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INVESTOR UPDATE – Continental Resources, Inc.

Continental Resources, Inc. · Feb 27, 2012 · 23 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 February 27, 2012
  2. INVESTOR UPDATE – Continental Resources, Inc. – slide 2
    Continental Resources, Inc. 1 oil producer in Williston Basin 508 MMBoe proved reserves at YE2011 39% growth YOY Strong 4Q 2011 results 412MM EBITDAX; +86% YOY* 1.3B EBITDAX for 2011; +61% YOY 57% YOY 4Q production growth to…
  3. INVESTOR UPDATE – Continental Resources, Inc. – slide 3
    Creating Value Through Growth Consistent, organic growth 2012 Guidance: 37% to 40% production growth Goal: 3X production and proved reserves 2009-2014 Multi-decade drilling inventory Crude oil/liquids in premier U.S. resource plays…
  4. INVESTOR UPDATE – Continental Resources, Inc. – slide 4
    Excellent Operating Results 4Q11: 75,219 Boepd production Charlotte 2-22H 1st successful test of a deeper Three Forks bench 1,396 Boepd in 1-day test (gross) Sunline 11-1TF-2SH, 2 test confirmation: 1,023 Boepd IP +57,800 net acres…
  5. INVESTOR UPDATE – Continental Resources, Inc. – slide 5
    Strong Production Growth MMBoe 31.6 22.6 15.8 73% 9.0 oil 83% oil Est.* *Upper end of 37%-to-40% guidance range. 6
  6. INVESTOR UPDATE – Continental Resources, Inc. – slide 6
    Strong Growth in Proved Reserves MMBoe 508 365 64% oil 118 83% oil 7
  7. INVESTOR UPDATE – Continental Resources, Inc. – slide 7
    Five-Year Growth Plan MMBoe Production MMBoe Proved Reserves 771 41 31.6 508 257 13.6 Est.* Est. Est. ahead of plan We are solidly on track to meet our five-year goals. *Upper end of 37%-to-40% guidance range. 8
  8. INVESTOR UPDATE – Continental Resources, Inc. – slide 8
    The Bakken Keeps Getting Better 200 Miles 24 billion Boe technically MIGRATED CONVENTIONAL OIL FIELDS recoverable oil and gas* 4,500 horizontal wells drilled CLR: 600 gross wells Fault Zone Industry adding 2,100 wells 250…
  9. INVESTOR UPDATE – Continental Resources, Inc. – slide 9
    CLR Bakken Acreage 80% De-Risked Approaching 1,000,000 net acres largest acreage holder MATURE BAKKEN 603,000 Boe EUR per well (ND) Charlotte 2-22H 22 operated rigs M. BKKN PINCHOUT Sunline 11-1TF-2SH Testing deeper TF bench…
  10. INVESTOR UPDATE – Continental Resources, Inc. – slide 10
    Bakken Development Plan Original dual-zone development plan 8 wells per 1,280 1st ECO-Pad well pair 10,000 below acres 4 MB, 4TF Upper Bakken Shale surface 603,000 Boe EUR per well ECO-Pad design: Lower Bakken Shale 2 wells…
  11. INVESTOR UPDATE – Continental Resources, Inc. – slide 11
    Montana Bakken NORTH DAKOTA MONTANA 7 gross operated N. EXTENSION wells completed in EXPLORATORY 4Q2011 DEVELOPMENT 46% average ROR on 2011 wells Two-rig drilling program continuing in 2012 Bakken Producer S.…
  12. INVESTOR UPDATE – Continental Resources, Inc. – slide 12
    ECO-Pad Enhances Development 10% lower cost per well CANADA 4Q 2011 ECO-Pad Projects (Avg. IP per well for 4 wells) Hamlet-Salo Dvirnak-Pletan 1,838 Boepd Williams Bailey-Wiley 1,105 Boepd Hamlet-Salo 811 Boepd McKenzie…
