CLR, February, 2021, Corporate Presentation

CLR February, 2021, presentation, link here.

2021 guidance.

• CAPEX: $1.4 billion non-acquisition CAPEX budget
• back of the envelope:
• $1.4 billion / $8 million = 175 new wells
• total production growth y/y: 3 - 4%
• production expense per boe: $3.50
• cash G&A  per boe: $1.30

Peer groups

• XEC
• PXD
• FANG
• EOG
• MRO
• DVN
• OVV

2020 Results:

• $275 million in free cash flow
• $1.16 billion CAPEX (compare with $1.4 billion for CY2021
• production:
• 160,500 bopd
• 838 million cfpd
• production expense per boe: $3.27
• cash G&A per boe: $1.20
• gas capture: 98.3%
• debt: $1.5 billion of near-term maturities extended to 2031 with new bond offering

Completed well costs (North Dakota)

• Bakken:
• $690 all-in cost per lateral foot per well in 2002
• 10,000' average lateral length
• $4.9 million D&C per well;
• Southern:
• $1,070 all-in cost per lateral foot per well in 2002
• 8,200' average lateral length
• $7.6 million D&C per well;

Southern step-out unit:

• northwest corner of Stark County; southeast corner of Billings County
• five unit wells outperforming legacy well
• economics exceeding 30% ROR at $50 WTI
• $6.4 million average CWC per well
• Whiting's southern play
• area "owned" by Whiting
• CLR has acres are in this area