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Q4 2010 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Aug 8, 2011 · 24 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. Q4 2010 Earnings – Comstock Resources Inc. – slide 1
    4 th Quarter 2010 Resultss
  2. Q4 2010 Earnings – Comstock Resources Inc. – slide 2
    20010 Highlights Weak natural gas pricces define financial results Oil & Gas Sales - 349 million EBITDAX - 249 million illi Cash Flow From Operations O - 220 million (4.66 per share) Net Loss - 20 milllion (43 per share)…
  3. Q4 2010 Earnings – Comstock Resources Inc. – slide 3
    Production Mmcfe / day 219 208 209 9 7 7 184 187 188 5 58 8 169 7 54 168 58 160 163 164 8 18 9 157 7 46 10 20 8 49 60 72 80 87 89 78 72 84 93 102 85 56 94 27 2 6 61 64 59 56 58 56 55 50 49 44 39 37 7 6 7 8 7…
  4. Q4 2010 Earnings – Comstock Resources Inc. – slide 4
    Aveerage Gas Price Per Mcf 16% decrease ffrom 2009s fourth 4.43 quarter 4.16 4.35 4.39 3.73 3..80 5% increase over 2009 2009 Q4 2010 Q4 NYM MEX 2009 2010 NYMEX 98% of 98% 99% of NYMEX NYMEX 5
  5. Q4 2010 Earnings – Comstock Resources Inc. – slide 5
    Aveerage g Oil Price Per Barrel 15% increase over 2009s 2009 855.18 fourth 74.75 79.53 quarter 68.35 64.76 50.94 34% increase over 2009 2009 Q4 2010 Q4 NYM MEX 2009 2010 NYMEX 88% of 88% 86% of 86% NYMEX NYMEX 6
  6. Q4 2010 Earnings – Comstock Resources Inc. – slide 6
    Oiil & Gas Sales in millions 21% decrease from 2009s fourth quarter 349 92 293 73 19% increase over 2009 2009 Q4 2010 Q4 2009 2010 7
  7. Q4 2010 Earnings – Comstock Resources Inc. – slide 7
    EBITDAX in millions 20% decrease from 2009s fourth quarter 249 64 199 51 25% increase over 2009 2009 Q4 2010 Q4 2009 2010 8
  8. Q4 2010 Earnings – Comstock Resources Inc. – slide 8
    Operrating Cash Flow in millions 34% decrease from 2009s fourth quarter 224 220 68 2% decrease 45 ffrom 2009 2009 Q4 2010 Q4 2009 2010 9
  9. Q4 2010 Earnings – Comstock Resources Inc. – slide 9
    Earnings in millions (e (except per share amounts) 2009 Q4 2010 0 Q4 2009 2010 Per Share (15) (8 8) (81) (6) (2.8) (3 3.8) (6.8) (36.5) 2010 excludes 16.8 million ( 37 3 per share) after tax loss on sale of Miss…
  10. Q4 2010 Earnings – Comstock Resources Inc. – slide 10
    Costs p per Mcfe Lifting 1.53 1.45 1.44 1.37 1.20 0 43 0.43 1.17 0 12 0.12 1.14 0.43 0.41 1.13 0.07 1.07 1.08 1.02 0.08 0.94 0.07 0.09 0.16 0.18 0.09 0.24 0.02 0.05 0.07 0.17 0.09 0.11 0.24 0.24 0.29 0.08 0.18…
  11. Q4 2010 Earnings – Comstock Resources Inc. – slide 11
    Coosts per Mcfe Generral & Administrative 0.57 0.43 0 34 0.34 0.34 0.30 0.26 0.28 0.29 0.26 0.27 0.24 0.23 2008 1QQ 2008 2QQ 2008 3QQ 2008 4QQ 2009 1QQ 2009 2QQ 2009 3QQ 2009 4QQ 2010 1QQ 2010 2QQ 2010 3QQ 2010 4QQ…
  12. Q4 2010 Earnings – Comstock Resources Inc. – slide 12
    Costs p per Mcfe Depreciation n, Depletion & Amortization 3.34 3.36 3.31 3.21 3.18 3.15 2.90 3.07 2.85 2.87 2.91 2 72 2.72 2008 1Q 2008 2Q 2008 3Q 2008 4Q 20099 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q 2010 2Q 2010 3Q 2010…
  13. Q4 2010 Earnings – Comstock Resources Inc. – slide 13
