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Q1 2012 Earnings Call – Comstock Resources Inc.

Comstock Resources Inc. · May 10, 2012 · 29 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. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 1
    1st Quarter 2012 Results NYSE:CRK
  2. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 2
    2012 1st Quarter Q Highlights Growing oil productioon helps offset very weak natural gas prices to improve finaancial results Oil & Gas Sales - 1100 million EBITDAX - 79 millio on Cash Flow From Operrations - 67 million (1.39 per…
  3. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 3
    Oiil Production MBbls / day 5.6 38 3.8 4.1 2.4 2.3 2.2 2.1 2.1 2.0 3.1 0.7 0.6 1.8 0.6 1.9 1.7 0.5 1.7 0.6 0.3 1.5 0.4 0.5 0.5 14 1.4 0.7 1.0 0.8 1.7 1.6 1.6 1.7 1.6 1.4 1.4 1.2 0.5 0.3 0.3 0.3 0.3…
  4. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 4
    Natura al Gas Production MMcf / day 272 253 255 246 212 206 195 198 174 176 177 200 155 176 184 175 142 58 83 93 102 133 6 27 85 94 47 46 46 40 38 35 31 28 26 26 24 23 63 23 58 48 49 45 48 42 38 34 35 32 31 31…
  5. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 5
    A eerage Oil Price Ave Per Barrel Without Hedgin ng With Hedging 104.02 10 02.93 101.35 102.93 89.94 89.94 13% increase over 2011s first quarter 2011 Q1 2012 Q1 NY YMEX 2011 Q1 2012 Q1 NYMEX 101% of 71% NYMEX…
  6. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 6
    Oil Hedges g As of April 1, 2012 Volume NYMEX price Oil Swaps: (Bbls/day) (Bbl) (a) 2012 Q2, Q3, Q4 5,000 99.53 2013 3 000 3,000 100 33 100.33 (a) The index price for the oil contracts are based on the NYMEX-West…
  7. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 7
    A errage Gas Price Aver Per Mcf 3.96 2.74 2.633 34% decrease from 2011s first quarter 2011 Q1 2012 Q1 Q NYMEX 96% of NYMEXX 8
  8. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 8
    Oill & Gas Sales in millions 110 88 25% increase i over 2011s first quarter 2011 2012 Q1 Q1 14% 47% 0il i 0i 0il 9
  9. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 9
    E EBITDAX in millions 79 65 21% iincrease over 2011s first quarter 2011 2012 Q1 Q1 10
  10. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 10
    Opera ating Cash Flo Flow in millions 67 56 19% iincrease over 2011s first quarter 2011 2012 Q1 Q1 11
  11. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 11
    Earnings in millions (eexcept per share amounts) 6.9 Unusual Items in First Quarter: 2012 Pre After Per Tax Tax Share Gain on Sale of SGY 26.6 17.3 0.37 Gain on sale of properties 6.7 4.4 0.09 Impairments (1.3) (0.9)…
  12. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 12
    Coosts per Mcfe Lifting 1.03 1..13 0.90 85 0 0.85 0 31 0.31 0.79 0.90 0.77 0.28 0.28 0.31 0.32 0.14 0.04 0.06 0 01 0.01 0.06 0.58 0.51 0.58 0.47 0.39 2011 2011 2 2011 2011 2012 1Q 2Q 3Q 4Q 1Q Lifting Production…
  13. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 13
    Coosts per Mcfe General & 0.26 A Administrative 0.21 0.21 0.20 0.18 2011 201 11 2011 2011 2012 1Q 2Q Q 3Q 4Q 1Q Exclu udes Stock-based Compensation 14
  14. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 14
    Coosts per Mcfe Deprreciation, Depletion & Amortization A ti ti 3.24 3.03 3 03 3.1 12 3.07 2 96 2.96 2011 2011 2011 2011 2012 1Q 2Q Q 3Q 4Q 1Q 15
  15. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 15
    Drillin ng Expenditures E pendit res in millions 178 158 8 38 34 Includes 13 million in 2011 and 7 million in 2012 for Exploration Acreage 68 124 72 West Texas South Texas East Texas / North 2011 1 2012…
  16. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 16
