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Continental Resources corporate report

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Report summary

Continental Resources has been one of the best performing E&P stocks in recent months. Since June 2017 its share price is up 67%, smashing the peer group average increase of 33%. The market has been enthused by the company's impressive momentum at the asset level. Recent wells in the Bakken, SCOOP and STACK are significantly outperforming legacy type curves. The company's pledge for cash flow positive, multi-year 15% to 20% production growth has added fuel to the fire. But can the company deliver upon its ambitious vision? In short, we think it will be challenging.

What's included

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    Continental Resources corporate report

    ZIP 1.60 MB

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    Continental Resources Corporate Report.xls

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Table of contents

Tables and charts

This report includes 41 images and tables including:

Images

  • Upstream EV vs. upstream NPV,10
  • Upstream disc. rate sensitivities vs. upstream EV
  • Upstream base-case valuation NPV,10
  • Current NPV,10 vs. future NPV,10
  • Forecast development expenditure (nominal)
  • Historical development expenditure
  • Historical operating expenditure
  • New project returns
  • Liquid production
  • Gas production
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Total reserves: WM commercial
  • Reserve life
  • Total reserves: WM commercial
  • Total reserves: reported vs. WM
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Share price performance
  • Benchmark: Bakken / Three Forks remaining locations
  • Benchmark: Bakken / Three Forks acreage
  • Continental's lowest cost of supply is dominated by the SCOOP / STACK
  • Cash flow breakeven vs. Production growth
  • Share price performance in 2017
  • Continental production guidance vs. WM forecast
  • Continental net debt guidance vs. WM forecast
  • Continental: Evolution of net debt since Q2 2014
  • Benchmark: Executive pay structure
  • Continental: Evolution of vintage type curves
  • Projected development capex
  • Continental SCOOP / STACK well performance versus peers
  • SCOOP Core Woodford lateral length evolution
  • Continental: Evolution of type curves by year

Tables

  • SWOT Analysis
  • Portfolio Summary
  • Economic assumptions: Table 1
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Strategy: Table 1

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