive 12M reduced well cost completions testing optimization testing Bakken Completed Well Cost…
  50. invesor and Analyst day – Continental Resources, Inc. – slide 50
    Putting It All Together to Maximize Profitability Ears Back in Antelope 14,000 Boe per day 12,000 Production (Boe per day) Gross Average Quarterly 10,000 Keys to Development 8,000 6,000 One of the highest rate of return areas…
  51. invesor and Analyst day – Continental Resources, Inc. – slide 51
    Southern Region
  52. invesor and Analyst day – Continental Resources, Inc. – slide 52
    Southern Region Platform for Growth Production History Assembling the Leasehold John Haiduk Geologic Manager Mark Fisher Land Manager
  53. invesor and Analyst day – Continental Resources, Inc. – slide 53
    SCOOP: Whats New for Continental Rivals the Bakken net resource 3.6 Billion Boe net unrisked resource potential to CLR potential to CLR Excellent economics Bakken-or-better RORs Springer discovery New oil play: 118,000 net acres oil,…
  54. invesor and Analyst day – Continental Resources, Inc. – slide 54
    SCOOP: Another Large Platform for Growth Unrisked Resource Potential Rivals the Bakken Unrisked Drilling Inventory 3.6 Billion Boe net unrisked resource 8,000 and Net Resource Potential 4.0 potential 3.6 320% over Investor Day 2012…
  55. invesor and Analyst day – Continental Resources, Inc. – slide 55
    SCOOP: Rapid Production Growth Woodford & Springer Net Daily Production 40,000 80 34,300 Boe per day average SCOOP (62% Liquids) in 2Q14 35,000 CLR Rig Count 70 46% Oil, 74% total liquids 30,000 60 2Q14 exit rate of 36,300 Boe…
  56. invesor and Analyst day – Continental Resources, Inc. – slide 56
    CLR: SCOOPs 1 Leasehold Owner 471,000 net acres of leasehold Early entrant advantage Timely recognition of play concept Play confirmation through initial delineation success Dominant leasehold position in both the oil and…
  57. invesor and Analyst day – Continental Resources, Inc. – slide 57
    Teamwork Drives Results with Land Progress since 2012 CLR Investor Day Acquisitions Leasehold Acquired By: 153 acquisitions (16,531 oil and gas leases) Extensive fee leasing 2% 16,382 oil and gas leases Challenges to entryit is not…
  58. invesor and Analyst day – Continental Resources, Inc. – slide 58
    Woodford Overview An Area with Vast Legacy Oil Production High Quality Reservoir Characteristics Andy Rihn Senior Exploration Geologist
  59. invesor and Analyst day – Continental Resources, Inc. – slide 59
    The Perfect Recipe for Long-Term Success SCOOP Woodford Overview A long legacy of oil production 3.2 billion barrels of oil conventionally produced from 60 reservoirs Oklahoma City 3 of the top oil-producing counties in Oklahoma…
  60. invesor and Analyst day – Continental Resources, Inc. – slide 60
    Woodford Update SCOOP Industry Activity Map Developing and expanding 2014 2013 2009 2011 2010 2012 69 Rigs Active in 45% De-risked De-risked SCOOP Hansell Increasing EUR/well with extended laterals Distinct oil, condensate and…
  61. invesor and Analyst day – Continental Resources, Inc. – slide 61
    Woodford Thickness Expands Across Leasehold Development Program Initiated 2013 2014 Exploratory Program North South 130 150 W 245 o 230 380 Hunton o 295 560 d 465 f o r d 950 Hunton Gamma Ray Brittleness 25…
  62. invesor and Analyst day – Continental Resources, Inc. – slide 62
    The SCOOP Woodford: Condensate Fairway Extended Laterals Well Economics BEAN and Poteet Density Projects Candace Cantrell Senior Reservoir Engineer
  63. invesor and Analyst day – Continental Resources, Inc. – slide 63
