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%