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Q3 2011 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Nov 1, 2011 · 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 2011 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK 3rd Quarterr 2011 Results
  2. Q3 2011 Earnings – Comstock Resources Inc. – slide 2
    2011 3rdd Quarter Q Highlights Hi hli h Financial results Oil & Gas Sales - 119 9 million EBITDAX - 94 millio on Cash Flow From Operrations - 86 million (1.79 per share) Net Income - 1.3 milllion (3 per share) Very Strong…
  3. Q3 2011 Earnings – Comstock Resources Inc. – slide 3
    P d ti Production Mmcfe / day 285 263 219 222 208 209 18 84 187 188 53% 200 168 163 164 169 102 176 increase 160 157 84 93 over 2010s 2 27 56 133 6 85 94 thi d third quarter) 72 80 87 89 78 72 60 58 7 6 54 58 7 7…
  4. Q3 2011 Earnings – Comstock Resources Inc. – slide 4
    A eerage Oil Price Ave Per Barrel 89.76 95.48 87.55 92.59 35% increase 64.97 66.54 over 2010s third quarter 39% increase over 2010 2010ss first nine months 2010 Q3 2011 Q3 NYMEX 2010 Nine 2011 Nine NYMEX Months…
  5. Q3 2011 Earnings – Comstock Resources Inc. – slide 5
    A errage Gas Price Aver Per Mcf 4.55 4.24 4.09 4.20 4.21 4.09 4% decrease from 2010s third quarter 10% decrease from 2010 2010ss first nine months 2010 Q3 2011 Q3 NYMEX 2010 Nine 2011 Nine NYMEX Months Months 97%…
  6. Q3 2011 Earnings – Comstock Resources Inc. – slide 6
    Oill & Gas Sales in millions 320 277 50% increase over 2010s third quarter 119 16% increase over 2010s 80 first nine months 2010 Q3 2011 Q3 2010 Nine 2011 Nine Months Months 7
  7. Q3 2011 Earnings – Comstock Resources Inc. – slide 7
    E EBITDAX in millions 246 198 72% increase over 2010s third quarter 25% increase 94 over 2010s first nine 55 months 2010 Q3 2011 Q3 2010 Nine 2011 Nine Months Months 8
  8. Q3 2011 Earnings – Comstock Resources Inc. – slide 8
    Opera ating Cash Flo Flow in millions 219 175 81% increase over 2010s third quarter 86 25% increase over 2010s 47 first nine months 2010 Q3 2011 Q3 2010 Nine 2011 Nine Months Months 9
  9. Q3 2011 Earnings – Comstock Resources Inc. – slide 9
    Earnings in millions (eexcept per share amounts) Unusual Items in Third Quarter: Pre After Per Tax Tax Share Gain on Sale of SGY 2.5 1.6 0.04 Total 2.5 1.6 0.04 Unusual Items in First Nine Months: Pre After Per 1.3 1.0…
  10. Q3 2011 Earnings – Comstock Resources Inc. – slide 10
    Coosts per Mcfe Lifting 1.17 1.13 1.08 24 0.2 1.02 0.18 0.24 0.90 0.29 0.85 0.24 18 0.1 0.79 0 09 0.09 0.28 0.02 0.28 0.31 0.04 0 06 0.06 0.75 0.7 75 0.01 0.71 0.71 0.58 0 51 0.51 0.47 2010 2010 2010 2010 2011…
  11. Q3 2011 Earnings – Comstock Resources Inc. – slide 11
    Coosts per Mcfe General & A Administrative 0.30 0.29 0.27 0.26 0.23 0.21 0.18 2010 2010 20 010 2010 2011 2011 2011 1Q 2Q 3 3Q 4Q 1Q 2Q 3Q Excludees Stock-based Compensation 12
  12. Q3 2011 Earnings – Comstock Resources Inc. – slide 12
    Coosts per Mcfe Depreeciation, Depletion & Amortization 3.15 3.12 3 03 3.03 2.96 2.87 2.91 2.7 72 2010 2010 2010 2010 2011 2011 2011 1Q 2Q Q 3Q 4Q 1Q 2Q 3Q 13
  13. Q3 2011 Earnings – Comstock Resources Inc. – slide 13
    Capittal Expenditures E pendit res in millions 496 6 6.1 393 2.3 146.0 90.7 Includes 130 130 million in 2010 and 53 53 million in 2011 for Exploration A Acreage 343.9 300.0 Other South Texas East Texas / North…
  14. Q3 2011 Earnings – Comstock Resources Inc. – slide 14
    Baalance Sheet As of in millions m Sept 30, Sept. 30 2011 Cash 5 Marketable Seccurities (1) 32 Total 37 Bank Credit Faacility 150 Borrowing Base B 550 % Availablee 73% 7% Senior Nootes 300 8% Senior Nootes 297 Total Debt 747…
  15. Q3 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. Q3 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. Q3 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 (6 wells .5 net) Logansport (19 wells 11.3…
  18. Q3 2011 Earnings – Comstock Resources Inc. – slide 18
    C ryover Activity Car A i i Uncompleted p H y Haynesville / Bossier Shale Wells Total (72 Gross Weells) 35 29 Com mpleted Not 21 Completed 37 35 35 5 51% 16 49% Total 12/31/2010 3/31/2011 6/30/2011 9/30/2011…
  19. Q3 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. Q3 2011 Earnings – Comstock Resources Inc. – slide 20
    S tth T Sout Texas R Region i Eagle Ford Shale 12 wells Las Hermanitass Mustang Island Faandango Javvelina B ll Ranch Ball R h Drilled 12 wells (12 2011s 1st Nine Mos. 12..0 net)) in 2011s All horizon ntal wells…
  21. Q3 2011 Earnings – Comstock Resources Inc. – slide 21
    C Comstocks Eaagle Ford S Shale Program Coates 1H (538 BOE/day) Jupe 1H (218 BOE/day) NWR 1H (419 BOE/day) Cutter Creek 1H (608 BOE/day) RTH 1H Carlson 1H (496 BOE/day) (585 BOE/day) Swenson 1H Gross Acres…
  22. Q3 2011 Earnings – Comstock Resources Inc. – slide 22
    2012 Drilling D illi Program P in millions Capital Expenditures 700 Gross WI Net Field Budget Wells Wells 534 East Texas/North Louisiana: 396 Logansport 31.5 10 2.9 Mansfield 8.8 5 1.0 Toledo Bend North 32.3 7 3.0 Toledo…
  23. Q3 2011 Earnings – Comstock Resources Inc. – slide 23
    2011 and a d 2012 Outlook O tl k St Strong production d ti growth g th expected t d iin 2011 We expect productiion to grow by 28% - 32% in 2011 Carryover of 35 (23.4 (2 net ) 2010 Haynesville shale wells are driving production…

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