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OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc.

Continental Resources, Inc. · Oct 2, 2013 · 29 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. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 1
    CLR Investor Presentation October 2013 Property of Continental Resources, Inc. Reproduction and distribution only with written permission.
  2. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 2
    Firing on all Cylinders: Strong 2Q13 Results Tightening 2013 production targets upward to 38%-40% Maintaining 2013 non-acquisition capex target of 3.6 billion 2014 non-acquisition capex target of 4.05 billion, 26%-32% production…
  3. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 3
    Mid-Year 2013 Proved Reserves 17% Increase in Proved Reserves since YE12: Mid-Year Reserves are 87% Operated and 70% Crude Oil MMBOE 1,000 900 922 800 785 700 600 500 508 400 365 300 257 200 100 0 YE09 YE10 YE11…
  4. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 4
    1 Leaseholder in the Bakken 1.2 million net acres at 2Q13 +21% YOY since 2Q13 Full Development 98% HBP on de-risked leasehold by YE2013 96% HBP for both de-risked and exploratory leasehold by YE2017 Continentals Acreage…
  5. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 5
    Leading the Delineation of the Three Forks Three Forks Thickness Map Lower Three Forks activity delineates potential productive footprint of 3,800 square miles 320 Tangrsud TF Rosenvold/Farver 18 Lower Three Forks producers…
  6. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 6
    160 & 320-Acre Pilot Density Projects: 2013-14 Hawkinson, Rollefstad, Tangsrud and Wahpeton 320-Acre Pilot 160-Acre Pilot 1320 660 68 68 660 330 BAKKEN TF1 TF2 TF3 TF4 1 MILE 1 MILE 3 project areas, 212MM net cost 1…
  7. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 7
    CLR: The Premier Bakken Operator Millions 2012 2013 12 Historical Target 11.3 Increasing Rates of Return 10 9.2 0.4 Down 0.4 3-5% by 0.4 8.0 YE14 8 New YE13 average 6 operated CWC goal of 8.0MM or less, 4 achieved 8.2MM…
  8. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 8
    SCOOP: A New, High-Impact Resource Play South Central Oklahoma Oil Province NW Cana Cana Field World-class resource shale Up to 400 of oil-rich shale Dual reservoir target SCOOP Excellent siliceous and highly fractured…
  9. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 9
    SCOOP: Gaining Momentum in Size and Scale SCOOP Oil , Condensate and Gas Window Map Gas Condensate Oil Produced 17,550 net Boepd for 2Q13 23% increase since 1Q13 435% increase since 2Q12 Leasehold increased to 277,000 net acres…
  10. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 10
    Realizing CLRs Unrisked Resource Potential Mid-Year 2013 proved reserves: 922 MMBoe Undrilled Potential Net Wells* Unbooked Potential Net Resource* (Net Wells) (MMBoe) 25,000 8,000 7,219 7,000 20,000 19,353 6,000 15,000 Other…
  11. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 11
    Progress Report for Five-Year Plan Metrics and Measurements of Success Status/Forecast 2013 2014 2015 2016 2017 Objective Triple production by 2017 Triple proved reserves by 2017 Exploration: - Confirm lower Three Forks -…
  12. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 12
    2013-14 Total Capital Expenditure Budgets 2013 Total Capital Expenditures: 3.6B 2014 Total Capital Expenditures: 4.05B Exploratory Exploratory Drilling Other Drilling Other 450MM 500MM 510MM 430MM +16% YOY +13% YOY…
  13. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 13
    CLR Clear Vision for Growth Production Proved Reserves MMBoe 300 MMBoe 120 First Half MBoepd Second Half 100 108+ 1500 1,524 80 1000 60 64 98 922 MBoepd 50 785 40 500 19.3 508 20 23.3 16.4 0 0 2012 MY13 2013*…
  14. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 14
    CLR: Production, Reserve and Stock Growth Proved Share Annual Price Production Reserves 922 MMBOE 23.3 1H13 *10/1/13 *Closing stock price as of day shown. 15 Property of Continental Resources, Inc. Reproduction…
