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March 2013 Investor Presentation – Continental Resources, Inc.

Continental Resources, Inc. · Mar 18, 2013 · 35 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. March 2013 Investor Presentation – Continental Resources, Inc. – slide 1
    JWH 9/13/12 CLR Investor Relations CLR Investor UpdatePresentation March 2013 January 31, 2013
  2. March 2013 Investor Presentation – Continental Resources, Inc. – slide 2
    Continental Resources, Inc. 1 oil producer in the Rockies* and the Williston Basin 785 MMBoe proved reserves at YE2012 54% YOY gain Strong 2012 operating results Averaged 106,831 Boepd in 4Q 42% increase over 4Q 2011 594.5 Million…
  3. March 2013 Investor Presentation – Continental Resources, Inc. – slide 3
    Production, Reserve and Stock Growth Annual Production Reserves /Share 50 100 45 90 785 40 80 35 70 36 Stock Price MMBOE 30 60 25 50 20 40 15 30 10 20 5 10 - - 4 YE YE YE YE YE YE
  4. March 2013 Investor Presentation – Continental Resources, Inc. – slide 4
    Strong EBITDAX and Cash Margins EBITDAX (MM) Cash Margins (%) 1,963 76% 2,000 75% 75% 1,800 1,600 74% 73% 73% 1,400 1,304 73% 1,200 72% 1,000 71% 811 800 70% 69% 600 451 69% 400 68% 200 67% 0 66% 2009 2010 2011 2012 2009…
  5. March 2013 Investor Presentation – Continental Resources, Inc. – slide 5
    1 Producer, Driller and Leasehold Owner 68 MBoepd for 4Q12 13% of basin production (BOPD) CLR Bakken Growth Outpacing Competitors 21 CLR operated rigs CLR 11% of industry WLL HES 1.1 MM net acres +24% YOY since 2011 STO EOG…
  6. March 2013 Investor Presentation – Continental Resources, Inc. – slide 6
    MB + TF1: Early Stages of Development Full Development Mode Massive oil field of unprecedented magnitude 15,000 sq. miles 87% proven productive Real oil play 120 Miles 24 BBoe technically recoverable* 83% crude oil Were just…
  7. March 2013 Investor Presentation – Continental Resources, Inc. – slide 7
    World Class Oil Field Charlotte 1-22H Gamma Ray Resistivity Lodgepole Prior to Lower TF: Upper 577 BBo in place (2010) BAKKEN BAKKEN PETROLEUM SYSTEM* MBKK Middle N 24 BBoe recoverable** Lower 2010 20 BBo (3.5%…
  8. March 2013 Investor Presentation – Continental Resources, Inc. – slide 8
    CLR: Three Forks Pioneer Three Forks Isopach Map Drilled 20% of all TF wells* Completed first TF2 and TF3 producers 320 TF 2,3,4 10-well coring program (2012) Angus 2-9H-2 Lower TF exploration net capex 2013 (TF2) TF TF 2,3…
  9. March 2013 Investor Presentation – Continental Resources, Inc. – slide 9
    Pad Drilling = Lower Completed Well Cost 140,000 120,000 21.8MM* 29.3MM* 7.5MM* and 73 days 100,000 saved with pad drilling Footage Drilled 80,000 60,000 40,000 Florida Alpha: 6-Well Pad 20,000 6 Single Wells 0…
  10. March 2013 Investor Presentation – Continental Resources, Inc. – slide 10
    Low Cost Bakken Operator Million 2012 2013 12 11.3 Historical Target 10 9.2 0.4 0.3 0.3 8.2 8 6 4 2 - OSONon-Op Average CWC Well Cost ISOOperated CWCCost Average Well Completion Completion Efficiencies…
  11. March 2013 Investor Presentation – Continental Resources, Inc. – slide 11
    Bakken Well Economics 90% 80% 70% 603 MBoe EUR Target YE2013 60% Average operated CWC ROR 3Q12: 9.2MM 50% Target YE2013: 8.2MM 40% 30% 3Q12 20% 10% 60 80 100 120 12 Crude Oil Price (/Bbl) *Assumes 7 differential.…
