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INVESTOR PRESENTATION – Continental Resources, Inc.

Continental Resources, Inc. · Apr 1, 2015 · 27 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 PRESENTATION – Continental Resources, Inc. – slide 1
    Investor Update April 2015
  2. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 2
    Continental Resources Founded in 1967 by Harold Hamm New York Stock Exchange listed, went public in 2007 at 7.50 per share (split adjusted), ticker symbol: CLR BAKKEN 1.17 Million Net Acres Leased 22 billion enterprise value…
  3. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 3
    Two WorldClass Platforms for Growth Leading positions in both the Bakken Production Growth (Boe per Day) and SCOOP 180,000 174,000 Scalable economics from large leasehold SCOOP and production volumes 160,000 Bakken 20% Bakken…
  4. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 4
    Consistent Proved Reserves Growth Proved reserves totaled 1.35 billion Total Proved Reserves Boe at YE14, +25% over YE13 (MMBoe) PV10 of 22.8 billion at YE14, +13% 1,400 SCOOP over YE13 Bakken PDP reserves of 490 MMBoe at YE14,…
  5. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 5
    2015: Embracing Market Change Revised 2015 capex and production guidance 2.7 billion nonacquisition capex (reduced 48% from original budget) with flexibility Targeting cash flow neutrality by midyear 2015 16%20% YOY production…
  6. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 6
    Utilizing Strengths and Flexibility Asset Strength Highquality, highROR assets in Bakken and SCOOP 2015 drilling program targeting 40% ROR based on an average 15% reduced completed well cost (CWC) at 60 oil and 3.00 natural gas…
  7. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 7
    HighQuality, HighROR Assets SCOOP Springer ROR vs. Oil Price Bakken ROR vs. Oil Price 100% 100% EUR: 940 MBoe EUR: 800 MBoe Avg. Lateral: 4,500 feet Avg. Lateral: 9,800 feet 80% 80% 60% 60% ROR ROR 40% 40% 20% 20% 15%…
  8. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 8
    2015 Bakken Drilling Program: Focused on High ROR Core 800 MBoe/well projected average EUR 15% increase in EUR due to highgraded 2015 drilling program Program includes 100% 30stage enhanced completions Expanding footprint of…
  9. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 9
    Enhanced Completions Update Williams & McKenzie Counties: 30Stage Completions 90Day Production Comparison 60,000 55,000 45% 90Day Uplift 50,000 28% 90Day Uplift 45,000 40,000 35,000 Cum BOE 30,000 25,000 20,000…
  10. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 10
    Bakken Continues to Deliver Solid Economics 2015 Drilling Program: Targeting 800 MBoe EUR/well ROR vs Oil Price 100% YE 2014 CWC (9.6 MM) 800 MBoe Model Parameters 90% 15% CWC Reduction 2 Mile Lateral Length Oil IP Rate, bbl/day…
  11. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 11
    SCOOP Woodford: Continues to Grow Excellent production extended another 12 miles south Connell 11312XH: IP 10,951 Mcfpd and 518 Oklahoma City Bopd 9,500 lateral Ritter 1334XH: IP 11,747 Mcfpd Good Martin Density Pilot 6,500…
  12. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 12
    Good Martin 8Well Density Pilot SCOOP Woodford Good Martin Production 1,000 The 8 Good Martin wells had an average 24hour IP of 820 Boe per well, 100 with 75% oil Boe per day The average IP of the 8 Good Martin wells…
  13. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 13
    Higher Returns With Extended Laterals SCOOP Woodford Condensate Fairway Condensate Fairway Type Curve270 1,800 4,500' Act. Well Count 1,600 Ext. Act. Well Count 240 Approximately 85% of 2015 wells will be 4,500' Act. Production 1,400…
  14. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 14
    SCOOP Springer: Expanding Oil Discovery Continued success with oil fairway stepouts Schoof 117H: IP 1,465 Boepd SCOOP Lyle Land 125H: IP 1,135 Boepd CLR: Schoof 117H Martha Skid 135H: IP 935 Boepd IP: 1,465 Boepd Langworthy 133H:…
  15. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 15
    SCOOP Springer Oil: Exceptional Economics Springer Shale Type Curve 900 Well Count Current EUR/well model: 940 MBoe 800 Type Curve (Normalized to 4,500' LL) 40 700 Act. Production (Normalized to 4,500') 600 30 Boe per day…
  16. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 16
    Incremental Value Captured Through NW Cana Joint Development Agreement (JDA) Formed JDA with SK E&S (South Korean based) STACK NW Cana Sold 49.9% interest in 44,000 acres and 37 producing wells for total consideration of Cana…
  17. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 17
    2015 Capital Expenditures Budget NonAcquisition Capital Expenditures: 2.7B Drilling capital allocation: Bakken: 65% Other Leasehold, SCOOP: 31% Drilling, 180MM Woodford: 24% Other, 100MM Springer: 7% 150MM NW Cana JV & Other:…
  18. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 18
    Low Cash Cost Drives Excellent Margins ( per Boe) 80 72.45 72.04 65.99 66.53 70 59.35 60 51.11 50 44.68 54.74 53.52 48.59 48.86 40 76% 74% 43.32 74% 73% 73% 35.24 30 30.93 69% 69% 20 3.40 3.95 4.74 4.49…
  19. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 19
    Strong Liquidity and Financial Profile Financial Ratios and Ratings(1) Agency Credit Ratings Net Debt/ TTM EBITDAX(2) 1.58x Leveraged Cash Margin (3) 48.86 Moody's Baa3 Net Debt/YE14 Proved Reserves 4.42 3 Year Allin F&D (/Boe)…
  20. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 20
    Updated 2015 Guidance As of February 24, 2015 2015 Production growth (YOY) 16% to 20% Capital expenditures (nonacquisition, in billions) 2.7 Operating Expenses: Production expense per Boe 5.50 to 6.00 Production tax (% of oil &…
  21. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 21
    Appendix
  22. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 22
    Continuing to Deliver Excellent Margins 2009 2010 2011 2012 2013 2014 4Q2014 Realized oil price (/Bbl) 54.44 70.69 88.51 84.59 89.93 81.26 61.53 Realized natural gas price (/Mcf) 2.95 4.26 4.87 3.73 4.87 5.40 4.36 Oil production…
  23. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 23
    EBITDAX Reconciliation to GAAP We use a variety of financial and operational measures to assess our performance. Among these measures is EBITDAX. We define EBITDAX as earnings (net income) before interest expense, income taxes,…
  24. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 24
    EBITDAX Reconciliation to GAAP The following tables provide reconciliations of our net income and operating cash flows to EBITDAX for the periods presented: In thousands 2009 2010 2011 2012 2013 2014 4Q2014 Net income 71,338 168,255…
  25. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 25
    Adjusted Earnings Reconciliation to GAAP Our presentation of adjusted earnings and adjusted earnings per share that exclude the effect of certain items are nonGAAP financial measures. Adjusted earnings and adjusted earnings per share…
  26. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 26
    PV10 Disclosure The Companys PV10 value, a nonGAAP financial measure, is derived from the Standardized Measure of discounted future net cash flows, which is the most directly comparable financial measure computed using U.S. GAAP.…
  27. INVESTOR PRESENTATION – Continental Resources, Inc. – slide 27
    Contact Information J. Warren Henry Vice President, Investor Relations & Research Phone: 4052349127 Email: Warren.HenryCLR.com Alyson L. Gilbert Senior Investor Relations Analyst Phone: 4057745814 Email:…

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