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Barclays CEO Energy Power Conference – Continental Resources, Inc.

Continental Resources, Inc. · Sep 6, 2016 · 25 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. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 1
    Investor Update Barclays Energy & Power Conference September 6, 2016 NYSE: CLR
  2. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 2
    CLR Positioned for IndustryLeading Growth Assets: Top quartile in U.S.(1) Capital Efficiency: Up 133% since 2014(2) Production expense + cash G&A(3) per Boe: Lowest among oil weighted peers(4) Balance Sheet: Strong with 1.93 Billion…
  3. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 3
    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…
  4. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 4
    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:…
  5. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 5
    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…
  6. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 6
    CLR Production Expense and Cash G&A(1) Comparison 20 CLR Lowest Among Select Peers 18 (As of 2Q 2016) 16 PurePlay Permian Peers 14 12 10.47 10.82 11.09 /Boe Group 9.35 9.60 10 8.93 average 8+ 8 7.16 5.32 5.76 6 4.94…
  7. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 7
    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…
  8. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 8
    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…
  9. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 9
    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%…
  10. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 10
    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…
  11. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 11
    SCOOP Woodford Condensate Growing Through StepOuts and Enhanced Completions Enhanced completions increasing performance Widespread, Repeatable Results Delivering 40% production uplifts Increased type curve EUR by 15% to 2,000 MBoe…
  12. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 12
    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…
  13. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 13
    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…
  14. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 14
    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…
  15. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 15
    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…
  16. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 16
    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…
  17. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 17
    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…
  18. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 18
    503MM Pending NonStrategic Asset Sales Targeted for Debt Reduction Sale price: 281MM Sale price: 222MM CANADA Outline of pending Outline of pending MB and TF1 leasehold sale leasehold sale MB,TF1,TF2 MB or TF1 MB and TF1…
  19. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 19
    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…
  20. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 20
    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…
  21. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 21
    APPENDIX 22
  22. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 22
    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…
  23. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 23
    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…
  24. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 24
    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…
  25. Barclays CEO Energy Power Conference – Continental Resources, Inc. – slide 25
    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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