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Q4 2018 Earnings Presentation – Continental Resources, Inc.

Continental Resources, Inc. · Feb 18, 2019 · 25 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. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 1
    Investor Update February 2019 PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
  2. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 2
    CLRs 2018 Breakout Year Delivers Exceptional Results 2018 Full-Year Results 4Q18 Results 988 million net income Bakken 52 wells average 2,800 Boepd IP per well(3) (CLR quarterly record) 60% of 2018 Bakken program paid out by end of…
  3. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 3
    CLRs 2019 Plan: Sustained Returns, FCF, Low-Cost Oil-Weighted Growth 2019: Delivering Strong FCF(1) & Returns 2019 Capital-Efficient, Oil-Weighted Growth 9% to 12% annual ROCE 2.6B Capex 2019 Capex Allocation 2.2 billion D&C (…
  4. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 4
    CLRs 5-Year Vision: Sustainable, Cash Flow Positive Growth from Current Inventory 5-Year Vision Delivers Value & Growth Projected Production Avg. annual FCF(1) of 500MM/year at 60 WTI 500 South 35-40% Avg. 14.5% annual ROCE/year at…
  5. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 5
    CLR: Consistently Delivers On Guidance Annual Guidance(1) vs. Actual Boepd Production /Boe LOE per Boe /Boe Total G&A(2) 300,000 7.00 3.50 Exploration Development 250,000 3.00 6.00 200,000 2.50 150,000 5.00 2.00 100,000…
  6. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 6
    CLRs Corporate Returns Compete Across The Broader Market TTM 3Q18 CLR Corporate Returns Compete Across the Market(1) 14% 14% 13% 12% 10% 9% 8% 6% 5% 2% (1%) (2%) Tech CLR Cons. Disc. Industrials Healthcare E&P…
  7. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 7
    CLR Continues To Be The Low Cost Leader Among Peers Lowest Maintenance Highest Estimated (2) Cash Flow Breakeven(1) Lowest Cost Per Boe Recycle Ratio(3)(4) (Source: BMO Capital) (Source: Public Company Filings) (Source: Stephens) 70…
  8. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 8
    CLR: 1 Bakken Producer Bakken Delivering Outstanding Capital-Efficient Growth CLR: No. 1 Bakken Producer(3) Monthly Gross Op Oil Prod (MMBO) Production and Reserves up 26% YoY 6.0 (Source: NDIC) CLR 183,836 Boepd avg. 4Q18…
  9. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 9
    4 New Top 10 CLR All-Time 30-Day Rate Bakken Wells 1,200 Mboe Type Curve Top 10 CLR-Operated Bakken Wells Cumulative Production 250 BRANDVIK 9-25H DVIRNAK 5-7H 200 DVIRNAK 8-7H (MBoe) JENSEN 6-8H 150 100 50 0 40 80…
  10. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 10
    Another STACK Over-Pressured Condensate Unit Outperforms Parent Type Curve Recent STACK Results Underscore Repeatability All CLR STACK Units In Over-Pressured Window Unit 2-Mi Equiv. Bopd/ Mcfpd/ Boepd/ 24-Hour IP/ Up to 65…
  11. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 11
    SCOOP Project SpringBoard 2019 High Impact Oil Development On Track SpringBoard on Pace to Add 22 Springer Wells Producing (as of 02/19): 10% to CLR Net Oil Production (3Q18 to 3Q19) 2.3 million cumulative gross Boe (81% oil) 18,000…
  12. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 12
    SCOOP & STACK Mineral Royalties Ownership Enhancing Returns & Increasing CLR Value In 2019 & Beyond Owning Royalties Enhances CLR Benefits from Mineral Royalties Ownership Returns By Increasing NRI(1) Capitalizes on proprietary…
  13. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 13
    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:…
  14. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 14
    Reference Materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 15
  15. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 15
    2019 Guidance Production & Capital 2018 Results 2019 Guidance Capital expenditures budget 2.8 billion 2.6 billion Production (Boe per day) 298,190 Oil Production (Bo per day) 168,177 190,000 - 200,000 Natural Gas Production (Mcf per…
  16. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 16
    YE 2018 CLR Proved Reserves Up 14% Over YE 2017 Year-End 2018 CLR Total Proved Reserves 1,522 1,500 STACK Proved reserves: 1,522 MMBoe SCOOP Up 14% over YE17 (1,331 MMBoe) Bakken 15% Legacy PV-10: 18.7 billion(1) 1,200 Up 58%…
  17. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 17
    Continued Focus On Net Debt Reduction 2,000 Debt Maturities Summary Financial Metrics 5.0% (MM) 4.5% (1) 1.61x: Net debt / 4Q18 Annualized EBITDAX (1) 1,500 3.8% 4.375% 1.51x: Net debt(1) / TTM EBITDAX(1) 1,000 1,600…
  18. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 18
    Continuing To Deliver Strong Margins(1) 2015 2016 2017 4Q 2018 2018 Crude oil net sales price (/Bbl)(2) 40.50 35.51 45.70 50.06 59.19 (2) Natural gas net sales price (/Mcf) 2.31 1.87 2.93 3.26 3.01 Oil production (Bopd) 146,622…
  19. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 19
    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,…
  20. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 20
    EBITDAX Reconciliation To GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX, a non-GAAP measure. We define EBITDAX as earnings before interest expense, income taxes,…
  21. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 21
    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 4Q 2018 2018 Net…
  22. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 22
    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…
  23. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 23
    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),…
  24. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 24
    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…
  25. Q4 2018 Earnings Presentation – Continental Resources, Inc. – slide 25
    Calculation Of Return On Capital Employed (ROCE) The following table shows the calculation of ROCE for 2018. In thousands, except per share data 2018 Net income (loss) attributable to Continental Resources 988,317 Impact from derivative…

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