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CLR Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Nov 12, 2014 · 26 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. CLR Investor Update – Continental Resources, Inc. – slide 1
    Investor Update November 2014
  2. CLR Investor Update – Continental Resources, Inc. – slide 2
    CLR Value Drivers Multidecade inventory of high rate of return drilling locations in Bakken and SCOOP Largest acreage holder and producer in the Bakken Recently announced new discovery Springer oil play in Oklahoma 1.2 billion Boe…
  3. CLR Investor Update – Continental Resources, Inc. – slide 3
    Two World Class Platforms for Growth: Bakken and SCOOP NYSE listed: CLR Enterprise Value: 26B Market Cap: 20B Total Debt: 6B Focused in two premier basins with decades of organic growth Largest leaseholder, driller and producer in…
  4. CLR Investor Update – Continental Resources, Inc. – slide 4
    3Q14 Operational & Financial Highlights Production (Boe per day) 3Q14 production: 182,335 Boe per day, up 29% 200,000 over 3Q13 and 9% sequentially 182,335 Bakken: 121,604 Boe per day, up 29% over 3Q13 150,000 135,919 SCOOP:…
  5. CLR Investor Update – Continental Resources, Inc. – slide 5
    Bakken Continues to Deliver and Improve CLR Net Bakken Production of 121,604 Boe Production Profile for 2015 Bakken per day (3Q 2014) Drilling Program Up 12% over 2Q14 1000 Up 29% over 3Q13 800 BOE/day 600 2015 CLR Bakken…
  6. CLR Investor Update – Continental Resources, Inc. – slide 6
    Bakken Value Increasing Through Enhanced Completions Increasing EURs with new completion designs CANADA Tested and confirmed in Williams MT ND and Northern McKenzie Counties Over 45% average 90day production uplift 30% increase…
  7. CLR Investor Update – Continental Resources, Inc. – slide 7
    SCOOP: South Central Oklahoma Oil Province 3.6 Billion Boe net resource potential NW Cana STACK High ROR oil and condensate reservoirs Cana Field Woodford Springer Dominant SCOOP leasehold position: 471,000 net acres CLR net…
  8. CLR Investor Update – Continental Resources, Inc. – slide 8
    CLRs Newest Oil Discovery: Springer Shale 2012 Stealth play becomes reality SCOOP CLR: Schoof 117H IP: 1,465 boepd 447 MMBoe net unrisked resource potential to CLR CLR: AC Walters 127H IP: 1,630 boepd 127 net MMBoe in the oil…
  9. CLR Investor Update – Continental Resources, Inc. – slide 9
    Exceptional Economics Springer Shale Oil Springer Shale Type Curve 800 40 Well Count 700 Type Curve (Normalized to 4,500' LL) EUR: 940 Mboe Act. Production (4,066' Avg LL) 600 30 Normalized to 4,500 lateral 500 Boe per…
  10. CLR Investor Update – Continental Resources, Inc. – slide 10
    SCOOP: Woodford Overview High ROR: Oklahoma City Condensate fairway: 60% ROR, based on 80 oil and 3.50 gas Oil fairway: 22% ROR, based on 80 oil and 3.50 gas Superior well performance & economics: High productivity rock…
  11. CLR Investor Update – Continental Resources, Inc. – slide 11
    Higher Returns With Extended Laterals Woodford Condensate Fairway Condensate Fairway Type Curve 1,800 270 EUR: 1,725 MBoe 4,500' Act. Well Count 1,600 240 Normalized to 7,500 lateral Ext. Act. Well Count 1,400 4,500' Act. Production…
  12. CLR Investor Update – Continental Resources, Inc. – slide 12
    Unlocking the Woodford Oil Fairway Woodford Oil Fairway Oil Fairway Type Curve 600 120 EUR: 655 MBoe Act. Well Count Normalized to a 7,500 lateral 500 Ext. Act. Well Count 100 Act. Production (4,100' Avg LL) Completed well cost:…
  13. CLR Investor Update – Continental Resources, Inc. – slide 13
