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Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Sep 29, 2014 · 29 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. Investor Update – Continental Resources, Inc. – slide 1
    Investor Update September 2014
  2. Investor Update – Continental Resources, Inc. – slide 2
    Organic Growth through Exploration, Development and Advances in Technology NYSE listed: CLR Enterprise Value: 35B Market Cap: 29B BAKKEN Total Debt: 6B 1.2 Million Net Acres Leased Straight forward strategy SCOOP Disciplined…
  3. Investor Update – Continental Resources, Inc. – slide 3
    2Q14 Operational & Financial Highlights 2Q14 production: 167,953 Boe per day, up 24% EBITDAX (MM) over 2Q13 and 10% sequentially (69% oil) 3,000 Bakken: 108,573 Boe per day, up 23% over 2Q13 2Q EBITDAX SCOOP: 34,265 Boe per day, up…
  4. Investor Update – Continental Resources, Inc. – slide 4
    Drilling Efficiencies Drive Production Growth 300 1,400 ND & MT Rigs Total Bakken & Three Forks Rigs: 191 Oil (Bo per day) Gas (Boe per day) 1,200 250 Gas 17% Production (Mboe per day) 1,000 200 Rig Count 800 150…
  5. Investor Update – Continental Resources, Inc. – slide 5
    1 Leaseholder in the Bakken 1.2 million net acres at 2Q14 Continental Acreage More than 90% HBP for both de-risked and exploratory leasehold by YE2017 Continentals Leasehold Growth 120 Miles 1,400 LTF 1,200 1,200…
  6. Investor Update – Continental Resources, Inc. – slide 6
    Theres Only One Bakken: Getting Bigger & Better 2Q14 Bakken Production: 108,573 Boe per day +23% over 2Q13, +11% over 1Q14 Completed 93 net (224 gross) Bakken wells in 2Q14 1,320 Tangsrud* LTF 660 Lawrence** 2014 full-year plan: 287…
  7. Investor Update – Continental Resources, Inc. – slide 7
    Bakken Well Economics Standard Completion Design Average operated CWC for CLR historical 90% standard completion design 8.0MM YE13 target achieved 3 months 7.5MM CWC 80% early 8.0MM CWC 7.5MM YE14 target 70% 603 MBoe EUR 21…
  8. Investor Update – Continental Resources, Inc. – slide 8
    Early Success with Slick Water Completions Continues Cumulative Production vs Producing Days 140,000 Madison 2-28H: 279 Days 35% higher than 603 MBoe 50% higher than average of 120,000 neighboring wells Cumulative Production…
  9. Investor Update – Continental Resources, Inc. – slide 9
    Both Large Proppant Volume & Slick Water Approaches Provide Encouraging Enhanced Completions Initial Results Middle Bakken: Test Area Wells Large Large Proppant Proppant Average Slickwater Average Test Area Williston MB MB Type…
  10. Investor Update – Continental Resources, Inc. – slide 10
    SCOOP: A New, High-Impact Resource Play South Central Oklahoma Oil Province (SCOOP) STACK NW Cana World-class resource shale Cana Field Up to 400 of oil-rich shale Dual reservoir target Excellent siliceous and highly SCOOP fractured…
  11. Investor Update – Continental Resources, Inc. – slide 11
    SCOOP: Continued Exploration and Appraisal 2Q14 net production: 34,265 Boe per day SCOOP Oil , Condensate and Gas Window Map Up 17% sequentially, up 95% over 2Q13 Gas Condensate Oil 2Q14 Oil Window IP Rates Kolt 1-17H: IP of 668…
  12. Investor Update – Continental Resources, Inc. – slide 12
    Optimizing SCOOP Spacing: Poteet Density Pilot First CLR SCOOP density pilot: Poteet Unit (NE Stephens County) 10 wells total planned Well Placement: 5 wells in the upper Woodford and 5 wells in the lower Woodford To be drilled from 5…
  13. Investor Update – Continental Resources, Inc. – slide 13
    SCOOP One-Mile Lateral Economics Condensate Fairway EUR = 1,190 MBoe (61% liquids)** 100% Rates of Return & Target* Oil 24% 90% Gas 39% 80% 70% NGL 60% 37% 50% 40% Oil Fairway Completed Wells Costs 30% Oil Window 9.0MM EUR…
  14. Investor Update – Continental Resources, Inc. – slide 14
