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Q2 2016 Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Aug 3, 2016 · 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. Q2 2016 Investor Update – Continental Resources, Inc. – slide 1
    Investor Update August 2016 NYSE: CLR
  2. Q2 2016 Investor Update – Continental Resources, Inc. – slide 2
    2Q 2016 Highlights Updating guidance due to strong outperformance Fullyear production guidance raised to 210,000 to 220,000 Boe per day Exit rate production guidance raised to 195,000 to 205,000 Boe per day Production expense…
  3. Q2 2016 Investor Update – Continental Resources, Inc. – slide 3
    CLR Capital Efficiency Taken to New Level Structural Improvement Since 2014 (1) Production and Cash G&A Costs 10 7.87 7.76 8 7.64 From FY 2014 to 1H 2016: 2.07 6.00 6 2.38 2.06 Combined Production and /Boe 4.90 1.70…
  4. Q2 2016 Investor Update – Continental Resources, Inc. – slide 4
    CLR Production Expense and Cash G&A(1) Comparison 20 CLR Lowest Among Select Peers 18 (As of 1Q 2016) 16 14 12.08 11.43 12 10.35 10.50 10.64 10.23 10.26 /Boe 9.98 10 8 5.73 6.14 6 4.90 4 1.16 3.74 2 0 CLR CLR…
  5. Q2 2016 Investor Update – Continental Resources, Inc. – slide 5
    CLR Delivering Exceptional Shareholder Value Key Strengths Top quartile assets in U.S. (1) Capital efficiency more than doubled since 2014(2) Lowest production expense per Boe among select oilweighted peers(3) Key Catalysts STACK…
  6. Q2 2016 Investor Update – Continental Resources, Inc. – slide 6
    0 10 20 30 40 50 60 70 80 90 SCOOP Liquids SCOOP Liquids Bakken (800 mboe EUR) Bakken (800 MBoe EUR) 1,000MBoe Midland Wolfcamp Spraberry (HZ) Wattenberg Inner / Middle STACK STACK SCOOP SpringerSpringer CLR TOPTIER…
  7. Q2 2016 Investor Update – Continental Resources, Inc. – slide 7
    TopTier Rates of Return(1) STACK OverPressured Oil SCOOP Woodford Condensate 100% Target EUR: 1,700 MBoe +100% ROR 100% Target Enhanced Completion EUR: 2,000 MBoe Avg. Lateral: 9,800 Historic EUR: 1,725 MBoe 80% Avg. Lateral:…
  8. Q2 2016 Investor Update – Continental Resources, Inc. – slide 8
    SCOOP & STACK Leading Acreage Positions in TopTier Plays STACK 970,000 Net Reservoir Acres STACK Meramec/Osage 183,000 Net Acres STACK Woodford 168,000 Net Acres Woodford Shale SCOOP Woodford Thickness 413,000 Net Acres 50…
  9. Q2 2016 Investor Update – Continental Resources, Inc. – slide 9
    STACK 2Q 2016 Results Expanding Meramecs Proven Productive Footprint 2 excellent stepout wells extend over pressured oil window 17 miles west of Verona Normally Over Pressured Pressured 2 confirmation wells completed near Verona…
  10. Q2 2016 Investor Update – Continental Resources, Inc. – slide 10
    STACK: Exceptional, Repeatable Meramec Results Competes with Best Oil Plays in U.S. Data as of August 1, 2016 CLR Completed Wells Normally Cum. Current Current Pressured Well Prod. Production Rate Flowing With 90 days of…
  11. Q2 2016 Investor Update – Continental Resources, Inc. – slide 11
    STACK Leasehold Position Increasing Well Costs Decreasing 183,000 net acres +27,000 net acres over YE 2015 Wells Drilling / Completing 95% of acreage in overpressured window Normally Reservoir 700 1,200 thick Over Pressured 40%…
  12. Q2 2016 Investor Update – Continental Resources, Inc. – slide 12
    BodenYocum Unique Results Defined by Fault Yocum designed to test downthrown Boden 11510XH Upper Meramec side of fault identified from 3D seismic Yocum 13526XH east of Boden Upper Meramec Up to 525 of vertical displacement…
  13. Q2 2016 Investor Update – Continental Resources, Inc. – slide 13
    STACK Density Pilots in OverPressured Oil Window Underway 1 Mile Ludwig Density Pilot Blurton Density Pilot 1 Mile MICROSEISMIC Completion Drilling commenced SURVEY underway in late 2Q 2016 1,320 Drilling cost down Enhanced…
  14. Q2 2016 Investor Update – Continental Resources, Inc. – slide 14
    SCOOP Woodford Condensate Growing Through StepOuts and Enhanced Completions Enhanced completions increasing performance Widespread, Repeatable Results Delivering 40% production uplifts STEELMAN 1-18-7XH Increased type curve EUR by…
  15. Q2 2016 Investor Update – Continental Resources, Inc. – slide 15
    SCOOP Woodford Oil Enhanced Completions Increase EUR By 30% 22 enhanced completions outperform Oil Window Enhanced Completions legacy offsets 30% increase in 180day rate 30% increase in EUR to 1.3 MMBoe per well (62% oil) for…
  16. Q2 2016 Investor Update – Continental Resources, Inc. – slide 16
    SCOOP Woodford Pending NonStrategic Asset Sale PSA signed 281 million sale price 29,500 net acres Outline of pending Nonstrategic acreage leasehold sale Company will retain 384,000 net acres of leasehold in SCOOP Woodford upon…
  17. Q2 2016 Investor Update – Continental Resources, Inc. – slide 17
