![]() Exhibit 99.2 |
![]() Focus on the plays most critical to tripling production and reserves 2010-2014 • Anadarko Woodford, Bakken and Niobrara • The scope of our growth opportunity 2011 capex budget and outlook Allow plenty of time for questions and informal discussion Anadarko Woodford bus tour led by CLR management team 2 2010 Investors Day |
![]() Headquarters: Enid, Oklahoma Field offices Counties with CLR leasehold 3 Agenda Continental’s Growth Vision Anadarko Woodford: Drilling Down Bakken: Getting Bigger, Getting Better Break and informal discussions Niobrara: Expanding Oil Resource Play Lunch 2011: Kick-Starting Our Growth A Growth Vision to Create Value Anadarko Woodford Bus Tour 8:00 8:30 9:40 10:40 11:10 Noon 1:00 1:30 2:15 |
![]() Organic growth Crude oil-concentrated High-margin operator Fiscal discipline Shareholder value 4 Consistent Growth Formula • Excel in finding and developing large U.S. resource plays • Exploration-driven, with in-house expertise • 2Q10 production 75% oil • Huge, oil-concentrated drilling inventory • Operate 93% of PV-10 • 72% cash margin 1H10 • Low net debt/EBITDAX relative to peers • Hedged to sustain growth momentum • Management aligned with shareholders • Founder/Chairman/CEO remains largest shareholder |
![]() My investment in Continental • Oil vs. natural gas • Oil will remain our premium transportation fuel • Domestic onshore product whose time is now Invest in teams vs. models • Always go with the best team – today you’ll get a direct, personal review of ours • Great teams focus on “don’ts” as well as “do’s” Many ways to increase shareholder value • Lease-and-develop • Acquire-and-exploit Drill down into the Anadarko Woodford My Personal Perspective 5 |
![]() #3 oil producer in the Rockies Bakken Shale: #1 leaseholder and driller Anadarko Woodford: #1 leaseholder “Oil and Gas Journal 150”* • CLR: #16 in U.S. liquids reserves • CLR: #19 in U.S. liquids production and net income 6 43 Years of Demonstrated Success MBOE 7,209 9,018 10,621 12,006 13,623 Est. 15,800 79% oil 75% oil * Published Sept. 6, 2010 |
![]() 7 0 5 10 15 20 25 30 35 40 45 2009 2010E 2011E 2012E 2013E 2014E 2010-2014 Growth Vision 3X growth in production and reserves Growth platform: Our current leasehold inventory Goal: Generate exceptional value 13.6 15.8 20.6 41.0 257 310 771 Production Growth Proved Reserves Growth MMBoe MMBoe Achieved through current inventory |
![]() Value Key #1: Early Entrance MT Bakken CLR: Aug. 2003 Red River Units CLR: April 1995 ND Bakken CLR: March 2004 Arkoma Woodford CLR: Feb. 2006 Anadarko Woodford CLR: Feb. 2008 CLR’s First Production vs. Industry Production Growth MBoe/Month (Logarithmic) 10,000 1,000 100 10 8 |
![]() 9 Enhanced Value of CLR Investment *Current value considers 80% of Continental’s net acreage Bakken • 864,559 net acres • Recent M&A transactions: $5,100 to $8,000 per acre • Implied CLR Bakken value*: >$4.5B @ $6,550 per acre Anadarko Woodford • 251,626 net acres • Recent Eagle Ford JV transactions: $9,600 to $11,000 per acre • Equivalent present value analogy to Anadarko Woodford: $7,400 to $8,500 per acre • Implied CLR value*: >$1.6B @ $7,950 per acre |
![]() 10 Value Key #2: Embrace New Technology 1988 Computer-based mapping led to 1991 discovery of Ames Hole Oil Field, OK (buried meteorite impact crater) 1995 Cedar Hills Field developed exclusively with precision horizontal drilling (first in the U.S). Key was keeping the drill bit in the top 2 feet of an 8-foot zone. 1997 South BRRU 44-4H well: First horizontal air-injector 2002 Fracture-stimulated horizontal wells in the MT Bakken 2003 Early mover into the ND Bakken 2007 First 1,280 long-lateral multi-stage frac in North Dakota First 24-hour continuous frac in the Arkoma Woodford 2008 First to simul-frac wells in the Arkoma Woodford Demonstrated the Three Forks in North Dakota is a separate reservoir 2009 First 24-hour continuous frac in North Dakota Bakken 2010 Developed ECO-Pad ® drilling concept in North Dakota |
![]() 11 Continental Drilling Efficiency Gains Drilling Days Total CLR Wells Drilled Bakken Arkoma Anadarko |
![]() 12 In addition to 310 MMBoe proved reserves at mid-2010: 2.3 Billion Boe in unbooked, unrisked reserve potential • 7.5X mid-2010 proved reserves With 320-acre spacing in the Bakken, unbooked, unrisked reserve potential would total 3.0 Billion Boe Future Value: CLR’s Growth Platform ND Middle Bakken ND Three Forks MT Bakken Anadarko Woodford Arkoma Woodford DJ-Niobrara Total Potential Net Un- booked Locations 610 417 278 1,574 430 228 3,537 Unrisked Reserve Potential (MMBoe) 262 180 97 1,513 175 53 2,280 Spacing 640 640 640 160 80 320 EUR 518 MBoe 518 MBoe 430 MBoe 7.1 Bcfe 3 Bcf 286 MBoe |
![]() - 3,000 6,000 9,000 12,000 15,000 18,000 21,000 2005 2006 2007 2008 2009 2010E 2011E Production Growth 2005-2011E 13 30% production growth Avg. 33 operated rigs throughout the year 2011: Kick-Starting Our Growth MBOE 7,209 9,018 10,621 12,006 13,623 Est. 15,800 79% oil 75% oil Est. 20,600 |
![]() Questions? 14 |