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Q1 2010 Earnings Call – Comstock Resources Inc.

Comstock Resources Inc. · May 4, 2010 · 25 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 2010 Earnings Call – Comstock Resources Inc. – slide 1
    1 st Quarter 2010 Resultss
  2. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 2
    2010 1st Quarter Highlights Strong production n growth and improved oil and gas prices result in retturn to profitability p p y Production n Growth of 34% over 2009s 1st Quarter Oil & Gas Sales S - 106 million EBITDAX - 80…
  3. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 3
    Production Mmcfe / day 208 209 16 13 184 1 168 169 13 163 164 49 160 9 157 50 14 9 15 17 17 15 133 18 55 132 10 10 56 118 113 59 56 11 20 19 64 58 12 34% 61 84 93 Growth 19 18 2 56 36 36 26 over 6 2009s 25 27…
  4. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 4
    Aveerage g Oil Price Per Barrel 91% increase 78.71 over 2009s 67.08 first quarter 35.03 2009 Q1 2010 Q1 NYMEX 85% of NYMEX 5
  5. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 5
    Aveerage Gas Price Per Mcf 12% iincrease 5.30 5.30 over 2009s 4.75 first quarter 2009 Q1 2010 Q1 NYMEX 100% off NYMEXX 6
  6. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 6
    Oiil & Gas Sales in millions 55% increase over 2009s 1106 first quarter 68 2009 Q1 20100 Q1 7
  7. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 7
    EBITDAX in millions 77% iincrease over 2009s first quarter 880 45 2009 Q1 20100 Q1 8
  8. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 8
    Operrating Cash Flow in millions 60% increase over 2009s 72 first quarter 45 2009 Q1 2010 Q1 9
  9. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 9
    Earnings in millions (e (except per share amounts) 2009 Q1 2010 Q1 7 (6) Per Share (12) 16 10
  10. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 10
    Costs p per Mcfe Lifting 1.53 1.45 1.44 1.37 0.43 0.12 1.20 0.43 0.41 1.14 0.07 1.08 0.08 1.07 0.07 0.09 0.16 0.94 0.09 0.05 0.07 0.17 0.09 0.11 0.24 0.08 0 25 0.25 1.03 1.18 0.97 1.03 0.96 0.89 0.75 0.75 0 65…
  11. Q1 2010 Earnings Call – 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 0.26 0.24 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q Excludes Stock-based Compensation C 4th Quarter…
  12. Q1 2010 Earnings Call – 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 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q 13
  13. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 13
    Capi pital Expenditures p in millions 97 0.3 94 0.3 2.2 24.0 Includes 4 million in 2009 and 10 million in 2010 for Haynesville 91.2 Shale Leases 72.9 2009 Q1 20010 Q1 East Texas / North Louisiana Souuth Texas…
  14. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 14
    B Balance Sheet As of in millions March 31, 2010 Cash 122 Marketable Securities (1) 94 Total 216 Bank Credit Facility - Borrowin ng Base 500 % Availaable 100% 6% Senior Notes 175 8% Senior Notes 296 bt Total Deb 471 Total…
  15. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 15
    East Texas / North N Louisiana Activity y Blocker (1) Logansport ( 5 - 5H ) Waskom (2 - 2H) N. Toledo Bend S. Toledo (4 - 4H) Bend TEXAS (1 - 1H) 2010s 1st Quarter Drilled 13 wells (9.4 net)) in 2010s 12…
  16. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 16
    Comstockss H Comstock Haynesville Shale Acreage Gross Acres 83,000 , Net Acres 74,000 Well Spacing 80 Acres Per Well 5 Bcfe Reserves Resource 3.5 Tcfe* Potential *Assumes 25% Royalty y y Interest Comstock Acreage…
  17. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 17
    Comstocks Upper Haynesville (Bossieer) Shale Acreage Gross Acres 54,000 Net Acres 46 000 46,000 Well Spacing 80 Acres Per Well P W ll 5 Bcfe B f Reserves Resource 2.2 Tcfe* Potential *Assumes 25% Royalty Interest…
  18. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 18
    Comstocks Combined Haynesville and Bossieer Shale Acreage Gross Acres 137,000 Net Acres 120,000 Well Spacing 80 Acres Per Well P W ll 5 Bcfe B f Reserves Resource 5.7 Tcfe* Potential *Assumes 25% Royalty Interest…
  19. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 19
    Haynesville y Shale Drilling g Activityy 5 6 Longwood Bossier Operated Wells IP Rates: Harrison 1 BSMC 7 1H 9 21 BSMC 6 1H H 10 Waskom 2 Bogue A 6H 7 22 BSMC 8 1H H 9 16 12 36 Caddo 3 Hart 1H 7 23 Brown 1H H 16 Blocker 2 4…
  20. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 20
    Haynesvil y lle Shale Completions p Frac Treatment Early Next Stage Current Parameters Com mpletions Completions Completions Lateral Length 3,00 00 4,000 4,100 4,800 Longer if possible (La. Sectional Units) No. of Frac Stages g…
  21. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 21
    BSMC 7 1HH 52 BOGUE 6H (TX X) HART 1HH GREEN 13 H (TX X) 46 46 47 MONEYHAM 7H H 56 HOLMES 1 1H 37 HEADRICK 1H H BSMC 12 1H H 42 61 61 BROOME 1 H 34 COLVINCRANER 1 H 41 CARAWAY 3H H 50…
  22. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 22
    BSMC 7 1 1H 95 BOGUE 6H (T TX) 145 First HART 1 1H 86 GREEN 13 H (T TX) MONEYHAM 7 7H 127 Fi t Five 95 HOLMES 1H A 129 1H HEADRICK 1 133 BSMC 12 1 1H 193 BROOME 1 1H…
  23. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 23
    2010 Haynesvillle Shale Drilling Program Waskom Logansport (1) (27) Mansfield (2) Blocker (1) North Toledoo Bend (19) South Toledo Bend (6) 56 (41.1 net) Horizontal H Wells Planned in 2010 24
  24. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 24
    Soutth Texas Region g Drilled 1 wells (0.5 net n ) net) Southeast Texas in 2010s 1st Quartter Double A Averageg Per Well IPI Wells 7.5 Mmcfe Mmcfe/day /day South Las TexasHeermanitas Mustang Island Faandango Ball Ranch…
  25. Q1 2010 Earnings Call – Comstock Resources Inc. – slide 25
    2 2010 Outlook Haynesville shale drilling program expected to deliver strong production p and reserve growth Drilling 56 Haynnesville horizontal wells in 2010 Expect to have 18 to 25% production growth in 2010 2010 Haynesvillee…

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