  15. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 15
    Appendix
  16. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 16
    Bakken Well Economics 90% Average operated CWC 9.2MM (2012) 8.0 MM CWC 80% 8.2MM (Achieved) 8.0MM or less (Target YE13) 70% 9.2 MM CWC 603 MBoe EUR ND Bakken Type Curve ROR* 60% 21 700 Monthly Oil Equiv (MBoe) 18…
  17. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 17
    SCOOP Economics Condensate Fairway EUR = 1,190 MBoe (61% liquids)** 100% Rates of Return & Target* Oil 24% 90% Gas 39% 80% 70% NGL 60% 37% 50% 40% Oil Fairway Completed Wells Costs Oil Window 9.0MM EUR = 626 MBoe (75%…
  18. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 18
    Americas Premium Light Sweet Crude API Crude Quality Sulfur % wt Improved Refinery Yield 45 0.90 100% 40 0.80 90% 80% 35 0.70 70% 30 0.60 Distillation Cuts 60% 25 0.50 Light Ends 50% 20 0.40 Gasoline 40% Jet Fuel 15 0.30…
  19. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 19
    The Market for Bakken Premium Quality Growing faster than production Seattle New York Cushing Los Angeles Houston 20 Property of Continental Resources, Inc. Reproduction and distribution only with written…
  20. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 20
    Williston Basin Evacuation Capacity 3.5 TransCanada East (42) 200 Rig Forecast* Enbridge Sandpiper (24) ND Port - Minot 250 Rig Forecast* High Sierra - Donnybrook Red River - Williston Bentek Forecast Great Northern - Fryburg…
  21. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 21
    Charlotte Unit Testing Complete Bakken Structure- 200 Contours McKenzie County, ND NESSON ANTICLINE W Lodgepole Frac Barrier E CHARLOTTE UB MB MB Target: 11,294 TVD 81 LB COLTER TF1 Target: 11,375 TVD TF1 53 TF2 TF2…
  22. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 22
    Colter Unit Lower TF Testing Bakken Structure- 200 Contours Dunn County, ND NESSON ANTICLINE W Lodgepole Frac Barrier E CHARLOTTE UB MB MB Target: 11,170 TVD LB 64 TF1 Target: 11,234 TVD COLTER TF1 68 Virgin Reservoir…
  23. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 23
    Tight Oil Resource Plays: Larger than We Think Prior to Lower TF: 577 BBo in place (2010) 24 BBoe recoverable** 2010 20 BBo (3.5% recovery factor) 320-acre spacing per zone 2012 308 Now: Estimate +57% 903 BBo in place…
  24. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 24
    Cost Discipline Driving Excellent Margins Years Ended December 31 YTD 2009 2010 2011 2012 June 2013 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 88.50 Realized natural gas price (/Mcf) 3.22 4.49 5.24 4.20 5.11 Oil production…
  25. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 25
    Capital Flexibility & Efficiency Credit Statistics & Ratings Analysis Source: public disclosures and SEC filings Total Debt / EBITDAX 3.0 2.0 Avg: 1.8x CLR 1.0 2.8 2.7 2.3 2.2 2.2 2.1 1.8 1.3 1.1 1.0 0.7 0.0 PEER 1 PEER 2…
  26. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 26
    2014 Operational and Financial Guidance As of September 10, 2013 2013 2014 Production growth (YOY) 38% to 40% 26% to 32% Capital expenditures (non-acquisition) 3.6B 4.05B Operating Expenses: Production expense per Boe 5.60 to…
  27. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 27
    Quarterly Cash Flow Six months ended YTD 6/30/12 1Q 2013 2Q 2013 6/30/13 In thousands Net income 474,778 140,627 323,270 463,897 Adjustments to reconcile net income to net cash provided by operating activities: Non-cash…
  28. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 28
    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,…
  29. OCTOBER 2013 INVESTOR PRESENTATION – Continental Resources, Inc. – slide 29
    EBITDAX Reconciliation to GAAP (contd) The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: In thousands 2009 2010 2011 2012 2Q 2013 1H 2013 Net income 71,338…

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