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CLR Investor Presentation – Continental Resources, Inc.

Continental Resources, Inc. · May 21, 2013 · 32 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 Presentation – Continental Resources, Inc. – slide 1
    JWH 9/13/12 CLR Investor Relations CLR Investor Presentation Update MayJanuary 2013 31, 2013
  2. CLR Investor Presentation – Continental Resources, Inc. – slide 2
    Continental Resources, Inc. 1 oil producer in the Rockies*, the Williston Basin, and the Bakken Strong 1Q13 operating results Averaged 121,500 Boepd in 1Q13 42% increase over 1Q12 622 Million EBITDAX in 1Q13 37% increase over…
  3. CLR Investor Presentation – Continental Resources, Inc. – slide 3
    Production, Reserve and Stock Growth Annual Proved Share Production Reserves Price 50 1,000 100 45 900 Proved Reserves 90 Annual Production 785 40 800 80 35 700 70 36 600 60 MMBOE 30 25 500 50 20 400 40 15 300 30…
  4. CLR Investor Presentation – Continental Resources, Inc. – slide 4
    Strong EBITDAX and Cash Margins EBITDAX (MM) Cash Margins (%) 1,963 5 1 See reconciliation of EBITDAX to GAAP net income in the Appendix.
  5. CLR Investor Presentation – Continental Resources, Inc. – slide 5
    1 Producer, Driller and Leasehold Owner 77 MBoepd net for CLR Bakken Growth Outpacing Competitors (BOPD) Gross Operated Production per Month 1Q13 CLR 22 CLR operated rigs 12% of industry HES WLL Proved reserves STO 564 MMBoe at…
  6. CLR Investor Presentation – Continental Resources, Inc. – slide 6
    1 Leaseholder in the Bakken 1.2 million net acres at 1Q13 +25% YOY since 1Q12 Full Development 98% HBP on de-risked leasehold Mode De-Risked Area by YE2013 96% HBP for both de-risked and exploratory leasehold by YE2017 North…
  7. CLR Investor Presentation – Continental Resources, Inc. – slide 7
    MB + TF1: Early Stages of Development Massive oil field of Full Development unprecedented magnitude Mode De-Risked Area 15,000 sq. miles 87% proven productive Real oil play 120 Miles 24 BBoe technically recoverable* 83% crude…
  8. CLR Investor Presentation – Continental Resources, Inc. – slide 8
    Tight Oil Resource Plays: Larger than We Think Charlotte 1-22H Gamma Ray Resistivity Lodgepole Prior to Lower TF: Upper 577 BBo in place (2010) BAKKEN BAKKEN PETROLEUM SYSTEM* MBKK Middle N 20 BBo recoverable 3.5%**…
  9. CLR Investor Presentation – Continental Resources, Inc. – slide 9
    CLR: Three Forks Pioneer Drilled 20% of all TF wells Three Forks Isopach Map Completed first lower TF producers Barney 2-29-H TF 320 10-well coring program 2,3,4 (2012) Angus 2-9H-2 TF 2,107 Boepd TF Lower TF exploration net 2,3…
  10. CLR Investor Presentation – Continental Resources, Inc. – slide 10
    Pad Drilling = Lower Completed Well Cost 140,000 21.8MM* 29.3MM* 36% Cycle Time Improvement 120,000 7.5MM* and 73 days 100,000 saved with pad drilling Footage Drilled 80,000 60,000 40,000 Florida-Alpha: 6-Well Pad…
  11. CLR Investor Presentation – Continental Resources, Inc. – slide 11
    Low Cost Bakken Operator Millions 12 2012 2013 11.3 Historical Target Increasing Rates of Return 10 9.2 0.4 0.3 0.3 8.2 8 6 8.3MM Average 4 CWC in April 2013 2 - Non-Op OSO AverageCWC Well Cost Operated CWC…
  12. CLR Investor Presentation – Continental Resources, Inc. – slide 12
    Bakken Well Economics Average operated CWC 9.2MM (2012) 8.2MM (YE2013 Target) 8.3MM (April 2013) 603 MBoe EUR ND Bakken Type Curve ROR* 21 700 Monthly Oil Equiv (MBoe) 18 600 Cum Oil Equiv (MBoe) 15 500 12 400 9…
  13. CLR Investor Presentation – Continental Resources, Inc. – slide 13
    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%…
  14. CLR Investor Presentation – Continental Resources, Inc. – slide 14
    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…
  15. CLR Investor Presentation – Continental Resources, Inc. – slide 15
    CLR shipped 1st unit train of Bakken premium crude to Tesoro refinery Anacortes, 16 WA (Sept. 2012)
  16. CLR Investor Presentation – Continental Resources, Inc. – slide 16
