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BAML Global Energy Conference 2018 – Continental Resources, Inc.

Continental Resources, Inc. · Nov 14, 2018 · 33 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 Global Energy Conference 2018 – Continental Resources, Inc. – slide 1
    Bank of America 2018 Global Energy Conference November 2018 Jack Stark, President Continental Resources PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
  2. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 2
    2018: CLRs Breakout Year Clear Vision For Sustainable, Cash Flow Positive Growth Capital-Efficient, Oil-Weighted Growth 20% - 24% production growth (2018) CLRs Value & Growth Drivers Approaching 60% oil production by year end 2018…
  3. BAML Global Energy Conference 2018 – 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 2013…
  4. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 4
    CLR: Lowest Cost, Oil-Weighted Growth & Peer-Leading Capital Efficiency (1) Lowest Cost Per Boe Highest Recycle Ratio 8.50 350% 8.00 95% of rigs focused on oil CLR 300% and liquids-rich assets 7.50 Avg. Unhedged Recycle…
  5. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 5
    CLR Bakken Production & Returns Delivering Record Results CLR: 1 Bakken Producer CLR: Bakken Returns Better Than Ever 300% 160,000 CLR is 12% of ND Bakken Production Gross ND Bakken Production 1,200 MBoe 250% 980 MBoe (Bo per…
  6. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 6
    Two More 30-Day Rate Bakken Wells Added To Top Ten List 84 Bakken 60-Stage Completions(1) vs. Type Curve Top 10 CLR-Operated Bakken Wells Cumulative Production (Boe) 300,000 250,000 200,000 150,000 100,000 50,000 60-Stage…
  7. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 7
    Uplifted Well Performance Continues To Expand Across Bakken Field Industry-Wide Bakken Units with Well(s) that Produced +100,000 Boe in First 90 Days 2000-2014 2015-2Q18 (First 15 Years) (Past 3.5 Years) 185 Wells 563 Wells (12…
  8. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 8
    STACK: 3 Meramec Units Flow At Initial Combined Rate Of 74,260 Boepd From 18 Wells(1) In Over-Pressured Window Zip Code Matters: All CLR STACK Units In Over-Pressured Window 3 Units Combined: 74,260 Boepd(1) (Avg. 4,126 Boepd/Well)(2)…
  9. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 9
    STACK Meramec Over-Pressured Oil Window Jalou Unit Wells Homsey Unit Wells 80,000 80,000 75% Above Type Curve(1) 20% Above Type Curve(1) 70,000 70,000 60,000 60,000 +75% Avg. Cumulative BOE Avg. Cumulative BOE 50,000 50,000…
  10. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 10
    STACK Meramec Over-Pressured Oil Window Maximizing Value Through Optimal Unit Development STACK Meramec Over-Pressured Oil Unit Economic Model Uplift Supported Max. Economics Results confirm maximum economics Achieved with by…
  11. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 11
    STACK Meramec: Over-Pressured Condensate Window Simba Unit Wells 80,000 35% Above Parent Type Curve(1) 70,000 60,000 Average Cumulative Boe +35% 50,000 40,000 30,000 20,000 10,000 0 0 6 12 18 24 30…
  12. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 12
    SCOOP Project SpringBoard Potential To Increase CLR Oil Production 10% Over Next 12 Months High Impact Oil Project Project SpringBoard Proceeding On Schedule 400 MMBoe resource potential(1) CLR-Operated Non-Operated Springer -…
  13. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 13
    SCOOP: SpringBoards Operational Advantage Cushing, OK SpringBoard Operational Efficiencies 1MM per well Woodford/Sycamore drilling savings realized from no intermediate casing string CLR Headquarters 100% oil, gas and water…
  14. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 14
    Increasing Value in SCOOP & STACK With New Royalty Portfolio Mineral Ownership Creates New Growth Vehicle For CLR 215MM in proceeds received from Owning Minerals Enhances Returns By minerals venture closing Increasing Net Revenue…
  15. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 15
    CLR Vision For Adding Value By Growing Royalty Portfolio Short Term: Enhanced Returns 4x 600MM total investment(1) Potential Value(3) Strategic focus on CLR-operated assets Accelerate value through strategic drilling CLR benefits…
  16. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 16
    CLR: Consistently Delivering On Guidance Expecting Significant 4Q18 Production Ramp: 300,000 20-24% YoY 10% Oil Volumes Growth QoQ in 4Q18 Driven by: CLR Annual Production (Boepd) 250,000 Up to 70 Bakken Completions Up to 18…
  17. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 17
    Reference Materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 18
  18. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 18
    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:…
  19. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 19
    2018 Guidance Production & Capital 2018 Guidance Capital expenditures budget (non-acquisition) 2.7 billion Production (Boe per day) 290,000 - 300,000 Exit rate production (Boe per day) 315,000 - 325,000 Operating Expenses…
  20. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 20
    2018 Drilling Program (1) ROR - 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%…
  21. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 21
    2018 Drilling Program (1) ROR - 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%…
  22. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 22
    2018 Drilling Program Area Type Curves vs. Actual Bakken Type Curve 10,000 STACK Over-Pressured Oil Type Curve 10,000 160 Well Count Well Count 200 1,200 MBOE Type Curve (Normalized to 9800' LL) 140 1,200 MBOE Type Curve (Normalized…
  23. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 23
    2018 Drilling Program Area Type Curves vs. Actual 10,000 SCOOP Woodford Condensate Type Curve 70 10,000 STACK Condensate Type Curve 40 Well Count Well Count 2,300 MBOE Type Curve (Normalized to 7500' LL) 60 2,400 MBOE Type Curve…
  24. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 24
    Continued Focus On Net Debt Reduction Completed Partial Call of 5% Senior Notes 2,000 Debt Maturities Summary Due 2022 on August 16, 2018 5.0% (MM) 4.5% 1,500 Represented 20% (400MM) of the 2B in aggregate principal amount…
  25. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 25
    Continuing To Deliver Strong Margins(1) 2015 2016 2017 3Q 2018 (2) Crude oil net sales price (/Bbl) 40.50 35.51 45.70 65.78 (2) Natural gas net sales price (/Mcf) 2.31 1.87 2.93 3.12 Oil production (Bopd) 146,622 128,005 138,455…
  26. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 26
    Free Cash Flow/Outspend Reconciliation To GAAP Our presentation of free cash flow is a non-GAAP measure. We define free cash flow as cash flows from operations before changes in working capital items less capital expenditures, excluding…
  27. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 27
    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. Net debt should not be considered an alternative to, or more meaningful than,…
  28. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 28
    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 before interest expense, income taxes, depreciation,…
  29. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 29
    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 3Q 2018 TTM Net income…
  30. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 30
    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…
  31. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 31
    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),…
  32. BAML Global Energy Conference 2018 – 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…
  33. BAML Global Energy Conference 2018 – Continental Resources, Inc. – slide 33
    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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