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Q3 2010 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Oct 2, 2010 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q3 2010 Earnings – Comstock Resources Inc. – slide 1
    3 rd Quarter 2010 Resultss
  2. Q3 2010 Earnings – Comstock Resources Inc. – slide 2
    2010 3rd Quarter Highlights Higher oil and gas prices improve financial results Productioon Growth of 1% over 2009s 3rd Quarter Oil O & Gas G sS Sales - 80 million EBITDAX X - 55 million Cash Flow w From Operations - 47…
  3. Q3 2010 Earnings – Comstock Resources Inc. – slide 3
    Production Mmcfe / day 219 208 209 9 7 7 184 187 58 8 168 169 7 54 160 163 164 58 157 8 18 10 9 20 8 49 60 72 80 87 9 89 78 72 84 93 102 85 56 27 2 6 61 64 59 56 6 58 56 55 50 49 44 39 7 6 7 8 7 6 6 9 6 6 6…
  4. Q3 2010 Earnings – Comstock Resources Inc. – slide 4
    Aveerage Gas Price Per Mcf 17% increase over 2009s third quarter 4.338 4.55 4.59 4.24 4.05 3.63 12% increase over 2009s first nine months 2009 Q3 2010 Q3 NYM MEX 2009 Nine 2010 Nine NYMEX Mos Mos 97% of 97% 99% of…
  5. Q3 2010 Earnings – Comstock Resources Inc. – slide 5
    Aveerage g Oil Price Per Barrel 12% increase over 2009s third quarter 6.20 76 77.65 64.97 66.54 57.96 43% increase over 2009s 46.42 first nine months 2009 Q3 2010 Q3 NYM MEX 2009 Nine 2010 Nine NYMEX Mos Mos 85% of…
  6. Q3 2010 Earnings – Comstock Resources Inc. – slide 6
    Oiil & Gas Sales in millions 18% increase over 2009s third quarter 276 38% increase over 2009s first nine 201 months 67 8 80 2009 Q3 2010 0 Q3 2009 Nine 2010 Nine Mos Mos 7
  7. Q3 2010 Earnings – Comstock Resources Inc. – slide 7
    EBITDAX in millions 17% increase over 2009s third quarter 198 47% increase over 2009s 134 first nine months 47 555 2009 Q3 20100 Q3 2009 Nine 2010 Nine Mos Mos 8
  8. Q3 2010 Earnings – Comstock Resources Inc. – slide 8
    Operrating Cash Flow in millions 33% decrease from 2009s third quarter 11% increase 175 157 over 2009s first nine months 70 447 2009 Q3 20100 Q3 2009 Nine 2010 Nine Mos Mos 9
  9. Q3 2010 Earnings – Comstock Resources Inc. – slide 9
    Earnings in millions (e (except per share amounts) 2009 Nine 2010 Nine 2009 Q3 2010 Q3 Mos Mos 1.0 (4..7) (12.6) (29.7) Per Share (28) (10) (66) 2 10
  10. Q3 2010 Earnings – Comstock Resources Inc. – slide 10
    Costs p per Mcfe Lifting 1 53 1.53 1.45 1.44 1.37 0.43 0.12 1.20 1.17 0 43 0.43 0 41 0.41 1.14 1 13 1.13 0.07 0.08 1.07 1.08 0.07 0.09 0.16 0.94 0.18 0.09 0.24 0.05 0.07 0.17 0.09 0.11 0.24 0.24 0.08 0.18…
  11. Q3 2010 Earnings – Comstock Resources Inc. – slide 11
    Coosts per Mcfe Generral & Administrative 0.57 0.43 0 34 0.34 0.34 0.30 0.26 0.28 0.29 0.26 0.27 0.24 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q 2010 2Q 2010 3Q Excludes Stock-based…
  12. Q3 2010 Earnings – Comstock Resources Inc. – slide 12
    Costs p per Mcfe Depreciation n, Depletion & Amortization 3.34 3 36 3.36 3.31 3.21 3.18 3.15 2.90 3.07 2.85 2.87 2.72 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q 2010 2Q 2010 3Q 13
