Skip to main content Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. Investor Presentation | Shale Experts
Loading...
Pm

Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc.

Continental Resources, Inc. · Mar 26, 2018 · 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. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 1
    Investor Update March 2018 PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
  2. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 2
    2018: Breakout Year for CLR Top-Tier Production Growth w/ Up to 900MM in Free Cash Flow(1) 2018 Budget Highlights: 100% funded from internal cash flow 2.0 billion for D&C 2.3 billion capital 78% of D&C targeting Bakken and Springer…
  3. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 3
    CLR Has Transitioned to Sustainable Positive Cash-Flow Growth Annual Production Chart 2010-2014 350,000 285,000- Growing Bakken and SCOOP STACK 300,000 2015-2016 300,000 SCOOP 242,637 Growing STACK and SCOOP Boe per day…
  4. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 4
    CLR Restoring Historical Returns and Debt Metrics Return on Capital Employed (ROCE)(1) 96 97 2015-2017 30% 95 95 100 No equity dilution to fund 25% 23.1% growth / reduce debt 21.9% 80 Build operating efficiencies and Avg. WTI…
  5. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 5
    CLR: Low-Cost, Oil-Weighted Producer Sustained Downward Shift in LOE and Oil % vs. Peers (4Q17) (Source: Public company filings) Production Expense per Boe 10 7 Exploration 6 Asset Optimization 8 5 4 6 LOE/Boe 3 2 4 1 CLR…
  6. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 6
    CLR: Low Costs Generate Strong Margins(1) 4Q17: Select Cash Costs Margin(4) and Recycle Ratio(5) vs. Peers(6) of 10.60 per Boe (Source: Stephens, Inc. August 2017) 60 30 Margin(1) Interest Production/Severance Tax CLR Avg.…
  7. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 7
    CLR Delivered Top-Quartile Growth and Returns on Debt-Adjusted Share Basis in 2014-2017 Production growth per debt-adjusted share 50% Production growth per debt- CLR adjusted share 25% 0% (25%) (50%) (50%) (25%) 0% 25%…
  8. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 8
    CLR: 4Q 2017 Highlights 4Q 2017: 286,985 Boe per day (59% oil); up 37% over 4Q 2016 Production Oil production up 44% over 4Q 2016 FY 2017: 242,637 Boe per day (57% oil); up 12% over FY 2016 Bakken: 39 gross operated wells…
  9. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 9
    CLRs Superior Oil-Weighted Assets Provides Sustainable...Positive Cash-Flow Growth 4Q 2017 Production: 286,985 Boe per day (59% oil) Play Net Reservoir HBP(1) Acres(1) NORTH 175,563 Boepd Bakken: 802,000 90% 1.9 Million STACK:…
  10. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 10
    Bakken Continues to Deliver Record Results 39 gross operated wells turned to production in 4Q17 Average 24-Hr IP: 2,180 Boe per day Tarentaise Fed. 1-19H Tarentaise Fed. 3-19H Top 5 all-time 30-day rate Bakken wells Tarentaise Fed.…
  11. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 11
    Bakken Optimized Completions Continue to Uplift Performance & Economics Across Our Acreage 1,100 MBoe type curve supported by 134 optimized Optimized completions successful across completions broad area Generates 125% ROR(2) 10…
  12. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 12
    Bakken Differentials Continued to Improve in 4Q 2017 Benefiting Corporate Netbacks 4Q17 Bakken differential Bakken Oil Differentials to WTI improved 4.54 from 2015 14 11.83 12 average 9.21 10 8.26 8.10 Revised Bakken transportation…
  13. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 13
    STACK Density Results Provide Template for Future Development Normally- CLR Density Results Intermediate pipe required Pressured Over- Unit name Average 24- of wells Zones Pressured Blurton Verona hour IP per per zone tested…
  14. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 14
    Taking STACK to Next Level: Introducing Unit Economic Model for Over Pressured Meramec Oil Objective: Maximizing the Net PV-10 (PV-10)(1) of Unit Maximizing Unit Value 100 200% Preliminary Unit Economic Model for Meramec Oil Unit…
  15. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 15
    SCOOP Springer: Moving to Full Field Development in 2018, Guided by Density Test Results Three Density Pilots Completed SCOOP Springer Fairway Tested 4, 5 and 6 wells per unit Hartley Density (5-well unit) Third density test completed…
  16. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 16
    SCOOP Springer: Introducing Unit Economic Model Type Curve EUR up 28%, 175% ROR 1,200 MBoe Springer Type Curve Updated Springer type curve for unit wells 400 1,200 MBoe (75% oil), 7500 lateral 350 175% ROR(1) at 9.5 MM CWC 300…
  17. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 17