  12. March 2013 Investor Presentation – Continental Resources, Inc. – slide 12
    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% 30 0.60 Distillation Cuts 60% 25 0.50 Light Ends 50% 20 0.40 Gasoline 40% Jet Fuel 15 0.30 30%…
  13. March 2013 Investor Presentation – Continental Resources, Inc. – slide 13
    Williston Basin Evacuation Capacity 3.5 TransCanada East (42) Enbridge Sandpiper (24) 200 Rig Forecast* ND Port - Minot High Sierra - Donnybrook 250 Rig Forecast* Red River - Williston Bentek Forecast Great Northern - Fryburg 3.0…
  14. March 2013 Investor Presentation – Continental Resources, Inc. – slide 14
    CLR shipped 1st unit train of Bakken premium crude to Tesoro Refinery 15 Anacortes, WA (Sept. 2012)
  15. March 2013 Investor Presentation – Continental Resources, Inc. – slide 15
    The Scope of the SCOOP: South Central Oklahoma Oil Province Epicenter of Oklahoma Oil Golden Trend (1945) 590 MMBo 3 of the top oil-producing counties in Oklahoma 3.2 BBo produced Knox 97 MMBo 60 reservoirs Sho-Vel-Tum (1905)…
  16. March 2013 Investor Presentation – Continental Resources, Inc. – slide 16
    SCOOP: A New, High-Impact Resource Play South Central Oklahoma Oklahoma NW Cana Texas Oil Province World-class resource shale Cana Field Up to 400 of oil-rich shale Dual reservoir target Excellent siliceous and highly…
  17. March 2013 Investor Presentation – Continental Resources, Inc. – slide 17
    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…
  18. March 2013 Investor Presentation – Continental Resources, Inc. – slide 18
    CLRs Commanding Position in SCOOP Lease 94,000 net acres at YE 2010 218,000 net acres at YE 2012 245,000 net acres as of Feb. 2013 161% increase since YE 2010 Unrisked Resource Inventory 2 BBoe net unbooked reserve potential to…
  19. March 2013 Investor Presentation – Continental Resources, Inc. – slide 19
    Recent SCOOP Activity Oil fairway Elliot 1-35H: 633 Boepd (67% oil) Nightengale 1-16H: 523 Boepd (78% oil) Condensate fairway Lowrance 1-10H : 1,580 Boepd (38% oil) Wooten 1-28H: 1,103 Boepd (25% oil) Cosby 1-13H: 1,761 Boepd (23%…
  20. March 2013 Investor Presentation – Continental Resources, Inc. – slide 20
    SCOOP Economic Performance Condensate Fairway EUR = 1190 MBoe (61% liquids)** ROR% IRR* vs Gas Price 100 Oil 24% 90 Gas 39% 80 70 NGL 60 37% 50 40 Oil Fairway Completed Wells Costs 30 Oil 9.0 MM EUR = 626 MBoe (75%…
  21. March 2013 Investor Presentation – Continental Resources, Inc. – slide 21
    Realizing CLRs Unrisked Resource Potential Continental 2012 proved reserves: 785 MMBoe Undrilled Potential Net Wells Unbooked Potential Net Reserves (Net Wells) (MMBoe) 25,000 8,000 (4) 7,219 (2) 7,000 20,000 19,353 6,000…
  22. March 2013 Investor Presentation – Continental Resources, Inc. – slide 22
    5-Year Target: Another Triple Production Proved Reserves MMBoe MMBoe 120 2000 1,524 108+ 90 1500 60 1000 50 785 36 508 30 500 0 0 2012 2013* 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 98 300 MBoepd…
  23. March 2013 Investor Presentation – Continental Resources, Inc. – slide 23
    2013 Capital Expenditures Budget Total Capital Expenditures (3.6B) Drilling Capital Allocation (3.15B) Other Development Exploratory Drilling Other SCOOP 130MM 430MM 450MM 440MM Exploratory 430MM Development Drilling…
