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Tuesday, March 22, 2016

CLR Has Just Released A New Presentation -- Dated March 22, 2016; Look At The Number Of DUCs Projected For Year-End 2016

Disclaimer: this was done quickly; there will be typographical and factual errors. I often use shorthand, round numbers, etc. Do not use this information on which to base decision-making. If this information is important to you, go to the source: http://phoenix.corporate-ir.net/phoenix.zhtml?c=197380&p=IROL-Presentations. This is the March 22, 2016, presentation.

Sixteen slides.

Some numbers rounded; ranges may differ.

Slide 3: emphasis on STACK/SCOOP

Slide 4:
  • 2016 - CAPEX slightly less than $1 billion to maintain 200,000 BOEPD
  • cash flow neutral at ~ $37 WTI
  • $200 million cash flow impact +/- $5 move in WTI
  • 19 operated drilling rigs (32% reduction from 2015 average)
  • 2.5 completion crews in South; 0 to 1 in the Bakken
Slide 4, continued:
  • over-pressured STACK shows 3X production uplift compared to normally-pressured wells
  • enhanced completions in SCOOP generating 35% increase in 180-day IP rates
  • Bakken DUCs provide catalyst for high ROR with lower incremental cost in 2017
Slide 5, non-acquisition CAPEX:
  • Bakken drilling: $320 million
  • SCOOP/STACK drilling: $400 million
  • Slide 5, continued, DUCs:
  • Bakken: 195 year-end 2016; compare to 135 year-end 2015
  • Oklahoma: 50 year-end 2016; compare to 35 year-end 2015
Slide 6:
  • Bakken: 1,045,000 acres
  • Oklahoma: 850,000 acres
  • Slide 13, the Bakken
  • average EUR up 13% from 2015
  • 2016 target average EUR: 900,000 boe/well
  • 2015 target average EUR: 800,000 boe/well
  • finding/development costs cut by 50% in 2015 (per boe)
  • increasing DUC backlog (see above
  • year-end DUC EUR average of 850,000 boe
Slide 14: costs and drill times
  • company records:
  • two-mile lateral drilled in 2.2 days
  • three-mile lateral drilled in 4.7 days
  • completion cost reductions
  • fresh water: down 55%
  • water handling: down 55%
  • stimulation services: down 55%
  • perforating: down 30%
Slide 15: balance sheet
  • no near-term debt maturities
  • earliest is $500 million 11/2018
Break-even costs as posted by CLR at the above presentation:

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