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BAML Global Energy Conference – Continental Resources, Inc.

Continental Resources, Inc. · Nov 17, 2016 · 36 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. BAML Global Energy Conference – Continental Resources, Inc. – slide 1
    Bank of America Merrill Lynch 2016 Global Energy Conference November 2016 NYSE: CLR
  2. BAML Global Energy Conference – Continental Resources, Inc. – slide 2
    CLR Positioned for IndustryLeading Growth Key Strengths Top quartile assets in U.S. (1) Capital efficiency more than doubled since 2014(2) Low combined production expense and cash G&A(3)per Boe Key Catalysts STACK Meramec Adds up…
  3. BAML Global Energy Conference – Continental Resources, Inc. – slide 3
    3Q 2016 Highlights Impressive STACK and SCOOP density results increasing value Ludwig density: Eight Meramec wells flowed at a combined peak 24hour rate of 21,354 Boe per day (70% oil); seven new wells average IP of 2,653 Boe per…
  4. BAML Global Energy Conference – Continental Resources, Inc. – slide 4
    CLR Structural Improvement Since 2014 Capital Efficiency & Production Expense Taken to New Level (1) Production and Cash G&A Costs 10 7.87 7.76 8 7.64 From FY 2014 to YTD 2016: 6 2.38 2.07 2.06 6.00 4.97 Combined production…
  5. BAML Global Energy Conference – Continental Resources, Inc. – slide 5
    ROR (%) 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% STACK STACK Overpressured oil Overpressured Oil Wattenberg Core Midland Northern Wolfcamp A & B Tier I Lower Spraberry Bakken Core Mboe Bakken Core PLAYS SCOOP…
  6. BAML Global Energy Conference – Continental Resources, Inc. – slide 6
    CLR Assets Delivering TopTier Rates of Return(1) STACK Meramec 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 Avg. Lateral:…
  7. BAML Global Energy Conference – Continental Resources, Inc. – slide 7
    SCOOP & STACK Leading Acreage Positions in TopTier Plays Formation STACK Atoka Sands Pennsylvanian Morrow Sands 914,000 Net Reservoir Acres Springer Sands STACK SCOOP 188,000 TARGETED RESERVOIRS Springer Shale…
  8. BAML Global Energy Conference – Continental Resources, Inc. – slide 8
    CLR First STACK Density Test Flows 21,354 Boe per Day Meramec OverPressured Oil Window Ludwig density unit CLR: Ludwig Density 8 Meramec wells had combined peak 24hour 1 Mile rate of 21,354 Boe per day (70% oil) MICROSEISMIC Upper…
  9. BAML Global Energy Conference – Continental Resources, Inc. – slide 9
    CLR Development Underway in STACK OverPressured Oil Density Activity 47,000 net acres in overpressured oil window derisked and ready for Normally development Pressured Over CLR oil inventory overview Pressured 55 operated units…
  10. BAML Global Energy Conference – Continental Resources, Inc. – slide 10
    CLR Unit Developments Currently Drilling in STACK OverPressured Oil Window Bernhardt Blurton 5 wells in Lower 3 5 wells in Upper & Meramec and 4 wells Lower Meramec and in Woodford 4 wells in Woodford 725 1,100 to 1,200 1,000 to…
  11. BAML Global Energy Conference – Continental Resources, Inc. – slide 11
    STACK Meramec: Exceptional, Repeatable Results Data as of October 27, 2016 Cum. Current CLR Completed Wells Normally Prod Production Current Rate Flowing With 90 days of production Pressured Well Name Days (MBoe) (Boepd) Pressure…
  12. BAML Global Energy Conference – Continental Resources, Inc. – slide 12
    DeRisking STACK Through Strategic StepOuts Expanding the Play West 186,000 net acres in Meramec +30,000 net acres added since YE 2015 Wells Drilling / Completing 95% of acreage in overpressured window Normally Reservoir 700 1,200…
  13. BAML Global Energy Conference – Continental Resources, Inc. – slide 13
    SCOOP Woodford Oil May Density Results 7 well density 6,881 Boe per day (77% oil) combined peak 24hour rate; average 983 Boe per day per well May Project 4,868 Boe per day (77% oil) combined peak 24hour 7 Well Density rate for 5…
  14. BAML Global Energy Conference – Continental Resources, Inc. – slide 14
    Bakken Performance Continues to Improve Record Wells Through Enhanced Completions Two record 30day cumulative production: Recent completions Brangus North flowed 51.8 MBoe (86% oil), 9,900 lateral Rath Federal flowed 43.3 MBoe…
  15. BAML Global Energy Conference – Continental Resources, Inc. – slide 15
    Beginning Work to Capitalize on Uncompleted Bakken Wells Valuable uncompleted well(1) inventory Projected YE 2016 uncompleted well locations Adding 9 gross operated completions in 2016 above original budget Projecting 175…
  16. BAML Global Energy Conference – Continental Resources, Inc. – slide 16
    Focus on Bakken Core Capital Efficiency at New Level F&D(1) Costs per Boe Down 70% Capital Efficiency(3) Up 242% 30 25 1,000 160 27.40 900 per Boe MBoe 900 800 140 25 24.15 per Boe MBoe 20 Capital Efficiency (Net…
