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3Q-2011 Update – Continental Resources, Inc.

Continental Resources, Inc. · Jan 4, 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. 3Q-2011 Update – Continental Resources, Inc. – slide 1
    Third Quarter 2011 Update January 4, 2012
  2. 3Q-2011 Update – Continental Resources, Inc. – slide 2
    Continental Resources, Inc. 1 oil producer in Williston Basin Steady, strong production growth 66,289 Boepd for 3Q 2011 23% increase over 2Q 2011 At least 73,000 Boepd for 4Q 2011 3Q 2011 EBITDAX 338 million +72% over 3Q 2010 892…
  3. 3Q-2011 Update – Continental Resources, Inc. – slide 3
    Creating Value Through Growth Consistent, organic growth Goal: 3X production and proved reserves 2009-2014 Multi-decade drilling inventory 6,851 potential net locations in just the Bakken and Anadarko Woodford Crude oil/liquids in…
  4. 3Q-2011 Update – Continental Resources, Inc. – slide 4
    Excellent 3Q 2011 Results 66,289 Boepd production +23% growth over 2Q 2011 At least 73,000 Boepd for 4Q 2011 Charlotte 2-22H 1st successful test of a deeper Three Forks bench 1,396 Boepd in 1-day test (gross production) 22,600 net…
  5. 3Q-2011 Update – Continental Resources, Inc. – slide 5
    Strong Production Growth MMBoe 22.3 3Q 2011 Bakken production 15.8 3Q 2011 +27% over 2Q 2011 15.6 MMBoe +73% over 3Q 2010 9.0 75% oil 83% oil Est. 6
  6. 3Q-2011 Update – Continental Resources, Inc. – slide 6
    Strong Growth in Proved Reserves MMBoe ND Bakken was 421 365 49% of mid-year 2011 reserves 63% MT Bakken 9% 118 oil Anadarko Woodford 12% 7
  7. 3Q-2011 Update – Continental Resources, Inc. – slide 7
    Five-Year Growth Plan MMBoe Production MMBoe Proved Reserves 771 40.8 421 22.3 257 13.6 Est. Est. Est. We are solidly on track to meet our five-year growth goal. 8
  8. 3Q-2011 Update – Continental Resources, Inc. – slide 8
    The Bakken Keeps Getting Bigger 200 Miles 24 billion Boe technically MIGRATED CONVENTIONAL OIL FIELDS recoverable oil and gas* 14,700 sq. mi. continuous oil accumulation 4,000 horizontal wells Fault Zone (CLR: 507 gross…
  9. 3Q-2011 Update – Continental Resources, Inc. – slide 9
    CLR Acreage Mostly De-Risked 901,098 net acres 603,000 Boe EUR per well (ND) MATURE BAKKEN 22 operated rigs Charlotte 2-22H Charlotte 2-22H (91% WI) M. BKKN First test of a deeper Three PINCHOUT Forks bench U. BKKN PINCHOUT…
  10. 3Q-2011 Update – Continental Resources, Inc. – slide 10
    Bakken Development Plan Original dual-zone development plan 10,000 8 wells per 1,280 1st ECO-Pad well pair below acres 4 MB, 4TF Upper Bakken Shale surface 603,000 Boe EUR per well (avg. 24.5 Lower Bakken Shale…
  11. 3Q-2011 Update – Continental Resources, Inc. – slide 11
    Montana Bakken NORTH DAKOTA MONTANA 8 gross (6.9 net) N. EXTENSION wells completed in EXPLORATORY 2011 DEVELOPMENT 46% average ROR Two-rig drilling program to continue into 2012 Bakken Producer S. EXTENSION AREA…
  12. 3Q-2011 Update – Continental Resources, Inc. – slide 12
    ECO-Pad Enhances Economics 10% lower cost per well CANADA (Avg. IP per well for 4 wells) 1 1. Glasoe/Raymoe IP 940 Boepd 2. Kennedy/Miles 1,377 Boepd 3. Arthur/Hegler (1) 1,088 Boepd 4. Bridger/Bonneville 745 Boepd (restricted…
  13. 3Q-2011 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. 3Q-2011 Update – Continental Resources, Inc. – slide 14
    Anadarko Woodford 7,164 Boepd in 3Q 2011 Brown 1-2H production (+78% from 2Q 2011) Southeast Cana Petty 1-16H Lambakis 1-1H (98% WI) 5.4 MMcfpd, 160 Bopd Lyle 1-30H (99% WI) 7.1 Wray 1-1H MMcfpd, 325 Bopd Sprowls 1-14H…
  15. 3Q-2011 Update – Continental Resources, Inc. – slide 15
    Liquids-Rich 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:…
  16. 3Q-2011 Update – Continental Resources, Inc. – slide 16
    Niobrara/DJ Basin 2nd, 3rd and 4th wells being completed 25,000 net acres in fairway Hahn 1-4H Perrin 1-10H 90,293 net acres in Marconi 1-1H play Wattenberg Field CLR wells completing Horizontal producer CLR acreage 17
  17. 3Q-2011 Update – Continental Resources, Inc. – slide 17
    Operating Discipline Years ended December 31, First 9 mos. 2008 2009 2010 2011 Realized oil price (/bbl) 88.87 54.44 70.69 88.19 Realized natural gas price (/Mcf) 6.90 3.22 4.49 5.37 Oil production (Bopd) 24,993 27,459 32,385 42,160…
  18. 3Q-2011 Update – Continental Resources, Inc. – slide 18
    Creating Value Through Growth Consistent, strong organic growth Crude oil/liquids in premier U.S. resource plays High margins through operating control Capital discipline Hedged for operational stability
  19. 3Q-2011 Update – Continental Resources, Inc. – slide 19
    Appendix 20
  20. 3Q-2011 Update – Continental Resources, Inc. – slide 20
    2012 Guidance Capital expenditures budget 1.75 Billion Operated drilling rigs (avg.) 40 Production growth 26% to 28% Price differentials: WTI crude oil (Bo) 7 to 9 Henry Hub natural gas (Mcf) +1 to +1.50 Operating expenses per…
  21. 3Q-2011 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. 3Q-2011 Update – Continental Resources, Inc. – slide 22
    Swaps and Collars Swaps Collars Collars Barrels Weighted Avg. Floors Ceilings Oct. to Dec. 2011 Swaps 644,000 86.25 Collars 2,622,000 75 to 80 89 to 97.25 Wtd. Avg. 79.39 Wtd. Avg. 91.27 Jan. to Dec. 2012 Swaps 9,150,000 90.17…
  23. 3Q-2011 Update – Continental Resources, Inc. – slide 23
    EBITDAX Reconciliation 1st 9 Months (In thousands) 2008 2009 2010 2011 3Q 2011 Net income 320,950 71,338 168,255 541,136 439,143 Interest expense 12,188 23,232 53,147 56,737 18,981 Provision for income taxes 197,580 38,670 90,212…

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