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Q3 2013 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Nov 5, 2013 · 28 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 2013 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK 3rd Quarter 2013 Results
  2. Q3 2013 Earnings – Comstock Resources Inc. – slide 2
    2013 3rd Quarter Highlights Strong growth in oil production, improved natural gas prices, and declining natural gas production define third quarter operating results Oil & Gas Sales - 112 million Total EBITDAX - 82 million Cash…
  3. Q3 2013 Earnings – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 8.3 to 9 6.9 0.3 6.0 0.2 5.1 5.3 4.8 0.1 0.4 4.8 0.4 0.4 4.5 0.3 0.3 0.2 3.8 0.4 0.3 6.6 5.8 2.1 4.6 4.9 4.3 4.5 1.7 0.4 4.1 1.5 0.4 0.3 3.1 0.3 0.3 0.5 1.4…
  4. Q3 2013 Earnings – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 11 253 5 254 11 10 245 239 5 24 6 10 3 6 5 26 23 218 212 32 23 23 4 1 11 21 8 31 192 35 31 28 1 4 26 27 20 174 130 6 19 156 to 34 25 4 148 20 5 140 25…
  5. Q3 2013 Earnings – Comstock Resources Inc. – slide 5
    Average Oil Price From Continuing Operations Third Quarter (Per Barrel) Without Hedging With Hedging 104.83 105.83 106.10 105.83 99.34 99.20 7% decrease from 2012s third quarter 2012 Q3 2013 Q3 NYMEX 2012 Q3 2013 Q3…
  6. Q3 2013 Earnings – Comstock Resources Inc. – slide 6
    Average Oil Price From Continuing Operations Nine Months (Per Barrel) Without Hedging With Hedging 105.37 104.49 101.99 103.47 97.94 97.94 1% decrease from 2012s nine months 2012 2013 NYMEX 2012 2013 NYMEX 9 Mos 9 Mos…
  7. Q3 2013 Earnings – Comstock Resources Inc. – slide 7
    Oil Hedges Attractive oil hedge position to protect 2013 and 2014 capital programs As of September 30, 2013 Volume NYMEX price Oil Swaps: (Barrels / day) (Per Barrel) (a) 2013 Q4 6,000 98.67 2014 5,500 96.31 (a) The…
  8. Q3 2013 Earnings – Comstock Resources Inc. – slide 8
    Average Gas Price From Continuing Operations (Per Mcf) 3.58 3.67 3.33 3.39 2.43 2.35 37% increase over 2012s third quarter 44% increase over 2012s nine months 2012 Q3 2013 Q3 NYMEX 2012 2013 NYMEX 9 Mos 9 Mos 93% of…
  9. Q3 2013 Earnings – Comstock Resources Inc. – slide 9
    Oil & Gas Sales From Continuing Operations ( in millions) (Includes Realized Gains from Hedging) 316 296 108 100 8% increase from 2012s third quarter 7% increase from 2012s nine months 2012 Q3 2013 Q3 2012 2013 9 Mos…
  10. Q3 2013 Earnings – Comstock Resources Inc. – slide 10
    EBITDAX ( in millions) 252 238 14 86 82 26 12 238 5% decrease 212 82 Discontinued from 2012s Continuing third quarter 74 6% increase over 2012s nine months 2012 Q3 2013 Q3 2012 2013 9 Mos 9 Mos 11
  11. Q3 2013 Earnings – Comstock Resources Inc. – slide 11
    Operating Cash Flow ( in millions) 197 192 70 22 7 63 10 10% decrease from 2012s 60 63 third quarter Discontinued 185 175 2% decrease Continuing from 2012s nine months 2012 Q3 2013 Q3 2012 2013 9 Mos 9 Mos 12
  12. Q3 2013 Earnings – Comstock Resources Inc. – slide 12
    79 Earnings ( in millions) (except per share amounts) Unusual Items in third quarter: 148.6 (Continuing Ops Only) 2013 2012 (30) Pre After Pre Tax After Tax Per Share Tax Tax Per Share 13.8 Unrealized Loss from Derivatives…
  13. Q3 2013 Earnings – Comstock Resources Inc. – slide 13
    Costs per Mcfe From Continuing Operations Lifting 1.21 1.24 1.07 .26 1.02 .25 0.98 0.96 0.90 .23 .27 .22 .24 .31 .26 .29 .12 .13 .13 .13 .12 .72 .74 .74 .54 .57 .62 .49 2012 2012 2012 2012 2013 2013 2013 1Q 2Q 3Q…
  14. Q3 2013 Earnings – Comstock Resources Inc. – slide 14
    Costs per Mcfe From Continuing Operations General & Administrative .31 .33 .23 .29 .21 .21 .21 2012 2012 2012 2012 2013 2013 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q G&A Excludes Stock-based Compensation 15