  24. March 2013 Investor Presentation – Continental Resources, Inc. – slide 24
    Summary: CLRs Clear Vision of Growth Deliver unmatched oil growth from existing portfolio Operating excellence with focus on safety and continued cost efficiency Bring value forward by tripling production and proved reserves by YE…
  25. March 2013 Investor Presentation – Continental Resources, Inc. – slide 25
    JWH 9/13/12 CLR Investor Relations Appendix Update January 31, 2013
  26. March 2013 Investor Presentation – Continental Resources, Inc. – slide 26
    2013 Operational and Financial Guidance 2013 Production growth range 35% to 40% Capital expenditures* 3.6B Price differentials: WTI crude oil (per barrel of oil) 5.00 to 7.00 Henry Hub natural gas (per Mcf) +1.00 to 1.50 Operating…
  27. March 2013 Investor Presentation – Continental Resources, Inc. – slide 27
    Swaps and Collars As of 12/31/12 Crude Oil Derivative Positions Swaps Collars Wtd. Avg. Price Period and Type of Contract Bbls Wtd. Avg. Price Floor Ceiling January 2013 - December 2013 Swaps - WTI 11,862,500 92.66 Swaps - Brent…
  28. March 2013 Investor Presentation – Continental Resources, Inc. – slide 28
    Capital Efficiency Recycle Ratio Industry Leader(1)(2) 6 5.0x 5 4 3.2x 3 2.7x 2.3x 2.1x 2 1.8x 1.7x 1.2x 1.1x 1 0 CLR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 1 Recycle ratio is calculated as the…
  29. March 2013 Investor Presentation – Continental Resources, Inc. – slide 29
    EBITDAX Reconciliation to GAAP We use a variety of financial and operational measures to asses our performance. Among these measures is EBITDAX. EBITDAX represents earnings (net income) before interest expense, income taxes, depreciation,…
  30. March 2013 Investor Presentation – Continental Resources, Inc. – slide 30
    Commanding Bakken Acreage Position 1 Leaseholder TF 320 2,3,4 1.1 million net acres YE 2012 Angus 2-9H-2 (TF2) TF +24% YOY since 2011 TF 2,3 2,3 1,556 Boepd 120 Miles 120 Miles 160 320 TF 2,3,4 Charlotte 2-22H (TF2) &…
  31. March 2013 Investor Presentation – Continental Resources, Inc. – slide 31
    Bakken Type Curve 21 700 18 600 15 500 Cum Monthly 12 400 Oil Oil Equiv 9 300 Equiv (MBOE) (MBoe) 6 200 3 100 0 0 0 100 200 300 400 500 Months Cum Oil Equiv (MBoe) Oil Equiv (MBoe) 32
  32. March 2013 Investor Presentation – Continental Resources, Inc. – slide 32
    320-Acre Pilot Density Projects 3 tests Micro-seismic monitoring 1320 same zone inter-well spacing/660 offset 1320 68 660 1 MILE 33
  33. March 2013 Investor Presentation – Continental Resources, Inc. – slide 33
    160-Acre Pilot Density Project 660 inter-well spacing between same-zone wells 660 68 330 1 MILE 34
  34. March 2013 Investor Presentation – Continental Resources, Inc. – slide 34
    Decreasing Stimulation Costs per Stage Thousands Per Stage 140 124 120 114 111 108 98 100 80 60 40 20 0 *Costs include pumping services, wireline, water, packers and plugs. 35
  35. March 2013 Investor Presentation – Continental Resources, Inc. – slide 35
    SCOOP Type Curves Oil Fairway Type Curve Condensate Fairway Type Curve EUR: 626 MBoe (75% liquids) EUR: 1190 MBoe (61% liquids) 10000 10000 1000 BOPD, MCFD 1000 BOPD, MCFD 100 100 10 10 0 6 12 18 24 30 36 42 48…

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