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Q2 2011 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Aug 2, 2011 · 22 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. Q2 2011 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK 2nd Quarterr 2011 Results
  2. Q2 2011 Earnings – Comstock Resources Inc. – slide 2
    2011 2ndd Quarter Q Highlights Hi hli h Financial results improving Oil & Gas Sales - 112 2 million EBITDAX - 87 millio on Cash Flow From Operrations - 77 million (1.62 per share) Net Income - 3.9 milllion (8 per share) Strong…
  3. Q2 2011 Earnings – Comstock Resources Inc. – slide 3
    P d ti Production Mmcfe / day 263 219 222 208 209 184 187 188 168 163 164 169 102 176 20% 160 157 84 increase 2 93 7 27 56 85 133 over 2010s 6 94 second 80 quarter 72 87 89 78 ( 25% 72 2 60 58 increase 7 6 54 58…
  4. Q2 2011 Earnings – Comstock Resources Inc. – slide 4
    A eerage Oil Price Ave Per Barrel 101.02 102.56 95.89 98.33 50% iincrease over 2010s 67.37 67.24 second quarter 43% increase over 2010s first six months 2010 Q2 2011 Q2 NYMEX 2010 Six 2011 Six NYMEX Months Months 99%…
  5. Q2 2011 Earnings – Comstock Resources Inc. – slide 5
    A errage Gas Price Aver Per Mcf 4.68 4.19 4.32 4.21 4.09 4.08 2% increase over 2010s second quarter 13% decrease over 2010s first six months 2010 Q2 2011 Q2 NYMEX 2010 Six 2011 Six NYMEX Months Months 97% of NYMEX…
  6. Q2 2011 Earnings – Comstock Resources Inc. – slide 6
    Oill & Gas Sales in millions 197 200 24% increase over 2010s second quarter 112 91 2% increase over 2010 2010ss first six months 2010 Q2 2011 Q2 2010 Six 2011 Six Months Months 7
  7. Q2 2011 Earnings – Comstock Resources Inc. – slide 7
    E EBITDAX in millions 152 143 38% increase over 2010s second quarter 87 63 6% increase over 2010s first six months 2010 Q2 2011 Q2 2 2010 Six 2011 Six Months Months 8
  8. Q2 2011 Earnings – Comstock Resources Inc. – slide 8
    Opera ating Cash Flo Flow in millions 128 133 38% increase over 2010s second 77 quarter 56 4% increase over 2010s first six months 2010 Q2 2011 Q2 2010 Six 2011 Six Months Months 9
  9. Q2 2011 Earnings – Comstock Resources Inc. – slide 9
    Earnings in millions (eexcept per share amounts) 6.4 5.7 Unusual Items in Second Quarter: Pre After Per Tax Tax Share 3.9 Gain on Sale of SGY 8.5 5.5 0.12 Total 8.5 85 5.5 55 0.12 0 12 Unusual Items in First Six…
  10. Q2 2011 Earnings – Comstock Resources Inc. – slide 10
    Coosts per Mcfe Lifting 1.17 1.13 1.08 0 0.24 1.02 0.18 0.24 0.90 0.29 0.85 0 24 0.24 0 0 18 0.18 0.09 0.28 0.02 0.28 0 04 0.04 0.06 0.75 0.75 0.71 0.71 0 58 0.58 0.51 2010 1Q 2010 2Q 2010 3Q 2010 4Q 2011 1Q…
  11. Q2 2011 Earnings – Comstock Resources Inc. – slide 11
    Coosts per Mcfe General & A Administrative 0.30 0.29 0 27 0.27 0.26 0.23 0.22 2010 1Q 2010 2Q 2 2010 3Q 2010 4Q 2011 1Q 2011 2Q Excludees Stock-based Compensation 12
  12. Q2 2011 Earnings – Comstock Resources Inc. – slide 12
    Coosts per Mcfe Depreeciation, Depletion & Amortization 3.15 3.12 3 03 3.03 2.87 2.91 2.72 2010 1Q 2010 2Q 2010 3Q 2010 4Q 2011 1Q 2011 2Q 13
  13. Q2 2011 Earnings – Comstock Resources Inc. – slide 13
    Capittal Expenditures E pendit res in millions 349 349..1 2.4 83.5 244 244..1 0.6 Includes 62 62 million in 2010 26.3 and 36 36 million in 2011 for Exploration Acreage 263.2 217.2 Other South Texas East…
  14. Q2 2011 Earnings – Comstock Resources Inc. – slide 14
    Baalance Sheet As of in millions m June 30, 30 2011 Cash 4 Marketable Seccurities (1) 62 Total 66 Bank Credit Faacility 95 Borrowing Base B 500 % Availablee 81% 7% Senior Nootes 300 8% Senior Nootes 297 Total Debt 692 Total…
  15. Q2 2011 Earnings – Comstock Resources Inc. – slide 15
    C Comstocks k HHaynesville ill Shale Sh l Acreage A Gross Acres 90,000 Net Acres 79,000 Well Spacing 80 Acres Per Well 6 Bcfe Reserves Texas Resource 4.4Tcfe* Potential 20,000 net acres *Assumes 25% Royalty…
  16. Q2 2011 Earnings – Comstock Resources Inc. – slide 16
    C Comstocks k Bossier B i Shale Sh l A Acreage Gross Acres 60,000 60 000 Net Acres 51,000 Well Spacing 80 Acres Per Well 5 Bcfe Reserves Comsttock Acreage Resource 2.4 Tcfe* Potential *Assumes 25% Royalty…
  17. Q2 2011 Earnings – Comstock Resources Inc. – slide 17
    E T East Texas / North N hL Louisiana ii A Activity i i L Longwwood d (1 well .4 net) Waskom (1 well 1.0 net) Cotton Valley H Haynesville Shale Mansfield Cotton Valley (5 wells .4 net) Logansport (10 wells 6.4 net)…
  18. Q2 2011 Earnings – Comstock Resources Inc. – slide 18
    C ryover Activity Car A i i Status off Haynesville y e / Bossier Shale Wells Drilled in 2010 Total (72 Gross Weells) 35 29 Com mpleted Not Completed 37 16* 35 35 5 51% 49% 12/31/2010 3/31/2011 6/30/2011 Total…
  19. Q2 2011 Earnings – Comstock Resources Inc. – slide 19
    H Haynesville ill Shale S l P Sh Pad dDDevelopment l Moving to Pad Drilling to develop Haynesville Shale Drilling and completion efficiencies driving well cost down to approximately 8 million Higher well EURs by opttimizing frac…
  20. Q2 2011 Earnings – Comstock Resources Inc. – slide 20
    S tth T Sout Texas R Region i Eagle Ford Shale 6 wells Las Hermanitass Mustang Island Faandango Javvelina B ll Ranch Ball R h Drilled 6 wells (6.0 net) in n 2011 s 1st Half 2011s All horizontal wells Average per…
  21. Q2 2011 Earnings – Comstock Resources Inc. – slide 21
    C Comstocks Eaagle Ford S Shale Program NWR 1H (419 BOE/day) Coates 1H (538 BOE/day) Carlson 1H (585 BOE/day) Gross Acres 25,000 Net Acres 21,000 Swenson 1H RTH 1H (1,264 BOE/day) (496 BOE/day) Well Spacing 80 Acres…
  22. Q2 2011 Earnings – Comstock Resources Inc. – slide 22
    2 2011 O tl k Outlook St Strong production d ti growth g th expected t d iin 2011 We expect productiion to grow by 26% - 33% in 2011 Carryover of 35 (23.4 (2 net ) 2010 Haynesville shale wells are driving production gains Low…

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