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Wednesday, February 17, 2021

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

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