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Canaccord Genuity – Continental Resources, Inc.

Continental Resources, Inc. · Oct 16, 2012 · 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. Canaccord Genuity – Continental Resources, Inc. – slide 1
    Canaccord Genuity th 2012 Global Raymond James 20 Equity Conference Resource OctoberConference 10, 2012 October 16, 2012
  2. Canaccord Genuity – Continental Resources, Inc. – slide 2
    Continental Resources, Inc. 1 oil producer in Williston Basin 610 MMBoe* proved reserves at MY2012 20% YTD growth Strong 2Q 2012 results Surpassed 100,000 Boepd milestone in June Averaged 94,852 Boepd in 2Q - 76% increase over 2Q…
  3. Canaccord Genuity – Continental Resources, Inc. – slide 3
    Strong EBITDAX and Cash Margins EBITDAX (TTM1) (MM) Cash Margins 76% 1,800 75% 1,626 75% 1,600 74% 74% 1,400 1,304 73% 73% 1,200 72% 1,000 811 71% 800 70% 600 69% 451 69% 400 68% 200 67% 0 66% 2009 2010 2011 6/30/12…
  4. Canaccord Genuity – Continental Resources, Inc. – slide 4
    Bakken: King of Tight Oil Fields Continuous oil field of unprecedented magnitude 15,000 sq. miles, 87% proven productive 24 BBoe technically recoverable (Oct. 2010) Field continues to grow Deeper intervals Down-spacing True oil…
  5. Canaccord Genuity – Continental Resources, Inc. – slide 5
    CLR: King of the Bakken & 1 Oil Producer 1 Bakken producer, driller and leasehold owner 13% production 10% rigs 10% acreage Net unrisked potential (MB + TF1 only) 1.5 BBoe 3,988 locations Assets continue to grow: Vertically…
  6. Canaccord Genuity – Continental Resources, Inc. – slide 6
    MB + TF1: Early Stages of Full Development 13,000 sq. miles under Full Development development Mode 202 rigs operating CLR: 19 operated rigs Less than 1 well per 120 Miles 1280-acre unit on average 4-to-8 wells per zone for…
  7. Canaccord Genuity – Continental Resources, Inc. – slide 7
    Exploring While Developing Gamma Ray Resistivity Lower TF increases OOIP 57% Lodgepole 903 BBo in place (2012) Upper 32 BBo recoverable 3.5% BAKKEN 36 BBo 4% BAKKEN PETROLEUM SYSTEM MBKK N Middle 45 BBo 5% Lower 2010…
  8. Canaccord Genuity – Continental Resources, Inc. – slide 8
    CLR: Three Forks Pioneer Three Forks Isopach Map Drilled 25% of all TF wells 320-acre development Proved separation of MB + TF1 TF2, TF3, TF4 10-well coring program oil shows in TF2, TF3 + TF4 TF2, TF3 Completed first TF2 producer…
  9. Canaccord Genuity – Continental Resources, Inc. – slide 9
    Single Well Economics 21 Bakken Type Curve 700 18 600 Type curve 15 500 10,000 lateral / 30 stages Monthly 12 400 Cum Oil 603 MBoe EUR Oil Equiv 9 300 Equiv (MBOE) Completed well costs (CWC) (MBoe) 6 200 3 100 Single well…
  10. Canaccord Genuity – Continental Resources, Inc. – slide 10
    Glimpse of the Future Days 1 11 21 31 41 51 61 71 81 91 101 111 121 131 141 151 161 171 181 191 201 0 20,000 7.5MM Drilling Savings with Pad Drilling 40,000 6 single wells Footage Drilled 201 days 60,000 29.3MM spud to…
  11. Canaccord Genuity – Continental Resources, Inc. – slide 11
    Bakken Premium Light Sweet Crude vs. Other Benchmarks Improved Refinery Yield Crude Quality: API Gravity & Sulfur Distillation Cuts 45 0.90 100% 40 0.80 90% 80% 35 0.70 70% 30 0.60 60% 25 0.50 Light Ends 50% 20 0.40 Gasoline 40%…
  12. Canaccord Genuity – Continental Resources, Inc. – slide 12
    Williston Basin Evacuation Capacity 3.5 3.5 TransCanada East (42) Enbridge Sandpiper (24) OneOk Bakken Express (24) TransCanada Keystone XL SB - High Prairie (16) Western Fuels - NewTown Enbridge - Berthold Plains - Ross 3.0 Hess…
  13. Canaccord Genuity – Continental Resources, Inc. – slide 13
    CLR Going Directly to North American Refiners Tesoro Refinery, Anacortes, WA CLR 1st shipper, Sept. 2012 14
  14. Canaccord Genuity – Continental Resources, Inc. – slide 14
    Whats 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) Healdton…
  15. Canaccord Genuity – Continental Resources, Inc. – slide 15
    SCOOP: A New, High-Impact Resource Play Thick, high-quality resource shale reservoir 1.8 BBoe net reserve potential to CLR* 2,200 net locations* 25-50% oil, 60-75% total liquids 40-55% ROR** Commanding leasehold position with…
  16. Canaccord Genuity – Continental Resources, Inc. – slide 16
