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September 2015 Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Sep 7, 2015 · 34 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. September 2015 Investor Update – Continental Resources, Inc. – slide 1
    INVESTOR UPDATE PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 1 AS OF SEPTEMBER 2015
  2. September 2015 Investor Update – Continental Resources, Inc. – slide 2
    2015 PRIORITIES MAINTAIN FINANCIAL STRENGTH ALIGN CAPEX WITH CASH FLOW DRIVE DOWN COSTS PRESERVE OUR WORLD-CLASS ASSETS FOR IMPROVED COMMODITY PRICE BUILD EFFICIENCIES THROUGHOUT THE COMPANY REMAIN OPPORTUNISTIC HISTORY OF…
  3. September 2015 Investor Update – Continental Resources, Inc. – slide 3
    1H 2015: OUTPERFORMED GUIDANCE CAPITAL DISCIPLINE CAPEX 85MM UNDER BUDGET CWC DOWN 20% FROM YE 2014 CASH FLOW POSITIVE IN JUNE ( 60 WTI) OPERATIONAL EFFICIENCIES 1H 2015 AVERAGE DAILY PRODUCTION UP 24% FROM FY 2014 2Q CASH COSTS…
  4. September 2015 Investor Update – Continental Resources, Inc. – slide 4
    2H 2015: STAYING THE COURSE CAPEX DRIVEN BY CASH FLOW PROJECTED CAPITAL SPEND FOR 2015 REDUCED TO 2.35 TO 2.4 BILLION TARGETING CASH FLOW NEUTRALITY AT 50 WTI APPROXIMATELY 150 MILLION OUTSPEND AT 40 WTI 2015 EXIT RATE PROJECTED…
  5. September 2015 Investor Update – Continental Resources, Inc. – slide 5
    CURRENT 2016 OUTLOOK CONTINUE TO BALANCE CASH FLOW WITH CAPEX PRODUCTION MAINTENANCE SCENARIOS 1.8 TO 2.0 BILLION CAPEX TO HOLD PRODUCTION FLAT AT 2015 EXIT RATE OF 215,000 BOEPD 1.6 TO 1.8 BILLION CAPEX TO HOLD PRODUCTION FLAT AT…
  6. September 2015 Investor Update – Continental Resources, Inc. – slide 6
    PORTFOLIO OF WORLD-CLASS ASSETS FOR LONG-TERM GROWTH BAKKEN 1,105,000 NET ACRES ASSET STAGE OF DEVELOPMENT First stage of full-field BAKKEN development underway STACK - NEW RESOURCE PLAY 136,400 NET ACRES SCOOP Expanding and…
  7. September 2015 Investor Update – Continental Resources, Inc. – slide 7
    RATES OF RETURN BAKKEN SCOOP WOODFORD CONDENSATE 100% Target EUR: 800 MBoe 7.2MM Target CWC (25% Reduction) 100% Target EUR: 1,725 MBoe 9.2MM Target CWC (25% Reduction) Avg. Lateral: 9,800 7.7MM Current CWC (20% Reduction) Avg.…
  8. September 2015 Investor Update – Continental Resources, Inc. – slide 8
    EXCEPTIONAL, ORGANIC GROWTH PRODUCTION GROWTH TOTAL PROVED RESERVES 216,700 1,351 1,400 SCOOP SCOOP 200,000 26% 1,200 Bakken Bakken 27% Legacy Legacy 1,000 BOE PER DAY 150,000 MMBOE 800 64% 100,000 600 64% 400…
  9. September 2015 Investor Update – Continental Resources, Inc. – slide 9
    SOUTHERN OPERATIONS LEADING ACREAGE POSITION IN FOUR PLAYS STACK 136,400 net acres STACK NW CANA JDA 31,400 net acres* NW CANA JDA SCOOP SPRINGER 210,000 net acres SCOOP WOODFORD 460,000 net acres SCOOP Woodford Shale…
  10. September 2015 Investor Update – Continental Resources, Inc. – slide 10
    STACK SUPERIOR POSITION IN PLAY CLR ACREAGE Marks 1-9-4XH 136,400 NET ACRES Limit of over-pressured STACK play Lateral TD. WOC 60% HBP Ludwig 1-22-15XH 95% IN OVER-PRESSURED WINDOW Ladd 1-5-8XH IP: 2,076 Boepd Currently Drilling…
  11. September 2015 Investor Update – Continental Resources, Inc. – slide 11
    2015 SCOOP WOODFORD PROGRAM EXPANDING PRODUCTIVE FOOTPRINT DENSITY TESTING TO DEFINE OPTIMUM SPACING THREE IN THE CONDENSATE WINDOW Good Martin Unit PROJECT OF WELLS STATUS May Unit POTEET 10 PRODUCING HONEYCUTT 10 PRODUCING…
