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February 2017 Investor Presentation – Continental Resources, Inc.

Continental Resources, Inc. · Feb 22, 2017 · 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. February 2017 Investor Presentation – Continental Resources, Inc. – slide 1
    Investor Update February 2017 NYSE: CLR
  2. February 2017 Investor Presentation – Continental Resources, Inc. – slide 2
    2017: Disciplined Growth Targeting 20%+ Increase in Production by Year End 1.95 billion capital budget Targeting 250,000 to 260,000 Boepd 2017 exit rate (1.72 billion D&C) 20 rigs vs. 19 rigs in 2016 Over 2X more operated completions…
  3. February 2017 Investor Presentation – Continental Resources, Inc. – slide 3
    2016 Achievements Fuel 2017 Growth Overpressured STACK becomes proven catalyst for growth Adds up to 35% to CLRs net unrisked resource potential Delivering some of the best and most repeatable returns in the country Fullfield…
  4. February 2017 Investor Presentation – Continental Resources, Inc. – slide 4
    2016 Structural Improvements Carry Into 2017 (1) Production and Cash G&A Costs 10 From 2014 to 2016: 8 7.87 7.76 7.64 Combined production and 6 2.38 2.07 2.06 6.00 5.18 cash G&A(1) costs DOWN 32% /Boe 1.70 4 1.53 Bakken…
  5. February 2017 Investor Presentation – Continental Resources, Inc. – slide 5
    2017 Guidance Reflects 2016 Achievements FullYear 2016 2017 Guidance as Production & Capital Performance of 2/22/17 Production (Boe per day) 216,912 220,000 230,000 Capital expenditures (nonacquisition) 1.07 billion 1.95 billion…
  6. February 2017 Investor Presentation – Continental Resources, Inc. – slide 6
    2017 Capital Focused on High ROR Oil Plays % of D&C Est. Total in MM Capital (1) ROR (2) % Oil (3) Budget % Liquids(4) Bakken DUCs(5) 550 32% 100%+ 80% 90% Bakken Drilling 490 28% 40% 80% 90% STACK (6) 375 22% 100%+ 60% 70% SCOOP…
  7. February 2017 Investor Presentation – Continental Resources, Inc. – slide 7
    ROR (%) 0% 20% 40% 60% 80% 100% 120% 140% 160% Meramec Overpressured oil Bakken Core Midland Northern Wolfcamp A & B Tier I Wattenberg Core Marcellus NE PA Delaware Wolfcamp Tier I Meramec Oil Lower Spraberry…
  8. February 2017 Investor Presentation – Continental Resources, Inc. – slide 8
    CLR Assets Deliver Excellent Rates of Return(1) Bakken STACK Over-Pressured Oil 100% Drilling Target EUR: 920 MBOE 100+% ROR 100% 100+% ROR DUC EUR: 980 MBOE 80% Avg. Lateral: 9,800 80% Target EUR: 1,700 MBOE Avg. Lateral: 9,800…
  9. February 2017 Investor Presentation – Continental Resources, Inc. – slide 9
    2017 Sets Up MultiYear DoubleDigit Growth Fourth Quarter Production Chart Annual Production Chart 500,000 STACK 450,000 STACK 450,000 SCOOP 400,000 SCOOP 400,000 Bakken Bakken 350,000 9% Legacy Legacy 350,000 300,000 300,000…
  10. February 2017 Investor Presentation – Continental Resources, Inc. – slide 10
    SCOOP & STACK Leading Acreage Positions in TopTier Plays Formation STACK Atoka Sands Pennsylvanian Morrow Sands 931,000 Net Reservoir Acres Springer Sands STACK SCOOP 200,000 TARGETED RESERVOIRS Springer Shale…
  11. February 2017 Investor Presentation – Continental Resources, Inc. – slide 11
    CLRs Strategic STACK Position 200,000 net acres in Meramec Wells Drilling / Completing 64,000 net acres added since August 2015 Normally Intermediate pipe required Pressured Over 98% of acreage in over Pressured pressured window…
  12. February 2017 Investor Presentation – Continental Resources, Inc. – slide 12
    STACK Value Increasing as Expansion Continues Wells Drilling / Completing Overpressured oil window completions: 2,463 Boepd (73% oil) Roth 12635XH Normally 2,263 Boepd (68% oil) Glenwood Pearl 119H Intermediate pipe Pressured…
  13. February 2017 Investor Presentation – Continental Resources, Inc. – slide 13
    Outstanding First STACK Density Test in Meramec Over Pressured Oil Window CLR: Ludwig Density 1 Mile 21,354 Boe per day (70% oil) from 8 MICROSEISMIC Upper Meramec Meramec wells (combined peak 24hour SURVEY Middle Meramec rates)…
  14. February 2017 Investor Presentation – Continental Resources, Inc. – slide 14
    STACK 2017 Drilling Focused on Density Development in OverPressured Oil Window Density Activity 47,000 net acres under development Normally 55 operated units Over Pressured Pressured 60% operated working interest Blurton…
  15. February 2017 Investor Presentation – Continental Resources, Inc. – slide 15
    STACK Meramec: Exceptional, Repeatable Results Data as of February 14, 2017 CLR Completed Wells Normally Flowing Prod Current Rate Casing With 100 days of production Pressured Well Name Cum. MBoe Days (Boepd) Pressure Over Boden…
  16. February 2017 Investor Presentation – Continental Resources, Inc. – slide 16
    SCOOP Woodford Condensate: Raising EUR Again by 15% EUR 2,300 MBoe per well up from 2,000 MBoe EUR (7,500 lateral) 80% ROR(1) for 10.3 million CWC Supported by 26 wells with enhanced completions Peppered Ranch Two recent…