    Progress Report for CLRs Five-Year Plan Metrics and Measurements of Success Status/Forecast 2013 2014 2015 2016 2017 Objective Triple production by 2017 Triple proved reserves by 2017 Exploration: - Confirm lower Three Forks -…
  15. Investor Update – Continental Resources, Inc. – slide 15
    CLR Clear Vision for Growth Daily Production Proved Reserves MBoepd MMBoe 350 1750 300 1500 300* 1,524* 250 1250 1,205 200 1000 1,084 150 168 750 785 136 100 500 98 508 50 250 0 0 2012 2013 MY14 2015 2016 2017 2011 2012…
  16. Investor Update – Continental Resources, Inc. – slide 16
    CLR: Production, Reserve and Stock Growth Share Annual Proved Price Production Reserves 1.2 B MY14 49.6 YE13 MMBOE *Closing stock price as of August 29, 2014 17 Property of Continental Resources, Inc. Reproduction…
  17. Investor Update – Continental Resources, Inc. – slide 17
    September 18, 2014 in Oklahoma City Visit www.CLR.com to Register 18
  18. Investor Update – Continental Resources, Inc. – slide 18
    Appendix
  19. Investor Update – Continental Resources, Inc. – slide 19
    Strong Liquidity and Financial Profile Financial Ratios and Rating 2Q14 1H14 Agency Credit Ratings Net Debt/TTM EBITDAX* 1.71x Leveraged Cash Margin 55.84** Moody's Baa3 Net Debt/Proved Reserves* 4.47 3.5 Year All-in F&D (/Boe)…
  20. Investor Update – Continental Resources, Inc. – slide 20
    Cost Discipline Driving Excellent Margins 2009 2010 2011 2012 2013 2Q2014 1H2014 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 92.31 91.12 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.43 6.20 Oil production…
  21. Investor Update – Continental Resources, Inc. – slide 21
    EBITDAX Reconciliation to GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. EBITDAX represents earnings (net income) before interest expense, income taxes,…
  22. Investor Update – Continental Resources, Inc. – slide 22
    EBITDAX Reconciliation to GAAP (contd) The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: In thousands 2009 2010 2011 2012 2013 2Q2014 1H2014 Net income…
  23. Investor Update – Continental Resources, Inc. – slide 23
    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…
  24. Investor Update – Continental Resources, Inc. – slide 24
    Tight Oil Resource Plays: Larger than We Thought Prior to inclusion of the Lower TF: 577 BBo in place (2010) 24 BBoe recoverable** 2010 20 BBo (3.5% recovery factor) 320-acre spacing per zone 2012 With the addition of the…
  25. Investor Update – Continental Resources, Inc. – slide 25
    SCOOP is Premium Woodford Cana Field SCOOP Upper Woodford 100 100 200 200 Lower Woodford 300 300 SCOOP = 6X the reservoir volume of Cana Field 400 400 Oil-prone and liquid-rich Woodford Eroded Gas Oil Condensate Oil 155 Miles Clay-rich…
  26. Investor Update – Continental Resources, Inc. – slide 26
    Americas Premium Light Sweet Crude API Crude Quality Sulfur % wt Improved Refinery Yield 45 0.90 100% 40 0.80 90% 80% 35 0.70 70% Distillation 30 0.60 60% Cuts 25 0.50 50% Light Ends Gasoline 20 0.40 40% Jet Fuel 15 0.30 30%…
  27. Investor Update – Continental Resources, Inc. – slide 27
    How Refiners View the Bakken (Relative Netbacks) Product Yield (/bbl) Total Yield (/bbl) 120.00 118.00 116.00 114.00 112.00 110.00 Bakken Qua Iboe LLS WTI Hibernia 40's Blend W. Can. Select (WCS) *NYH Product…
  28. Investor Update – Continental Resources, Inc. – slide 28
    Ample Optionality & Takeaway Capacity NorthStar Trans. (MBO Per Day) Williston Basin Evacuation Capacity Wind River Eighty-Eight 4,500 Bakken Oil Express Bakkenlink 250 Industry Rig Forecast Global Basin Trans.2 4,000 200…
  29. Investor Update – Continental Resources, Inc. – slide 29
    Investor Relations Contact Information John J. Kilgallon Vice President, Investor Relations Phone: 405-234-9330 Email: John.KilgallonCLR.com Website: www.CLR.com/Investors 30 Property of Continental Resources, Inc. Reproduction…

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