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BAML 2017 Global Energy Conference – Continental Resources, Inc.

Continental Resources, Inc. · Nov 16, 2017 · 32 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 2017 Global Energy Conference – Continental Resources, Inc. – slide 1
    Investor Update November 2017
  2. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 2
    Continental Today: Positioned for Cash Flow Positive Growth While Reducing Debt Boepd 450,000 30 400,000 25 350,000 300,000 Recalibration 20 250,000 15 200,000 Billion Billion 150,000 CLR Production 10 100,000 Targeting 5…
  3. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 3
    3Q 2017 Highlights and Improved Guidance Exit-rate guidance: 280,000 to 290,000 Boe per day, up 33%-38% over 4Q16 Annual prod. guidance: 238,000 to 242,000 Boe per day, up 10%-12% over 2016 Improved Guidance Annual oil differential…
  4. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 4
    Exceptional 2017 Growth Within Projected Cash Flow Capital discipline: 33% to 38% Growth Managed growth within cash flow 350,000 Adapted to market conditions without oil hedges 300,000 Targeting 6 billion near term 280,000 -…
  5. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 5
    Adding Value Through Capital-Efficient, Optimized Growth Downward Shift in Production Expense per Boe Production expense per 7 Exploration Boe down more than 2, 6 5 Asset Optimization or 37% from 2013 peak 4 /Boe 3 Guiding…
  6. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 6
    (1) Low Costs Generate Strong Margins 80 72.04 70 65.99 53.52 66.53 48.59 48.86 60 Avg. Realized /Boe(3) 50 40 74% 74% 73% 10.97 per Boe 31.48 32.90 30.31 31.86 30 19.15 25.55 21.43 20.89 19.32 20 14.54 65% 64% 66%…
  7. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 7
    CLR: Oil-Weighted, Industry-Leading Cost Structure LOE and Oil % vs. Peers (3Q17) Margin(1) and Recycle Ratio(2) vs. Peers (Source: Public company filings) (Source: Stephens, Inc. August 2017) 10 30 CLR Avg. Unhedged Margins(1)…
  8. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 8
    CLR: Production Growth per Debt-Adjusted Share Amongst the Best in the Industry 20% 18% CLR 16% High CROCI(1), Average 2012-16 returns OAS 14% CRZO WLL 12% CXO MUR COG LPI OXY PXD EOG 10% SWN NBL EQT DNR XEC 8%…
  9. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 9
    Continentals Superior Asset Position Play Net Reservoir HBP(1) Acres(1) NORTH Bakken: 807,000 90% 146,836 Boepd STACK: Meramec 214,000 58% 2.0 Million Woodford 199,000 63% Net Reservoir Acres 70% HBP SCOOP: Springer 183,000…
  10. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 10
    Optimized Completions Unlock Bakken Value Generating 2MM First Year Incremental Cash Flow per Well(1) Evolution of Bakken Type Curves 100% 1,100 MBoe vs. 980 MBoe 1,100 MBoe; 7.5MM CWC 90% 980 MBoe; 7.0MM CWC 800 MBoe; 6.8MM CWC…
  11. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 11
    Bakken Optimized Completions: Uplifting Performance & Economics Across Our Acreage 57 operated gross wells turned to production in 3Q17 Average 24-Hr IP: 1,752 Boe per day (80% oil) 15 wells with 24-Hr IPs over 2,000 Boe per day 3…
  12. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 12
    CLR Leading Bakken Producer CLR ND Bakken Production vs Peers(1) 140,000 (Gross operated oil production) 120,000 CLR Avg. Daily Gross Operated Oil Sales 100,000 80,000 60,000 40,000 20,000 0 Jan-17 Feb-17…
  13. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 13
    Improving Differentials Increase Netbacks Corporate Oil Differentials to WTI 1.50 improvement on original 12 10.81 full-year corporate differential 10 8.33 8 7.33 7.09 guidance to range of (5.25) to 6.31 4.25 to 6 4.98 4.75…
  14. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 14
    STACK Meramec Successful Expansion and De-Risking Continues Completions / Ongoing Activity Lateral 3Q 2017 24-Hour IP, FCP, % Oil Length Intermediate pipe required Normally- Highlight Completions Boe psi Pressured (ft) Over-…
  15. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 15
    Compton Density: Another Successful Test in STACK Over-Pressured Oil Window The Compton unit: 10-well density test, 825 to 1,320 inter- Upper Meramec well spacing Middle Meramec Lower Meramec 22,032 Boe (75% oil) - combined peak 24-…
  16. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 16
    SCOOP Woodford Condensate Record Production from Sympson Density Test SCOOP Density Tests: 10-well pattern 2-mile density Oklahoma record producing density unit Newy Unit 41,701 Boe (11% oil) - combined peak 24- hour rate 3,145…
  17. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 17
    SCOOP Springer: New Wells Outperforming Legacy Type Curve by over 70% 2017 activity: SCOOP Springer Fairway 4 optimized completion wells, 24-hour IPs range from 1,257 to 2,300 Boe per day (79% 89% oil) 2017 wells Celesta density…
  18. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 18
    CLR Well Positioned to Deliver Cash-Flow-Positive, Oil-Weighted Growth Geologically superior, top-quartile assets secured for development Multi decade inventory 70% of net reservoir acres held by production Operational expertise…
  19. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 19
    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:…
  20. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 20
    REFERENCE MATERIALS 21
  21. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 21
    CLR Assets Deliver Excellent Rates of Return(1) 2017 Bakken Economics STACK Over-Pressured Oil 150% 150% Target EUR: 1,700 MBOE 146% ROR Avg. Lateral: 9,800 120% 120% 90% 82% ROR 90% ROR ROR 60% 60% 30% Target EUR: 1,100…
  22. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 22
    Optimized Completions Type Curves Bakken Production 10,000 STACK Over-Pressured Oil Type Curve 140 10,000 110 Well Count Well Count 1,100 Mboe Type Curve 100 120 1,700 MBOE Type Curve (Normalized to 9800' LL) 980 Mboe Type Curve…
  23. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 23
    Bakken Optimized Completions Continue to Deliver Widespread Record Production Company record top 30-day rate wells (3 in 3Q17): Record well locations: 30-Day Avg, Jersey 1-6H Well % Oil Formation Quarter Boepd Brangus North 1-2H2…
  24. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 24
    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…
  25. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 25
    SCOOP: Sycamore Adds New Reservoir Layer to Play Sycamore expansion adds 299,000 net SCOOP Sycamore Fairway reservoir acres under existing leasehold Normally- in SCOOP Pressured Over- Pressured 2 operated completions: Pudge Ryan…
  26. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 26
    Improved 2017 Guidance January 2017 Updated Guidance Production & Capital Guidance as of Nov. 7, 2017 Annual production (Boe/day) 220,000 230,000 238,000 to 242,000 Exit rate production (Boe/day) 250,000 260,000 280,000 290,000…
  27. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 27
    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 1,812 Undrawn (MM) 4.5% 1,500 Earliest debt…
  28. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 28
    Continuing to Deliver Strong Margins(1) 2012 2013 2014 2015 2016 1Q 2017 2Q 2017 3Q 2017 Realized oil price (/Bbl) 84.59 89.93 81.26 40.50 35.51 44.69 41.91 43.27 Realized natural gas price (/Mcf) 3.73 4.87 5.40 2.31 1.87 3.00 2.63…
  29. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 29
    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,…
  30. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 30
    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 2Q 2017…
  31. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 31
    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…
  32. BAML 2017 Global Energy Conference – Continental Resources, Inc. – slide 32
    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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