  13. Q3 2010 Earnings – Comstock Resources Inc. – slide 13
    Capi pital Expenditures p in millions Drilling Acreage 2663 243 2 11 33 130 80 250 210 50 10 1 9 2009 Nine Mos 2010 Ninne Mos 2009 Nine Mos 2010 Nine Mos East Texas / North Louisiana South Texaas Other 14 East…
  14. Q3 2010 Earnings – Comstock Resources Inc. – slide 14
    Sale of Mississippi Assets Sales Price 75 million Effective Datte 7/1/2010 Closing Date December Current Prod duction 1,300 BOE/d Reserves at 1//1/2010 5.1 MMBOE Expected Loss on Sale 16 6 million, 16.6 million after tax…
  15. Q3 2010 Earnings – Comstock Resources Inc. – slide 15
    B Balance Sheet As of in n millions Sept. 30, 2010 Cash 4 Marketable Seecurities (1) 71 Total 75 Bank Credit Facility F 60 Borrowing g Base 500 % Availab ble 88% 6% Senior Notes N 172 8% Senior Notes N 296 Total Debtt 528…
  16. Q3 2010 Earnings – Comstock Resources Inc. – slide 16
    East Texas / North N Louisiana Activity y Waskom Blocker (1- 1H) Mansfield (1) (8 - 8H) Haynesville Cotton Valley Shale Cotton Valley Logansport (30- 30- 30 30HH) Beckville Bossier Shale (1 - 1H) S. Toledo N. Toledo…
  17. Q3 2010 Earnings – Comstock Resources Inc. – slide 17
    BSMC 77 1H 52 BOGU E 6H HART T 1H 46 46 GREEN 13H 61 MONEYHAM M 7H 47 HOLMES S 1H 56 HEADRICK K 1H 37 BSMC 122 1H 42 BROOME E 1H 34 COLVINCRANER 1H 41 CARAWAY Y 3H…
  18. Q3 2010 Earnings – Comstock Resources Inc. – slide 18
    BSMC 7 1H 95 E 6H BOGUE 74 HART T 1H 86 GREEN 13H 141 MONEYHAM 7H 84 S 1H HOLMES 95 HEADRICK 1H 64 BSMC 12 1H 49 E 1H BROOME 136 COLVINCRANER R 1H 110 110…
  19. Q3 2010 Earnings – Comstock Resources Inc. – slide 19
    2010 Haynesvillle Shale Drilling Program Logansport Waskom (41) 41) (1) Mansfield (9) Beckville (1) North No t Toledo Bend (11 11)) South Toledo Bend (7) 70 (42.8 net) Horizontal H Wells Planned in 2010 20
  20. Q3 2010 Earnings – Comstock Resources Inc. – slide 20
    Soutth Texas Region Eagle Ford (1) Las Hermanitaas Mustang Island F Fandango Ball Ranch (1) Ja avelina Ball Ranch Drilled 2 wells (1.5 net n ) net) in 2010 s 1st Nine Moonths 2010s Average Per Well IP I 7.5…
  21. Q3 2010 Earnings – Comstock Resources Inc. – slide 21
    Comstockss E Comstock Eagle Ford Shale Acreage Oil Window Gross Acres 21,000 N tA Net Acres 18 000 18,000 Well Spacing 80 Acres Per Well 400 MBOE Comsto ock Acreage Reserves Resource 67 MMBOE* Potential *Assumes…
  22. Q3 2010 Earnings – Comstock Resources Inc. – slide 22
    2010 Drilling D Program in millions 22% East Texas/N La. 398 South Texas 114 Other 3 77% 515 Gross WI Net N Cap Ex Gross WI Net Cap Ex Field Wells Wellls Million Field Wells Wells Million East Tex./North La.: South Texas:…
  23. Q3 2010 Earnings – Comstock Resources Inc. – slide 23
    2 2010 Outlook Haynesville shale drilling program expected to deliver strong production p and reserve growth Drilling 70 Haynnesville horizontal wells in 2010 2010 Haynesvillee drilling program has potential to add 400 to 500…

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