    Woodford: Condensate Fairway 10,000:1 100,000:1 gas/oil ratio CLR unrisked resource potential Oklahoma City 2.0 net Billion Boe CLR unrisked drilling locations 1,554 net operated locations 775 net non-operated locations 206…
  64. invesor and Analyst day – Continental Resources, Inc. – slide 64
    Higher Returns With Extended Laterals Woodford Condensate Fairway Condensate Fairway Type Curve EUR: 1,725 MBoe 1,800 4,500' Act. Well Count 270 1,600 240 Normalized to 7,500 lateral Ext. Act. Well Count 1,400 4,500' Act.…
  65. invesor and Analyst day – Continental Resources, Inc. – slide 65
    Early Success at BEAN Density Project Woodford Condensate Fairway BEAN Density Test B.E.A.N. Project, SE Grady County 2,500 Bearden 1-25H (4,500') Boe per day (Avg. 54% liquids) Bearden, Eula Mae, Arrington and 2,000 Eula Mae…
  66. invesor and Analyst day – Continental Resources, Inc. – slide 66
    Poteet Density Project Underway Woodford Condensate Fairway Parent Well: Poteet 1-17H 1,800 1,600 Boe per day (50% total liquids) Poteet Unit, NE Stephens County 1,400 Poteet 1-17H (4,500' Lateral) (2012) 4,500' Type Curve…
  67. invesor and Analyst day – Continental Resources, Inc. – slide 67
    The SCOOP Woodford: Oil Fairway Extended Laterals Good Martin Density Project Dan Harms Resource Development Manager
  68. invesor and Analyst day – Continental Resources, Inc. – slide 68
    Woodford: Oil…
  69. invesor and Analyst day – Continental Resources, Inc. – slide 69
    Unlocking the Woodford Oil Fairway Woodford Oil Fairway Oil Fairway Type Curve EUR: 655 MBoe 600 120 Act. Well Count Normalized to a 7,500 lateral 500 Ext. Act. Well Count 100 Act. Production (4,100' Avg LL) Completed well cost:…
  70. invesor and Analyst day – Continental Resources, Inc. – slide 70
    Good Martin Density Project Underway Woodford Oil Fairway Parent Well: Hansell 1-3-34XH 1,400 Good Martin Unit, Grady County 1,200 Hansell 1-3-34XH (9,800' Lateral) Extended Type Curve (Normalized to 7,500' LL) Offsetting the Hansell…
  71. invesor and Analyst day – Continental Resources, Inc. – slide 71
    Woodford: Dry Gas Fairway Dan Harms Resource Development Manager
  72. invesor and Analyst day – Continental Resources, Inc. – slide 72
    Dry Gas Fairway Woodford 100,000:1 gas/oil ratio CLR unrisked resource potential Oklahoma City 3.2 Tcfe (528 net MMBoe) CLR unrisked drilling locations 509 net operated locations 73 net non-operated locations 59,000 net acres…
  73. invesor and Analyst day – Continental Resources, Inc. – slide 73
    Southern Operations Drilling Efficiencies Completions Updates Corey Russell Drilling Manager Scott Donnelly Completion Manager
  74. invesor and Analyst day – Continental Resources, Inc. – slide 74
    Drilling Efficiency Improving During Delineation SCOOP Woodford Shift to Longer Laterals Shift to extended laterals 100% 4,500' Lateral - Yielding lower drilling costs Extended Lateral 75% - 50% decrease in /lateral foot, % of Well…
  75. invesor and Analyst day – Continental Resources, Inc. – slide 75
    Drilling: Managing Costs During Rapid Growth SCOOP Woodford 2014 Completed Well Cost Target of 12.2 MM for 7,500 Lateral SCOOP Woodford Average Completed Well Cost: 20 20 18 16 16 14.0 13.7 14 Avg. Lateral 12 8,000 Avg. Lateral 12…
  76. invesor and Analyst day – Continental Resources, Inc. – slide 76
    Completions: Managing Costs During Rapid Growth SCOOP Woodford Leveraging purchasing power Stimulation size and cost per stage Leader, dominant operator in the play 228 235 213 Capitalizing on economies of scale 193 Lowering cycle…
  77. invesor and Analyst day – Continental Resources, Inc. – slide 77
