Rotary Meeting 3.24.2016

Posted by Cody White 
on Mar 24, 2016
 
Continental Resources was the program today.
 
 
Rotary 3.24.16
 
Speaker:  Continental Resources
 
President Brad was presiding.  The meeting opened with prayer, pledge and vocal rendition of "What a Wonderful World" by Louis Armstrong, led by Mitch.  
 
No sunshine report.  
 
The sergeant at arms was not present.  President Brad suggested we pay some voluntary fines to show Chris Mosley we can collect more money when he is NOT here.  
 
Elizabeth Allen gave a Rotary Run report.
 
Tom Avant was the Rotarian of the Day.  Tom introduced Lesley Martin, Public Relations for Continental Resources.  She gave a brief introduction and introduced Pat Bent, Sr. VP of Drilling and Corey Russell, Southern Region Manager.   
 
Corey Russell gave the presentation.
 
Drilling Overview:
Emphasis on the strength of Continental.  
4Q 2015 results:
  • Exceptional results from over-pressured stack wells
  • Scoop woodford enhanced completions raising the bar
  • YOY results demonstrate asset quality and operational gains
  • Operational efficiency gains since YE2014
  • Strong liquidity as of year-end 2015
2016 Priorities:  
  • Cash flow neutrality
  • Stack delineation
  • Can reductions
  • Operational efficiencies
2016 Budget:
  • 15 Rigs in Oklahoma
  • 19 rigs total
2016 Play Drivers:
  • enhanced completions in Scoop are generating 35% increase in initial 180-day production ratty yes compared to offset wells
Budget:  $260 Million for SCOOP Drilling
 
SCOOP Liquids is the top play in the country for single well break even costs.  
 
Horizontal drilling:  Gave a summary of horizontal drilling vs. vertical drilling basics.  Horizontal drilling incorporates a measurement while drilling (MWD) part that communicates location and direction of drilling.  It also has a positive displacement motor (PDM) which is a power section activated by fluid.  
 
250 jobs per drilling rig.  250 jobs x 15 rigs = 3,750 jobs in OK in 2016.
 
Expect to drill 100 wells in 2016 in Oklahoma.  Continental plans to hold their leases with a pad per section, and later come back and fully develop each section with more wells per pad and additional pads.  They expect development of them SCOOP for generations to come.  
 
The meeting ended with questions and the four-way test.