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INVESTOR UPDATE – Continental Resources, Inc.

Continental Resources, Inc. · Jan 6, 2015 · 24 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 January 2015
  2. INVESTOR UPDATE – Continental Resources, Inc. – slide 2
    Continental Resources Founded in 1967 by Harold Hamm New York Stock Exchange listed, went public in 2007 at 7.50 per share (split adjusted), ticker symbol: CLR BAKKEN 1.2 Million Net 19 Billion Enterprise Value Acres Leased…
  3. INVESTOR UPDATE – Continental Resources, Inc. – slide 3
    2015: Embracing Market Change Revised 2015 capex and production guidance Other Leasehold, 180MM Drilling, Other, 2.7 billion capex (reduced 41%) 102MM 147MM Targeting cash flow neutrality by midyear 2015 16%20% YOY production…
  4. INVESTOR UPDATE – Continental Resources, Inc. – slide 4
    Utilizing Strengths and Flexibility Asset Strength High quality, high ROR assets in Bakken and SCOOP 2015 drilling program targeting 35% ROR, and 45% ROR at 15% reduced completed well costs (CWC)* Inventory Flexibility Deep and…
  5. INVESTOR UPDATE – Continental Resources, Inc. – slide 5
    Two WorldClass Platforms for Growth: Leading positions in both the Bakken and Production Growth (Boe per Day) SCOOP Largest leasehold owner 200,000 Bakken 1.2 million net acres 182,335 180,000 SCOOP 471,000 net acres Captured…
  6. INVESTOR UPDATE – Continental Resources, Inc. – slide 6
    High Quality Assets Provide Optionality ROR vs. Oil Price: Current & Expected Lower CWC Comparison Bakken Oil Bakken Oil 15% CWC Reduction NW Cana Gas with Carry NW Cana Gas With Carry 15% CWC Reduction SCOOP Woodford Condensate SCOOP…
  7. INVESTOR UPDATE – Continental Resources, Inc. – slide 7
    2015 Bakken Drilling Program: Focused on High ROR Core 800 MBoe/well projected average EUR 15% increase in EUR due to high graded 2015 drilling program 95% enhanced completions Expanding footprint of enhanced 30 stage…
  8. INVESTOR UPDATE – Continental Resources, Inc. – slide 8
    Enhanced Completions Update Williams & McKenzie Counties 30 Stage Completions 90Day Production Comparison 65,000 46% Uplift 60,000 55,000 29% Uplift 50,000 45,000 40,000 Cum BOE 35,000 30,000 25,000 20,000…
  9. INVESTOR UPDATE – Continental Resources, Inc. – slide 9
    Bakken Continues to Deliver Solid Economics 2015 Drilling Program: Targeting 800 MBoe EUR/well 100% ROR vs Oil Price 800 MBoe Model Parameters Current CWC (9.6 MM) 9.6 MM CWC 2 Mile Lateral Length 90% 15% CWC Reduction 15% CWC…
  10. INVESTOR UPDATE – Continental Resources, Inc. – slide 10
    SCOOP Woodford: Continues to Grow Excellent production extended another 12 miles south Connell 11312XH: IP 10,951 Mcfd and 518 Bopd Oklahoma City 9,500 lateral Ritter 1334XH: IP 11,747 Mcfd 6,500 lateral CLR: Galvin 12227XH IP:…
  11. INVESTOR UPDATE – Continental Resources, Inc. – slide 11
    Higher Returns With Extended Laterals Woodford Condensate Fairway Condensate Fairway Type Curve 1,800 270 4,500' Act. Well Count 1,600 240 Approximately 70% of 2015 wells will be Ext. Act. Well Count 4,500' Act. Production 1,400…
  12. INVESTOR UPDATE – Continental Resources, Inc. – slide 12
    SCOOP Springer: Expanding Oil Discovery Continued success with oil fairway stepouts SCOOP Schoof 117H: IP 1,465 Boepd Lyle Land 125H: IP 1,134 Boepd CLR: Schoof 117H IP: 1,465 Boepd Martha 134H: IP 934 Boepd CLR: Martha 134H Wells…
