CLR - Investor Update - March 2018 - Howard Weil

Howard Weil
March 2018
PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY
Forward-Looking Information
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 Securities
Exchange Act of 1934. All statements included in this presentation other than statements of historical fact, including, but not limited to, forecasts or expectations
regarding the Company’s business and statements or information concerning the Company’s future operations, performance, financial condition, production and
reserves, 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 such
identifying words.
Forward-looking statements are based on the Company’s current expectations and assumptions about future events and currently available information as to the
outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous
business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s
control. No assurance can be given that such expectations will be correct or achieved or the assumptions are accurate. The risks and uncertainties include, but are
not limited to, commodity price volatility; the geographic concentration of our operations; financial, market and economic volatility; the inability to access needed
capital; the risks and potential liabilities inherent in crude oil and natural gas exploration, drilling and production and the availability of insurance to cover any
losses resulting therefrom; difficulties in estimating proved reserves and other revenue-based measures; declines in the values of our crude oil and natural gas
properties 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 drilling
and 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 and
industry competition, including from alternative fuels and other energy sources; and the other risks described under Part I, Item 1A Risk Factors and elsewhere in
the 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 one
or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, the Company’s actual results and
plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this
cautionary statement. Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct or
update 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. In
particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure
fracturing 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 these
estimates to demonstrate what we believe to be the potential for future drilling and production on our properties. These estimates are by their nature much more
speculative than estimates of proved reserves and require substantial capital spending to implement recovery. Actual locations drilled and quantities that may be
ultimately recovered from our properties will differ substantially. EUR data included herein remain subject to change as more well data is analyzed.
2
2018: Breakout Year for CLR
Entering stage of “Sustainable… Positive Cash-Flow Growth”
• Harvesting 2 decades of high-quality inventory in heart of Bakken, SCOOP & STACK
• 17% to 24% production growth
• Up to $900 million in free cash flow(1)
• Cash applied to debt; targeting $5 billion
• 2019 can deliver similar level of free cash flow and production growth
Investment community agrees:

• Only E&P on Morgan Stanley’s ‘Fresh Money Buy List’
• Only E&P on Raymond James ‘Best Ideas List for 2018’
• Top pick at Wolfe Research for 2018
• Upgraded to Investment Grade by S&P
1. Free cash flow is a non-GAAP measure, please see slide 28 for additional information.
3
CLR’s Path to Sustainable…Positive Cash-Flow Growth
Exploration / Asset accumulation
Harvest assets
350,000
Annual Production
STACK 285,000-300,000
300,000 SCOOP
242,637
Boe per day
250,000 Bakken
200,000 Legacy
150,000
100,000
50,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018E
Outspend(1) Free Cash Flow(1)
Avg. WTI Price(2)

$2,000 $100
Flow / Outspend(1)
Annual Free Cash
$95
Avg. WTI Price(2)

$96 $95 $97
$1,000 $79 $845 $800-$900 $80
$ in MM
$227 $60
$0 $50 $51
$43 Outspend
$40
-$526 Asset divestiture proceeds
-$1,000 -$845 -$999 -$875 Free cash flow $20
-$1,329 Projected free cash flow
-$1,393
-$2,000 $0
2010 2011 2012 2013 2014 2015 2016 2017 2018E
1. Free cash flow / outspend is a non-GAAP measure. See slide 28 for a definition of this measure and a reconciliation of the historical amounts to the most comparable U.S. GAAP measure. Also, with
respect to projected amounts, please see slide 28 for an explanation of the factors that make a quantitative reconciliation of this forward-looking estimate to U.S. GAAP not possible. 2016 & 2017 totals are
inclusive of asset divestiture proceeds of $631 million and $144 million, respectively.
2. Average WTI price is the SEC price used for reserve calculations; rounded to the nearest dollar
4
CLR Restoring Historical Debt Metrics and Returns
4Q EBITDAX
4.0 $96 $95 $97 $95 annualized 1.9x $100
3.6x
3.5x
$79
Net Debt / TTM
Avg. WTI Price(3)
Avg. WTI Price(3)

$80
EBITDAX(1)
3.0 2.7x
$50 $51 $60
2.0 1.8x
1.6x 1.6x
1.1x $43 $40
1.0 0.9x
$20
0.0 $0
2010 2011 2012 2013 2014 2015 2016 2017 2018E
$96 $97
30% $95 $95 $100
Avg. WTI Price(3)
Employed (ROCE)(2)
25% 23.1% 21.9%

Return on Capital
$80
Avg. WTI Price(3)

20% $79 18.8%
16.9% 16.1% 10.0%-
15% $50 $51 15.0%
$60
10% $40
$43
5% 3.8%
-1.6% -0.7% $20
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018E
-5% $0
1. Net Debt and EBITDAX are non-GAAP measures. See slides 29-31 for definitions and reconciliations of these measures to the most comparable U.S. GAAP financial measures.
2. See the calculation of ROCE on slide 34
3. Average WTI price is the SEC price used for reserve calculations; rounded to the nearest dollar
5
CLR Delivered Top-Quartile Growth and Returns on
Debt-Adjusted Share Basis in 2014-2017
Production growth per debt-adjusted share
50%
Production growth per debt-
CLR
adjusted share 25%
0%
(25%)
(50%)
(50%) (25%) 0% 25% 50%
2014YE –2017 YE Share price performance
CROACI(1) ROACE(2)
15% 6%
2015-2017 Average CROACI(1)
2015-2017 Average ROACE(2)

