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Q3 2012 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Oct 30, 2012 · 27 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 2012 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK
  2. Q3 2012 Earnings – Comstock Resources Inc. – slide 2
    2012 3rd Quarter Highlights Growing oil production helps to partially offset very weak natural gas prices Oil & Gas Sales - 1117 million EBITDAX - 87 milli lion Cash Flow From Opeerations - 71 million (1.47 per share) Net Loss -…
  3. Q3 2012 Earnings – Comstock Resources Inc. – slide 3
    Oiil Production MBbls / day 7.2 6.4 5.6 5.0 3.8 4.6 4.1 2.4 2.2 2..3 2.1 2.0 2.1 3.1 0.7 06 0.6 1.8 0.6 1.9 17 1.7 17 1.7 0.5 0.4 0.6 0.3 1.5 0.5 1.4 0.7 1.0 1.9 0.8 1.4 1.7 1.6 1.6 1.7 1.6 1.4…
  4. Q3 2012 Earnings – Comstock Resources Inc. – slide 4
    Natura al Gas Production MMcf / day 272 253 255 246 241 220 06 20 212 195 198 174 176 177 200 155 176 184 175 1002 142 58 83 93 133 180 6 27 165 85 94 47 46 46 40 38 3 35 31 28 26 26 24 23 63 23 58 23 48 49 45…
  5. Q3 2012 Earnings – Comstock Resources Inc. – slide 5
    Average g Oil Price 3rd Quarter Per Barrel Without Hedg ging With Hedging 102.08 97.09 92.22 92.22 87.55 87.55 17% increase over 2011s third quarter 2011 Q3 2012 Q3 N NYMEX 2011 Q3 2012 Q3 NYMEX 105% of 68%…
  6. Q3 2012 Earnings – Comstock Resources Inc. – slide 6
    Averrage Oil Price N Nine Months Per Barrel Without Hedg ging With Hedging 102.30 99 63 99.63 96.21 96.21 92.59 92.59 10% increase over 2011s first nine months 2011 Nine 2012 Nine NYMEX 2011 Nine 2012 Nine NYMEX Mos…
  7. Q3 2012 Earnings – Comstock Resources Inc. – slide 7
    O Hedges Oil g Attractive oil hedge positiion to protect 2012 and 2013 capital programs A of September 30, 2012 As Volume NYMEX price Oil Swaps: (Bbls/day) (Bbl) (a) 20 012 Q4 5,000 99.53 2013 , 6,000 98.67…
  8. Q3 2012 Earnings – Comstock Resources Inc. – slide 8
    Averrage g Gas Price Per Mcf 4.09 4.09 2.80 2.59 40% decrease 2.46 2.37 from 2011s third quarter 42% decrease from 2011s first nine months 2011 Q3 2012 Q3 NYMEX 2011 Nine 2012 Nine NYMEX Mos Mos 88% of 92% of…
  9. Q3 2012 Earnings – Comstock Resources Inc. – slide 9
    Oill & Gas Sales in millions 332 320 2% decrease over 2011s third quarter 119 117 4% increase over 2011s first nine months 2011 Q3 2012 Q3 2011 Nine 2012 Nine Mos Mos 14% 57% 0il 0il 14% 54% 0il 0il 10
  10. Q3 2012 Earnings – Comstock Resources Inc. – slide 10
    E EBITDAX in millions 246 240 8% decrease from 2011s second quarter 94 7 87 2% ddecrease from 2011s first nine months 2011 Q3 2012 Q3 Q 2011 Nine 2012 Nine M Mos M Mos 11
  11. Q3 2012 Earnings – Comstock Resources Inc. – slide 11
    Opera ating Cash Flow in millions 219 199 17% decrease d from 2011s third quarter 86 711 9% decrease from 2011s first nine months 2011 Q3 2012 Q3 Q 2011 Nine 2012 Nine Mos Mos 12
  12. Q3 2012 Earnings – Comstock Resources Inc. – slide 12
    Earnings in millions (eexcept per share amounts) Unu usual Items in third quarter: 2012 2011 7.7 Pre After Per Pre After Per Tax Tax Share Tax Tax Share 1.3 (26.0) (29.4) (2 (2.8) 8) (1 (1.8) 8) (0.04) (0 04) - - - Loss…
  13. Q3 2012 Earnings – Comstock Resources Inc. – slide 13
    Co osts p per Mcfe Lifting 1..13 1.06 1.03 0.97 0.90 0.26 0.85 0.31 0.79 0.77 0.29 0.28 0.28 0 16 0.16 0.31 0.14 0.32 0.13 0.04 0.06 0 0 01 0.01 0.06 0.58 0.51 0.58 0 0.47 0.64 0.39 0.55 2011 2011 2011…
  14. Q3 2012 Earnings – Comstock Resources Inc. – slide 14
    Coosts per Mcfe General & A Administrative 0.26 0.22 0.21 0.21 0.20 0.20 0.18 2011 2011 2011 2011 2012 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q Exclu udes Stock-based Compensation 15