  12. September 2015 Investor Update – Continental Resources, Inc. – slide 12
    HONEYCUTT DENSITY PILOT WOODFORD CONDENSATE FAIRWAY HONEYCUTT DENSITY PILOT CLR Well 10-WELL DENSITY (1 LEGACY, 9 NEW) Vanarkel Project DUAL HORIZON -8 Well Density -660 Inter-well 9 NEW WELLS HAD COMBINED PEAK PRODUCTION Spacing…
  13. September 2015 Investor Update – Continental Resources, Inc. – slide 13
    2015 SCOOP WOOFORD DRILLING EFFICIENCIES BEING REALIZED VANARKEL PROJECT SET TWO COMPANY SPUD-TO-TD DRILLING RECORDS: 0 Poteet Average - 1Q'15 - 1 MILE LATERAL: 31 DAYS (LOWRANCE 2-10H) Honeycutt Average - 2Q'15 Measured Depth…
  14. September 2015 Investor Update – Continental Resources, Inc. – slide 14
    2015 SCOOP SPRINGER CONTINUED SUCCESS WITH OIL FAIRWAY STEP-OUTS SCOOP CHESTER 1-32H IP: 1,733 BOEPD 4,999 LATERAL CELESTA 1-5-32XH Hartley SECOND EXTENDED LATERAL TEST COMPLETED Pilot IP: 1,199 BOEPD Chester 1-32H IP: 1,733…
  15. September 2015 Investor Update – Continental Resources, Inc. – slide 15
    NW CANA JDA & STACK COMPOUNDING VALUE STACK STACK 136,400 NET ACRES TARGETING MERAMEC AND OSAGE RESERVOIRS NW CANA JDA CURRENTLY COMPLETING SECOND WELL NW CANA JOINT DEVELOPMENT AGREEMENT (JDA) 31,400 NET ACRES TARGETING…
  16. September 2015 Investor Update – Continental Resources, Inc. – slide 16
    NORTHERN OPERATIONS Bakken Petroleum System Isopach CLR Leasehold PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 17 AS OF SEPTEMBER 2015
  17. September 2015 Investor Update – Continental Resources, Inc. – slide 17
    2015 BAKKEN: FOCUSING ON THE CORE OUTLINES OF PRODUCTIVE BAKKEN AND THREE FORKS RESERVOIRS CANADA AVERAGE EUR UP 45% FROM 2014 MB & TF1 2015 TARGET AVERAGE EUR 800 MBOE PER WELL 2014 AVERAGE EUR 550 MBOE PER WELL FINDING AND…
  18. September 2015 Investor Update – Continental Resources, Inc. – slide 18
    BAKKEN PERFORMANCE DECLINING F&D COSTS EST. IMPROVING CAPITAL EFFICIENCY(2) 10 9.8MM(1) 25 CAPITAL 800 900 100 EFFICIENCY MBOE CAPITAL EFFICIENCY (NET BOE/1,000) (3) 9 (target) 800 90 20% 80% 8 7.7MM 20 80 700 21.50…
  19. September 2015 Investor Update – Continental Resources, Inc. – slide 19
    ENHANCED COMPLETIONS CONTINUE TO DELIVER 90-DAY PRODUCTION COMPARISON FOR 30-STAGE COMPLETIONS IN BAKKEN(1) 65,000 25% - 45% INCREASE IN EUR PRODUCTION UPLIFT 60,000 50% Slickwater (35 Wells) 55,000 50,000 40% Hybrid (38 Wells)…
  20. September 2015 Investor Update – Continental Resources, Inc. – slide 20
    GROWING PIPELINE CAPACITY IMPROVING BAKKEN DIFFERENTIALS BAKKEN TAKEWAY CAPACITY 3,500 Thousand BOPD 3,000 2,500 2,000 1,500 1,000 500 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 EST. Local Refining Pipeline…
  21. September 2015 Investor Update – Continental Resources, Inc. – slide 21
    LOW CASH COST DRIVING STRONG MARGINS 80 72.45 72.04 70 54.74 53.52 65.99 66.53 48.59 48.86 59.35 Avg. realized /BOE (3) 60 43.32 50 44.68 30.93 37.82 40 76% 74% 74% 73% 25.39 73% 31.65 30 18.04 69% 67% 20 57%…
  22. September 2015 Investor Update – Continental Resources, Inc. – slide 22
    INVESTMENT GRADE FINANCIAL PROFILE FINANCIAL RATIOS(1) FINANCIAL STRENGTH Net Debt/YE 2014 Net Debt/TTM EBITDAX(2) 2.16x 5.15 Proved Reserves AMPLE LIQUIDITY WITH REVOLVER, UPSIZED TO 2.5 BILLION IN Net Debt/2Q 2015 3 Year Avg.…
  23. September 2015 Investor Update – Continental Resources, Inc. – slide 23
