I can't quite understand the CLR strategy as compared to say EOG.
Here's an EOG slide where they illustrate their EFS property - getting a better RoR now with $65 oil than in 2012 with $95 oil!
With $50 oil EOG says they aren't really interested in growing production and earning 35% RoR. Rule of Thumb is RoR needs to be over 20% to even drill for breakeven return (so why bother taking the risk of drilling).
Now CLR is growing production and here is their most recent RoR slide from the Q4 presentation and takes into account cost savings for 2015 wells. They are heading for Cash Flow neutrality by mid year but why drill for growth and produce more at these RoRs (only the Springer shale makes sense). I can understand "maintenance" spend - as in spend only to maintain current production (of course that might not impress Wall St much).
And of course the Cash Margin slide
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