    Bakken Focusing On the Core at Reduced Costs Outlines of Productive Average EUR up 13% from 2015 Bakken and Three Forks Reservoirs 2016 target average EUR: 900 MBoe per well(1) CANADA 2015 average EUR: 800 MBoe per well(1) MB and…
  18. Q2 2016 Investor Update – Continental Resources, Inc. – slide 18
    Bakken Capital Efficiency Taken to New Level F&D(1) Costs per Boe Down 63% Capital Efficiency(3) Up 167% 10 9.8 MM(2) 25 1,000 900 140 Mboe(2) 9 900 800 120 Mboe(2) Capital Efficiency (Net Boe/1,000)(4) 8 21.73 20 800 123 per…
  19. Q2 2016 Investor Update – Continental Resources, Inc. – slide 19
    Bakken Enhanced Completions Continue to Deliver 25% to 40% EUR uplift Production Uplift 110,000 60% Slickwater (54 Wells) 100,000 90,000 45% Hybrid (72 Wells) 80,000 70,000 Average Standard Completion Offsetting Legacy…
  20. Q2 2016 Investor Update – Continental Resources, Inc. – slide 20
    CLR Bakken Differentials Decreasing Through Increased Pipeline Capacity Bakken Takeaway Capacity Energy Transfer DAPL 3,500 3,000 Expected Online: YE2016 Thousand Bopd 450,000 to 570,000 Bopd 2,500 2,000 1,500 1,000…
  21. Q2 2016 Investor Update – Continental Resources, Inc. – slide 21
    Low Costs(1) Competitively Positions CLR in Any Environment 80 72.45 72.04 70 54.74 65.99 53.52 66.53 59.35 48.59 48.86 60 43.32 Avg. Realized /Boe(3) 50 44.68 30.93 76% 40 74% 74% 73% 73% 31.48 30 69% 19.15 26.36…
  22. Q2 2016 Investor Update – Continental Resources, Inc. – slide 22
    Strong Liquidity & Financial Profile Financial Metrics(2) Unsecured Credit Facility Net Debt(3)/ Net Debt(3) / Ample liquidity with 2.75 billion 3.38x 4.11x 2Q 2016 Annualized EBITDAX(4) TTM EBITDAX(4) revolver and ability to…
  23. Q2 2016 Investor Update – Continental Resources, Inc. – slide 23
    Continentals Strategy Moving Forward Disciplined growth based on sustainable Pay Down Debt 37 WTI (cash flow neutral) crude oil supply/demand fundamentals and price DUC Completions WTI above 37: Strengthen balance…
  24. Q2 2016 Investor Update – Continental Resources, Inc. – slide 24
    Updated 2016 Guidance Updated 2016 Previous 2016 Production & Capital Guidance Guidance Production (Boe per day) 210,000 220,000 205,000 215,000 Capital expenditures (nonacquisition) 920 million 920 million Operating Expenses…
  25. Q2 2016 Investor Update – Continental Resources, Inc. – slide 25
    CONTACT INFORMATION J. Warren Henry Vice President, Investor Relations & Research Phone: 4052349127 Email: Warren.HenryCLR.com Alyson L. Gilbert Manager, Investor Relations Phone: 4057745814 Email: Alyson.GilbertCLR.com Website:…
  26. Q2 2016 Investor Update – Continental Resources, Inc. – slide 26
    REFERENCE MATERIALS 27
  27. Q2 2016 Investor Update – Continental Resources, Inc. – slide 27
    Historical Organic Growth Targeting 210,000 to 220,000 Boe per Day Total Proved Reserves Down 9% YOY Average in 2016 with 47% Reduction in WTI Prices 250,000 1,400 STACK / NW Cana STACK / NW Cana 219,300 1,226 215,000 1,200 SCOOP…
  28. Q2 2016 Investor Update – Continental Resources, Inc. – slide 28
    Company Enhanced Completions Type Curves 10,000 SCOOP Condensate Fairway Type Curve 40 STACK OverPressured Oil Type Curve 10,000 40 Well Count Well Count (Enhanced Completions) Type Curve (Normalized to 9,800' LL) Act. Production…
  29. Q2 2016 Investor Update – Continental Resources, Inc. – slide 29
    SCOOP Woodford Condensate Window Density Projects Strong Repeatable Results Poteet Daily Production(1) Honeycutt Daily Production(1) 10 New Poteet Wells 9 New Honeycutt Wells 1,725 MBoe Type Curve 7500' Neck Type Curve 1,725 MBoe…
  30. Q2 2016 Investor Update – Continental Resources, Inc. – slide 30
    SCOOP Springer Oil Asset Waiting for Higher Prices Historical results in line with 940 MBoe type curve SCOOP 10,000 Well Count 90 Type Curve (Normalized to 4,500' LL) 80 Act. Production (Normalized to 4,500') 70 Boe per day…
  31. Q2 2016 Investor Update – Continental Resources, Inc. – slide 31
    Continuing to Deliver Strong Margins(1) 2009 2010 2011 2012 2013 2014 2015 2Q 2016 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 40.50 38.38 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40 2.31 1.31…
  32. Q2 2016 Investor Update – Continental Resources, Inc. – slide 32
    EBITDAX Reconciliation to GAAP The following tables provide reconciliations of our net income (loss) and net cash provided by operating activities to EBITDAX for the periods presented: TTM at In thousands 2009 2010 2011 2012 2013…
  33. Q2 2016 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 nonGAAP financial measures. Adjusted earnings and adjusted earnings per share…
  34. Q2 2016 Investor Update – Continental Resources, Inc. – slide 34
    Cash G&A Reconciliation to GAAP Our presentation of cash general and administrative (G&A) expenses per Boe is a nonGAAP measure. We define cash G&A per Boe as total G&A determined in accordance with U.S. GAAP less noncash equity…

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