    2012 Drilling D g Program g in millions Drilling Expenditures Gross G WI Net N t 573 Field Budget Wells Wells 458 East Texas/North Louisiana: 399 Logansport 5.9 3 0.6 Mansfield 5.0 3 0.6 Toledo Bend North 12.8 3 1.4…
  17. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 17
    Baalance Sheet As of Pro Forma March 31, March 31, in millions 2012 2012 Cash 4 4 Restricted Cash 9 - Marketable Securitiees (1) 17 17 Total 30 21 Bank Credit Facility 610 487 Borrowing Base 700 655 % Available A il bl 15% 26% 7%…
  18. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 18
    Maintain ning a Conservative Finnancial Profile We plan to supplement our operating cash flow in 2012 with proceeds from planned divestiturres Selling S lli certain t i properties ti which hi h iis generating ti nett proceeds…
  19. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 19
    East Texas / North N Louisiana Region g Cotton Valley Haynesville Shale Cotton Valley Bossieer Shale Haynesville/Bossier Shale Gross Acres 96,000 Net Acres 82,000 D ill d 7 wells Drilled ll (3.4 (3 4 neet) t) in i…
  20. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 20
    Wesst Texas Region g 90,000 gross (56,0000 net) acres Over 900 net verticcal locations targeting the Wolfbone play Total resource poteential of 178,000 MBOE Horizontal developpment upside in the Wolfcamp shale 21
  21. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 21
    First Q Quarter Activityy City of Pecos 13 1 (206 BOE/day) BOE/d ) Paladin 43 1 (211 BOE/day) Monroe 28 2 3 Non-Operated (371 BOE/day) (322 BOE/day) Jessie James 4 1 Dale Evans 196 1 (539 BOE/day) (478 BOE/day)…
  22. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 22
    Comstocks Wolfbone Wells 24hr IP, 30-day IP, 90-day IP, Well 1st Production BOEPD BOEPD % of IP BOEPD % of IP 11 Pistola 186 1 5/14/2010 54 148 276% 122 226% 2 2 Balmorrea Ranch 41 1 9/23/2010 305 287 94% 200 66% 33 City of Pecos 15 1…
  23. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 23
    Comstocks Wolfbone Wells 14 3 11 20 13 18 23 Jessie 17 12 James 7 19 6 21 8 5 2 22 D l Evans Dale E 16 24 Lone Ranger 1 4 25 9 15 10 255 operated p Wolfbone wells All vertical wells Averaage per…
  24. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 24
    2012 Drillingg Program g Drilling Completing p g To be Drilled in 2012 Producing 25
  25. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 25
    Target g Rich R Environment 26
  26. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 26
    Soutth Texas Region g Atascosa Karnes Frio Gross Acres 35,000 LaSalle L S ll Net Acres 28,000 28 000 Net Locations 216 McMullen Gross EUR 500 MBOE Resource 80 MMBOE* Potential *Assumes 26% Royalty Interest 27
  27. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 27
    Comstocks Eagle E g Ford Shale Wells Working 24hr IP, 30-day IP, % of 90-day IP, % of Well County Interest % 1st Production BOEPD BOEPD IP BOEPD IP 11 NWR 1H Atascosa 100% 12/3/2010 419 289 69% 290 69% 22 RTH 1H McMullen M M ll 100%…
  28. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 28
    Comstocks Eagle E g Ford Shale Wells 3 Atascosa Karnes Frio 21 10 1 20 26 25 4 23 16 22 24 7 17 27 5 19 9 15 11 18 2 LaSalle 114 13 6 12 8 McMullen Comp pleted 27 wells (25.8 net) A All horizontal…
  29. Q1 2012 Earnings Call – Comstock Resources Inc. – slide 29
    2012 Outlook O tl k Strongg oil ggrowth in n 2012 Oil to comprise 15 to t 18% of 2012 production and over 20% of production at the end of the yea ar 92% of the net wellss drilled in 2012 will be oil wells and 77% of the 2012…

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