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Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc.

Continental Resources, Inc. · Nov 11, 2015 · 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. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 1
    Bank of America Merrill Lynch 2015 Global Energy Conference PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 1 AS OF NOVEMBER 2015
  2. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 2
    3Q 2015 HIGHLIGHTS DEVELOPING OVER-PRESSURED STACK LUDWIG 1-22-15XH IP: 2,782 BOE PER DAY (76% OIL) LADD 1-8-5XH IP: 2,181 BOE PER DAY (79% OIL) MARKS 1-9-4XH IP: 994 BOE PER DAY (73% OIL) POSITIVE UPDATES TO GUIDANCE 24% TO 26% YOY…
  3. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 3
    4Q 2015 AND 2016 OUTLOOK PRIORITIES CONTINUE TO FOCUS ON: CASH FLOW NEUTRALITY STACK DELINEATION CWC REDUCTIONS OPERATIONAL EFFICIENCIES REMAINING OPPORTUNISTIC 2016 MAINTENANCE CAPEX SCENARIO CAPEX OF 1.5 BILLION TO 1.6…
  4. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 4
    PORTFOLIO OF WORLD-CLASS ASSETS FOR LONG-TERM GROWTH BAKKEN 1,074,000 NET ACRES ASSET STAGE OF DEVELOPMENT First stage of full-field STACK* BAKKEN development underway 146,300 NET ACRES SCOOP SCOOP WOODFORD Expanding and…
  5. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 5
    RATES OF RETURN 100% BAKKEN SCOOP WOODFORD CONDENSATE Target EUR: 800 MBoe 7.0MM Current CWC (27% Reduction YTD) 9.6MM Current CWC (21% Reduction YTD) 100% Target EUR: 1,725 MBoe Avg. Lateral: 9,800 80% 9.6MM CWC YE 2014 Avg.…
  6. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 6
    EXCEPTIONAL ORGANIC GROWTH PRODUCTION GROWTH TOTAL PROVED RESERVES 250,000 228,300 1,351 SCOOP 1,400 SCOOP Bakken 200,000 30% 1,200 Bakken Legacy Legacy 27% 1,000 BOE PER DAY 150,000 MMBOE 800 59% 100,000 600 64%…
  7. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 7
    SOUTHERN REGION LEADING ACREAGE POSITIONS IN THREE PLAYS STACK NW CANA JDA SCOOP SPRINGER 210,000 NET ACRES STACK 146,300 NET ACRES* Woodford Shale Thickness NW CANA JDA 50 ft 31,400 NET ACRES 100 ft SCOOP SCOOP…
  8. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 8
    STACK ANOTHER QUALITY ASSET FOR CLR PORTFOLIO EXCELLENT POSITION IN PLAY 146,300 NET ACRES 95% IN OVER-PRESSURED WINDOW Ladd 1-8-5XH Marks 1-9-4XH 90% LIQUIDS-RICH 60% HBP Ludwig 1-22-15XH OUTSTANDING MERAMEC RESULTS 2,782…
  9. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 9
    STACK CLR SUPERIOR POSITION IN PLAY IP24: 2,181 Boepd (79% Oil) CLR: Ladd 1-8-5XH OBSERVATIONS FROM INDUSTRY- LL: 9,742ft WIDE ACTIVITY IP24: 994 Boepd (73% Oil) CLR: Marks 1-9-4XH 57 MERAMEC & OSAGE WELLS WITH LL: 10,092ft IP24:…
  10. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 10
    SCOOP WOODFORD EXPANDING AND DERISKING DENSITY TESTING TO DEFINE OPTIMUM SPACING FIVE IN THE CONDENSATE WINDOW Triple H 1-30H PROJECT OF WELLS STATUS IP: 1,037 Boepd (68% Oil) Good Martin Unit POTEET 10 PRODUCING HONEYCUTT 10 PRODUCING…
  11. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 11
    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…
  12. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 12
    SCOOP WOODFORD DRILLING EFFICIENCIES BEING REALIZED VANARKEL PROJECT 0 SET TWO COMPANY SPUD-TO-TD DRILLING RECORDS: Poteet Average - 1Q 2015 - 1 MILE LATERAL: 31 DAYS (LOWRANCE 2-10H) Honeycutt Average - 2Q 2015 Measured Depth…
  13. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 13
    SCOOP SPRINGER CONTINUED SUCCESS WITH OIL FAIRWAY STEP-OUTS 2 DENSITY TESTS PRODUCING SCOOP JEANNA PILOT 4-WELL DENSITY HARTLEY PILOT 4-WELL DENSITY Jantz Family 1-33H IP: 1,210 Boepd (77% Oil) Sawyer 1-23H IP: 1,343 Boepd (83% Oil)…
  14. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 14
    NORTHERN REGION Bakken Petroleum System Isopach CLR Leasehold PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 15 AS OF NOVEMBER 2015