    Capi pital Expenditures p in millions Drilling Acreage 396 138 317 56 356 282 28 82 34 38 27 1 2 1 2009 2010 2009 2010 Other South Texas East Texas / Norrth Louisiana Other South Texas East Texas / North Louisiana…
  14. Q4 2010 Earnings – Comstock Resources Inc. – slide 14
    Sale of Mississippi Assets Sales Price P 75 million Effectivee Date 7/1/2010 Closing Date D 12/10/2010 Producttion 1,300 BOE/d Reservess Sold 4.7 MMBOE Loss on Sale 16 8 million, 16.8 million after tax 15
  15. Q4 2010 Earnings – Comstock Resources Inc. – slide 15
    B Balance Sheet As of in millions Dec 31, Dec. 31 2010 Cash 1 Marketable Securities (1) 85 Total 86 Bank Credit Facility 45 Borrowin ng Base 500 % Availaable 91% 6% Senior Notes 172 8% Senior Notes 296 bt Total Deb 513 Total…
  16. Q4 2010 Earnings – Comstock Resources Inc. – slide 16
    Proved Reseerves and Finding g Costs 1,051 Reserve Additions (Bcfe) Bcfe Total Proved Proved Developed 45% 726 Growth Drilling Only 430.6 183.3 over Drill bit and Revisions 426.5 215.0 582 2009 All In All-In 426 5 426.5 215…
  17. Q4 2010 Earnings – Comstock Resources Inc. – slide 17
    East Texas / North N Louisiana Activity y Waskom Blocker (1- 1H) Mansfield (1) (9 - 9H 9H)) Haynesville Cotton Valley Shale Cotton Valley Logansport (42- 42- 42 42HH) Beckville Bossier Shale (1 - 1H) S. Toledo N.…
  18. Q4 2010 Earnings – Comstock Resources Inc. – slide 18
    Unfinished Business Status off Haynesville y / Bossier Shale Wells Drilled in 2010 Total Operated (72 Gross Wellls) ( 50 Gross Wells) Not Not Completed Completed 35 Complleted leted Completed Completed 24 24 37 7…
  19. Q4 2010 Earnings – Comstock Resources Inc. – slide 19
    BSMC 7 1H H 52 BOGUE 6H H 45 HART 1H H 36 GREEN 13H H 74 MONEYHAM 7H H 49 HOLMES 1H H 56 HEADRICK 1H H 31 BSMC 12 1H H 34 BROOME 1H H 41 COLVINCRANER 1H H 25…
  20. Q4 2010 Earnings – Comstock Resources Inc. – slide 20
    BSMC C 7 1H 95 BOG GUE 6H 86 HA ART 1H 74 GREE EN 13H 141 MONEYHA AM 7H 84 HOLM MES 1H 95 HEADRI CK 1H 64 BSMC 12 1H 136 BROOME 1H 110 COLVINCRAN NER 1H 49…
  21. Q4 2010 Earnings – Comstock Resources Inc. – slide 21
    Soutth Texas Region Eagle Ford (3) Las Hermanitaas Mustang Island F Fandango Ball Ranch (1) Ja avelina Ball Ranch Drilled 4 wells (3.5 net net)) in 2010 22
  22. Q4 2010 Earnings – Comstock Resources Inc. – slide 22
    Comstockss Eagle Ford Shale Program Comstock 381 Bbls Bbls/day /day Oil Window 432 Bbls Bbls/day /day Gross Acres 21,000 N tA Net Acres 18 000 18,000 Well Spacing 80 Acres Per Well 400 MBOE Comsto ock Acreage…
  23. Q4 2010 Earnings – Comstock Resources Inc. – slide 23
    2011 Drilling D Program in millions 33% East Texas/N La. 348 South Texas 174 67% Other - 522 Gross WI Net Cap Ex Gross WI Net Cap Ex Field Wells Wells Million Field Wells Wells Million East Tex./North La.: South Texas:…
  24. Q4 2010 Earnings – Comstock Resources Inc. – slide 24
    2 2011 Outlook Low cost structure allows Company to grow in low natural ggas pric p ce environment Successful drillin ng activity continues to drive down finding costs Comstock has on ne of the lowest overall costs structures which…

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