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Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Mar 27, 2017 · 33 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. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 1
    Investor Update March 2017
  2. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 2
    Continental Resources Celebrating 50 Years of Organic Growth Play Net Acres Bakken: 848,000 STACK Meramec NORTH STACK: Meramec 200,000 1.78 Million 250,000 Net Reservoir Acres Woodford 185,000 SCOOP Springer 225,000 SCOOP:…
  3. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 3
    2016 Achievements Fuel 2017 Growth Over-pressured 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 Full-field…
  4. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 4
    2017: Disciplined Growth Targeting 20%+ Increase in Production by Year End 1.95 billion capital budget 20 rigs vs. 19 rigs in 2016 (90% D&C) 11 stim crews vs. 4 stim crews in 2016 Over 2X more operated completions than 2016…
  5. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 5
    Performance Taken to New Level Last 2 Years Structural Improvements Benefiting 2017 and Beyond Production and Cash G&A(1) Costs From 2014 to 2016: 10 8 7.87 7.76 7.64 Combined production and cash 6 2.38 2.07 2.06 6.00 5.18…
  6. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 6
    2017 Guidance Reflects 2016 Achievements Full-Year 2016 2017 Guidance Production & Capital Performance as of 2/22/17 Production (Boe per day) 216,912 220,000 230,000 Capital expenditures (non-acquisition) 1.07 billion 1.95 billion…
  7. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 7
    2017 Capital Focused on High ROR Oil Plays (1) Capital % of D&C (2) (3) Est. Total Play ROR % Oil (4) ( in MM) Budget % Liquids Bakken DUCs(5) 550 32% 100%+ 80% 90% Bakken Drilling 490 28% 40% 80% 90% (6) STACK 375 22% 100%+ 60%…
  8. Scotia Howard Weil 45th Annual Energy Conference Investor Update – 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. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 9
    2017 Sets Up Multi-Year Double-Digit Growth Fourth Quarter Production Chart Annual Production Chart 500,000 STACK 450,000 STACK 450,000 SCOOP 400,000 SCOOP Bakken Bakken 400,000 350,000 9% Legacy Legacy 350,000 Boe per day…
  10. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 10
    SCOOP & STACK Leading Acreage Positions in Top-Tier Plays Formation Pennsylvanian Atoka Sands STACK Morrow Sands 931,000 Net Reservoir Acres Springer Sands STACK SCOOP TARGETED RESERVOIRS Springer Shale - 200,000…
  11. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 11
    CLRs Strategic STACK Position 200,000 net acres in Meramec Wells Drilling / Completing 64,000 net acres added since Aug. 2015 Normally- Intermediate pipe required Pressured 98% of acreage in over- Over- Pressured pressured window…
  12. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 12
    STACK Value Increasing as Expansion Continues Over-pressured oil window Wells Drilling / Completing completions: 2,463 Boepd (73% oil) Roth 1-26-35XH Normally- 2,263 Boepd (68% oil) Glenwood Pearl 1-19H Intermediate pipe Pressured…
  13. Scotia Howard Weil 45th Annual Energy Conference Investor Update – 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 MICROSEISMIC SURVEY Upper Meramec Middle Meramec 8 Meramec wells (combined peak 1,320 660 Lower…
  14. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 14
    STACK 2017 Drilling Focused on Density Development in Over-Pressured Oil Window 47,000 net acres Density Activity under development Normally- Pressured 55 operated units Over- Pressured 60% operated working Bernhardt Blurton…
  15. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 15
    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…
  16. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 16
    Three Record CLR Bakken Wells in Last Two Quarters Larger enhanced completions and more Larger enhanced completions well locations aggressive flowback resulted in record 30-day rates: MB & TF1 Brangus North, Holstein Federal & Rath…
  17. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 17
    Harvesting Uncompleted Bakken Wells Will Drive Oil-Weighted Production Growth 5 stimulation crews currently working, Uncompleted well locations increasing to 8 by mid-May MB,TF1,TF2 Targeting completion of 148 Bakken wells in 2017…