  13. INVESTOR UPDATE – Continental Resources, Inc. – slide 13
    SCOOP Springer Oil: Exceptional Economics 900 Springer Shale Type Curve Current EUR/Well Model: 940 MBoe 800 Well Count 40 Type Curve (Normalized to 4,500' LL) 700 Act. Production (4,275' Avg LL) 600 30 4,500 lateral Well…
  14. INVESTOR UPDATE – Continental Resources, Inc. – slide 14
    Incremental Value Captured Through NW Cana JV Formed JV with SK E&S (South Korean based) STACK NW Cana Sold 49.9% interest in 44,000 acres and 37 producing wells for total consideration of Cana Field 360 million 90 million cash…
  15. INVESTOR UPDATE – Continental Resources, Inc. – slide 15
    2015 Capital Expenditures Budget NonAcquisition Capital Expenditures: 2.7B Drilling capital allocation: Bakken: 65% Other Leasehold, SCOOP: 31% Drilling, 180MM Other, Woodford: 24% 102MM 147MM Springer: 7% NW Cana JV & Other:…
  16. INVESTOR UPDATE – Continental Resources, Inc. – slide 16
    Low Cash Cost Drives Excellent Margins ( per Boe) 80 72.45 72.04 72.52 65.99 69.08 70 59.35 60 50 44.68 54.74 53.52 54.14 51.26 48.59 40 76% 74% 75% 43.32 74% 74% 73% 30 30.93 69% 20 3.40 3.95 4.74 4.40…
  17. INVESTOR UPDATE – Continental Resources, Inc. – slide 17
    Strong Liquidity and Financial Profile Financial Ratios and Ratings Agency Credit Ratings Net Debt/3Q Annualized EBITDAX 1.50x Leveraged Cash Margin (9 months YTD) 54.14 Moody's Baa3 Net Debt/MidYear Proved Reserves 4.72 3 Year…
  18. INVESTOR UPDATE – Continental Resources, Inc. – slide 18
    Capital Efficiency Industry Leading Recycle Ratio Recycle Ratio = Cash margin/F&D per Boe Exploration leadership enables low finding and development costs Efficient operator evidenced by low operating costs per Boe Oil and liquids…
  19. INVESTOR UPDATE – Continental Resources, Inc. – slide 19
    CLR: A Lean, Efficient Organization 250 3Q14 Daily Production Mix per Employee Gas Oil 200 Boe per day per employee 150 70% 100 49% 50% 57% 50 36% 33% 46% 64% 66% 16% 0 Peer 1 CLR Peer 2 Peer 3 Peer 4 Peer 5…
  20. INVESTOR UPDATE – Continental Resources, Inc. – slide 20
    Updated 2015 Guidance As of December 22, 2014 2015* Production growth (YOY) 16% to 20% Capital expenditures (nonacquisition, in billions) 2.7 Operating Expenses: Production expense per Boe 5.50 to 6.00 Production tax (% of oil &…
  21. INVESTOR UPDATE – Continental Resources, Inc. – slide 21
    Woodford Thickness Expands Across Leasehold Development Program Initiated 2013 2014 Exploratory Program North South 130 150 W 245 o 230 380 Hunton o 295 560 d 465 f o r d 950 Hunton Gamma Ray Brittleness 25…
  22. INVESTOR UPDATE – Continental Resources, Inc. – slide 22
    NW Cana Joint Venture Blaine Type Curve Dewey Type Curve 1,500 60 1,200 1,200 4500' Actual Prod. 60 60.00 Actual Well Count Actual Well Count Actual Prod. (4350' Avg LL) Actual Prod. (3475' Avg LL) Extended Type Curve (Normalized…
  23. INVESTOR UPDATE – Continental Resources, Inc. – slide 23
    Continuing to Deliver Excellent Margins As of 9 Months 2009 2010 2011 2012 2013 3Q2014 Ended 9/30/14 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 85.49 89.02 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.10…
  24. INVESTOR UPDATE – Continental Resources, Inc. – slide 24
    EBITDAX Reconciliation to GAAP The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: YTD In thousands 2009 2010 2011 2012 2013 3Q2014 9/30/14 Net income…

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