Skip to main content CLR Investor Update – Continental Resources, Inc. Investor Presentation | Shale Experts
Loading...
Pm

CLR Investor Update – Continental Resources, Inc.

Continental Resources, Inc. · Jun 1, 2014 · 33 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. CLR Investor Update – Continental Resources, Inc. – slide 1
    CLR Investor Update June 2014
  2. CLR Investor Update – Continental Resources, Inc. – slide 2
    Organic Growth through Exploration, Development and Advances in Technology NYSE listed: CLR Enterprise Value: 32B Market Cap: 26B Total Debt: 6B 1.2 Million Net Acres Leased Straight forward strategy Disciplined growth: 5-Year…
  3. CLR Investor Update – Continental Resources, Inc. – slide 3
    1Q14 Operational & Financial Highlights 1Q14 production: 152,500 Boe per day, up 25% since 1Q13 (70% oil) Bakken: 97,500 Boe per day, up 27% over 1Q13 EBITDAX (MM) SCOOP: 29,400 Boe per day, up 106% over 1Q13 3,000 2,840 YE13…
  4. CLR Investor Update – Continental Resources, Inc. – slide 4
    Year-End 2013 Proved Reserves 38% Increase in Proved Reserves since YE12: Year-End Reserves are 87% Operated and 68% Crude Oil (MMBOE) 1,200 1,084 1,100 1,000 900 785 800 700 600 508 500 365 400 257 300 159 200 100 0…
  5. CLR Investor Update – Continental Resources, Inc. – slide 5
    Drilling Efficiencies Drive Production Growth 300 1,200 c ND & MT Rigs Total Bakken & Three Forks Rigs: 189 275 Oil (Bo per day) Gas Gas (Boe per day) 17% 250 1,000 225 c Production (Mboe per day) 200 800 175 Rig…
  6. CLR Investor Update – Continental Resources, Inc. – slide 6
    1 Leaseholder in the Bakken 1.2 million net acres at 1Q14 More than 90% HBP for both de-risked and exploratory leasehold by YE2017 Continentals Leasehold Growth 120 Miles 1,400 1,200 1,200 1,200 1,140 De-Risked Net…
  7. CLR Investor Update – Continental Resources, Inc. – slide 7
    Theres Only One Bakken: Getting Bigger & Better Leading basin-wide efforts to optimize oil recovery 2014 plan: 287 net wells (870 gross) 1,320 Tangsrud* Operating 21 average rigs in 2014 LTF 660 Lawrence** Initiated industrys first…
  8. CLR Investor Update – Continental Resources, Inc. – slide 8
    1,320 & 660 Pilot Density Projects: 2013-14 1,320 ft. same-zone spacing 660 ft. same-zone spacing 34 new wells (gross) combined in 31 new wells (gross) combined in 4 project 3 project areas: areas: Hawkinson, Tangsrud and…
  9. CLR Investor Update – Continental Resources, Inc. – slide 9
    Continued Robust Hawkinson Performance Continued strong production after 150+ days Hawkinson Unit 13 of 14 wells trending on average 50% 1,320 Pilot above 603 MBoe model EUR Completed using standard design with 100,000 pounds of…
  10. CLR Investor Update – Continental Resources, Inc. – slide 10
    Rollefstad: Promising Preliminary Results Outstanding initial results: New well average IP rates: MB and TF1: 2,960 Boe per day TF2 and TF3: 2,650 Boe per day Existing well average IP rates: MB and TF1: 1,330 Boe per day Combined…
  11. CLR Investor Update – Continental Resources, Inc. – slide 11
    Tangsrud: Pushing the Limits Designed to extend LTF productive footprint and test 1,320 foot density Average initial rates: New wells: MB and TF1: 670 Boe per day TF2 and TF3: 285 Boe per day All new wells producing on pump and…
  12. CLR Investor Update – Continental Resources, Inc. – slide 12
    Return Driven Completion Testing (Boe) Cumulative Production vs Producing Days Madison 2-28H 140,000 Madison 2-28H: 180 Days Sacramento 2-10H 37% higher than 603 MBoe 120,000 603 603 MBoe Type Curve 59% higher than average of…
  13. CLR Investor Update – Continental Resources, Inc. – slide 13
    Continental Goes Ears Back in Antelope Plan to drill 350-400 wells over the next five years utilizing mega-pads 50 wells budgeted for 2014, with large production impact in 2015 Full-field development includes MB, TF1, TF2 and…
  14. CLR Investor Update – Continental Resources, Inc. – slide 14
    SCOOP: A New, High-Impact Resource Play South Central Oklahoma Oil Province (SCOOP) NW Cana STACK Cana Field World-class resource shale Up to 400 of oil-rich shale Dual reservoir target SCOOP Excellent siliceous and highly…
