Sunday, January 18, 2015

CLR -- Investor Update, January 2015

See disclaimer; there maybe typographical and factual errors; if this information is important to you, go to the source. in this case, the CLR webpage. 

Revised 2015 CAPEX and production guidance
  • $2.7 billion (reduced 41%)
  • 16 - 20% yoy production growth
Two (2) world-call platforms for growth
  • SCOOP: 471,000 net acres
  • Bakken: 1.2 million net acres
Repeatable, low risk inventory in the Bakken
  • 4.1 billion boe unrisked potential
  • 11,817 net unrisked potential locations
  • 10 years of inventory averaging 775,000 boe/well
  • 25 years of inventory averaging 600,000 boe/well
Repeatable, low risk inventory in SCOOP
  • 3.6 billion boe net unrisked potential
  • 4,750 unrisked potential locations
2015 Bakken drilling program
  • focus on high ROR core
  • 800,000 boe average EUR
  • 15% increase in EUR due to high-graded 2015 drilling program
2015: expanding footprint of enhanced 30-stage completions
  • 30% to 45% uplift in average 90-day rates
  • 25% to 30% increase in EUR
2015 projected average operated rigs
  • 18 rigs in early January, 2015
  • about 10 rigs rest of 2015
Status of well
  • 122 gross operated completed wells waiting completion
Slide 9: comparing slickwater with hybrid wells; both with greater uplift than offset average
  • slickwater: 10 middle Bakken and 3 TF1 wells; will yield 46% uplift
  • hybrid: 7 middle Bakken and 10 TF1 wells; about $500K less cost than slickwater; 29% uplift
Bakken
  • Current CWC: $9.5 million (15% CWC reduction)
  • anticipate 15% more reduction in service costs due to lower oil prices
  • 800K boe model parameters
  • 664K oil
  • 820 MMcf gas (conversion factor: 6,029)
  • minimum decline, oil: 6%
  • minimum decline, gas: 4%
SCOOP
  • CWC: $9.7 million (anticipate further 15% reduction)
  • 4,500-foot laterals (short laterals
  • current EUR model: 940K boe (67% oil; 17% NGL, 16% gas)
  • conversion factor: 6,000
Woodford Thickness
  • 130 feet north end and south end (Hunton)
  • max of 950 feet in the Woodford center

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