CLR's September, 2018, corporate presentation, Barclays Global CEO-Energy Power conference.
Link here. These presentations "disappear" over time.
41 slides.
Annual production (exit rate)
- 2010: slightly below 50,000 boepd
- 2018: 320 boepd
- spare capacity (percent of global supply): 5%
- % of global liquids supply: 4%
- most interesting; mentioned yesterday (PEMEX/Bakken) -- global demand for light, sweet crude
- 20% to 24% production growth year-over-year
- slightly below $1 billion free cash flow
- unhedged focus on oil; 95% of rigs are targeting oil
- budget breakeven at low $40 WTI
- for investors, note this: may spin off its "minerals" division (new joint venture if I remember correctly)
- "uplifted" once again
- 60-stage completions = higher EUR type curve
- ROR, at $50 oil
- 2011: 0%
- 2014: 10%
- 2015: 20%
- 2017: 40%
- 2Q18: 80%
- ROR: at $70 oil
- 2015: 60%
- 2017: 80%
- 2Q18: 180%
- 1.2 million-bbl type curves; hit 250K at 280 days
- 70 optimized high stage completions hit an average of 300K at 280 days
- rapid expansion across the Bakken
- first fifteen years: 12 wells/year
- past three years (2015 - 1Q18): 157 wells/year
Debt
- declining
- YE 2015: $7.1 billion
- 2Q18: 6.0 billion
- long-term target: $5 billion
- earliest debt maturity is 2022 bonds (callable)
- 4.5% average interest rate in 2Q18
- unsecured credit facility: $1.5 billion revolver; fully undrawn at 6/30/18
- 2015: 61%
- 2016: 57%
- 2017: 67%
- 2Q18: 74%
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