Skip to main content Q4 2011 Results – Comstock Resources Inc. Investor Presentation | Shale Experts
Loading...
Pm

Q4 2011 Results – Comstock Resources Inc.

Comstock Resources Inc. · Feb 6, 2012 · 33 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 2011 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 4th Quarterr 2011 Results
  2. Q4 2011 Results – Comstock Resources Inc. – slide 2
    2011 Hi Highlights hli h Very Strong productiion growth Production increasedd 31% in 2011 Haynesville and Eaglle Ford shale programs driving production gains Oil production increassed 78% in the fourth quarter as Eagle Ford program…
  3. Q4 2011 Results – Comstock Resources Inc. – slide 3
    P d i Production Mmcfe / day 285 277 263 219 222 208 209 184 187 188 168 200 184 160 163 164 157 169 102 176 84 93 48% 2 27 56 133 6 85 increase 94 over 2010s 72 80 4th quarter 87 89 78 72 60 58 54 58 49 37 46 41 41…
  4. Q4 2011 Results – Comstock Resources Inc. – slide 4
    A eerage Oil Price Ave Per Barrel 100.18 6 94.06 95.73 95.12 74.75 34% increase 68.35 over 2010s fourth quarter 40% increase over 2010 2010 Q4 2011 Q4 NYMEX 2010 2011 NYMEX 107% of 101% of NYMEX NYMEX 5
  5. Q4 2011 Results – Comstock Resources Inc. – slide 5
    A errage Gas Price Aver Per Mcf 4.35 4.04 3.91 3 73 3.73 3.55 3.40 9% decrease from 2010s fourth quarter 10% decrease from 2010 2010 Q4 2011 Q4 NYMEX 2010 2011 NYMEX 96% of 97% of NYMEX NYMEX 6
  6. Q4 2011 Results – Comstock Resources Inc. – slide 6
    Oill & Gas Sales in millions 434 349 58% increase over 2010 2010ss fourth quarter 114 24% increase 73 over 2010 2010 Q4 20011 Q4 2010 2011 7
  7. Q4 2011 Results – Comstock Resources Inc. – slide 7
    E EBITDAX in millions 336 249 75% increase over 2010 2010ss fourth quarter 35% increase 90 over 2010 51 2010 Q4 20111 Q4 2010 2011 8
  8. Q4 2011 Results – Comstock Resources Inc. – slide 8
    Opera ating Cash Flo Flow in millions 298 220 75% increase over 2010s fourth quarter 35% increase 79 over 2010 45 2010 Q4 20111 Q4 2010 2011 9
  9. Q4 2011 Results – Comstock Resources Inc. – slide 9
    Earnings in millions (eexcept per share amounts) Unusual Items in Fourth Quarter: 2010 2011 Pre After Per Pre After Per Tax Tax Share Tax Tax Share Impairments - - - (60.8) (39.5) (0.86) Loss on sale of properties (25.8)…
  10. Q4 2011 Results – Comstock Resources Inc. – slide 10
    Coosts per Mcfe Lifting 1.17 1 13 1.13 1.08 1.02 0.18 0.24 0.24 0.90 0 29 0.29 0 85 0.85 0.24 0.18 0.79 0.77 0.09 0.28 0.02 0.28 0.31 0.04 0 32 0.32 0.06 0.75 0.75 0.01 0.71 0.71 0.06 0.58 0.51 0.47 0.39 2010…
  11. Q4 2011 Results – Comstock Resources Inc. – slide 11
    Coosts per Mcfe General & A Administrative 0.30 0 29 0.29 0.27 0.26 0.23 0 21 0.21 0.20 0.18 2010 2010 2010 2010 2011 2011 2011 2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Excludees Stock-based Compensation 12
  12. Q4 2011 Results – Comstock Resources Inc. – slide 12
    Coosts per Mcfe Depreeciation, Depletion & Amortization 3.15 3 12 3.12 3 07 3.07 3.03 2.96 2.87 2.91 2.72 2 2010 2010 2010 2010 2011 2011 2011 2011 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 13
  13. Q4 2011 Results – Comstock Resources Inc. – slide 13
    Drillin ng Expenditures E pendit res in millions 2.2 202 7 202.7 2.5 38.2 Excludes Exploration Acreage and Acquisitions 358.7 368.3 Other South Texas East Texas / North Louisiana 2010 2011 399 399..4 57…
  14. Q4 2011 Results – Comstock Resources Inc. – slide 14
    Pro ed Reserves Proved r es and Finding Costs Bcfe 1,311 , Reserve Additions (Bcfe) Total Proved Proved Developed 1,051 Drilling Only 228.3 170.1 Drill bit and Revisions 192.2 155.7 All-In 355.9 171.9 726 25% Growth…
  15. Q4 2011 Results – Comstock Resources Inc. – slide 15
    Baalance Sheet As of in millions m Dec 31, Dec. 31 2011 Cash 8 Marketable Seccurities (1) 48 Total 56 Bank Credit Faacility 600 Borrowing Base B 700 % Availablee 14% 7% Senior Nootes 300 8% Senior Nootes 297 Total Debt 1,197…
  16. Q4 2011 Results – Comstock Resources Inc. – slide 16
    Focus on Maiintaining a Conservative Fin nancial Profile We plan to supplement our operating cash flow in 2012 with proceeds from p p planned divestitures Intend to sell certaiin properties which is expected to generate proceeds…
  17. Q4 2011 Results – Comstock Resources Inc. – slide 17