CLR CLR
3%
10%
0%
5%
(3%)
0% (6%)
(50%) (25%) 0% 25% 50% (50%) (25%) 0% 25% 50%
2014YE –2017 YE Share price performance 2014 YE –2017YE Share price performance
Source: Morgan Stanley, Investment Banking Division
Peers include: APC, APA, COP, CXO, DVN, ECA, EOG, HES, MRO, NBL, OXY & PXD
1. CROACI defined as (cash flow + (interest expense x (1 – tax rate))) / (average gross PPE + average intangibles + average net operating working capital)
2. ROACE defined as (EBIT x (1 – tax rate)) / (average total assets – average current liabilities)
6
CLR: Sustainable…Low-Cost, Oil-Weighted Producer
Sustained Downward Shift in LOE and Oil % vs. Peers (4Q’17)
(Source: Public company filings)
Production Expense per Boe $10
$7 Exploration
$6 Harvest assets $8
$5
$4
$6
LOE/Boe
$3
$2
$4
$1
CLR
$0
2Q'12
3Q'12
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'17
2Q'17
3Q'17
4Q'17
2012 2013 2014 2015 2016 2017 $2
$3.17 per Boe 4Q’17 production expense, $0

down ~40% from 4Q’14 0% 20% 40% 60% 80% 100%
Oil Production Percentage (Excludes Liquids)

$3.00 to $3.50 full-year 2018 guidance
LOE among the lowest of select peers
Select peers include: APC, CXO, DVN, EOG, MRO, NFX, OAS, PXD, WLL, WPX, XEC
7
CLR’s Superior Oil-Weighted Assets Provides
Sustainable...Positive Cash-Flow Growth
4Q 2017 Production: 286,985 Boe per day (59% oil)
Play Net Reservoir HBP(1)
Acres(1)
NORTH
175,563 Boepd
Bakken: 802,000 90%
1.9 Million STACK:

Net Reservoir Acres
~70% HBP Meramec 212,500 58%
Woodford 197,000 63%

SOUTH
111,422 Boepd
SCOOP:
Springer 170,000 64%
Sycamore 277,000 56%
Woodford 277,000 56%
1. Acreage and HBP numbers are approximate
8
Bakken Continues to Deliver Record Results
39 gross operated wells turned to production in 4Q’17
• Average 24-Hr IP: 2,180 Boe per day Tarentaise Fed. 1-19H
Tarentaise Fed. 3-19H

• Top 5 all-time 30-day rate Bakken wells
Tarentaise Fed. 5-19H
30-Day Avg,
Well % Oil Formation Quarter
Boepd Monroe 6-2H
Tarentaise Fed. 12-19H2
Monroe 6-2H 2,869 79% MB 4Q17 Monroe 7-2H
Tarentaise Federal 1-19H 2,126 79% MB 4Q17
Tarentaise Federal 3-19H 2,074 80% MB 4Q17
Monroe 7-2H 2,055 80% MB 4Q17

Akron Fed 7-27H
Tarentaise Federal 5-19H 2,034 79% MB 4Q17 Holstein Fed 8-25H
Holstein Federal 8-25H 2,015 83% MB 2Q17
Wiley 7-25H 1,966 76% MB 3Q17 Radermecher 2-22H1
Akron Federal 7-27H 1,853 79% MB 1Q17

Wiley 7-25H
Tarentaise Federal 12-19H2 1,848 79% TF2 4Q17
Radermecher 2-22H1 1,833 79% TF1 1Q17 20 Miles
CLR 30‐Day Record Wells
CLR Acreage
9
Bakken Optimized Completions Continue to
Uplift Performance & Economics Across Our Acreage
1,100 MBoe type curve supported by 134 optimized
completions
• ~125% ROR(2)
• 10 month(2) payout period
• PV-10 up 47% per well(2) compared to previous
type curve
300,000
ND Bakken Well Production
Cumulative Production Boe
250,000
200,000
~40
150,000 miles
100,000
50,000
All optimized completions(1)
1,100 MBoe TC CLR Leasehold
0 CLR Larger Optimized Completion

0 30 60 90 120 150 180 210 240 270 300
Days
Optimized completions successful across
1. 134 optimized completions for MB, TF1 and TF2 through 4Q’17 in Mountrail, Williams, McKenzie
and Dunn counties; down days removed
acreage
2. ROR, PV-10 & payout are based on $60 WTI and $3.00 gas, see ROR footnote on slide 22 or 23
10
Bakken Differentials Continued to Improve in 2017
Expected to Remain Low in 2018
Bakken Oil Differentials to WTI
• 4Q’17 Bakken differential improved
$14
$4.54 from 2015 average $12
$11.83
$9.21
• Revised contract – further improved $10 $8.26 $8.10
$8 $7.13
oil differential to $3.75 per Bo on $5.54
$6 $4.67
~30% of production through Oct.
$4
2024 (effective January 2018) $2
Rail
$0
2014 2015 2016 1Q'17 2Q'17 3Q'17 4Q'17
Pipeline
• 4Q’17 corporate differential Corporate Oil Differentials to WTI
improved $3.10 from 2016 average $12 $10.81
• 2018 corporate differential expected $10
$8.33
to be ($3.50) to ($4.50) per Bo $8 $7.33 $7.09
$6.31
$6 $4.98
$4.23
$4
$2
$0
2014 2015 2016 1Q'17 2Q'17 3Q'17 4Q'17
11
STACK Density Results Provide Template for
Future Development
Normally- CLR Density Results