  15. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 15
    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…
  16. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 16
    BAKKEN CAPITAL EFFICIENCY DOUBLED IN 2015 DECLINING F&D COSTS IMPROVING CAPITAL EFFICIENCY(2) EST. 9.8 MM(1) CAPITAL 800 10 25 900 120 EFFICIENCY MBOE CAPITAL EFFICIENCY (NET BOE/1,000) (3) (target) 9 800 -30% +100% 100…
  17. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 17
    BAKKEN DRILLING EFFICIENCIES CONTINUE TO IMPROVE Spud to TD (Avg)* 20 17.5 17.6 SPUD TO TD 16.6 15.0 15 DAYS - 15% REDUCTION YTD Days FEET PER DAY - 22% FASTER YTD 10 80% OF WELLS 16.5 DAYS SPUD TO TD 5 0 2014 1Q 2015 2Q…
  18. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 18
    CLR BAKKEN DIFFERENTIALS IMPROVING THROUGH INCREASED PIPELINE CAPACITY BAKKEN TAKEAWAY CAPACITY Enbridge Sandpiper Enbridge Line 9 Reversal 3,500 Expected Online: 1Q 2017 Expected Online: 2015 3,000 225,000 Bopd 240,000 to 300,000…
  19. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 19
    LOW CASH COST COMPETITIVELY POSITIONS CLR 80 72.45 72.04 70 54.74 53.52 65.99 66.53 48.59 48.86 59.35 60 Avg. Realized /BOE(3) 43.32 50 44.68 30.93 37.82 40 76% 74% 74% 25.39 73% 31.65 73% 29.90 30 18.04 69% 67%…
  20. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 20
    INVESTMENT GRADE FINANCIAL PROFILE FINANCIAL RATIOS(1) UNSECURED CREDIT FACILITY AMPLE LIQUIDITY WITH 2.75 BILLION Net Debt/YE 2014 Net Debt/TTM EBITDAX(2) 2.59x 5.25 Proved Reserves REVOLVER AND ABILITY TO UPSIZE TO 4.0 BILLION…
  21. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 21
    EXCEEDING 2015 PLAN DECEMBER 2014 AUGUST 2015 UPDATED 2015 PRODUCTION & CAPITAL GUIDANCE GUIDANCE GUIDANCE Production growth (YOY) 16% to 20% 19% to 23% 24% to 26% Capital expenditures (non-acquisition, in millions) 2,700 2,700*…
  22. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 22
    2015 CAPITAL EXPENDITURES BUDGET 2.7B BUDGET 2.45 TO 2.5B DRILLING CAPITAL NET WELLS(1) NET WELLS(1) ALLOCATION: BAKKEN: 65% BAKKEN 191 176 SCOOP: 30% SCOOP WOODFORD 63 55 - WOODFORD: 26% SCOOP SPRINGER 18 18 - SPRINGER: 4% NW CANA…
  23. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 23
    APPENDIX PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 24 AS OF NOVEMBER 2015
  24. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 24
    POTEET DENSITY PILOT WOODFORD CONDENSATE FAIRWAY POTEET DENSITY PILOT 10-WELL DENSITY DUAL HORIZON 10 WELLS HAD COMBINED PEAK PRODUCTION RATES OF 146,840 MCFPD AND 3,240 BOPD AVERAGE OWNERSHIP: 94% WORKING INTEREST 1016…
  25. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 25
    SCOOP TYPE CURVES Woodford Condensate Type Curve Springer Shale Type Curve 1,800 4,500' Act. Well Count 270 900 90 1,600 Ext. Act. Well Count 240 800 80 Well Count 1,400 4,500' Act. Production 210 700 Type Curve (Normalized to…
  26. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 26
    ENHANCED COMPLETIONS CONTINUE TO DELIVER 90-DAY PRODUCTION COMPARISON FOR 30-STAGE COMPLETIONS IN BAKKEN(1) PRODUCTION UPLIFT 60,000 30% - 45% INCREASE IN EUR 50% Slickwater (46 Wells) 55,000 50,000 35% Hybrid (52 Wells)…
  27. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 27
    CONTINUING TO DELIVER STRONG MARGINS 2009 2010 2011 2012 2013 2014 1Q 2015 2Q 2015 3Q 2015 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 38.56 49.84 38.95 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40…
  28. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 28
    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 3Q 2015 Net income…
  29. Bank of America Merrill Lynch 2015 Global Energy Conferenc – Continental Resources, Inc. – slide 29
    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…

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