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Q1 2017 Earnings Presentation – Continental Resources, Inc.

Continental Resources, Inc. · May 3, 2017 · 28 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. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 1
    Investor Update May 2017
  2. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 2
    Continental Resources Celebrating 50 Years of Organic Growth 350,000 Play Net Reservoir Acres(1) NORTH Bakken: 815,000 SCOOP Sycamore 300,000 STACK: 2.0 Million Meramec 205,000 STACK Meramec Net Reservoir Acres 250,000 Woodford…
  3. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 3
    1Q 2017 Highlights Bakken wells exceed 980 MBoe EUR type curve by an average 65% at 30 days Four wells in 1Q17 produced CLR record 30-day rates at an average of 1,712 Boe per day 1Q17 wells expected to average 75% ROR, nearly 2X ROR of…
  4. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 4
    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 7.87 7.76 7.64 8 Production and cash G&A(1) 2.38 2.07 2.06 6.00 6 5.18 DOWN 30%…
  5. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 5
    2017 Sets Up Multi-Year Double-Digit Growth at 50 to 55 WTI Strong Production Growth Current production forecast: 500,000 STACK 2Q17 expected to range from 220,000 450,000 SCOOP to 225,000 Boe per Day 400,000 Bakken Legacy 350,000…
  6. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 6
    2017 Capital Focused on High ROR Oil Plays Capital (1) % 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% - 75% 80% 90% STACK (6) 375 22% 100%+…
  7. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 7
    Bakken Optimized Completions are Outperforming 980 MBoe EUR Type Curve 24-hour IPs: 1,528 to 2,564 Boepd 1Q17 well locations: Average 75% ROR, almost 2X ROR of 2017 drilling program 1Q17 wells outperform type curve by 65% at 30…
  8. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 8
    Bakken Optimized Completions Delivering Record Production Company record 30-day rate wells: Record wells locations: Current 30-Day Avg, Well Formation % Oil Rate Boepd Boepd Akron Federal 7-27H MB 1,853 79% 1,997 Brangus North…
  9. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 9
    Bakken Value Drivers 200 gross operated wells waiting on completion at the end of 1Q17 7 stimulation crews currently working, 3,000 Bakken Takeaway Capacity growing to 9 by mid-year 2,500 Thousand Bopd Costs in-line with…
  10. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 10
    SCOOP: New Springer Wells Outperforming Historical Type Curve by 35% to 100% First operated Springer completions since 3Q15 1Q17 Springer Well Performance(1) vs. Historical Production uplifted by: 120,000 940 MBoe Type Curve…
  11. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 11
    SCOOP: Sycamore Adds New Reservoir Layer to Play SCOOP Sycamore Fairway Sycamore expansion adds 300,000 net Normally- reservoir acres under existing leasehold Pressured in SCOOP Over- Pressured Ryan Express 2 operated completions:…
  12. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 12
    STACK Meramec Wells Continue to Deliver Strong IPs Recent standalone completions: Wells Drilling / Completing 2,865 Boepd (74% oil) Swaim Normally- 2,104 Boepd (51% oil) Mowery Intermediate pipe required Pressured 1,907 Boepd (59%…
  13. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 13
    STACK Density Development Ongoing in Over- Pressured Oil Window 47,000 net acres Density Activity under development 55 operated units Normally- Intermediate pipe required Pressured Over- 60% operated working Pressured interest…
  14. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 14
    Low Costs(1) Competitively Position CLR 80 72.04 70 65.99 53.52 66.53 48.59 48.86 60 Avg. Realized /Boe(3) 50 40 74% 74% 73% 11.47 per Boe 31.48 32.90 30 19.15 25.55 21.43 14.54 20 61% 65% 3.95 4.74 4.49 57% 10 5.58…
  15. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 15
    Industry Leader in Operating Efficiency 3-Year Average Recycle Ratio(1) (Source: KeyBanc, April 2017) 1.6 1.5 1.5 1.4 1.2 1.2 1.2 1.0 0.8 0.8 0.6 0.6 0.4 0.4 0.2 0.2 0 CLR OAS WLL CXO XEC EOG NBL NFX PXD APC WPX DVN 2016…
  16. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 16
    Strong Liquidity & Strong Financial Profile Financial Strength Debt Maturities Summary Redeemed 600 million in 2020 3,000 Notes and 2021 Notes on 2,500 11/10/16 5.0% 2,000 (MM) 1,915 4.5% 1,500 No near-term debt…
  17. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 17
    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:…
  18. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 18
    REFERENCE MATERIALS 19
  19. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 19
    CLR Assets Deliver Excellent Rates of Return(1) Bakken 100% STACK Over-Pressured Oil +100% ROR 100% Drilling Target EUR: 920 MBOE +100% ROR DUC EUR: 980 MBOE 80% Target EUR: 1,700 MBOE 80% Avg. Lateral: 9,800 75% ROR for 2017 Avg.…
  20. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 20
    Enhanced Completions Type Curves 10,000 STACK Over-Pressured Oil Type Curve 100 10,000 Bakken Type Curve 60 Well Count Well Count 1,700 MBOE Type Curve (Norm. to 9800' LL) Act. Production (Normalized to 9800' LL) 80 980 MBoe Type…
  21. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 21
    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…
  22. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 22
    SCOOP Woodford Condensate Wells Performing In-Line with Updated Type Curve Two 1Q17 completions produce high 60 day cums: 161,989 Boe (25% oil) - Peppered Ranch 1-36-25XH 158,159 Boe (26% oil) - Boatright 1-31-30XH Peppered Ranch…
  23. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 23
    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…
  24. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 24
    2017 Guidance 2017 Guidance as Production & Capital of 5/3/17 Production (Boe per day) 220,000 230,000 Exit rate production (Boe per day) 250,000 260,000 Capital expenditures (non-acquisition) 1.95 billion Operating Expenses…
  25. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 25
    Continuing to Deliver Strong Margins(1) 2012 2013 2014 2015 2016 1Q 2017 Realized oil price (/Bbl) 84.59 89.93 81.26 40.50 35.51 44.69 Realized natural gas price (/Mcf) 3.73 4.87 5.40 2.31 1.87 3.00 Oil production (Bopd) 68,497 95,859…
  26. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 26
    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 2012 2013 2014 2015 2016 1Q 2017 Net…
  27. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 27
    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…
  28. Q1 2017 Earnings Presentation – Continental Resources, Inc. – slide 28
    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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