  15. Q3 2012 Earnings – Comstock Resources Inc. – slide 15
    Co osts p per Mcfe Deprreciation, Depletion & Amortization A ti ti 4.10 3.59 3.24 3.03 3.12 3.07 2.96 2 2011 2011 2011 2011 2012 2012 2012 1Q 2Q 3 3Q 4Q 1Q 2Q 3Q 16
  16. Q3 2012 Earnings – Comstock Resources Inc. – slide 16
    Drillin ng Expenditures in millions 443 2 402 Excludes 53 million in 2011 and 24 million in 2012 for Acreage Costs 124 139 South Texas is net of 24 million of reimbursements from the Eagle Ford JV Westt T W Texas /…
  17. Q3 2012 Earnings – Comstock Resources Inc. – slide 17
    Baalance Sheet As of Sept. 30, 2012 Cash and cash equ uivalents 3 Marketable securiities(1) 15 Revolving Credit Facility F (850MM) 355 Borrowing Ba ase 570 Availability ( ) 215 Availability (%) 38% 8% Senior Notees due 2017…
  18. Q3 2012 Earnings – Comstock Resources Inc. – slide 18
    East Texas / North N Louisiana Region g Cotton Valley Haynesville Shale Cotton Valley Bossieer Shale Haynesville/Bossier Shale Gross Acres 95,000 Net Acres 81,000 D ill d 7 wells Drilled ll ( 3.2 3 2 nett ) to t…
  19. Q3 2012 Earnings – Comstock Resources Inc. – slide 19
    Westt Texas Region g 91,000 gross (57,0000 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 20
  20. Q3 2012 Earnings – Comstock Resources Inc. – slide 20
    Geological g Setting g A CULBERSON COUNTY REEVES COUNTY WARD COUNTY F DEWEY LAKE OCHOAN EVAPORITES RUSTLER SEA LEVEL 0 SALADO 1,000 CASTILE 2 000 2,000 DELAWARE SANDS 3,000 BELL CANYON + CHERRY CANYON +++…
  21. Q3 2012 Earnings – Comstock Resources Inc. – slide 21
    Wollfbone Activityy City of Pecos 13 2 (197 BOE/day) Trigger 40 2 (166 BOE/day) BOE/d ) Jesse James 4 2 (511 BOE/day) Will Rogers 4 1 (317 BOE/day) Bonanza State 25 1 (396 BOE/day) Monroe 35 1H (653 BOE/day) Wild Bill…
  22. Q3 2012 Earnings – Comstock Resources Inc. – slide 22
    Comstock ks Wolfbone Wells 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well Production BOEPD BOEPD IP BOEPD IP 1 Pistola 186 1 5/14/2010 54 148 276% 133 247% 2 Balmorrea Ranch 41 1 9/23/2010 305 287 94% 272 89% 3 City of Pecos 15…
  23. Q3 2012 Earnings – Comstock Resources Inc. – slide 23
    Comstock ks Wolfbone Wells 14 11 39 13 3 20 18 40 33 23 41 32 12 Buffalo Jessie 17 29 Monroe Bill James 28 30 7 35 19 Ponderosa 6 26 21 38 27 8 34 5 22 2 36 37 16 24 31 1 25 5 4 9 15 1 10 40…
  24. Q3 2012 Earnings – Comstock Resources Inc. – slide 24
    South h Texas Region g Atascosa Karnes Frio Gross Acres 35,000 LaSalle L S ll Net Acres 28,000 28 000 Wells 277 McMullen Gross EUR 500 MBOE Resource 78 MMBOE* Potential Drilled 20 (13.9 net) wellss to date in…
  25. Q3 2012 Earnings – Comstock Resources Inc. – slide 25
    Comstocks Eagle E g Ford Shale Wells 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well County Production BOEPD BOEPD IP BOEPD IP 1 NWR 1H Atascosa 11/18/2010 419 289 69% 290 69% 2 RTH 1H McMullen 12/3/2010 496 331 67% 374 75% 3…
  26. Q3 2012 Earnings – Comstock Resources Inc. – slide 26
    Comstocks Eagle E g Ford Shale Wells 3 Atascosa 31 Karnes Frio 21 28 29 10 1 20 34 26 25 35 40 30 23 16 41 24 7 17 33 27 5 38 22 4 32 19 9 15 11 18 2 LaSalle 14 37 13 6 39 12 8 36 McMullen Comp pleted…
  27. Q3 2012 Earnings – Comstock Resources Inc. – slide 27
    20 012 Outlook Strong oil growth in 20012 Oil to comprise 15 to 18 8% of 2012 production and over 20% of production at the end of the year 93% of the net wells driilled in 2012 will be oil wells and 78% of the 2012 drilling budget…

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