  17. February 2017 Investor Presentation – Continental Resources, Inc. – slide 17
    Three Record CLR Bakken Wells in Last Two Quarters Larger enhanced completions and more aggressive flowback resulted in record 30day rates: Larger enhanced completions well locations Brangus North, Holstein Federal & Rath Federal…
  18. February 2017 Investor Presentation – Continental Resources, Inc. – slide 18
    Harvesting Uncompleted Bakken Wells Has Begun 5 stimulation crews currently working, increasing Uncompleted well locations to 8 by midMay Targeting completion of 148 Bakken wells in MB,TF1,TF2 2017 Average 980 MBoe EUR per…
  19. February 2017 Investor Presentation – Continental Resources, Inc. – slide 19
    Bakken Drilling Efficiency Gains: Structural and Sustainable 35 Bakken Cycle Times 30 33.0 25 Bakken cycle times down 65% 20 (spud to TD) Days 21.7 14.0 18.6 15 17.4 16.4 9.5 14.3 10 8.1 6.9 6.2 5.4 11.4 3.9 Bakken…
  20. February 2017 Investor Presentation – Continental Resources, Inc. – slide 20
    Bakken Differentials Improving with Ample Pipeline Takeaway Capacity 3,500 Bakken Takeaway Capacity More than 90% of CLR Bakken barrels on pipe 3,000 Thousand Bopd 2,500 Pipeline takeaway 2,000 capacity to exceed…
  21. February 2017 Investor Presentation – 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 25.55…
  22. February 2017 Investor Presentation – Continental Resources, Inc. – slide 22
    Strong Liquidity & Financial Profile Financial Metrics(2) Unsecured Credit Facility Net Debt(3)/ Net Debt(3) / 2.52x 3.49x Ample liquidity with 2.75 billion 4Q 2016 Annualized EBITDAX(4) TTM EBITDAX(4) revolver; can upsize to 4.0…
  23. February 2017 Investor Presentation – Continental Resources, Inc. – slide 23
    Proved Reserves Growth Despite 15% Reduction in SEC Oil Price Total Proved Reserves Yearend 2016: 1,400 STACK 1,275 Proved reserves were 1,275 MMBoe, up 1,200 SCOOP 13% 4% from yearend 2015 proved reserves Bakken of 1,226…
  24. February 2017 Investor Presentation – Continental Resources, Inc. – slide 24
    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:…
  25. February 2017 Investor Presentation – Continental Resources, Inc. – slide 25
    REFERENCE MATERIALS 26
  26. February 2017 Investor Presentation – Continental Resources, Inc. – slide 26
    2017 Guidance: Operational Detail 2017 wells with first production Average Average Gross Net Average Well Cost(1) EUR Operated Operated Total Net Rigs ( in MM) (MBoe) Wells Wells Wells(2) Bakken 4 7.0 920 17 8 43 Bakken DUCs…
  27. February 2017 Investor Presentation – Continental Resources, Inc. – slide 27
    Enhanced Completions Type Curves 10,000 STACK Over-Pressured Oil Type Curve 60 10,000 Bakken Type Curve 60 Well Count Well Count 1,700 MBOE Type Curve (Norm. to 9,800' LL) 50 900 Mboe Type Curve (9,800' LL) 920 MBoe Type Curve…
  28. February 2017 Investor Presentation – Continental Resources, Inc. – slide 28
    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…
  29. February 2017 Investor Presentation – Continental Resources, Inc. – slide 29
    CLR Unit Developments Recently Announced in STACK OverPressured Oil and Condensate Windows Compton Angus Trust 5 wells in Upper & 6 wells in Upper & Lower Meramec and Lower Meramec 4 wells in Woodford 785 to 840 inter 825 to…
  30. February 2017 Investor Presentation – Continental Resources, Inc. – slide 30
    SCOOP Woodford Oil Enhanced Completions Success Increase EUR 30% 20+ enhanced completions outperform Oil Window Enhanced Completions legacy offsets Emery 1R916XH IP: 1,334 Boepd (77% oil) 30% increase in 180day rate 30% increase…
  31. February 2017 Investor Presentation – Continental Resources, Inc. – slide 31
    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 Combined cumulative production of 934 MBoe (74% 7 Well Density oil) in 158…
  32. February 2017 Investor Presentation – Continental Resources, Inc. – slide 32
    Continuing to Deliver Strong Margins(1) 2009 2010 2011 2012 2013 2014 2015 4Q 2016 2016 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 40.50 42.23 35.51 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40…
  33. February 2017 Investor Presentation – Continental Resources, Inc. – slide 33
    EBITDAX Reconciliation to GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. We define EBITDAX as earnings (net income (loss)) before interest expense, income taxes,…
  34. February 2017 Investor Presentation – 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: In thousands 2009 2010 2011 2012 2013 2014 2015…
  35. February 2017 Investor Presentation – 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. February 2017 Investor Presentation – 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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