  15. Q3 2013 Earnings – Comstock Resources Inc. – slide 15
    Costs per Mcfe From Continuing Operations Depreciation, Depletion & Amortization 4.43 4.66 4.87 4.93 3.99 3.24 3.54 2012 2012 2012 2012 2013 2013 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q DD&A 16
  16. Q3 2013 Earnings – Comstock Resources Inc. – slide 16
    Drilling Expenditures Continuing Operations ( in millions) 266 234 163 215 South Texas East Texas / North Louisiana 103 19 2012 2013 9 Mos 9 Mos 17
  17. Q3 2013 Earnings – Comstock Resources Inc. – slide 17
    2013 Drilling Program ( in millions) Drilling Expenditures Continuing Operations 573 Gross WI Net 490 Field Budget Wells Wells 345 East Texas/North Louisiana: Haynesville Shale 15.0 2 2.0 South Texas: Eagle Ford Shale 330.0…
  18. Q3 2013 Earnings – Comstock Resources Inc. – slide 18
    Balance Sheet ( in millions) As of Sept 30, 2013 Cash and cash equivalents 228 Revolving Credit Facility (1,000*) Borrowing Base 625* Availability () 625 Availability (%) 100% 8% Senior Notes due 2017** 296 7% Senior Notes due…
  19. Q3 2013 Earnings – Comstock Resources Inc. – slide 19
    Providing Return to Stockholders 4.6% Dividend Yield at September 30, 2013 3.1% 3.0% 2.2% 2.0% 1.8% 1.6% 1.5% 1.5% 1.3% Average = 1.4% 1.2% 0.9% 0.8% 0.8% 0.6% 0.4% 0.3% 0.3% 0.2% 0.2% 0.1% 1 CRK 3 4 5 6 7 8 9…
  20. Q3 2013 Earnings – Comstock Resources Inc. – slide 20
    Share Repurchase Plan 2013 Activity As of September 30, 2013 Shares Purchased in Q3 631,096 Average Purchase Price 14.63 % of Outstanding 1.3% Authorization Remaining 90.8 million 21
  21. Q3 2013 Earnings – Comstock Resources Inc. – slide 21
    Eagle Ford Shale Program Karnes Atascosa Frio McMullen LaSalle Gross Acres 31,800 Net Acres 26,500 Locations 300 Gross EUR 450 to 550 MBOE Resource 70 MMBOE* Potential *Net of Joint Venture and Royalties 22
  22. Q3 2013 Earnings – Comstock Resources Inc. – slide 22
    Comstocks Eagle Ford Shale Wells Coates -Drilled in 2013 -Drilled in 2010-2012 Atascosa Karnes DVR Mesquite Frio Lucas Jupe Schorp NWR Cortez Cutter Creek Y-Bar Hubberd Haynes Donnell Gloria Wheeler Swenson LaSalle RTH…
  23. Q3 2013 Earnings – Comstock Resources Inc. – slide 23
    Comstocks Eagle Ford Shale Wells 1st 24hr IP, 30-day IP, % of 90-day IP, Well County Production BOEPD BOEPD IP BOEPD % of IP Wells 1-47 Drilled in 2010-2012 702 542 78% 464 68% 48 RTH B 1H McMullen 2/2/2013 968 670 69% 596 62% 49…
  24. Q3 2013 Earnings – Comstock Resources Inc. – slide 24
    Improving Eagle Ford Well Costs Costs Per Well 11.4 ( in millions) 10.8 9.0 7.8 7.6 6.6* 40 36 28 17 of Wells 2 2010 2011 2012 2013 Q1-Q3 2013 Q4 CRK Cost (actual) (estimate) (w/ JV) * Represents 67% of well…
  25. Q3 2013 Earnings – Comstock Resources Inc. – slide 25
    Longer Laterals Average Lateral Length (Feet) 6,625 6,025 5,864 4,595 2010 2011 2012 2013 YTD Lateral length in 2013 has increased by 44% since first wells were drilled. 26
  26. Q3 2013 Earnings – Comstock Resources Inc. – slide 26
    Proppant Used Average per Well (Million Pounds) 8.7 6.2 5.4 4.4 2010 2011 2012 2013 YTD Amount of proppant used in completion has almost doubled since first wells were drilled. 27
  27. Q3 2013 Earnings – Comstock Resources Inc. – slide 27
    Eagle Ford 2013 Completions 12.0 Net Completions with First Sales 5.0 4.6 4.3 3.3 3.0 1.8 2.0 1.3 1.0 0.7 28
  28. Q3 2013 Earnings – Comstock Resources Inc. – slide 28
    2013 Outlook Strong oil growth Oil expected to comprise 20% of total production in 2013 96% of the net wells drilled in 2013 will be oil wells and 96% of the 2013 drilling budget will be spent on oil projects Oil focused / high…

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