    The Scope of the SCOOP: South Central Oklahoma Oil Province SCOOP Epicenter of Oklahoma Oil Golden Trend (1945) 3 of the top oil-producing 590 MMBo counties in Oklahoma 3.2 BBo produced Knox (1916) 60 reservoirs 97 MMBo…
  17. CLR Investor Presentation – Continental Resources, Inc. – slide 17
    SCOOP: A New, High-Impact Resource Play South Central Oklahoma NW Cana Oil Province Cana Field World-class resource shale Up to 400 of oil-rich shale Dual reservoir target SCOOP Excellent siliceous and highly fractured reservoir…
  18. CLR Investor Presentation – Continental Resources, Inc. – slide 18
    SCOOP is Premium Woodford Cana Field SCOOP Upper Woodford 100 100 200 200 Feet Lower Woodford 300 300 SCOOP = 6X the reservoir volume of Cana Field 400 400 Oil-prone and liquid-rich Gas Oil Condensate Oil 155…
  19. CLR Investor Presentation – Continental Resources, Inc. – slide 19
    CLRs Commanding Position in SCOOP Lease 94,000 net acres at YE 2010 232,000 net acres at 1Q2013 147% increase since YE 2010 Knox 1-1H 1,151 Boepd Unrisked Resource Inventory 2 BBoe net unbooked reserve potential to CLR with 3,035…
  20. CLR Investor Presentation – Continental Resources, Inc. – slide 20
    Recent SCOOP Activity Condensate fairway Knox 1-1H: 1,151 Boepd (26% oil) Colbert 1-32H: 1,769 Boepd (30% oil) Lowrance 1-10H: 1,580 Boepd (38% oil) Cosby 1-13H: 1,761 Boepd (23% oil) Oil fairway Elliot 1-35H: 633 Boepd (67% oil)…
  21. CLR Investor Presentation – Continental Resources, Inc. – slide 21
    SCOOP 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 9.0MM EUR = 626 MBoe (75%…
  22. CLR Investor Presentation – Continental Resources, Inc. – slide 22
    Realizing CLRs Unrisked Resource Potential 2012 proved reserves: 785 MMBoe Undrilled Potential Net Wells Unbooked Potential Net Reserves (Net Wells) (MMBoe) 7,219 19,353 4,568 9,976 23 *Calculations exclude non-prospective…
  23. CLR Investor Presentation – Continental Resources, Inc. – slide 23
    2013 Capital Expenditures Budget Total Capital Expenditures: 3.6B Drilling Capital Allocation: 3.15B Other Exploratory Other Development Drilling SCOOP 450MM 130MM 430MM 470MM Exploratory 400MM Development Bakken 2,150MM…
  24. CLR Investor Presentation – Continental Resources, Inc. – slide 24
    CLR Clear Vision for Growth Production Proved Reserves MMBoe MMBoe 300 MBoepd 108+ 1,524 98 MBoepd 50 785 36 508 Operating excellence with focus on Enhance marketing strategy to safety and continued cost efficiency…
  25. CLR Investor Presentation – Continental Resources, Inc. – slide 25
    Appendix
  26. CLR Investor Presentation – Continental Resources, Inc. – slide 26
    2013 Operational and Financial Guidance as of May 8th, 2013 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)…
  27. CLR Investor Presentation – Continental Resources, Inc. – slide 27
    Swaps and Collars as of March 31 , 2013 st Collars Crude Oil - NYMEX WTI Swaps Floors Ceilings Weighted Weighted Weighted Average Average Average Period and Type of Contract Bbls Price Range Price Range Price April 2013 - December…
  28. CLR Investor Presentation – Continental Resources, Inc. – slide 28
    Capital Flexibility & Efficiency Credit Statistics & Ratings Analysis Source: public disclosures and SEC filings Total Debt / EBITDAX 4.0x 3.5x 3.0x 3.0x 2.6x 2.5x 2.3x 2.3x 1.9x 1.8x Avg: 2.1x 2.0x 1.4x 1.0x 1.0x CLR 0.7x…
  29. CLR 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. CLR Investor Presentation – Continental Resources, Inc. – slide 30
    160 & 320-Acre Pilot Density Projects: 2013-14 320-Acre Pilot 160-Acre Pilot 1320 660 68 68 660 330 BAKKEN TF1 TF2 TF3 TF4 1 MILE 1 MILE 3 project areas, 123MM net cost 1 project area, 36MM net cost 1,320 ft. same-zone…
  31. CLR Investor Presentation – Continental Resources, Inc. – slide 31
    Decreasing Stimulation Costs per Stage Thousands per Stage 124 111 108 98 90 90 *Costs include pumping services, wireline, water, packers and plugs. 32
  32. CLR Investor Presentation – Continental Resources, Inc. – slide 32
    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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