Intermediate pipe required
Pressured
Over- Unit name Average 24- # of wells Zones
Pressured
Blurton Verona hour IP per per zone tested
well
Bernhardt Ludwig
Bernhardt 752 Boe 5 Lower
(5-well unit) (78% oil)
Gillilan
Ludwig 2,669 Boe 4 Upper,
(8-well unit) (70% oil) Middle
STACK Compton
Blurton 1,314 Boe 3-5 Upper,
SCOOP
(8-well unit) (78% oil) Lower
Angus Trust
Verona 2,281 Boe 4 Upper,

CLR Meramec producing wells CLR Meramec wells drilling / completing
Industry Meramec well CLR Rigs CLR Leasehold Compton 2,203 Boe 5 Upper,
CLR Density Tests Completed
Gillilan 1,102 Boe 5 Upper,
• 6 full-unit tests in over-pressured oil window (10-well unit) (64% oil) Lower
• 1 half-unit test in condensate window (Angus Trust) Angus Trust 2,659 Boe 6 Upper,
(12-well (39% oil) Lower
equivalent
unit)
12
Maximizing Value in STACK
Unit Economic Model for Over-Pressured Meramec Oil
Maximum Net PV-10(1) Achieved with 8 Wells
Preliminary Unit Economic
$100 200% Model for Meramec Oil
• 8 wells - 2 zones/unit; 4
Unit PV-10 ($ in MM)
$80 wells per zone

150%
Unit ROR%
• ~$87 MM PV-10
$60 • 96% ROR(1)
100% • 9,600 MBoe unit EUR
$40 • $9.5MM CWC (9,800’ LL)
50%
Based on 6 full density
$20 tests
$0 0% Over 40 operated units to

develop in over-pressured
Well Count 1 2 4 6 8 10 oil window
Unit EUR(2) 1,700 3,400 6,000 8,000 9,600 10,500
Unit PV-10 $20 MM $40 MM $64 MM $80 MM $87 MM $80 MM
Unit ROR 175% 175% 140% 115% 96% 78%
1. All references to ROR & PV-10 are based on $60 WTI and $3.00 gas, see ROR footnote on slide 22 or 23
2. EUR in MBoe
13
SCOOP Springer: Moving to Full Field Development
Guided by Density Test Results
Three Density Pilots Completed SCOOP Springer Fairway
• Tested 4, 5 and 6 wells per unit Hartley Density

(5-well unit)
Third density test completed in 4Q 2017
• Celesta Unit
• 6-wells, average ~9,400 lateral
6 Miles
• 6,014 Boe (81% oil) - combined IP
Conclusion: 4 wells per unit on average Celesta Density

(6-well unit)
should maximize PV-10 for Springer units
Moving to full-field development in 2018 Jeanna Density

(4-well unit)
• Currently 6 rigs drilling Springer, plan to average 5
rigs during the year
12 Miles
CLR Leasehold CLR SPRG HZ OSO SPRG HZ
14
SCOOP Springer: Introducing Unit Economic Model
Type Curve EUR up 28%, 175% ROR
Maximum PV-10(1) Achieved with 4 Wells New Springer unit type
curve
$80 200%
• 1,200 MBoe (~75% oil)
Unit PV-10 ($ in MM)
• 7500’ lateral
Unit ROR%
$60 150% • $9.5 MM CWC
• ~175% ROR(1); 2.6X
ROR of legacy
$40 100% 940MBoe type curve for
4,500’ lateral
• Payout(1) 11 months; $4
$20 50%
million incremental first
year gross cash flow per
$0 0% well
Preliminary Unit
Well Count 1 2 3 4 5 6 Economic Model
Unit EUR(2) 1,700 3,300 4,200 4,800 5,100 5,300 • Maximum PV-10
achieved with 4 wells
Unit PV-10 $24MM $46MM $59MM $68MM $62MM $53MM
• ~$68 MM PV-10
Unit ROR 195% 188% 181% 175% 127% 82% • 4,800 MBoe unit
EUR
• 175% ROR
1. All references to ROR & PV-10 are based on $60 WTI and $3.00 gas, see ROR footnote on slide 22 or 23
2. EUR in MBoe
15
Multi-Zone/Simultaneous Development
Future of SCOOP
Drilling Rig
Stimulation Crew
3 Springer wells drilling/WOC Dicksion Unit:
While…
Sycamore and Woodford were

being completed
• Sycamore:
• 1,267 Boe 24-hour IP (56%
oil); 4,725’ LL
Total
thickness
• Woodford: 1,700’
• 3 children wells
• 2,185 Boe per well average
24-hour IP (43% oil); 4,785’LL
• Early production ~20% higher
than parent Drilling Well
Producing Well
• ~50% reduction in drill time Completing Well
• ~20% reduction in CWC Outline for Sycamore and
Woodford producers
16
2018: Breakout Year for CLR
Top-Tier Production Growth w/ Up to $900MM in Free Cash Flow(1)
2018 Budget Highlights:
• 100% funded from internal cash flow

$2.3 billion capital
• $2.0 billion for D&C
budget • 78% of D&C targeting Bakken and Springer oil reservoirs
• Targeting annual 285,000 to 300,000 Boe per day

17% - 24% YoY
• 57% to 60% of production is forecasted to be oil
production growth • Projected exit-rate of 305,000 to 315,000 Boe per day
• At $60 WTI and $3.00 Henry Hub

$800 to $900MM
• Capital budget cash neutral at low-to-mid-$40’s WTI
free cash flow • Currently no oil hedges in place
Continued debt • Free cash flow will be applied to reducing debt

reduction • Additional non-core asset divestitures
1. Free cash flow is a non-GAAP measure, please see slide 28 for additional information.
17
CONTACT INFORMATION
Rory Sabino
Vice President, Investor Relations
Phone: 405-234-9620
Email: Rory.Sabino@CLR.com
Alyson L. Gilbert
Manager, Investor Relations
Phone: 405-774-5814
Email: Alyson.Gilbert@CLR.com
Website:
www.CLR.com/Investors
18
Reference materials
19
Proved Reserves up 4% over YE 2016
Total Proved Reserves

1,500
STACK 1,331 Year-end 2017:
SCOOP
13% • Proved reserves were 1,331 MMBoe,
1,200 Bakken
up 4% over YE 2016 proved reserves
Legacy
of 1,275 MMBoe
MMBoe
900 37% • PV-10: $11.83 billion(1), up 78% over

YE 2016 of $6.65 billion
600
• 45% PDP
48% • 89% operated
300
SEC price deck:

0 2%
2010 2011 2012 2013 2014 2015 2016 2017
• Year-end 2017: $51.34 per Bo and
$2.98 per MMbtu gas
For YE 2017:
Natural
52% Oil
Gas 48%
1. At December 31, 2017, Continental had a Standardized Measure of discounted future net cash flows of $10.47 billion. PV-10 is a non-GAAP financial measure and generally differs from Standardized
Measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future net revenues of approximately $1.36 billion.
20
2018 Guidance Builds on Successful 2017
Full-Year 2017 2018 Guidance as
Production & Capital Performance of 2/21/18
Capital expenditures (non-acquisition) $1.995 billion $2.3 billion
Production (Boe per day) 242,637 285,000 – 300,000
Exit rate production (Boe per day) 283,857 305,000 – 315,000
Operating Expenses
Production expense ($ per Boe) $3.66 $3.00 - $3.50
Production tax (% of oil & gas revenue) 7.0% 7.6% - 8.0%
Cash G&A expense(1) ($ per Boe) $1.64 $1.25 - $1.75
Non-cash equity compensation ($ per Boe) $0.52 $0.45 - $0.55
DD&A ($ per Boe) $18.89 $17.00 - $19.00
Average Price Differentials
NYMEX WTI crude oil ($ per barrel of oil) $(5.50) ($3.50) - ($4.50)
Henry Hub natural gas(2) ($ per Mcf) $(0.16) $0.00 - +$0.50
1. Cash G&A is a non-GAAP measure and excludes the range of values shown for non-cash equity compensation per Boe in the item appearing immediately below. Guidance for total
G&A (cash and non-cash) is an expected range of $1.70 to $2.30 per Boe. See “Cash G&A Reconciliation to GAAP” on slide 33 for a reconciliation of 2017 GAAP total G&A per Boe
to cash G&A per Boe.
2. Includes natural gas liquids production in differential range
21
2018 Drilling Program:
CLR Oil Assets
Bakken STACK Over-Pressured Oil
200% 200%
Target EUR: 1,100 MBoe Target EUR for parent wells: 1,700 MBoe
Avg. Lateral: 9,800’ 175% Avg. Lateral:9,800’
160% ~175% ROR
150%
120% 125%
ROR
ROR
~125% ROR 100%

Target EUR for unit: 1,200 MBoe
80% 75% ~100% ROR Avg. Lateral:9,800’
50%
40% $9.5MM Budget 2018 – unit well
25%
$7.9MM Budget 2018 $10.0MM Budget 2018 – parent well
0% 0%
$50 $55 $60 $65 $70 $50 $55 $60 $65 $70
WTI Oil Price, $/BBL WTI Oil Price, $/BBL
SCOOP Woodford Oil 200%

SCOOP Springer
200% Target EUR: 1,520 MBoe Target EUR: 1,200 MBoe
175% Avg. Lateral: 9,800’ 175% Avg. Lateral: 7,500’
150% ~175% ROR
150%
125% 125%
ROR
ROR
100% 100%
75% 75%
50% 50%
~55% ROR
25% $12.7MM Budget 2018 25% $9.5MM Budget 2018
0% 0%
$50 $55 $60 $65 $70 $50 $55 $60 $65 $70
WTI Oil Price, $/BBL WTI Oil Price, $/BBL
1. Pre-tax rate of return (ROR) is based on projected cash flow and time value of money; costs include completed well cost, production expense, severance tax and variable operating costs. $3.00 Henry Hub
is the gas price used for oil price sensitivities and $60 WTI is used for gas price sensitivities. The description of the ROR calculation applies to any ROR reference appearing in this presentation.
22
2018 Drilling Program:
CLR Condensate Assets
200%
SCOOP Woodford Condensate 200%
STACK Condensate
Target EUR: 2,300 MBoe Target EUR: 2,400 MBoe
175% 175% Avg. Lateral: 9,800’
Avg. Lateral: 7,500’
150% 150%
125% 125%
ROR
ROR
100% 100%
75% ~85% ROR 75%
~75% ROR
50% 50%
$10.6MM Budget 2018
25% $10.8MM Budget 2018 25%
0% 0%
$2.50 $3.00 $3.50 $4.00 $2.50 $3.00 $3.50 $4.00
Gas Price, $/MCF Gas Price, $/MCF
1. Pre-tax rate of return (ROR) is based on projected cash flow and time value of money; costs include completed well cost, production expense, severance tax and variable operating costs. $3.00 Henry Hub
is the gas price used for oil price sensitivities and $60 WTI is used for gas price sensitivities. The description of the ROR calculation applies to any ROR reference appearing in this presentation.
23
Optimized Oil Completions Type Curves
Bakken Production STACK Over-Pressured Oil Type Curve
10,000 160
Well Count
10,000 Well Count
150
Actual Production (Normalized to 9800' LL) 140
1,100 Mboe Type Curve
Act. Production
Actual (Normalized
Production to 9,800’
(Normalized LL)LL)
to 9,800’
125 1,700 MBOE Parent Type Curve
120
Unit Curve
1,200 MBOE Child Curve
1,000
Boe per day

1,000 100 100
BOE per day
Well Count
80
Well Count
75
60
100 50 100
40
25
20
10 0 10 0
0 6 12 18 24 30 36 0 6 12 18 24 30 36
Producing Months Producing Months
10,000 SCOOP Oil Type Curve 60 10,000 Springer Oil Type Curve 100
Well Count
940 Curve Well Count
1,520 MBOE Type Curve (Normalized to 9800' LL) Unit Well 1,200 MBOE Type Curve (Normalized to 7,500 LL) 90
Actual Production (Normalized to 9800' LL) 50 Cash, Trammell, Strassle, Robinson Avg (Normalized to 7,500' LL)
80
Actual Production (Normalized to 4,500' LL)
Parent 940 MBOE Type Curve (Normalized to 4,500' LL) 70
1,000 40 1,000
Boe per day
Boe per day

Enhanced Well Count
Well Count
Well Count
60
30 50
40
100 20 100
30
20
10
10
10 0 10 0
0 6 12 18 24 30 36 0 6 12 18 24 30 36
24
Optimized Condensate Completions Type Curves
10,000 SCOOP Woodford Condensate Type Curve 60 10,000
STACK Condensate Type Curve 60
Well Count Well Count
Actual Production
2,400 MBoe Type(Normalized to 9800'toLL)
Curve (Normalized 9,800’ LL)
2,300 MBOE Type Curve (Normalized to 7500' LL) 50 50
Previous 2,400 MBOE Type Curve
Actual Production (Normalized to 7500' LL)
1,000 40 1,000 40
Boe per day
Boe per day

Well Count
Well Count
30 30
100 20 100 20
10 10
10 0 10 0
0 6 12 18 24 30 36 0 6 12 18 24 30 36
25
Optimized Completions Unlock Bakken Value
Generating ~$2.6MM First Year Incremental Cash Flow per Well(1)
Evolution of Bakken Type Curves
150%
1,100 MBoe vs. 980 MBoe
1,100 MBoe; $7.9MM CWC
140% 980 MBoe; $7.0MM CWC
800 MBoe; $6.8MM CWC
2018 Type Curves
130% 603 MBoe; $7.8MM CWC
430 MBoe; $6.5MM CWC
120%
• More than doubled
110%
100% ROR(2) to ~125%
90%
ROR(2)
80% 1H 2017 • Payout period down to 10

70%
60%
months(2)
50%
2015
40% • PV-10 up 47% per well(2)
30%
20%
2014
10%
2011 • Both type curves deliver
0% 80% oil
$40 $50 $60 $70 $80
WTI Oil Price, $/BBL
1. Compared to the 980 MBoe type curve; cash flow per well is on a gross basis
2. ROR, PV-10 & payout are based on $60 WTI and $3.00 gas, see ROR footnote on slide 22 or 23
26
Continued Focus on Debt Reduction
Debt Maturities Summary
Upgraded to IG by S&P to BBB- 3,000
2,500
Financial Metrics
5.0%
2,000
($MM)
• 1.9x: net debt(1) / 4Q 2017 annual 4.5%
1,500
EBITDAX(1) $2,657 Undrawn
3.8% 4.375%
1,000 $2,000
• 2.7x: net debt(1) / TTM EBITDAX(1) 4.9%
$1,500
500 $1,000 $1,000
$700
Financial Strength 0
$93 Drawn
2017 2018 2019 2020 2021 2022 2023 2024 2028 2044
• Earliest debt maturity is revolver Balance Callable
1/31/18 3/15/17
balance in May 2019
Long-Term Debt(2) Declining
• 4.2% average interest rate in 4Q’17
7,000
Unsecured Credit Facility 6,000
($MM)
5,000
• Ample liquidity with $2.75 billion 4,000
revolver $7,116 $6,578
3,000 $6,351 $6,000
$5,000
2,000
• Projecting to pay off revolver in 2018
1,000
0
YE 2015 YE 2016 YE 2017 Near Term Long Term
Target Target
1. Net Debt and EBITDAX are non-GAAP measures. See slides 29-33 for definitions and reconciliations of these measures to the most comparable U.S. GAAP financial measures.
2. Net of current portion of long-term debt
27
Free Cash Flow/Outspend Reconciliation to GAAP
Free cash flow/outspend is a non-GAAP measure. We define free cash flow/outspend as cash flows from operations before changes
in working capital items less capital expenditures excluding acquisitions and divestitures. Free cash flow is not a measure of net
income (loss) or cash flows as determined by U.S. GAAP. Management believes that these measures are useful to management
and investors as a measure of a company’s ability to internally fund its capital expenditures and to service or incur additional debt.
These measures eliminate the impact of certain items that management does not consider to be indicative of the Company’s
performance from period to period. This presentation includes forward-looking free cash flow estimates for 2018; however, the
Company is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly
comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of
such forward-looking GAAP measure. The reconciling items in future periods could be significant.
The following table reconciles historical net cash provided by operating activities as determined under U.S. GAAP to free cash flow
(outspend) amounts for the periods presented.
In thousands 2010 2011 2012 2013 2014 2015 2016 2017

Net cash provided by operating activities (GAAP) $653,167 $1,067,915 $1,632,065 $2,563,295 $3,355,715 $1,857,101 $1,125,919 $2,079,106
Exclude: Changes in working capital items 50,667 109,949 13,015 10,875 126,679 (228,622) 162,216 (1,415)
Less: Capital expenditures (1) (1,229,851) (2,023,165) (3,038,405) (3,573,573) (4,811,647) (2,503,317) (1,074,345) (1,995,246)
Free cash flow (outspend) (non-GAAP) ($526,017) ($845,301) ($1,393,325) ($999,403) ($1,329,253) ($874,838) $213,790 $82,445
(1) Capital expenditures are calculated as follows:
In thousands 2010 2011 2012 2013 2014 2015 2016 2017

Cash paid for capital expenditures $1,083,401 $2,035,642 $4,118,105 $3,739,431 $4,716,787 $3,080,255 $1,164,514 $1,953,198
Less: Total acquisitions (7,337) (200,931) (1,143,778) (268,200) (203,948) (60,975) (35,911) (40,007)
Plus: Change in accrued capital expenditures 147,997 173,591 49,039 89,482 290,782 (519,949) (59,062) 79,222
Plus: Exploratory seismic costs 5,790 14,863 15,039 12,860 8,026 3,986 4,804 2,833
Capital expenditures $1,229,851 $2,023,165 $3,038,405 $3,573,573 $4,811,647 $2,503,317 $1,074,345 $1,995,246
28
Net Debt Reconciliation to GAAP
Net debt is a non-GAAP measure. We define net debt as total debt less cash and cash equivalents as determined under
U.S. GAAP. Management uses net debt to determine the Company’s outstanding debt obligations that would not be
readily satisfied by its cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in
determining the Company’s leverage position since the Company has the ability to, and may decide to, use a portion of
its cash and cash equivalents to reduce debt.
The following table reconciles total debt as determined under U.S. GAAP to net debt for the periods presented.
In thousands 2010 2011 2012 2013 2014 2015 2016 2017

Total debt (GAAP) $ 907,264 $ 1,236,909 $ 3,491,994 $ 4,650,889 $ 5,928,878 $ 7,117,788 $ 6,579,916 $ 6,353,691
Less: Cash and cash equivalents (7,916) (53,544) (35,729) (28,482) (24,381) (11,463) (16,643) (43,902)
Net debt (non-GAAP) $ 899,348 $ 1,183,365 $ 3,456,265 $ 4,622,407 $ 5,904,497 $ 7,106,325 $ 6,563,273 $ 6,309,789
29
EBITDAX Reconciliation to GAAP
We use a variety of financial and operational measures to assess our performance. Among these measures is
EBITDAX. We define EBITDAX as earnings (net income (loss)) before interest expense, income taxes, depreciation,
depletion, amortization and accretion, property impairments, exploration expenses, non-cash gains and losses
resulting from the requirements of accounting for derivatives, non-cash equity compensation expense, and losses on
extinguishment of debt. EBITDAX is not a measure of net income (loss) or net cash provided by operating activities
as determined by GAAP.
Management believes EBITDAX is useful because it allows us to more effectively evaluate our operating performance
and compare the results of our operations from period to period without regard to our financing methods or capital
structure. Further, we believe that EBITDAX is a widely followed measure of operating performance and may also be
used by investors to measure our ability to meet future debt service requirements, if any. We exclude the items listed
above from net income (loss) and net cash provided by operating activities in arriving at EBITDAX because those
amounts can vary substantially from company to company within our industry depending upon accounting methods
and book values of assets, capital structures and the method by which the assets were acquired.
EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) or net cash
provided by operating activities as determined in accordance with GAAP or as an indicator of a company’s operating
performance or liquidity. Certain items excluded from EBITDAX are significant components in understanding and
assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the
historic costs of depreciable assets, none of which are components of EBITDAX. Our computations of EBITDAX may
not be comparable to other similarly titled measures of other companies.
See the following page for reconciliations of our net income (loss) and net cash provided by operating activities to
EBITDAX for the applicable periods.
30
EBITDAX Reconciliation to GAAP
The following tables provide reconciliations of our net income (loss) and net cash provided by operating activities
to EBITDAX for the periods presented:
In thousands 2010 2011 2012 2013 2014 2015 2016 4Q 2017 2017
Net income (loss) $ 168,255 $ 429,072 $ 739,385 $ 764,219 $ 977,341 $ (353,668) $ (399,679) $ 841,914 $ 789,447
Interest expense 53,147 76,722 140,708 235,275 283,928 313,079 320,562 75,823 294,495
Provision (benefit) for income taxes 90,212 258,373 415,811 448,830 584,697 (181,417) (232,775) (608,317) (633,380)
Depreciation, depletion, amortization and accretion 243,601 390,899 692,118 965,645 1,358,669 1,749,056 1,708,744 476,732 1,674,901
Property impairments 64,951 108,458 122,274 220,508 616,888 402,131 237,292 27,552 237,370
Exploration expenses 12,763 27,920 23,507 34,947 50,067 19,413 16,972 2,802 12,393
Impact from derivative instruments:
Total (gain) loss on derivatives, net 130,762 30,049 (154,016) 191,751 (559,759) (91,085) 67,099 (8,417) (90,432)
Total cash received (paid), net 35,495 (34,106) (45,721) (61,555) 385,350 69,553 89,522 15,867 32,401
Non-cash (gain) loss on derivatives, net 166,257 (4,057) (199,737) 130,196 (174,409) (21,532) 156,621 7,450 (58,031)
Non-cash equity compensation 11,691 16,572 29,057 39,890 54,353 51,834 48,097 13,377 45,868
Loss on extinguishment of debt -- -- -- -- 24,517 -- 26,055 554 554
EBITDAX (non-GAAP) $ 810,877 $ 1,303,959 $ 1,963,123 $ 2,839,510 $ 3,776,051 $ 1,978,896 $ 1,881,889 $ 837,887 $ 2,363,617
In thousands 2010 2011 2012 2013 2014 2015 2016 4Q 2017 2017
Net cash provided by operating activities $ 653,167 $ 1,067,915 $ 1,632,065 $ 2,563,295 $ 3,355,715 $ 1,857,101 $ 1,125,919 $ 731,125 $ 2,079,106
Current income tax provision (benefit) 12,853 13,170 10,517 6,209 20 24 (22,939) (7,781) (7,781)
Interest expense 53,147 76,722 140,708 235,275 283,928 313,079 320,562 75,823 294,495
Exploration expenses, excluding dry hole costs 9,739 19,971 22,740 25,597 26,388 11,032 12,106 2,783 12,217
Litigation Settlement -- -- -- -- -- -- -- (59,600) (59,600)
Gain on sale of assets, net 29,588 20,838 136,047 88 600 23,149 304,489 54,420 55,124
Tax benefit (deficiency) from stock-based compensation 5,230 -- 15,618 -- -- 13,177 (9,828) -- --
Other, net (3,513) (4,606) (7,587) (1,829) (17,279) (10,044) (10,636) 723 (8,529)
Changes in assets and liabilities 50,666 109,949 13,015 10,875 126,679 (228,622) 162,216 40,394 (1,415)
EBITDAX (non-GAAP) $ 810,877 $ 1,303,959 $ 1,963,123 $ 2,839,510 $ 3,776,051 $ 1,978,896 $ 1,881,889 $ 837,887 $ 2,363,617
31
ADJUSTED Earnings Reconciliation to GAAP
Our presentation of adjusted earnings and adjusted earnings per share that exclude the effect of certain items are non-GAAP financial
measures. Adjusted earnings and adjusted earnings per share represent earnings and diluted earnings per share determined under
U.S. GAAP without regard to non-cash gains and losses on derivative instruments, property impairments, losses on certain litigation
settlements, gains and losses on asset sales, losses on extinguishment of debt and the impact of U.S. tax reform legislation.
Management believes these measures provide useful information to analysts and investors for analysis of our operating results. In
addition, management believes these measures are used by analysts and others in valuation, comparison and investment
recommendations of companies in the oil and gas industry to allow for analysis without regard to an entity’s specific derivative portfolio,
impairment methodologies, and property dispositions. Adjusted earnings and adjusted earnings per share should not be considered in
isolation or as a substitute for earnings or diluted earnings per share as determined in accordance with U.S. GAAP and may not be
comparable to other similarly titled measures of other companies. The following table reconciles earnings and diluted earnings per
share as determined under U.S. GAAP to adjusted earnings and adjusted diluted earnings per share for the periods presented.
4Q 2017 4Q 2016 YTD 2017 YTD 2016