    SCOOP Woodford Oil Enhanced Completions Increase EUR 13% 30+ enhanced completions SCOOP Woodford Enhanced Completions outperform legacy offsets Pyle 1-36-25XH 13% increase in EUR to 1,520 MBoe per well for 2-mile lateral 55% ROR(1)…
  18. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 18
    Multi-Zone/Simultaneous Development Future of SCOOP Drilling Rig Stimulation Crew 3 Springer wells drilling/WOC Dicksion Unit: While Sycamore and Woodford were being completed Sycamore: 1,267 Boe 24-hour IP (56% oil); 4,725 LL…
  19. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 19
    CONTACT INFORMATION Rory Sabino Vice President, Investor Relations Phone: 405-234-9620 Email: Rory.SabinoCLR.com Alyson L. Gilbert Manager, Investor Relations Phone: 405-774-5814 Email: Alyson.GilbertCLR.com Website:…
  20. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 20
    Reference materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 21
  21. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 21
    Proved Reserves up 4% over YE 2016 Total Proved Reserves 1,500 STACK 1,331 Year-end 2017: SCOOP 13% Proved reserves were 1,331 MMBoe, 1,200 Bakken up 4% over YE 2016 proved reserves Legacy of 1,275 MMBoe MMBoe 900 37%…
  22. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 22
    2018 Guidance Builds on Successful 2017 Full-Year 2017 2018 Guidance as Production & Capital Performance of 2/21/18 Capital expenditures (non-acquisition) 1.995 billion 2.3 billion Production (Boe per day) 242,637 285,000 300,000…
  23. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 23
    2018 Drilling Program: CLR Oil Assets Bakken STACK Over-Pressured Oil 200% 200% Target EUR: 1,100 MBoe Target EUR for parent wells: 1,700 MBoe Avg. Lateral: 9,800 175% Avg. Lateral:9,800 160% 175% ROR 150% 120% 125% ROR…
  24. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 24
    2018 Drilling Program: CLR Condensate Assets 200% SCOOP Woodford Condensate 200% STACK Condensate Target EUR: 2,300 MBoe Target EUR: 2,400 MBoe 175% 175% Avg. Lateral: 9,800 Avg. Lateral: 7,500 150% 150% 125% 125% ROR ROR…
  25. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 25
    Optimized Oil Completions Type Curves Bakken Production STACK Over-Pressured Oil Type Curve 10,000 160 Well Count 10,000 Well Count 150 Actual Production (Normalized to 9800' LL) 140 1,100 Mboe Type Curve Act. Production Actual…
  26. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 26
    Optimized Condensate Completions Type Curves 10,000 SCOOP Woodford Condensate Type Curve 60 10,000 STACK Condensate Type Curve 60 Well Count Well Count Actual Production 2,400 MBoe Type(Normalized to 9800'toLL) Curve (Normalized…
  27. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 27
    Optimized Completions Unlock Bakken Value Generating 2.6MM First Year Incremental Cash Flow per Well(1) Evolution of Bakken Type Curves 150% 1,100 MBoe vs. 980 MBoe 1,100 MBoe; 7.9MM CWC 140% 980 MBoe; 7.0MM CWC 800 MBoe; 6.8MM CWC…
  28. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 28
    Continued Focus on Debt Reduction Debt Maturities Summary Upgraded to IG by S&P to BBB- 3,000 2,500 Financial Metrics 5.0% 2,000 (MM) 1.9x: net debt(1) / 4Q 2017 annual 4.5% 1,500 EBITDAX(1) 2,657 Undrawn 3.8% 4.375% 1,000…
  29. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 29
    Continuing to Deliver Strong Margins(1) 2015 2016 4Q 2017 2017 Realized oil price (/Bbl) 40.50 35.51 51.16 45.70 Realized natural gas price (/Mcf) 2.31 1.87 3.30 2.93 Oil production (Bopd) 146,622 128,005 168,066 138,455 Natural…
  30. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 30
    Free Cash Flow/Outspend Reconciliation to GAAP Free cash flow/outspend is a non-GAAP measure. We define free cash flow/outspend as cash flows from operations before changes in working capital items less capital expenditures excluding…
  31. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 31
    Net Debt Reconciliation to GAAP Net debt is a non-GAAP measure. We define net debt as total debt less cash and cash equivalents as determined under U.S. GAAP. Management uses net debt to determine the Companys outstanding debt…
  32. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 32
    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,…
  33. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 33
    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 2010 2011 2012 2013 2014 2015 2016 4Q…
  34. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 34
    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…
  35. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 35
    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…
  36. Scotia Howard Weil 2018 Energy Conference – Continental Resources, Inc. – slide 36
    Calculation of Return on Capital Employed (ROCE) The following table shows the calculation of ROCE: In thousands, except per share data 2010 2011 2012 2013 2014 2015 2016 2017 Net income (loss) 168,255 429,072 739,385 764,219…

From the store

Browse maps, data & reports in the Shale Experts store