    Incremental Value Captured Through NW Cana JV Formed JV with SK E&S (South NW Cana STACK Korean Based) Cana Field Sold 49.9% interest in 44,000 acres and 37 producing wells for total consideration of 360 million 90 million…
  14. CLR Investor Update – Continental Resources, Inc. – slide 14
    2015 Capital Expenditures Budget Total Capital Expenditures (4.6B) 2015 Highlights: Other Leasehold Maintaining 2014 activity levels Drilling 300 MM 4.6B CAPEX 114 MM 50 rigs running Other 270 MM Drilling capital allocation…
  15. CLR Investor Update – Continental Resources, Inc. – slide 15
    Cost Discipline Driving Excellent Margins ( per Boe) 80 72.04 72.52 69.08 70 65.99 Strong/stable cash margins(1) 60 Margin scales as costs 50 Cash Cash Cash Cash remain flat Margin Margin Margin Margin 40 48.59 53.52…
  16. CLR Investor Update – Continental Resources, Inc. – slide 16
    Capital Efficiency Industry Leading Recycle Ratio Recycle Ratio = Cash margin/F&D per Boe Exploration leadership enables low finding and development costs Efficient operator evidenced by low operating costs per Boe Oil and liquids…
  17. CLR Investor Update – Continental Resources, Inc. – slide 17
    Strong Liquidity and Financial Profile Financial Ratios and Ratings Agency Credit Ratings Net Debt/3Q Annualized EBITDAX 1.50x Leveraged Cash Margin (9 months YTD) 54.14 Moody's Baa3 Net Debt/MidYear Proved Reserves 4.72 3 Year…
  18. CLR Investor Update – Continental Resources, Inc. – slide 18
    Appendix
  19. CLR Investor Update – Continental Resources, Inc. – slide 19
    Poteet Density Project Underway Woodford Condensate Fairway Parent Well: Poteet 117H 1,800 Boe per day ( 50% Liquids ) 1,600 Poteet 117H (4,500' Lateral) Poteet Unit, NE Stephens County 1,400 (2012) 4,500' Type Curve 1,200…
  20. CLR Investor Update – Continental Resources, Inc. – slide 20
    Good Martin Density Project Underway Woodford Oil Fairway Parent Well: Hansell 1334XH Good Martin Unit, Grady County 1,400 Hansell 1334XH (9,800' Lateral) 1,200 Offsetting the Hansell well Ext. Type Curve (Normalized to 7,500'…
  21. CLR Investor Update – Continental Resources, Inc. – slide 21
    Annual Guidance As of November 5, 2014 2014 2015 Production growth (YOY) 27% to 30% 23% to 29% Capital expenditures (non-acquisition, in billions) 4.55 4.6 Operating Expenses: Production expense per Boe 5.60 to 6.00 5.50 to…
  22. CLR Investor Update – Continental Resources, Inc. – slide 22
    Continuing to Deliver Excellent Margins As of 9 Months 2009 2010 2011 2012 2013 3Q2014 Ended 9/30/14 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 85.49 89.02 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.10…
  23. CLR Investor Update – Continental Resources, Inc. – slide 23
    EBITDAX Reconciliation to GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. EBITDAX represents earnings (net income) before interest expense, income taxes,…
  24. CLR Investor Update – Continental Resources, Inc. – slide 24
    EBITDAX Reconciliation to GAAP The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: YTD In thousands 2009 2010 2011 2012 2013 3Q2014 9/30/14 Net income…
  25. CLR Investor Update – Continental Resources, Inc. – slide 25
    Adjusted Earnings Reconciliation to GAAP Our presentation of adjusted earnings and adjusted earnings per share that exclude the effect of certain items are nonGAAP financial measures. Adjusted earnings and adjusted earnings per share…
  26. CLR Investor Update – Continental Resources, Inc. – slide 26
    Investor Relations Contact Information John J. Kilgallon Vice President, Investor Relations Phone: 4052349330 Email: John.KilgallonCLR.com Website: www.CLR.com/Investors 27 Property of Continental Resources, Inc.…

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