    Heres the SCOOP World-class resource Oklahoma shale Texas Up to 400 of oil-rich shale Cana Field Dual reservoir target Excellent siliceous reservoir Highly fractured Source of the oil SCOOP The Woodford Shale 25…
  17. Canaccord Genuity – Continental Resources, Inc. – slide 17
    SCOOP is Premium Woodford Cana Field SCOOP Upper Woodford Lower Woodford 6X the reservoir volume of Cana Field Clay-rich Woodford Oil-prone and liquid-rich Silica-rich Woodford Stratigraphic cross-section datum top…
  18. Canaccord Genuity – Continental Resources, Inc. – slide 18
    SCOOP: Why Stealth Weve Been Leasing 94,000 acres at YE 2010 (3% HBP) 170,600 acres today (23% HBP) +80% last 18 months 12 Miles 19
  19. Canaccord Genuity – Continental Resources, Inc. – slide 19
    Weve Been Drilling, Too 2012 Results: Oil fairway Simms 1-32H: 702 Boepd (80% liquid) Healey 1-12H: 670 Boepd (86% liquid) Mills 1-21H: 626 Boepd (81% liquid) Condensate fairway Carson 1-2H: 1,524 Boepd (57% liquid) Dawkins 1-20H: 808…
  20. Canaccord Genuity – Continental Resources, Inc. – slide 20
    SCOOP Economic Performance Condensate Fairway EUR = 1190MBoe (61% liquids) ROR% IRR* vs Gas Price 100 Completed Well Costs Oil 90 Oil9.0 Oil 9.0MM MM 24% Gas 80 Oil 8.5 MM Oil 8.5 MM 39% Condensate9.5 Condensate 9.5MM MM…
  21. Canaccord Genuity – Continental Resources, Inc. – slide 21
    Realizing CLRs Growth Potential Unrisked Potential Net Wells Unbooked Net Resource Potential (Net Wells) (MMBoe) 18,000 16,950 8,000 7,000 16,000 7,000 14,000 6,000 12,000 Other Other 5,000 10,000 8,850 NW Cana 4,100 NW Cana SCOOP…
  22. Canaccord Genuity – Continental Resources, Inc. – slide 22
    5-Year Target: Another Triple Production Proved Reserves MMBoe MMBoe 120 2000 1,524 108+ 90 1500 60 1000 48 36 610* 508 30 500 0 0 2012* 2013** 2014 2015 2016 2017 2011 MY2012 2013 2014 2015 2016 2017 97 300 MBoepd…
  23. Canaccord Genuity – Continental Resources, Inc. – slide 23
    2013 Capital Expenditures Budget Total Capital Expenditures (3.4B) Drilling Capital Allocation (2.9B) Other Development Exploratory Drilling Other Exploratory 4% 430MM 460MM 15% SCOOP 15% Development Drilling 2,510MM…
  24. Canaccord Genuity – Continental Resources, Inc. – slide 24
    Summary: CLRs Clear Vision of Growth Expand and De-Risk Plays while Developing premier oily assets Operating excellence and continued cost efficiency Assure transportation/infrastructure gets built as we grow Implement marketing…
  25. Canaccord Genuity – Continental Resources, Inc. – slide 25
    Appendix 26
  26. Canaccord Genuity – Continental Resources, Inc. – slide 26
    2013 Guidance Capital expenditures budget, excluding acquisitions 3.4 Billion Production growth 30% to 35% Net well count 300 Price differentials WTI crude oil (/Bo) 8 to 11 Henry Hub natural gas (/Mcf) +1.00 to 1.50 premium 27
  27. Canaccord Genuity – Continental Resources, Inc. – slide 27
    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…
  28. Canaccord Genuity – Continental Resources, Inc. – slide 28
    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,…
  29. Canaccord Genuity – Continental Resources, Inc. – slide 29
    CLR: 4.5 BBoe Bakken Resource Potential Unrisked Potential Net Wells Unbooked Net Resource Potential (Net Wells) (MMBoe) 14,000 13,285 5,000 4,472 4,500 12,000 4,000 10,000 3,500 2,836 8,000 3,000 6,718 TF3/TF4 2,500 TF3/TF4…
  30. Canaccord Genuity – Continental Resources, Inc. – slide 30
    Low-Cost Bakken Operator Million 12 Historical Target 11.3 2.1 10 0.4 0.3 0.3 9.5 9.2 8 18% 8% 8.2 Increase Increase 6 4 2 0 OSO Average CLR Cost ISO Average Completion Drilling Multi-Well Pads Targeted ISO Well Cost…
  31. Canaccord Genuity – Continental Resources, Inc. – slide 31
    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. 3Q 2012 through August. 32
  32. Canaccord Genuity – Continental Resources, Inc. – slide 32
    SCOOP: 1.8 BBoe Woodford Resource Potential Unbooked Unrisked Potential Net Wells Net Unbooked Resource Potential (Net Wells) (MMBoe) 2,500 2,000 1,800 2,242 1,800 2,000 1,600 1,400 1,500 1,200 1,114 1,000 SCOOP 839 SCOOP…
  33. Canaccord Genuity – Continental Resources, Inc. – slide 33
    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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