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February 2016 Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Feb 24, 2016 · 27 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. February 2016 Investor Update – Continental Resources, Inc. – slide 1
    INVESTOR UPDATE PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 1 AS OF FEBRUARY 2016
  2. February 2016 Investor Update – Continental Resources, Inc. – slide 2
    4Q 2015 RESULTS EXCEPTIONAL RESULTS FROM OVER-PRESSURED STACK WELLS BODEN 1-15-10XH IP: 3,508 BOE PER DAY (28% OIL) COMPTON 1-2-35XH IP: 2,547 BOE PER DAY (71% OIL) BLURTON 1-7-6XH IP: 2,328 BOE PER DAY (78% OIL) SCOOP WOODFORD…
  3. February 2016 Investor Update – Continental Resources, Inc. – slide 3
    2016 OUTLOOK BUILDING ON 2015 ACHIEVEMENTS 2016 PRIORITIES CASH FLOW NEUTRALITY STACK DELINEATION CWC REDUCTIONS OPERATIONAL EFFICIENCIES 2016 BUDGET CAPEX OF 920 MILLION TO MAINTAIN 200,000 BOE PER DAY PRODUCTION CASH FLOW…
  4. February 2016 Investor Update – Continental Resources, Inc. – slide 4
    2016 CAPITAL BUDGET ALLOCATION 920 MILLION IN NON-ACQUISITION CAPEX 2016 WELLS WITH FIRST PRODUCTION ( IN MILLIONS) Gross Net Other 58 Operated Operated Total Net Rigs Wells Wells Wells(1) Leasehold 78 Bakken 4 20 15 26 NW Cana…
  5. February 2016 Investor Update – Continental Resources, Inc. – slide 5
    CLR ASSETS ARE TOP-TIER IN U.S. SINGLE WELL BREAKEVEN FOR U.S. OIL PLAYS TO GENERATE A 10% AFTER-TAX IRR 90 80 CLR TOP-TIER PLAYS 70 60 50 BAKKEN 40 1,045,000 NET ACRES 30 20 10 0 Wattenberg Inner / Middle STACK(1) Bakken (800…
  6. February 2016 Investor Update – Continental Resources, Inc. – slide 6
    TOP-TIER RATES OF RETURN STACK OVER-PRESSURED OIL SCOOP WOODFORD CONDENSATE Target EUR: 1,700 MBoe 100% 100% Standard Completion EUR: 1,725 MBoe Avg. Lateral: 9,800 Target Enhanced Completion EUR: 2,000 MBoe 80% Avg. Lateral:…
  7. February 2016 Investor Update – Continental Resources, Inc. – slide 7
    HISTORICAL ORGANIC GROWTH TARGETING 200,000 BOE PER DAY TOTAL PROVED RESERVES DOWN 9% YOY AVERAGE IN 2016 WITH 47% REDUCTION IN WTI PRICES 250,000 1,400 SCOOP 221,715 SCOOP 1,226 Bakken 200,000 1,200 Bakken 200,000 Legacy 28%…
  8. February 2016 Investor Update – Continental Resources, Inc. – slide 8
    SCOOP & STACK LEADING CORE ACREAGE POSITIONS STACK NW CANA JDA SCOOP SPRINGER 214,000 NET ACRES STACK 155,000 NET ACRES(1) Woodford Shale Thickness NW CANA JDA 50 ft 38,600 NET ACRES 100 ft SCOOP SCOOP WOODFORD 200…
  9. February 2016 Investor Update – Continental Resources, Inc. – slide 9
    STACK SUPERIOR POSITION IN PLAY 95% IN OVER-PRESSURED WINDOW 3X UPLIFT IN 90-DAY RATES(1) Blurton 1-7-6XH THICKER RESERVOIR Ladd 1-8-5XH 700 1,200 THICK Compton 1-2-35XH 90% LIQUIDS-RICH 55% HBP, 70% BY YE 2016 Marks 1-9-4XH…
  10. February 2016 Investor Update – Continental Resources, Inc. – slide 10
    STACK OVER-PRESSURED OIL ECONOMIC MODEL INITIAL TYPE CURVE BASED ON EARLY RESULTS FROM 14 WELLS STACK Over-Pressured Oil STACK OVER-PRESSURED OIL 9,800 9,800' Type Curve Data PRODUCTION PROFILE 10 MILLION CWC 10,000 Oil IP Rate,…
  11. February 2016 Investor Update – Continental Resources, Inc. – slide 11
    SCOOP ENHANCED COMPLETIONS 30% TO 35% EARLY PRODUCTION UPLIFTS SCOOP WOODFORD CONDENSATE WINDOW (1) (7 WELLS WITH 90+ DAYS OF PRODUCTION) 15 ENHANCED COMPLETIONS; 7 WITH MORE THAN 90 DAYS OF PRODUCTION CONDENSATE EUR INCREASED…
  12. February 2016 Investor Update – Continental Resources, Inc. – slide 12
    SCOOP WOODFORD DENSITY PILOTS EXPANDING AND DERISKING DENSITY TESTING TO DEFINE OPTIMUM SPACING FIVE IN THE CONDENSATE WINDOW Good Martin Unit PROJECT OF WELLS STATUS POTEET 10 PRODUCING May Unit HONEYCUTT 10 PRODUCING VANARKEL 8…
  13. February 2016 Investor Update – Continental Resources, Inc. – slide 13
    SCOOP DENSITY PILOTS WOODFORD CONDENSATE WINDOW CLR Well Vanarkel Project -8 Well Density -660 Inter-well Spacing Honeycutt Project -10 Well Density Poteet Project -513 Inter-well -10 Well Density Spacing -513 Inter-well…
