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: