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1Q 2019 Earnings Presentation – Continental Resources, Inc.

Continental Resources, Inc. · Apr 30, 2019 · 27 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. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 1
    Investor Update April 2019
  2. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 2
    1Q19 Results Underscore CLRs Formula For Success Oil-Weighted Assets + Low Cost Operations = Sustainable, Cash Flow Positive Growth 1Q19 Results Bakken 187MM Net Income 3 Strategic Step-Out Wells 16% Total Growth YoY Deliver…
  3. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 3
    CLR Continues To Be The Low Cost Leader Among Peers Lowest Cost Per Boe(1) Top-Tier G&A(2) Source: Public Company Filings Source: Tudor, Pickering & Holt 8.50 APA DVN 19% 7.50 PXD 17% NBL APC 15% 2019E G&A / EBITDA…
  4. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 4
    CLRs Peer-Leading Capital-Efficiencies Lowest Maintenance Cash Flow Breakeven(1) Highest Estimated Recycle Ratio(2)(3) (Source: BMO Capital Markets) (Source: Stephens) 70 APA 250% HES 65 CLR Avg. Unhedged Recycle Ratio(2)…
  5. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 5
    CLRs Corporate Returns Compete Across Broader Market 2018 Corporate Returns(1) (Source: Bloomberg) 16% 15% CLR 2x E&P Industry Avg. 13% 12% 12% 8% 8% 8% 7% 4% 0% 0% Tech CLR Cons. Disc. Healthcare Industrials E&P…
  6. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 6
    Bakken Unit Development Delivering Outstanding Results 194 Optimized Development Wells Completed in 23 Units Unit Development Expanding Across CLR Acreage Entire 194 well development program has paid out Wells in Top 10 Units Deliver…
  7. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 7
    Bakken: 3 Strategic Step-Out Tests Optimized Completions Uplifting Well Performance Across ND & MT MT: Baird Federal 2-34H 1,680 Boepd 24-Hour IP Outperforming Legacy Well by 110% at 60 Days ND: McClintock 8-1H1(1) 2,440 Boepd…
  8. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 8
    SCOOP SpringBoard Oil Growth Ahead of Schedule 2.9 Million Gross Barrels of Oil Produced 14,000 Net Bopd Avg. in April 2019 (28 Days) 8,700 net Bopd avg. in 1Q19 New Target 18,000 18,000 Post 3Q18(1) SpringBoard Oil Production…
  9. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 9
    SCOOP SpringBoard Woodford Strong Oil Production + Efficiency Gains Woodford Well Outperformance Costs Savings & Efficiency Gains First 6 Woodford Wells Online Achieved 13% Reduction in Completed Well Costs Drilling cycle times…
  10. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 10
    STACK Continues To Deliver Outstanding Results Tolbert Condensate Unit (5 Wells) Lugene Oil Unit (3, 1-Mile Wells) 18,700 Boepd combined initial rate 9,270 Boepd combined initial rate 3,740 Boepd avg per well (1,180 Bopd) 3,090 Boepd…
  11. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 11
    Quality Of CLRs STACK Leasehold Reinforced By Meramec Well Performance STACK Horizontal Meramec Wells With Average 30-Day Rate 1,500 Boepd (2015 - Present) CLR Formula for Industry Leading Well Performance Over-Pressured…
  12. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 12
    CLR Delivers And Is Well-Aligned With Shareholders (1) Annual Guidance vs. Actual CLR Insider Ownership vs. the Market(2) (Source: Bloomberg) Production Boepd 300,000 80% 77.2% 250,000 70% 200,000 150,000 60% 100,000…
  13. 1Q 2019 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 Investor Relations Analyst Phone: 405-774-5878 Email: Lucy.GuttenbergerCLR.com Website:…
  14. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 14
    Reference Materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 15
  15. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 15
    CLRs 2019 Plan: Sustained Returns, FCF, Low-Cost Oil-Weighted Growth 2019: Delivering Capital-Efficient Growth, Strong FCF(1) & Returns 13% to 19% YoY oil production growth Cash Flow Positive Above 45 WTI 190,000 to 200,000 Bopd…
  16. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 16
    CLRs 5-Year Vision: Sustainable, Cash Flow Positive Growth from Current Inventory 5-Year Vision Delivers Value & Growth 500 Avg. annual FCF(1) of 700-800 million/year at 60 WTI South 400 35-40% MBoepd o Projected range of 500…
  17. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 17
    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…
  18. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 18
    2019 Guidance Production & Capital 2019 Guidance Capital expenditures budget 2.6 billion Production (Boe per day) Oil Production (Bo per day) 190,000 - 200,000 Natural Gas Production (Mcf per day) 790,000 - 810,000 Operating…
  19. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 19
    Continued Focus On Net Debt Reduction 2,000 Debt Maturities Summary Financial Metrics 5.0% 4.5% (MM) (1) 1.61x: Net debt / 1Q19 Annualized EBITDAX (1) 1,500 3.8% 4.375% 1.53x: Net debt(1) / TTM EBITDAX(1) 1,000 1,600…
  20. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 20
    Continuing To Deliver Strong Margins(1) 2015 2016 2017 2018 1Q 2019 Crude oil net sales price (/Bbl)(2) 40.50 35.51 45.70 59.19 50.05 Natural gas net sales price (/Mcf)(2) 2.31 1.87 2.93 3.01 2.56 Oil production (Bopd) 146,622…
  21. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 21
    Free Cash Flow Our presentation of projected free cash flow is a non-GAAP measure. We define projected free cash flow as cash flows from operations before changes in working capital items, less capital expenditures, plus noncontrolling…
  22. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 22
    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,…
  23. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 23
    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,…
  24. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 24
    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 2018 1Q 2019 TTM Net…
  25. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 25
    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…
  26. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 26
    Net Sales Prices Reconciliation To GAAP Revenues and transportation expenses associated with production from our operated properties are reported separately. For non-operated properties, we receive a net payment from the operator for our…
  27. 1Q 2019 Earnings Presentation – Continental Resources, Inc. – slide 27
    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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