In thousands, except per share data $ Diluted EPS $ Diluted EPS $ Diluted EPS $ Diluted EPS
Net income (loss) (GAAP) $ 841,914 $ 2.25 $ 27,670 $ 0.07 $ 789,447 $ 2.11 $(399,679) $ (1.08)
Adjustments:
Non-cash (gain) loss on derivatives 7,450 51,612 (58,031) 156,621
Property impairments 27,552 34,564 237,370 237,292
Litigation settlement 59,600 -- 59,600 --
Gain on sale of assets (54,420) (201,315) (55,124) (304,489)

Loss of extinguishment of debt 554 26,055 554 26,055
Total tax effect of adjustments(1) (15,335) 33,998 (69,358) (42,448)
Tax benefit from US tax reform legislation (713,655) -- (713,655) --
Total adjustments, net of tax (688,254) (1.84) (55,086) (0.14) (598,644) (1.60) 73,031 0.20
Adjusted net income (loss) (Non-GAAP) $ 153,660 $ 0.41 $ (27,416) $ (0.07) $ 190,803 $ 0.51 $(326,648) $ (0.88)
Weighted average diluted shares outstanding 373,764 370,539 373,768 370,380
Adjusted diluted net income (loss) per share (Non-GAAP) $0.41 $ (0.07) $0.51 ($0.88)
1. Computed by applying a combined federal and state statutory tax rate of 38% in effect for 2017 and 2016 to the pre-tax amount of adjustments associated with our operations in the United
States other than the tax benefit adjustment related to US tax reform.
32
Cash G&A Reconciliation to GAAP
Our presentation of cash general and administrative (“G&A”) expenses per Boe is a non-GAAP measure. We define cash
G&A per Boe as total G&A determined in accordance with U.S. GAAP less non-cash equity compensation expenses,
expressed on a per-Boe basis. We report and provide guidance on cash G&A per Boe because we believe this measure is
commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a
comparable basis from period to period. In addition, management believes cash G&A per Boe is used by analysts and others
in valuation, comparison and investment recommendations of companies in the oil and gas industry to allow for analysis of
G&A spend without regard to stock-based compensation programs which can vary substantially from company to company.
Cash G&A per Boe should not be considered as an alternative to, or more meaningful than, total G&A per Boe as determined
in accordance with U.S. GAAP and may not be comparable to other similarly titled measures of other companies.
The following table reconciles total G&A per Boe as determined under U.S. GAAP to cash G&A per Boe for the periods
presented.
2015 2016 4Q 2017 2017 2018 Guidance