  14. February 2016 Investor Update – Continental Resources, Inc. – slide 14
    SCOOP WOODFORD SUSTAINABLE DRILLING EFFICIENCIES REALIZED NEWY PROJECT 0 SET TWO COMPANY RECORDS: Poteet Average - 1Q'15 - 2-MILE LATERAL: SPUD-TO-TD IN 47.5 DAYS (NEWY 8) Honeycutt Average - 2Q'15 - LONGEST MD LATERAL IN OK AT…
  15. February 2016 Investor Update – Continental Resources, Inc. – slide 15
    NORTHERN REGION Bakken Petroleum System Isopach CLR Leasehold PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION ONLY WITH WRITTEN PERMISSION 16 AS OF FEBRUARY 2016
  16. February 2016 Investor Update – Continental Resources, Inc. – slide 16
    BAKKEN FOCUSING ON THE CORE OUTLINES OF PRODUCTIVE BAKKEN AND THREE FORKS RESERVOIRS CANADA AVERAGE EUR UP 13% FROM 2015 MB & TF1 2016 TARGET AVERAGE EUR: 900 MBOE PER WELL(1) 2015 AVERAGE EUR: 800 MBOE PER WELL(1) FINDING AND…
  17. February 2016 Investor Update – Continental Resources, Inc. – slide 17
    BAKKEN CYCLE TIMES & COMPLETION COSTS DOWN SPUD TO TD Cycle Times (Average Days)(1) DAYS - 23% REDUCTION IN 2015 20 17.5 17.6 FEET PER DAY - 29% FASTER IN 2015 16.6 15.0 100% OF WELLS 16.5 DAYS SPUD TO TD 15 13.4 23% Days 10…
  18. February 2016 Investor Update – Continental Resources, Inc. – slide 18
    CLR BAKKEN DIFFERENTIALS IMPROVING THROUGH INCREASED PIPELINE CAPACITY BAKKEN TAKEAWAY CAPACITY Enbridge Sandpiper 3,500 Expected Online: 2017 or 2018 3,000 225,000 Bopd Thousand BOPD 2,500 2,000 1,500 1,000 500 - 2009…
  19. February 2016 Investor Update – 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 40 76% 74% 74% 73% 73% 31.48 30 19.15 26.57 69% 15.10 20 61%…
  20. February 2016 Investor Update – Continental Resources, Inc. – slide 20
    STRONG LIQUIDITY & FINANCIAL PROFILE FINANCIAL METRICS(2) UNSECURED CREDIT FACILITY Net Debt/YE 2015 Net Debt/TTM EBITDAX(3) 3.59x 5.80 Proved Reserves AMPLE LIQUIDITY WITH 2.75 BILLION REVOLVER AND ABILITY TO UPSIZE TO Net Debt/4Q…
  21. February 2016 Investor Update – Continental Resources, Inc. – slide 21
    2016 GUIDANCE PRODUCTION & CAPITAL 2016 GUIDANCE Production (Boe per day) 200,000 Capital expenditures (non-acquisition) 920 million OPERATING EXPENSES Production expense ( per Boe) 4.25 to 4.75 Production tax (% of oil & gas…
  22. February 2016 Investor Update – Continental Resources, Inc. – slide 22
    SCOOP SPRINGER OPTIONALITY WHEN MARKET RECOVERS SCOOP CURRENT 2016 PLANS NO DRILLING PLANNED RESERVOIR BEING DELINEATED AND HBPD BY WOODFORD DRILLING DEFERRING ASSET DEVELOPMENT FOR HIGHER OIL PRICE Hartley Pilot RESULTS IN LINE…
  23. February 2016 Investor Update – Continental Resources, Inc. – slide 23
    BAKKEN CAPITAL EFFICIENCY CONTINUING TO IMPROVE DECLINING F&D COSTS IMPROVING CAPITAL EFFICIENCY(2) 120 110 25 EST. Boe/1,000 30% CAPITAL 21.73 EFFICIENCY CAPITAL EFFICIENCY (NET BOE/1,000) (3) CURRENT per Boe 100 94 WELL…
  24. February 2016 Investor Update – Continental Resources, Inc. – slide 24
    BAKKEN ENHANCED COMPLETIONS CONTINUE TO DELIVER 90-DAY PRODUCTION COMPARISON FOR 30-STAGE COMPLETIONS IN BAKKEN(1) PRODUCTION UPLIFT 60,000 35% - 40% INCREASE IN EUR 50% Slickwater (50 Wells) 55,000 50,000 35% Hybrid (61 Wells)…
  25. February 2016 Investor Update – Continental Resources, Inc. – slide 25
    CONTINUING TO DELIVER STRONG MARGINS 2009 2010 2011 2012 2013 2014 2015 4Q 2015 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 40.50 34.23 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40 2.31 2.07 Oil…
  26. February 2016 Investor Update – Continental Resources, Inc. – slide 26
    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 2015 4Q 2015 Net income (loss)…
  27. February 2016 Investor Update – Continental Resources, Inc. – slide 27
    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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