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2Q 2018 Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Aug 8, 2018 · 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. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 1
    Investor Update August 2018 PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
  2. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 2
    CLR Momentum & Market Conditions Driving Improved Guidance for 2018 Breakout Year 2Q18 Update CLR Impact Annual Production Raised to 290,000 - 300,000 Boepd 20% to 24% YoY Growth Production Exit Rate Raised to 315,000 - 325,000…
  3. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 3
    CLRs Path to Sustainable, Positive Cash-Flow Growth Exploration / Asset Accumulation 400,000 STACK Asset Development 300,000 SCOOP 290,000 - 300,000 Boepd Bakken 242,637 +22% 200,000 Legacy YoY 100,000 0 2010 2011 2012…
  4. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 4
    CLR: Peer-Leading Capital Efficiency & Lowest Cost, Oil-Weighted Growth (6) 2Q18 LOE per Boe: 3.49 Highest Recycle Ratio Lowest Cost Per Boe 350% 8.5 Budget breakeven low 8.0 40s WTI CLR 300% 7.5 Avg. Unhedged Recycle…
  5. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 5
    220 Million Minerals Divestiture And Strategic Mineral Relationship Formed With Franco-Nevada Overview Mineral Development Strategy Enhancing Shareholder Value CLR to receive approximately 220 million in proceeds at closing in…
  6. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 6
    Bakken 2Q18 Highlights Record Results Uplift Type Curve EUR Another 9%(1) 2Q18 Production 1.2 MMBoe (2Q18) vs. 1.1 MMBoe (1Q18) 158,119 Boepd Higher value driven by 60-stage completions 500K added cost per well; +32% YoY 350K…
  7. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 7
    Bakken Performance Uplifted Once Again 60-Stage Completions = Higher EUR Type Curve Bakken Returns Better Than Ever Updated Type Curve Highlights 200% 430 MBOE Model 603 MBOE Model 1,200 MBoe EUR 180% 800 MBOE Model New 980 MBOE…
  8. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 8
    Bakken Type Curve Uplift Supported By 70 60-Stage Optimized Completions 300,000 Average Optimized Completions(1) Top 10 CLR-Operated Bakken Wells Cum. Production (Boe) 250,000 200,000 150,000 100,000 50,000 1,200 Mboe…
  9. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 9
    Step Change In Well Performance Rapidly Expanding Across The Bakken Field Industry-Wide Bakken Wells or Units that Produced Over 100,000 Boe in 90 Days 2000-2014 2015-1Q18 (First 15 Years) (Past 3 Years) 12 Wells/Year 157…
  10. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 10
    CLRs Advantaged Bakken Crude Barrel Growing infrastructure brings better pricing Bakken Oil Differential to WTI 2014 2015 2016 2017 1H18 0 Marketing options benefit Bakken (5) DAPL & scalable rail capacity to coastal (6.14) (4.72)…
  11. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 11
    SCOOP & STACK 2Q18 Highlights Increasing Focus On Oil 2Q18 Production SCOOP: Project SpringBoard 116,508 Boepd Phase I: Springer Drilling underway with 7 rigs + 25% YoY First production expected late 3Q18 42 gross operated wells…
  12. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 12
    SCOOP Project SpringBoard 400 MMBoe Resource Potential(1) 9+ Miles High Impact Project Accelerating CLRs Oil Growth 9+ Miles Potential to increase CLR oil production 10% Project over next 12 months SpringBoard 70-square miles of…
  13. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 13
    SCOOP Project SpringBoard Row Development = Additional Operational Efficiencies Unit Development Timing: Operational Efficiencies: 1MM savings already accomplished for Woodford/Sycamore Phase I: Springer wells no intermediate casing…
  14. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 14
    SCOOP Project SpringBoards Marketing Advantage Crude Oil Marketing Advantage Cushing, OK High quality, 46o API gravity crude Benefiting from existing pipeline infrastructure CLR Headquarters Oil netbacks below 2.00/barrel…
  15. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 15
    STACK Accelerating Development Of Oil And Liquids-Rich Assets Recent Company Operated Well Results STACK Over- Normal- Swaim 3-14H: 3,476 Boepd (2,596 Bopd) Pressured Pressured SCOOP Madeline 2-4-9XH: 3,540 Boepd (2,548 Bopd)…
  16. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 16
    Contact Information Rory Sabino Vice President, Investor Relations Phone: 405-234-9620 Email: Rory.SabinoCLR.com Lucy Guttenberger Senior Investor Relations Associate Phone: 405-774-5878 Email: Lucy.GuttenbergerCLR.com Website:…
  17. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 17
    Reference Materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 18
  18. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 18
    Updated 2018 Guidance Updated Production & Capital 2018 Guidance 2018 Guidance Capital expenditures (non-acquisition) 2.3 billion 2.7 billion Production (Boe per day) 285,000 - 300,000 290,000 - 300,000 Exit rate production (Boe…
  19. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 19
    2018 Drilling Program (1) Top-Tier Rates of Return by Play Bakken STACK Over-Pressured Oil 300% Target EUR: 1,200 MBOE 200% Target EUR: 1,200 MBOE 275% Avg. Lateral: 9,800 Avg. Lateral: 9,800 175% 250% 225% 150% 200% 125%…
  20. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 20
    2018 Drilling Program (1) Top-Tier Rates of Return by Play 200% SCOOP Woodford Condensate 200% STACK Condensate Target EUR: 2,300 MBOE Target EUR: 2,400 MBOE 175% Avg. Lateral: 7,500 175% Avg. Lateral: 9,800 150% 150% 125% 125%…
  21. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 21
    2018 Drilling Program Area Type Curves vs. Actual Bakken Type Curve STACK Over-Pressured Oil Type Curve 10,000 160 Well Count 10,000 80 Well Count 1,200 MBOE Type Curve (Normalized to 9800' LL) 140 1,200 MBOE Type Curve (Normalized…
  22. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 22
    2018 Drilling Program Area Type Curves vs. Actual SCOOP Woodford Condensate Type Curve STACK Condensate Type Curve 10,000 60 10,000 60 Well Count Well Count 2,400 MBOE Type Curve (Normalized to 9800' LL) 2,300 MBOE Type Curve…
  23. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 23
    Continued Focus On Net Debt Reduction Announced Partial Call of 5% Senior Notes 2,500 Debt Maturities Summary Due 2022 on July 12, 2018 5.0% 2,000 400 Represents 20% (400MM) of the 2B Called (MM) 4.5% 1,500 in aggregate…
  24. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 24
    Continuing To Deliver Strong Margins(1) 2015 2016 2017 2Q 2018 (2) Crude oil net sales price (/Bbl) 40.50 35.51 45.70 63.35 (2) Natural gas net sales price (/Mcf) 2.31 1.87 2.93 2.65 Oil production (Bopd) 146,622 128,005 138,455…
  25. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 25
    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…
  26. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 26
    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 obligations…
  27. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 27
    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,…
  28. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 28
    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 2015 2016 2017 2Q 2018 TTM Net income…
  29. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 29
    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…
  30. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 30
    Net Sales Prices Reconciliation To GAAP On January 1, 2018, we adopted Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),…
  31. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 31
    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…
  32. 2Q 2018 Investor Update – Continental Resources, Inc. – slide 32
    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) 168,255 429,072 739,385 764,219 977,341…

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