  17. BAML Global Energy Conference – Continental Resources, Inc. – slide 17
    CLR Bakken Differentials Improving 90+% of Bakken Barrels on Pipe Energy Transfer DAPL Expected Online: 2017 450,000 to 570,000 Bopd Bakken Takeaway Capacity 3,500 3,000 Thousand Bopd 2,500 2,000 1,500 1,000…
  18. BAML Global Energy Conference – Continental Resources, Inc. – slide 18
    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 23.91 20…
  19. BAML Global Energy Conference – Continental Resources, Inc. – slide 19
    Strong Liquidity & Financial Profile Financial Metrics(2) Unsecured Credit Facility Net Debt(3)/ Net Debt(3) / 4.40x 4.13x Ample liquidity with 2.75 billion 3Q 2016 Annualized EBITDAX(4) TTM EBITDAX(4) revolver; can upsize to 4.0…
  20. BAML Global Energy Conference – Continental Resources, Inc. – slide 20
    Updated 2016 Guidance Guidance as of Guidance as of Production & Capital August 2016 November 2016 Production (Boe per day) 210,000 220,000 215,000 220,000 Capital expenditures (nonacquisition) 920 million 1.1 billion Operating…
  21. BAML Global Energy Conference – Continental Resources, Inc. – slide 21
    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:…
  22. BAML Global Energy Conference – Continental Resources, Inc. – slide 22
    REFERENCE MATERIALS 23
  23. BAML Global Energy Conference – Continental Resources, Inc. – slide 23
    Updated 2016 Capital Budget Allocation 1.1 Billion in non-acquisition capex ( in millions) Other 68 Leasehold 93 2016 wells with first production NW Cana Gross Net JDA 64 Operated Operated Total Net Rigs Wells Wells Wells(1)…
  24. BAML Global Energy Conference – Continental Resources, Inc. – slide 24
    Historical Organic Growth Targeting 215,000 to 220,000 Boe per Day Total Proved Reserves Down 9% YOY Production Average in 2016 with 47% Reduction in WTI Prices 250,000 1,400 STACK / NW Cana STACK / NW Cana 1,226 SCOOP…
  25. BAML Global Energy Conference – Continental Resources, Inc. – slide 25
    Enhanced Completions Type Curves STACK OverPressured Oil Type Curve SCOOP Condensate Fairway Type Curve 10,000 Well Count 40 10,000 Enhanced Well Count 40 1,700 MBoe Type Curve (Norm. to 9,800 LL) Type Curve (Normalized to 9,800' LL)…
  26. BAML Global Energy Conference – Continental Resources, Inc. – slide 26
    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…
  27. BAML Global Energy Conference – Continental Resources, Inc. – slide 27
    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 7500' Neck Type Curve 1,725 MBoe Type Curve 1,725 MBoe…
  28. BAML Global Energy Conference – Continental Resources, Inc. – slide 28
    SCOOP Woodford Condensate Growing Through StepOuts and Enhanced Completions Enhanced completions increasing performance Delivering 40% production uplifts Increased type curve EUR by 15% to 2,000 MBoe 100% ROR for incremental capital…
  29. BAML Global Energy Conference – Continental Resources, Inc. – slide 29
    SCOOP Woodford Oil Enhanced Completions Success Increase EUR 30% 23 enhanced completions outperform Oil Window Enhanced Completions legacy offsets 30% increase in 180day rate 30% increase in EUR to 1.3 MMBoe per well for 2mile…
  30. BAML Global Energy Conference – Continental Resources, Inc. – slide 30
    SCOOP Springer OilRich Asset Untested upside Longer laterals 7,500 to 10,000 SCOOP Enhanced completions 940 MBoe Type Curve 10,000 90 Well Count Type Curve (Normalized to 4,500' LL) 80 Act. Production (Normalized to 4,500')…
  31. BAML Global Energy Conference – Continental Resources, Inc. – slide 31
    SCOOP Woodford NonStrategic Asset Sale Closed October 14, 2016 296 million sale price 30,000 net acres Outline of leasehold sale Net production of 700 Boepd Minimal proved reserves (less than 1%) CLR Leasehold Woodford…
  32. BAML Global Energy Conference – Continental Resources, Inc. – slide 32
    Bakken NonStrategic Asset Sale Closed September 30, 2016 CANADA 215 million sale price MB and TF1 Outline of leasehold and production sold 80,000 net acres Nonstrategic acreage 68,000 net acres in Williams County, MB,TF1,TF2…
  33. BAML Global Energy Conference – Continental Resources, Inc. – slide 33
    Continuing to Deliver Strong Margins(1) 2009 2010 2011 2012 2013 2014 2015 3Q 2016 YTD 2016 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 40.50 37.66 33.51 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40…
  34. BAML Global Energy Conference – Continental Resources, Inc. – slide 34
    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…
  35. BAML Global Energy Conference – Continental Resources, Inc. – slide 35
    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…
  36. BAML Global Energy Conference – Continental Resources, Inc. – slide 36
    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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