Investor Update August 2020 PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
CLR: Responsible Stewardship of Assets & Capital CLR Priorities What Weve Done Where Were Headed 1. Protect Balance Sheet 55% Capex Reduction from Targeting 5.4-5.5 B Total Debt by YE20; 2020 Original Guidance Targeting 4 B Total…
2020 Guidance & Operating Detail Production & Capital Original Updated Capital Expenditures Budget ( in Millions) Capital expenditures budget 2.65 Billion 1.2 Billion North D&C 635 Oil Production (Bo per day) 198,000 to 201,000…
Maintaining Commitment to Lowest Cost Leadership Select peers include APA, CXO, DVN, EOG, FANG, HES, MRO, OAS, PXD, WPX. 1. Source: BMO Capital. 2019 drill bit F&D costs include development and exploration capital and proved reserves…
Delivering Structural Cost Savings: Bakken Bakken 11% Capital Efficiency(1) Improvement (2020E vs. 2018) 12% Decrease to CWC to 7.2 MM per Well (Includes D&C and Full Facilities Costs, Including Artificial Lift) Approx. 70%…
Delivering Structural Cost Savings: South South 32% Capital Efficiency(1) Improvement (2020E vs. 2018) 10% Decrease to CWC to 9.5 MM per Well (Includes D&C and Full Facilities Costs, Including Artificial Lift) Approx. 80% of…
Continued Focus On Balance Sheet & Financial Strength Approx. 200 MM Annual FCF(1) in 2020 Approx. 500 MM FCF(1) in 2H20 Targeting 5.4-5.5 B Total Debt by YE20 Targeting 4 B Total Debt in 3-5 Years 1. Free cash flow (FCF) is a…
CLR Value Drivers Set Up Strong Positioning Into 2H20 & Beyond Projecting Approx. 200 MM CLR Value Proposition Annual FCF(1) in 2020 Approx. Targeting 140 Wells in 5.4-5.5 B Disciplined Approach Progress Total Debt at YE20 by…
Reference Materials PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 11
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, excluding…
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,…
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,…
EBITDAX Reconciliation To GAAP The following table provides a reconciliation of our net income/loss to EBITDAX for the periods presented. Three months ended June 30, Six months ended June 30, In thousands 2020 2019 2020 2019 Net income…
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…
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…
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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