SCOOP Project SpringBoardfilecache.investorroom.com/mr5ir_clr/100/CLR SpringBoard...Guidance provided during 3Q 18 earnings conference call. 4. Excludes 2015 Hartley unit. 5. Excludes

PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLYPROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY

SCOOP Project SpringBoardJanuary 29, 2019


Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934. All statements included in this presentation other than statements of historical fact, including, but not limited to, forecasts or expectationsregarding the Company’s business and statements or information concerning the Company’s future operations, performance, financial condition, production andreserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows, are forward-looking statements.When used in this presentation, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget,” “plan,” “continue,” “potential,”“guidance,” “strategy,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain suchidentifying words.

Forward-looking statements are based on the Company’s current expectations and assumptions about future events and currently available information as to theoutcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerousbusiness, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’scontrol. No assurance can be given that such expectations will be correct or achieved or the assumptions are accurate. The risks and uncertainties include, but arenot limited to, commodity price volatility; the geographic concentration of our operations; financial, market and economic volatility; the inability to access neededcapital; the risks and potential liabilities inherent in crude oil and natural gas exploration, drilling and production and the availability of insurance to cover anylosses resulting therefrom; difficulties in estimating proved reserves and other revenue-based measures; declines in the values of our crude oil and natural gasproperties resulting in impairment charges; our ability to replace proved reserves and sustain production; the availability or cost of equipment and oilfield services;leasehold terms expiring on undeveloped acreage before production can be established; our ability to project future production, achieve targeted results in drillingand well operations and predict the amount and timing of development expenditures; the availability and cost of transportation, processing and refining facilities;legislative and regulatory changes adversely affecting our industry and our business, including initiatives related to hydraulic fracturing; increased market andindustry competition, including from alternative fuels and other energy sources; and the other risks described under Part I, Item 1A Risk Factors and elsewhere inthe Company’s Annual Report on Form 10-K for the year ended December 31, 2017, registration statements and other reports filed from time to time with the SEC,and other announcements the Company makes from time to time.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should oneor more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, the Company’s actual results andplans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by thiscautionary statement. Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct orupdate any forward-looking statement whether as a result of new information, future events or circumstances after the date of this presentation, or otherwise.

Readers are cautioned that initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. Inparticular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressurefracturing are typically characterized by significant early declines in production rates.

We use the term "EUR" or "estimated ultimate recovery" to describe potentially recoverable oil and natural gas hydrocarbon quantities. We include theseestimates to demonstrate what we believe to be the potential for future drilling and production on our properties. These estimates are by their nature much morespeculative than estimates of proved reserves and require substantial capital spending to implement recovery. Actual locations drilled and quantities that may beultimately recovered from our properties will differ substantially. EUR data included herein remain subject to change as more well data is analyzed.

Forward-Looking Information

2


Project SpringBoard Alone is on Pace to Grow CLR’s Net Oil Production 10% from 3Q18 to 3Q19(1)

Springer: • Row 1 completed and results are in line with expectations• Upgraded development plan

Saves ~$125 million in projected net Capex Uplifts average EUR per well to 1.3 MMBoe Increases lateral length from 7,500’ to 9,800’

• 7 rigs drilling Rows 2 and 3; 16 wells waiting on completion

Woodford/Sycamore: • 5 rigs drilling, 17 wells waiting on completion

Project SpringBoard Progress Update

3

1. Guidance provided during 3Q18 earnings conference call.

PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLYPROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 4

High Impact CLR-Operated Oil Project

• 73-square miles of contiguous leasehold ~47,000 gross acres (~35,000 net) ~75% avg. CLR working interest ~17% minerals ownership(2)

Row Development Maximizing Operational Efficiencies

3 Reservoirs: Springer, Sycamore, Woodford

• Springer (80-85% Oil) 31 total operated units(3)

85 wells(4)

Complete YE 2020(5)

• Woodford/Sycamore (70% Oil) 31 total operated units Up to 250 wells(4)

Co-developing both reservoirs

SCOOP Project SpringBoard Overview400 MMBoe Resource Potential(1)

1. Gross unrisked resource potential. 2. Minerals strategic relationship owns 17% of minerals underlying CLR’s net acre SpringBoard position.3. Excludes 2015 Hartley unit.

CompletingDrillingDevelopedCLR-Operated

SpringBoard Status:

9+ Miles

4. Excludes parent wells. 5. At current pace of development.

Row 1Row 1Row 2Row 2

Row 5Row 5Row 3Row 3

Row 4Row 4


11,000’

14,000’

500’-1,500’

Sycamore150-200’ Thick

2-4 Wells/Unit

Woodford125-200’ Thick

5-6 Wells/Unit

Row 1 Row 2 Row 3 Row 4N S

Springer15-90’ Thick 3-4 Wells/Unit

Row 5

SpringBoard Geology:Springer, Sycamore And Woodford Reservoirs

N

SMap View

Cross Section

Row 1

Row 2

Row 3

Row 4

SNRow 5

N

S


1. Note: Row 1 IP’s per well are not high-day aligned. 2. 2018 Springer wells that have IP’ed to date.

Springer Results To Date New 9,800’ Lateral 1.3 MMBoe Type Curve

1.3 MMBoe Type Curve Represents

Avg. Reservoir Thickness

Thicker Reservoir

Thinner Reservoir

Row 12018

Row 22019

Row 32019

Row 42020

Row 52020

Springer # Wells IP per Well(1) (Boepd) Combined IP (Boepd)