    Announcing CLRs Newest Oil Discovery: Springer Shale 2012 Stealth Play Becomes Reality Morrowan Atokan Des Moinesian Missourian Hoxbar Sands 447 MMBoe net unrisked resource potential to CLR Pennsylvanian 127 net MMBoe oil fairway Deese…
  78. invesor and Analyst day – Continental Resources, Inc. – slide 78
    Springer Shale Oil Fairway CLR: KL Fulton 1-21H SCOOP IP: 2,122 boepd 118,000 net acres in the oil fairway CLR: Birt 1-13H 46,000 net acres derisked by 11 producers and IP: 793 boepd Oct. 2013 Woodford well control 72,000 net acres of…
  79. invesor and Analyst day – Continental Resources, Inc. – slide 79
    Repeatability Confirmed by 11 CLR Producers Springer Shale Oil 2,200 CLR Operated Springer Shale Wells 2,000 Wilkerson 1-20H: Discovery Well 1,800 Ball 1-19H: Delineation Well Birt 1-13H: Confirmation Well 1,600 P < 90 Days on…
  80. invesor and Analyst day – Continental Resources, Inc. – slide 80
    Exceptional Economics Springer Shale Oil 800 Springer Shale Type Curve 40 Well Count 700 Type Curve (Normalized to 4,500' LL) EUR/Well Model: 940 MBoe Act. Production (4,066' Avg LL) 600 30 Completed well cost: 9.7 MM 500 Boe per day…
  81. invesor and Analyst day – Continental Resources, Inc. – slide 81
    CLR Research Identifies Springer Shale Resource Reservoir Exploration Success Drives Incremental Value Proprietary data: Osagean Meramec Chesterian Morrowan Atokan Des Moinesian Missourian Hoxbar Sands Gamma Ray Resistivity 2 whole…
  82. invesor and Analyst day – Continental Resources, Inc. – slide 82
    First Density Project Underway: Hartley Unit Springer Shale Oil SCOOP Hartley Unit, Grady County Average Interest: 87% WI, 70% NRI Hartley Density Project Offsets Wilkerson discovery well 5-well density now drilling Springer 1,055…
  83. invesor and Analyst day – Continental Resources, Inc. – slide 83
    Gas/Condensate Fairway Springer Shale SCOOP CLR unrisked resource potential 1.9 Tcfe (320 net MMBoe) CLR unrisked drilling locations 182 net operated locations 17 net non-operated locations 77,000 net acres Provides future opportunity…
  84. invesor and Analyst day – Continental Resources, Inc. – slide 84
    Already Realizing Drilling Efficiency Gains Springer Shale Oil Rapid knowledge gain 100 Springer Shale Spud to Rig Release Operational improvement as activity 1-mile lateral grows 80 Yielding lower drilling costs 60 36% decrease in…
  85. invesor and Analyst day – Continental Resources, Inc. – slide 85
    CLRs Upside: Southern Unrisked Resource Benefit of Stacked Plays Net Unrisked Net Potential Net Resource Potential Acres Wells (MMBoe) Penn. Sands 9,000 27 4 Springer 195,000 414 447 Caney 70,000 430 160 Meramec 102,000 454 507 STACK…
  86. invesor and Analyst day – Continental Resources, Inc. – slide 86
    CLR Exploration Driven Organic Growth Through Science, Technology, and Innovation Focus on Unconventional Reservoirs Bakken, MT Bakken/Three Forks, ND City of Enid wellsOK (1984) Red River CLR shifts to oil (1985) Ames HoleOK (1991)…
  87. invesor and Analyst day – Continental Resources, Inc. – slide 87
    Growing our Exploration Portfolio Investor and Analyst Day 2012 Active Exploration Projects 2014 Active Exploration Projects Expected Expected Project Product CLR Net Acres Project Product CLR Net Acres Stealth A Gas/Oil 5,000 Stealth…
  88. invesor and Analyst day – Continental Resources, Inc. – slide 88
    Continentals Commitment to Exploration and Innovation Continues Committed to organic growth through the drill bit in our core areas and in our New Ventures Exploration programs Continuously adding the right staff and experience to grow…
  89. invesor and Analyst day – Continental Resources, Inc. – slide 89