Total G&A per Boe (GAAP) $2.34 $2.14 $2.30 $2.16 $1.70 - $2.30
Less: Non-cash equity compensation per Boe ($0.64) ($0.61) ($0.50) ($0.52) ($0.45) – ($0.55)
Cash G&A per Boe (non-GAAP) $1.70 $1.53 $1.80 $1.64 $1.25 - $1.75
33
Calculation of Return on Capital Employed (ROCE)
The following table shows the calculation of ROCE:
In thousands, except per share data 2010 2011 2012 2013 2014 2015 2016 2017
Net income (loss) $ 168,255 $ 429,072 $ 739,385 $ 764,219 $ 977,341 $ (353,668) $ (399,679) $ 789,447
Impact from derivative instruments:
Total (gain) loss on derivatives, net 130,762 30,049 (154,016) 191,751 (559,759) (91,085) 67,099 (90,432)
Total cash received (paid), net 35,495 (34,106) (45,721) (61,555) 385,350 69,553 89,522 32,401
Non-cash (gain) loss on derivatives, net 166,257 (4,057) (199,737) 130,196 (174,409) (21,532) 156,621 (58,031)
Provision (benefit) for income taxes 90,212 258,373 415,811 448,830 584,697 (181,417) (232,775) (633,380)
Non-cash equity compensation 11,691 16,572 29,057 39,890 54,353 51,834 48,097 45,868
Interest expense 53,147 76,722 140,708 235,275 283,928 313,079 320,562 294,495
Loss on extinguishment of debt -- -- -- -- 24,517 -- 26,055 554
Adjusted EBIT $ 489,562 $ 776,682 $ 1,125,224 $ 1,618,410 $ 1,750,427 $ (191,704) $ (81,119) $ 438,953
Total equity $ 1,208,155 $2,308,126 $ 3,163,699 $ 3,953,118 $ 4,967,844 $ 4,668,900 $4,301,996 $5,131,203
Total long term debt 907,264 1,236,909 3,491,994 4,650,889 5,928,878 7,117,788 6,579,916 6,353,691
Capital employed $ 2,115,419 $3,545,035 $6,655,693 $ 8,604,007 $10,896,722 $11,786,688 $ 10,881,912 $11,484,894
ROCE 23.1% 21.9% 16.9% 18.8% 16.1% -1.6% -0.7% 3.8%
34

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Investment community agrees:

Outspend(1) Free Cash Flow(1)

Avg. WTI Price(2)

Avg. WTI Price(2)

Avg. WTI Price(3)

Avg. WTI Price(3)

25% 23.1% 21.9%

Avg. WTI Price(3)

2015-2017 Average ROACE(2)

$3.17 per Boe 4Q’17 production expense, $0

Oil Production Percentage (Excludes Liquids)

LOE among the lowest of select peers

Bakken: 802,000 90%

1.9 Million STACK:

Woodford 197,000 63%

Springer 170,000 64%

Sycamore 277,000 56%

Woodford 277,000 56%

1. Acreage and HBP numbers are approximate

Tarentaise Fed. 3-19H

Monroe 6-2H 2,869 79% MB 4Q17 Monroe 7-2H

Tarentaise Federal 1-19H 2,126 79% MB 4Q17

Tarentaise Federal 3-19H 2,074 80% MB 4Q17

Monroe 7-2H 2,055 80% MB 4Q17

Holstein Federal 8-25H 2,015 83% MB 2Q17

Wiley 7-25H 1,966 76% MB 3Q17 Radermecher 2-22H1

Akron Federal 7-27H 1,853 79% MB 1Q17

Radermecher 2-22H1 1,833 79% TF1 1Q17 20 Miles

0 CLR Larger Optimized Completion

Normally- CLR Density Results

Verona 2,281 Boe 4 Upper,

$80 wells per zone

$0 0% Over 40 operated units to

• Tested 4, 5 and 6 wells per unit Hartley Density

Conclusion: 4 wells per unit on average Celesta Density

Moving to full-field development in 2018 Jeanna Density

CLR Leasehold CLR SPRG HZ OSO SPRG HZ

Sycamore and Woodford were

• 100% funded from internal cash flow

• Targeting annual 285,000 to 300,000 Boe per day

• At $60 WTI and $3.00 Henry Hub

Continued debt • Free cash flow will be applied to reducing debt

Total Proved Reserves

900 37% • PV-10: $11.83 billion(1), up 78% over

SEC price deck:

Production (Boe per day) 242,637 285,000 – 300,000

Exit rate production (Boe per day) 283,857 305,000 – 315,000

~125% ROR 100%

WTI Oil Price, $/BBL WTI Oil Price, $/BBL

SCOOP Woodford Oil 200%

Boe per day

Boe per day

Boe per day

80% 1H 2017 • Payout period down to 10

In thousands 2010 2011 2012 2013 2014 2015 2016 2017

(1) Capital expenditures are calculated as follows:

In thousands 2010 2011 2012 2013 2014 2015 2016 2017

In thousands 2010 2011 2012 2013 2014 2015 2016 2017

4Q 2017 4Q 2016 YTD 2017 YTD 2016

Litigation settlement 59,600 -- 59,600 --

Gain on sale of assets (54,420) (201,315) (55,124) (304,489)

2015 2016 4Q 2017 2017 2018 Guidance