Continental Resources : CLR November 2022 Investor Update

Investor Update

November 2022

NYSE: CLR

PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTIONWRITTENWITH WRITTENPERMISSIONPERMISSIONONLY ONLY

Notice to Investors

The Company has announced a going private transaction. This transaction is expected to close prior to December 31, 2022. The Company cautions shareholders and others considering trading in its securities that no assurance can be given regarding the timing of or whether such transaction will be completed

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 going private transaction announced by the Company (including the related tender offer and merger), 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," "target," "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. With respect to the going private transaction announced by the Company, risks and uncertainties include the timing and/or occurrence of the consummation of such transactions and the Company's plans for financing such transactions. With respect to the Company's operations generally, 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 effects of any national or international health crisis; 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; our ability to pay future dividends or complete share repurchases; 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 and greenhouse gas emissions; increased market and industry competition, including from alternative fuels and other energy sources; the impact of the transactions contemplated by the Merger Agreement on such operations 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, 2021, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, 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 our best estimate of recoverable oil and natural gas hydrocarbon quantities. Actual reserves recovered may differ from estimated quantities. EUR data included herein, if any, remain subject to change as more well data is analyzed.

PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY	2

Financially Disciplined with Premier Assets

CLR's Competitive Advantage

Projecting 7th Consecutive Year

of Positive FCF(1) in 2022

Low Cost, High Margin Producer

Geographic Diversity

Commodity Optionality

Industry Leading Insider

Ownership

CLR's Four World Class Basins

Delivering Strong Returns

Bakken

#1 PRODUCER

Powder River

#2 LEASEHOLDER

	Anadarko
Permian	#1 PRODUCER
#10 LEASEHOLDER

1. Free cash flow (FCF) is a non-GAAP measure. See slide 10 for a definition and reconciliation of this measure to the most comparable U.S. GAAP financial measure. With respect to the projected amount, please see slide 10 for an explanation of the factors that make a quantitative reconciliation of this forward-looking estimate to U.S. GAAP not possible.

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

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3Q22: Delivered Strong Results

Cash Flow from Operations (CFO)	$2.22 B	Record Quarter
Above Consensus Estimates(1)
FCF(2)		$1.01 B	3rd Consecutive Quarter of >$1.0 B FCF
Net Debt	(3)	$4.49 B	$1.26 B Reduction in 3Q22
	(0.60x Net Debt(3) to TTM EBITDAX(4))
MBopd		200.5	On Track to Meet Full Year Guidance
MMcfpd		1,284	On Track to Meet Full Year Guidance

1. Bloomberg Analyst Consensus Estimates as of November 1, 2022.
2. Free cash flow (FCF) is a non-GAAP measure. See slide 10 for a definition and reconciliation of this measure to the most comparable U.S. GAAP financial measure.
3. Net debt is a non-GAAP measure. See slide 11 for a definition and reconciliation of this measure to the most comparable U.S. GAAP financial measure.
4. EBITDAX is a non-GAAP measure. See slides 12-13 for a definition and reconciliation of this measure to the most comparable U.S. GAAP financial measure.

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

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2022 Guidance Metrics & Differentials(1)

2022 Projections & Differentials	Current
Maintaining Capital Program	$2.6 to $2.7 B
ROCE(2)	~32%
FCF(3)	$4.3 to $4.7 B
Oil Production (MBopd)	200 to 210
Gas Production (Bcfpd)	1.10 to 1.20
NYMEX WTI Crude Oil Differential ($ per Bo)	($2.25) to ($3.25)
HH Natural Gas(4) Premium ($ per Mcf)	+$0.25 to +$1.00

2022 Operating Expenses	Current
Production Expense ($ per Boe)	$3.75 to $4.25
Production Tax (% of Net Oil & Gas Revenue)	7.5% to 8.0%
Cash G&A Expense(5) ($ per Boe)	$1.20 to $1.40
Non-Cash Equity Compensation ($ per Boe)	$0.50 to $0.60
DD&A ($ per Boe)	$12.00 to $14.00

1. 2022 projections include actuals as of September 30, 2022 and strip WTI and HH prices for the remainder of the year.
2. Return on capital employed represents projected net income attributable to the Company before non-cash gains and losses on derivatives, non-cash equity compensation expense, interest expense, and gains and losses on extinguishment of debt, the result of which is divided by projected average capital employed for the year, with capital employed representing the sum of total debt and total shareholders' equity attributable to the Company, less cash and cash equivalents.
3. Free cash flow (FCF) is a non-GAAP measure. With respect to the projected amount, please see slide 10 for an explanation of the factors that make a quantitative reconciliation of this forward-looking estimate to U.S. GAAP not possible.
4. Includes natural gas liquids production in differential range.
5. Cash G&A is a non-GAAP measure and excludes the range of values shown for non-cash equity compensation per Boe, as reflected on slide 14. Guidance for total G&A (cash and non-cash) is an expected range of $1.70 - $2.00 per Boe.

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

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