    EXECUTING 2015 PLAN PRODUCTION & CAPITAL 2015 GUIDANCE AS OF 9/8/15 2Q 2015 RESULTS Production growth (YOY) 19% to 23% 226,547 Boe per day 2,700* 586 Capital expenditures (non-acquisition, in millions) Operating Expenses…
  24. September 2015 Investor Update – Continental Resources, Inc. – slide 24
    APPENDIX PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 25 AS OF SEPTEMBER 2015
  25. September 2015 Investor Update – Continental Resources, Inc. – slide 25
    CONTINENTAL RESOURCES WHO WE ARE 490% PRODUCTION GROWTH LAST 5 YEARS (Q1 2010 TO Q2 2015) EXCEPTIONAL ORGANIC GROWTH 425% PROVED RESERVES GROWTH LAST 5 YEARS (2009 - 2014) 12TH LARGEST OIL PRODUCER IN LOWER 48(1) OIL-FOCUSED AND…
  26. September 2015 Investor Update – Continental Resources, Inc. – slide 26
    2015 CAPITAL EXPENDITURES BUDGET 2.7B BUDGET 2.35 TO 2.4B DRILLING CAPITAL NET WELLS(1) NET WELLS(1) ALLOCATION: BAKKEN: 65% BAKKEN 179 173 SCOOP: 30% SCOOP WOODFORD 70 49 - WOODFORD: 26% SCOOP SPRINGER 18 17 - SPRINGER: 4% NW…
  27. September 2015 Investor Update – Continental Resources, Inc. – slide 27
    POTEET DENSITY PILOT WOODFORD CONDENSATE FAIRWAY POTEET DENSITY PILOT 10-WELL DENSITY DUAL HORIZON 10 WELLS HAD COMBINED PEAK PRODUCTION RATES OF 146,840 MCFD AND 3,240 BOPD AVERAGE OWNERSHIP: 94% WORKING INTEREST Poteet Daily…
  28. September 2015 Investor Update – Continental Resources, Inc. – slide 28
    THE JEANNA DENSITY PILOT SPRINGER OIL FAIRWAY 4-WELL DENSITY PILOT 4 WELLS HAD A MAXIMUM COMBINED PEAK PRODUCTION OF 3,852 BOED AVERAGE OWNERSHIP: 87% WORKING INTEREST 1,320 SPACING BETWEEN WELL BORES AVERAGED 4,644 LATERALS…
  29. September 2015 Investor Update – Continental Resources, Inc. – slide 29
    SCOOP TYPE CURVES Woodford Condensate Type Curve Springer Shale Type Curve 900 90 1,800 4,500' Act. Well Count 270 1,600 240 800 Well Count 80 Ext. Act. Well Count 1,400 4,500' Act. Production 210 700 Type Curve (Normalized to…
  30. September 2015 Investor Update – Continental Resources, Inc. – slide 30
    CONTINUING TO DELIVER STRONG MARGINS 2009 2010 2011 2012 2013 2014 1Q 2015 2Q 2015 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 38.56 49.84 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40 2.70 2.31…
  31. September 2015 Investor Update – Continental Resources, Inc. – slide 31
    EBITDAX RECONCILIATION TO GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. We define EBITDAX as earnings (net income) before interest expense, income taxes,…
  32. September 2015 Investor Update – Continental Resources, Inc. – slide 32
    EBITDAX RECONCILIATION TO GAAP 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 2013 2014 1Q 2015 2Q 2015 Net income (loss)…
  33. September 2015 Investor Update – Continental Resources, Inc. – slide 33
    ADJUSTED EARNINGS RECONCILIATION TO GAAP Our presentation of adjusted earnings and adjusted earnings per share that exclude the effect of certain items are non-GAAP financial measures. Adjusted earnings and adjusted earnings per share…
  34. September 2015 Investor Update – Continental Resources, Inc. – slide 34
    CONTACT INFORMATION J. Warren Henry Vice President, Investor Relations & Research Phone: 405-234-9127 Email: Warren.HenryCLR.com Alyson L. Gilbert Senior Investor Relations Analyst Phone: 405-774-5814 Email:…

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