Row 1 18 1,292 23,255

Triple H 4 1,516 6,065

2018 Program 22 1,333 29,320

100

1,000

10,000

0 60 120 180

Boe

pd

Days

2018 (22 Wells)

New 9,800' Lateral 1.3 MMBoe Springer Type Curve

SpringBoard Range of Well Outcomes2018 Average Springer Results(2)

1.3 MMBoe Springer Type Curve


New Springer 9,800’ Lateral 1.3 MMBoe Economic Model

1. Compared to former Springer IR curve released in 4Q17. 2. Assumes 80% NRI.

Updated Springer Development Well Economics(1)

Lateral Length 9,800’

Capex $10 MM

EUR 1,300 MBoe

Finding Cost $9.62 per Boe(2)

IP 1,430 Boepd

ROR 60-90% at $50-$60 WTI

Updated Development Plan Saves ~$125 MM in Projected Net Capex

• Lateral Length: Increases 30% from 7,500’ to 9,800’

• Well Cost: Increases 5% from $9.5 MM to $10 MM

• Cost per Lateral Foot: Reduced 20%

• EUR per Well: Increases 8% from 1.2 MMBoe to 1.3 MMBoe

• Finding Cost: Reduced 3%

0%

25%

50%

75%

100%

125%

$40 $45 $50 $55 $60 $65 $70

RO

R

WTI Oil Price, $/BBL

Springer Oil

$10.0MM Budget 2019

Target EUR: 1,300 MBOE Avg. Lateral: 9,800

60% ROR $16.58/$0.99 PV0 Breakeven $25.22/$1.51 PV10 Breakeven


Operational Efficiencies Driving Down Costs

46

35 30

10 15 20 25 30 35 40 45 50

2018 Row 1(18 Wells)

2018 Row 2(16 Wells)

2019 Target

Spud

to T

D (D

ays)

$698 $574 $490

$515 $530

$530

$1,213 $1,104

$1,020

$0$200

$400

$600$800

$1,000

$1,200$1,400

2018 Row 1 2018 Row 2 2019 Target

Sprin

ger C

WC

($/L

ater

al F

t)

Drilling Completions

Achieved 10% Reduction in Springer Completed Well Costs

• Drilling: Cost reduced by 18%

Cycle time reduced by 24%

• Completion:

Stages per day up 45%

Targeting Addl. 6-8% Reduction in Springer CWC in 2019

• 15% reduction in drilling cost

• 15% reduction in drilling cycle time

• Completion costs remain flat while increasing proppant loading by 30%

Springer


SpringBoard’s Low Cost, Market Advantaged Barrel

CLR Headquarters

Cushing, OK

Water Recycling

Facility

ProjectSpringBoard

CVR Refinery

Wildcat Gas Pipeline (200 mi)

Basin Crude Pipeline (100 mi)

Enable Crude Pipeline (50 mi)

N. TX Premium Markets

High Quality Project in Our Own Backyard!Operational Efficiencies

• 95% of oil, gas and water in Row 1 on pipe

• Infrastructure allows for uninterrupted flow back and

produced water handling through CLR operated

recycling facility

Marketing Advantages

• Crude oil differentials below $2.00/barrel

Direct pipeline connectivity to Cushing & local refinery

• Access to N. TX premium gas markets

400 MMcfd firm transportation on Wildcat Pipeline

Oklahoma

Texas

40 miles


CLR’s Project SpringBoard:Translating Assets Into Shareholder Value

10

2018 Springer Wells Completing and in Line with Expectations

• ~31 Operated Springer Units(4); 85 Wells(5)

• ~31 Operated Woodford/Sycamore Units; up to 250 Wells(5)

Up to 335 Potential CLR-Operated Locations

Expect ~20 Wells/Quarter Turned to Production

(Springer, Woodford & Sycamore)

• Utilizing 9,800’ vs. Prior 7,500’ Lateral • Avg. EUR Uplifted to 1.3 MMBoe per Well

Optimized Springer Development Plan

~$125 Million in Projected Net Capex Savings

• 73-Square Miles; ~35,000 Net Acres• ~75% Average Working Interest • ~17% Minerals Ownership(2)

400 MMBoe Resource Potential(1)

3 SCOOP Reservoirs 70% - 85% Crude Oil

On Track to Grow CLR Net Oil Production 10% from 3Q18 to 3Q19(3)

ValueAssets

Cost Savings from Row 1 to Row 2: • Drilling Cost Reduced by 18%• Drilling Cycle Time Reduced by 24% • Completed Stages per Day up 45%

1,333 Avg. Boepd per Well (81% Oil)

1. Gross unrisked resource potential. 2. Minerals strategic relationship owns 17% of minerals underlying CLR’s net acre SpringBoard position.3. Guidance provided during 3Q18 earnings conference call. 4. Excludes 2015 Hartley unit. 5. Excludes parent wells.

Documents

SCOOP Project SpringBoardfilecache.investorroom.com/mr5ir_clr/100/CLR SpringBoard...Guidance provided during 3Q 18 earnings conference call. 4. Excludes 2015 Hartley unit. 5. Excludes