  15. CLR Investor Update – Continental Resources, Inc. – slide 15
    SCOOP: Continued Exploration and Appraisal 1Q14 net production: 29,400 Boe per day SCOOP Oil , Condensate and Gas Window Map Gas Condensate Oil Up 24% sequentially, up 106% over 1Q13 Plan to operate 18 average rigs in 2014 50% of…
  16. CLR Investor Update – Continental Resources, Inc. – slide 16
    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 -…
  17. CLR Investor Update – Continental Resources, Inc. – slide 17
    Strong Liquidity and Financial Profile Financial Ratios and Ratings YE13 FY13 Agency Credit Ratings Net Debt/TTM EBITDAX 1.65x Cash Margin 53.52* Moodys Baa3 Net Debt/Proved Reserves 4.32 All-in F&D (/Boe) 11.01 S&P BBB- Net Debt/…
  18. CLR Investor Update – Continental Resources, Inc. – slide 18
    CLR Clear Vision for Growth Production Proved Reserves MMBoe MMBoe 120 300 MBoepd 100 108+ 1500 80 136 1000 1,084 60 MBoepd 64 98 MBoepd 50 785 40 500 36 508 20 0 0 2012 2013 2014* 2015 2016 2017 2011 2012 2013…
  19. CLR Investor Update – Continental Resources, Inc. – slide 19
    2014 Total Capex Budget: 4.05B 2014 Capex Breakout (MM) Key Drilling Areas Net Wells Capex % of Total ND & MT Bakken 290 2,530 62% Other SCOOP 70 865 21% Exploratory Other Areas 65 of Operation Other Areas of Operation 25 145…
  20. CLR Investor Update – Continental Resources, Inc. – slide 20
    CLR: Production, Reserve and Stock Growth Share Annual Proved Price Production Reserves 1.08 B 49.6 YE13 MMBOE *Closing stock price as of May 29, 2014 21 Property of Continental Resources, Inc. Reproduction and…
  21. CLR Investor Update – Continental Resources, Inc. – slide 21
    Appendix
  22. CLR Investor Update – Continental Resources, Inc. – slide 22
    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…
  23. CLR Investor Update – Continental Resources, Inc. – slide 23
    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…
  24. CLR Investor Update – Continental Resources, Inc. – slide 24
    Bakken Well Economics 90% Average operated CWC 7.5MM CWC 8.0MM (YE13 target achieved 3 80% months early) 8.0MM CWC 7.5MM or less YE14 target 70% 603 MBoe EUR 21 700 60% ROR* ND Bakken Type Curve 18 600 Monthly Oil…
  25. CLR Investor Update – Continental Resources, Inc. – slide 25
    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…
  26. CLR Investor Update – Continental Resources, Inc. – slide 26
    Refinery Distillation Yields Product Yield (/bbl) 120.00 100.00 Distillation Cuts 80.00 Light Ends Gasoline 60.00 Jet Fuel Distillate 40.00 Vac. Resid. Fuel Oil 20.00 0.00 Bakken Qua Iboe LLS WTI Hibernia 40's…
  27. CLR Investor Update – Continental Resources, Inc. – slide 27
    How Refiners See Bakken (Relative Netbacks) Product Yield (/bbl) 120.00 Total Yield (/bbl) 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 Prices…
  28. CLR Investor Update – Continental Resources, Inc. – slide 28
    Tight Oil Resource Plays: Larger than We Thought Prior to Lower TF: 577 BBo in place (2010) 24 BBoe recoverable** 2010 20 BBo (3.5% recovery factor) 2012 320-acre spacing per zone 308 Now: Estimate +57% 903 BBo in place…
  29. CLR Investor Update – Continental Resources, Inc. – slide 29
    2014 Operational and Financial Guidance As of May 7, 2014* 2014 Production growth (YOY) 26% to 32% Capital expenditures (non-acquisition) 4.05B Operating Expenses: Production expense per Boe 5.60 to 6.10 Production tax (% of…
  30. CLR Investor Update – Continental Resources, Inc. – slide 30
    Cost Discipline Driving Excellent Margins 2009 2010 2011 2012 2013 1Q2014 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 89.73 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 7.06 Oil production (Bopd) 27,459…
  31. CLR Investor Update – Continental Resources, Inc. – slide 31
    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,…
  32. CLR Investor Update – Continental Resources, Inc. – slide 32
    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 1Q2014 Net income 71,338…
  33. CLR Investor Update – Continental Resources, Inc. – slide 33
    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…

From the store

Browse maps, data & reports in the Shale Experts store