  13. INVESTOR UPDATE – Continental Resources, Inc. – slide 13
    Bakken Growth and Returns Potential Net drilling Rate of (MMBoe) locations return 3,497 locations ECO-Pad well CWC: 7.2MM 603 MBoe EUR Single well 2,109 CWC: 8MM MMBoe 603 MBoe EUR 1,549 locations 934 337 MMBoe wells…
  14. INVESTOR UPDATE – Continental Resources, Inc. – slide 14
    Anadarko Woodford 9,820 Boepd in 4Q 2011 Brown 1-2H Northwest Cana production (+476% YOY) Southeast Cana Petty 1-16H Toms 1-21XH Poteet 1-17H (74% WI) 1,414 Boepd (17% oil) Lyle 1-30H (99% WI) 1,508 Boepd (22% oil) Wray 1-1H…
  15. INVESTOR UPDATE – Continental Resources, Inc. – slide 15
    Anadarko Woodford Potential Net drilling Rate of (MMBoe) locations return SE Cana X-Unit CWC: 14MM 3,354 16.6 Bcfe EUR locations 3,312 SE Cana MMBoe CWC: 9MM 7.6 Bcfe EUR 1,663 NW Cana X-Unit locations CWC: 13MM 11.1 Bcfe…
  16. INVESTOR UPDATE – Continental Resources, Inc. – slide 16
    Niobrara/DJ Basin Staudinger 1-31H (56% WI) 739 Boepd IP Five wells in various Hahn 1-4H Perrin 1-10H stages of completion Marconi 1-1H Staudinger 1-31H 25,000 net acres in fairway (93,339 net acres total in play) Wattenberg…
  17. INVESTOR UPDATE – Continental Resources, Inc. – slide 17
    Operating Discipline Years ended December 31, 2009 2010 2011 Realized oil price (/bbl) 54.44 70.69 88.51 Realized natural gas price (/Mcf) 3.22 4.49 5.24 Oil production (Bopd) 27,459 32,385 45,121 Natural gas production (MMcfpd)…
  18. INVESTOR UPDATE – Continental Resources, Inc. – slide 18
    Creating Value Through Long-Term Sustainable Growth Consistent, strong organic growth Crude oil Bakken is the largest field discovered in 40 years High margins through operating control Capital discipline Hedged for operational…
  19. INVESTOR UPDATE – Continental Resources, Inc. – slide 19
    Appendix 20
  20. INVESTOR UPDATE – Continental Resources, Inc. – slide 20
    2012 Guidance Capital expenditures budget 1.75 Billion Operated drilling rigs (avg.) 40 Production growth 37% to 40% Price differentials: WTI crude oil (Bo) 7 to 9 Henry Hub natural gas (Mcf) +1 to +1.50 Operating expenses per…
  21. INVESTOR UPDATE – Continental Resources, Inc. – slide 21
    2012 Capex Allocations (Millions) Drilling capex ND Bakken 950 MT Bakken 91 Red River Units 23 Niobrara 59 Anadarko Woodford 355 Arkoma Woodford 2 Other 59 Capital workovers and facilities 90 Land 94 Seismic 20 Other 7…
  22. INVESTOR UPDATE – Continental Resources, Inc. – slide 22
    Swaps and Collars Crude oil: West Texas Intermediate Swaps Collars Collars Barrels Weighted Avg. Floors Ceilings Jan. to Dec. 2012 Swaps -- WTI 7,320,000 88.69 Collars -- WTI 5,332,620 80 93.25 to 97 Wtd. Avg. 80 Wtd. Avg. 94.71…
  23. INVESTOR UPDATE – Continental Resources, Inc. – slide 23
    EBITDAX Reconciliation to GAAP (In thousands) 2009 2010 2011 Net income 71,338 168,255 429,072 Interest expense 23,232 53,147 76,722 Provision for income taxes 38,670 90,212 258,373 Depreciation, depletion, amortization 207,602…

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