Tuesday, October 23, 2018

CLR's Corporate Presentation -- September, 2018

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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
OPEC -- spare capacity approaching historically low levels; opens the door to US exports
  • spare capacity (percent of global supply): 5%
  • % of global liquids supply: 4%
  • most interesting; mentioned yesterday (PEMEX/Bakken) -- global demand for light, sweet crude
CY 2018
  • 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)
Bakken EURs
  • "uplifted" once again
  • 60-stage completions = higher EUR type curve
ROR
  • ROR, at $50 oil
    • 2011: 0%
    • 2014: 10%
    • 2015: 20%
    • 2017: 40%
    • 2Q18: 80%
  • ROR: at $70 oil
    • 2015: 60%
    • 2017: 80%
    • 2Q18: 180%
EURs: 70 "60-stage" optimized completions
  • 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
Slide 30: decline rates -- leveling out; Bakken decline rate no worse than SCOOP/STACK

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
Margins, slide 33
  • 2015: 61%
  • 2016: 57%
  • 2017: 67%
  • 2Q18: 74%

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