    2 2012 Hedges As of February 5, 2012 Volume NYMEX price Oil Swaps: (Bbls/day) (Bbl) (a) 2 2012 Q1 4 000 4,000 99 17 99.17 2012 Q2, Q3, Q4 5,000 99.53 2013 2,000 100.00 (a) The index price for the oil contra acts…
  18. Q4 2011 Results – Comstock Resources Inc. – slide 18
    C Comstocks k HHaynesville ill Shale Sh l Acreage A Gross Acres 96,000 Net Acres 82,000 Well Spacing 80 Acres Per Well 6 BCFE Reserves Resource 4.6 TCFE* Potential *Assumes 25% Royalty Interest Comstock Acreage…
  19. Q4 2011 Results – Comstock Resources Inc. – slide 19
    C Comstocks k Bossier B i Shale Sh l A Acreage Gross Acres 71,000 Net Acres 58,000 Well Spacing 80 Acres Per Well 5 BCFE Reserves Resource 2.7 TCFE* Potential *Assumes 25% Royalty Interest Comstock Acreage 20
  20. Q4 2011 Results – Comstock Resources Inc. – slide 20
    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 (24 wells 15.6 net)…
  21. Q4 2011 Results – Comstock Resources Inc. – slide 21
    C ryover Activity Car A i i Uncompleted p H y Haynesville / Bossier Shale Wells 35 Gross Wells W Net Wells 23.4 29 19.2 21 16 9.8 14 8.9 7.7 12/31/2010 3/31/2011 6/30/2011 9/30/2011 1 12/31/2011 12/31/2010…
  22. Q4 2011 Results – Comstock Resources Inc. – slide 22
    S tth T Sout Texas R Region i Eagle Ford Shale 20 wells Las Hermanitass Mustang Island Faandango Javvelina B ll Ranch Ball R h Drilled 20 wells ((19.2 net) in 2011 All horizoontal wells Average per well IP 820…
  23. Q4 2011 Results – Comstock Resources Inc. – slide 23
    C Comstocks Eagle E Ford Shale S A Acreage Atascosa Karnes Frio LaSalle Gross Acres 35,000 Net Acres 28,000 , McMullen Well Spacing 100 Acres Per Well 400 MBOE Reserves Resource 83 MMBOE* Potential *Assumes 26%…
  24. Q4 2011 Results – Comstock Resources Inc. – slide 24
    C Comstocks Eagle E Ford Shale S Wells Atascosa Coates 1H (538 BOE/day) Jupe 1H BOE/day)* (293 BOE/day) NWR 1H Karnes Frio (419 BOE/day) Donnell A1H (686 BOE/day) Cutter Creek 1H Carlson 1H (608 BOE/day) (585 BOE/day)…
  25. Q4 2011 Results – Comstock Resources Inc. – slide 25
    Eagle Ac Acquisition i i i Summary S Seller E Eagle Oil & Gas Co. and partners Purchase Price 345.5 million,, as adjusted j ( 201.7 million Proved Reserves, 143.8 million Acreage) Effective Date N November 1, 2011…
  26. Q4 2011 Results – Comstock Resources Inc. – slide 26
    Permian i Basin B i Geologic G i Setting S i Exploration p Prospect Gaines Co., Tx DELAWARE BASIN MIDLAND CENTRAL BASIN PLATFORM BASIN Eagle O&G Acquisition. Reeves Co., Tx Properties being acquired are in the…
  27. Q4 2011 Results – Comstock Resources Inc. – slide 27
    Delawa are Basin i Overview O i CENTRAL BASIN MIDLAND PLATFORM BASIN DELAWARE BASIN WEST SAN ANDRES EAST CLEAR FORK DELAWARE WOLFCAMP SANDS PENN & PRE-PEN SPRABERRY BONE SPRING WOLFCAMP SHALES SHALES WOLFCAMP…
  28. Q4 2011 Results – Comstock Resources Inc. – slide 28
    Perrmian i Acreage A 90,000 gross (5 55,000 net) acres Over 900 net veertical locations targeting the Wolfbone play Total resource potential p of 178,000 MBOE Horizontal deveelopment upside in the Wolfcamp shale 29
  29. Q4 2011 Results – Comstock Resources Inc. – slide 29
    Reeves Cou C unty Drilling i i Activity A i i Calculated EURs On Recent Wells 150 200 MBOE 200 250 MBOE 250 MBOE A Acquired i d Acreag A ge is i Largely L l De-Risked D Ri k d by b Drilling D illi 30
  30. Q4 2011 Results – Comstock Resources Inc. – slide 30
    20122 Drilling i i Plans 39 (24.9 net) existingg wells ( ) Plan to drill 43 (33.8 net) wells in 2012 ( ) Drill and complete costs - 4 to 4.5 million EURs - 180 to 250 MBOE 30 day d IPsIP -150 150 to 300 BOE per day Depth…
  31. Q4 2011 Results – Comstock Resources Inc. – slide 31
    Target Ri Rich Environment i 32
  32. Q4 2011 Results – Comstock Resources Inc. – slide 32
    2012 Drilling D illi Program P in millions Drilling Expenditures Gross WI Net 573 Field Budget Wells Wells 458 399 East Texas/North Louisiana: Logansport 5.9 3 0.6 Mansfield 5.0 3 0.6 Toledo Bend North 12.8 3 1.4 Toledo…
  33. Q4 2011 Results – Comstock Resources Inc. – slide 33
    2012 Outlook O tl k Strong liquids growth Oil to comprise 14 to 16% of 2012 production and over 20% of production at the end of the year Oil increased to 15% off proved reserves from 2% at the end of 2010 92% of the net wells…

From the store

Browse maps, data & reports in the Shale Experts store