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2Q 2017 Earnings Update – Continental Resources, Inc.

Continental Resources, Inc. · Aug 8, 2017 · 29 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. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 1
    Investor Update August 2017
  2. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 2
    2017 Results Deliver More Growth for Less Capital & Cost 2017 Guidance Improved Exit-rate: 260,000 to 275,000 Boe per day, up 24%-31% over 4Q16 Production Raised: Full-year: 230,000 to 240,000 Boe per day, up 6%-11% YoY Range of 1.75…
  3. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 3
    Proven Value Creation Through Capital Efficient, Optimized Growth Downward Shift in Production Expense per Boe Production expense per 7 Exploration Boe down 2 or 30% 6 5 Asset Optimization from peak (4Q13) for 4 the past 8…
  4. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 4
    CLR Superior Assets and Operating Efficiencies Translating to Bottom Line 50 Industry Leading Assets Peer Leading 2016 LOE & G&A per Boe (Citi Oil Price Breakevens(1);3.00/MMBtu flat gas price) (Source: Bloomberg) 15 LOE G&A 11.43…
  5. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 5
    CLR: Low Cost and Oil Weighted Producer LOE and Oil % vs. Peers 10 8 6 LOE/Boe Higher Cost 4 CLR 2 0 0% 20% 40% 60% 80% 100% Oil Production Percentage (Excludes Liquids) Increasing Oil % Peers include: APA, APC,…
  6. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 6
    Strong 2017 Exit Rate Sets Up Multi-Year Double- Digit Growth Strong YoY Exit-Rate Growth Strong Annual Production Growth at 50 - 55 WTI 350,000 450,000 400,000 300,000 260,000 - 275,000 350,000 250,000 300,000 Boe per day…
  7. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 7
    SUPERIOR ASSETS 8
  8. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 8
    2Q 2017 Operational Highlights and Performance Drivers Optimized completions improving results in all Play Net Reservoir plays Acres(2) NORTH Bakken: 806,000 STACK Meramec condensate type curve EUR announced STACK: 2.0 Million Net…
  9. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 9
    Bakken Value Continues to Grow Through Technology Optimized completions New Optimized Type Curve 200,000 producing record results Over Doubled ROR(1) to 82% Cumulative Production Boe 150,000 2MM more compared to 980 MBoe type…
  10. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 10
    Bakken Optimized Completions Delivering Record Production Company record top 30-day rate wells (5 in 2Q17): Record well locations: Current 30-Day Avg, Well % Oil Rate Formation Quarter Boepd Boepd Holstein Federal 8-25H 2,015 83%…
  11. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 11
    Bakken Value Continues to Grow Through Added Infrastructure Declining differentials improve Pipeline takeaway exceeds netbacks current production 3,000 Added capacity from DAPL lowers 2,500 differential 2,000 Rail Thousand…
  12. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 12
    STACK Meramec Successful Expansion and De-Risking Continues Lateral Completions / Ongoing Activity 24-Hour IP, FCP, Record Completion % Oil Length Boe psi (ft) Normally- Intermediate pipe required Pressured Tres C FIU 1-35-2XH…
  13. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 13
    STACK Condensate Type Curve Announced Condensate type curve: 2,400 MBoe Stack Condensate Type Curve 10,000 60 EUR (14% oil) 50 80% ROR(1) Boe per day 1,000 40 Well Count Average 24-hour IP: 2,625 Boe 30 Well Count 10…
  14. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 14
    CLR STACK Density Testing Ongoing 47,000 net acres under development (55 op units) Density Meramec of wells Avg Lateral Status Tests zones tested per zone Length (ft) Normally- Intermediate pipe required Pressured Over- Ludwig…
  15. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 15
    SCOOP Springer: New Wells Outperforming Legacy Type Curve by over 80% 2Q17 Completion: Robinson 2-15-10XHS 2017 Springer Well Performance(2) vs. Legacy 24-hr IP: 1,636 Boe per day (82% oil) 120,000 940 MBoe Type Curve Outperforming…
  16. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 16
    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:…
  17. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 17
    REFERENCE MATERIALS 18
  18. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 18
    Improved 2017 Guidance January 2017 Updated Guidance Production & Capital Guidance as of Aug. 8, 2017 Improvement Annual production (Boe/day) 220,000 230,000 230,000 240,000 Exit rate production (Boe/day) 250,000 260,000 260,000…
  19. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 19
    CLR Assets Deliver Excellent Rates of Return(1) 2017 Bakken Economics STACK Over-Pressured Oil 100% 100% +100% ROR 80% 82% ROR 80% Target EUR: 1,700 MBOE Avg. Lateral: 9,800 60% 60% ROR ROR 40% 40% 20% Target EUR:…
  20. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 20
    Optimized Completions Type Curves Bakken Type Curve 10,000 STACK Over-Pressured Oil Type Curve 120 10,000 Well Count 60 Well Count 1,100 MBoe Type Curve 1,700 MBOE Type Curve (Normalized to 9800' LL) 980 MBoe Type Curve 50 Act.…
  21. 2Q 2017 Earnings Update – 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. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 22
    SCOOP: Sycamore Adds New Reservoir Layer to Play Sycamore expansion adds 314,000 net SCOOP Sycamore Fairway reservoir acres under existing leasehold Normally- in SCOOP Pressured Over- Pressured 2 operated completions: Ryan Express…
  23. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 23
    Updated 2017 Operational Detail FY 2017 Wells with First Production 2H 2017 Gross Total Net Op Average Operated Net Operated & Non-Op Rigs Wells Wells Wells All Bakken 4 138 to 143 106 to 111 135 to 140 SCOOP 5 24 to 29 13 to 17 17…
  24. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 24
    (1) Low Costs Generate Strong Margin 80 72.04 70 65.99 53.52 66.53 48.59 48.86 60 Avg. Realized /Boe(3) 50 40 74% 74% 73% 10.99 per Boe 31.48 32.90 30.31 30 19.15 25.55 21.43 19.32 20 61% 14.54 65% 64% 3.95 4.74…
  25. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 25
    Strong Liquidity & Strong Financial Profile Financial Strength Debt Maturities Summary Redeemed 600 million in 2020 3,000 Notes and 2021 Notes in Nov. 2,500 2016 5.0% 2,000 1,870 Undrawn (MM) 4.5% 1,500 No near-term debt…
  26. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 26
    Continuing to Deliver Strong Margins(1) 2012 2013 2014 2015 2016 1Q 2017 2Q 2017 Realized oil price (/Bbl) 84.59 89.93 81.26 40.50 35.51 44.69 41.91 Realized natural gas price (/Mcf) 3.73 4.87 5.40 2.31 1.87 3.00 2.63 Oil production…
  27. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 27
    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 2Q 2017 Net…
  28. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 28
    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…
  29. 2Q 2017 Earnings Update – Continental Resources, Inc. – slide 29
    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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