    Financial Strategy Financial framework built for long-term value generation: Strong entrepreneurial spirit Exploration-focus Leader in oil and liquids focused asset basins Maintain production mix of 68% to 70% oil in each year of five…
  90. invesor and Analyst day – Continental Resources, Inc. – slide 90
    YTD Operational &amp; Financial Highlights 2Q14 production of 167,953 Boe per day 1H 2014 EBITDAX of 1.6B On track to achieve 27% to 30% growth for 2014 Up from 1.3B (24%) for 1H 2013 Mid-year 2014 proved reserves: 1.2B Boe Marketing…
  91. invesor and Analyst day – Continental Resources, Inc. – slide 91
    Oil &amp; Gas Marketing: Supporting Strong Margins Significant takeaway, gathering and processing infrastructure exists in the Bakken and SCOOP with additional expansion underway Bakken New long-haul pipe to be in service 2H14 (Pony…
  92. invesor and Analyst day – Continental Resources, Inc. – slide 92
    Cost Discipline Driving Excellent Margins ( per Boe) 80 70 Strong/stable cash margins(1) 60 Margin scales as costs 50 Cash Cash Cash remain flat Margin Margin Margin Cash 53.52 55.45 55.84 Margin 40 48.59 Strong oil price and cost…
  93. invesor and Analyst day – Continental Resources, Inc. – slide 93
    Capital Efficiency Recycle Ratio Industry Leader Gas weighted(2) Oil weighted Recycle Ratio = Cash margin/3 yr F&amp;D per Boe 5.0x 4.5x Exploration leadership enables low finding and development costs 4.5x 4.2x 4.0x Efficient operator…
  94. invesor and Analyst day – Continental Resources, Inc. – slide 94
    2014 Production Growth vs Market Cap 80% Lower Market Capitalization 70% 60% CLR 2012 CLR 2014 YoY Production Growth(1) 27% to 30% Growth(2) 27B to 30B Market cap 50% AREX 40% KOG OAS CLR 2007 COG 17% Growth CLR 2014 30% 4B Market cap…
  95. invesor and Analyst day – Continental Resources, Inc. – slide 95
    CLR Valuation 15.0x 13.6x 2X Multiple Compression - 13.5x CLR Strong Stock Price Catalyst 12.5x CLR 2015 multiple at 7.9x 12.3x 11.5x 12.0x 10.5x Enterprise Value / 2014E EBITDAX 9.9x 9.7x 8.8x 8.7x 9.0x 7.9x 7.6x 7.5x 7.2x 7.0x 7.0x…
  96. invesor and Analyst day – Continental Resources, Inc. – slide 96
    Strong Liquidity and Financial Profile Financial Ratios and Ratings Agency Credit Ratings Net Debt/2Q Annualized EBITDAX 1.55x Leveraged Cash Margin (1H14) 55.84 Moody's Baa3 Net Debt/June 30 Proved Reserves(1) 4.47 3 Year All-in…
  97. invesor and Analyst day – Continental Resources, Inc. – slide 97
    Track Record of Success CLR Bond Yield BB Index YTW BBB Index 9% 8.375% 8.360% 7.500% 8% Investment Grade 7.125% May 2014 Inaugural IG 6.900% Offerings 7% 10 Year 3.8% (1B) 6.460% 30 Year 4.9% (700mm) 6.070% 5.330% 6% 5.000% 5.180%…
  98. invesor and Analyst day – Continental Resources, Inc. – slide 98
    Five Year Plan Update MBoe per day 350 300 Five Year Plan Announced in 250 October 2012 Goal 200 300 MBoe Per day by YE2017 150 100 130 MBoe 50 98 MBoe per day per day 0 2012 2013 2014 2015 2016 2017 105
  99. invesor and Analyst day – Continental Resources, Inc. – slide 99
    On Track to Reach 3X Target 1 Year Early MBoe per day 350 300 250 200 Reach 300 MBoe per day 150 in late 2016 136 100 (1) 175 98 MBoe 130 50 per day 0 2012 2013 2014 2015 2016 2017 Original 5 Year Plan Updated 5 Year Plan (1) Midpoint…
  100. invesor and Analyst day – Continental Resources, Inc. – slide 100
    2014 Capital Expenditures Budget Total Capital Expenditures (4.55B) 140 MM Leasehold Accelerating 2014 to capture value Other 300 MM Drilling Other 165 MM Bakken: Enhanced completions SCOOP: Springer Oil Development SCOOP (100% ROR)…

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