  18. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 18
    Bakken Drilling Efficiency Gains: Structural and Sustainable 35 Bakken Cycle Times Bakken cycle times down 65% 30 33.0 (spud to TD) 25 20 Days 21.7 14.0 18.6 15 17.4 16.4 10 9.5 8.1 14.3 Bakken lateral feet per day up…
  19. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 19
    Bakken Differentials Improving with Ample Pipeline Takeaway Capacity 3,500 Bakken Takeaway Capacity More than 90% of CLR Bakken barrels on pipe 3,000 2,500 Rail 2,000 With completion of DAPL, Thousand Bopd pipeline…
  20. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 20
    Low Costs(1) Competitively Positions CLR in Any Environment 80 72.45 72.04 70 54.74 65.99 66.53 53.52 59.35 48.59 48.86 60 Avg. Realized /Boe(3) 43.32 50 44.68 76% 40 30.93 74% 74% 11.01 per Boe 73% 73% 31.48 30 69%…
  21. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 21
    Continental Resources Has Strong Liquidity & Strong Financial Profile Unsecured Credit Facility Financial Metrics(2) Net Debt(3)/ Net Debt(3) / Ample liquidity with 2.75 billion 4Q 2016 Annualized 2.52x TTM EBITDAX(4) 3.49x…
  22. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 22
    Proved Reserves Growth Despite 15% Reduction in SEC Oil Price Total Proved Reserves Year-end 2016: 1,400 STACK 1,275 Proved reserves were 1,275 MMBoe, SCOOP 1,200 Bakken 13% up 4% from year-end 2015 proved 1,000 Legacy reserves…
  23. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 23
    CONTACT INFORMATION J. Warren Henry Vice President, Investor Relations & Research Phone: 405-234-9127 Email: Warren.HenryCLR.com Alyson L. Gilbert Manager, Investor Relations Phone: 405-774-5814 Email: Alyson.GilbertCLR.com Website:…
  24. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 24
    2017 Guidance: Operational Detail 2017 wells with first production Average Well Average Gross Net Average 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 -…
  25. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 25
    Enhanced Completions Type Curves STACK Over-Pressured Oil Type Curve Bakken Type Curve 10,000 60 10,000 60 Well Count Well Count 1,700 MBOE Type Curve (Norm. to 9,800' LL) 50 920 Mboe 900 MBoeType TypeCurve Curve(9,800' (Norm.…
  26. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 26
    CLR Unit Developments Currently Drilling in STACK Over-Pressured Oil Window Bernhardt Blurton 5 wells in Lower 3 - 5 wells in Upper Meramec and 4 & Lower Meramec wells in Woodford and 4 wells in 725 1,100 to 1,200 Woodford 705…
  27. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 27
    CLR Unit Developments Recently Announced in STACK Over-Pressured Oil and Condensate Windows Compton Angus Trust 5 wells in Upper & 6 wells in Upper & Lower Meramec Lower Meramec and 4 wells in 785 to 840 inter- Woodford well…
  28. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 28
    SCOOP Woodford Oil Enhanced Completions Success Increase EUR 30% 20+ enhanced completions Oil Window Enhanced Completions outperform legacy offsets Emery 1R-9-16XH IP: 1,334 Boepd (77% oil) 30% increase in 180-day rate 30% increase…
  29. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 29
    SCOOP Woodford Oil - May Density Results 7 well density 6,881 Boe per day (77% oil) - combined peak 24-hour rate; average 983 Boe per day per well May Project Combined cumulative production of 934 MBoe -7 Well Density (74% oil) in…
  30. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 30
    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…
  31. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 31
    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 4Q…
  32. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 32
    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…
  33. Scotia Howard Weil 45th Annual Energy Conference Investor Update – Continental Resources, Inc. – slide 33
    Cash G&A Reconciliation to GAAP Our presentation of cash general and administrative (G&A) expenses per Boe is a non-GAAP measure. We define cash G&A per Boe as total G&A determined in accordance with U.S. GAAP less non-cash equity…

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