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Q4 2012 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Feb 12, 2013 · 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 2012 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK
  2. Q4 2012 Earnings – Comstock Resources Inc. – slide 2
    201 12 Highlights Growing oil productiion helps to partially offset very weak natural gas prices in 2012 Oil & Gas Sales - 4332 million Realized Gain from Oil O Hedge - 10 million EBITDAX - 321 milllion Cash Flow From…
  3. Q4 2012 Earnings – Comstock Resources Inc. – slide 3
    2012 Quart Q erly y Financial Results in thousands ( (except per share amounts) Restatemeent of Historical Financial Results for Mark k to Market vs. Hedge Accounting Three Months Ended Three Months Ended Three Months Ended…
  4. Q4 2012 Earnings – Comstock Resources Inc. – slide 4
    Oiil Production MBbls / day 7.2 6.4 6.1 5.6 5.0 3.8 4.6 4.3 4.1 2.4 2.2 2.3 2.1 2.0 1.9 2.1 3.1 0.7 0.6 0.6 1.8 0.6 1.7 1.7 0.4 05 0.5 0.6 0.3 15 1.5 0.5 1.4 0.7 1.0 1.9 0.8 1.4 1.6 1.7 1.6 1.6 1.7…
  5. Q4 2012 Earnings – Comstock Resources Inc. – slide 5
    Natura al Gas Production MMcf / day 272 253 255 246 241 220 206 212 195 198 195 174 176 177 200 155 176 184 175 142 58 83 93 102 133 180 6 27 165 85 94 142 47 46 46 40 38 35 31 28 26 26 24 23 63 23 58 23 48 49…
  6. Q4 2012 Earnings – Comstock Resources Inc. – slide 6
    Average g Oil Price 4th Quarter Per Barrel Without Hedg ging With Hedging 100 18 100.18 100 18 101.56 100.18 101 56 92.46 87.60 87.60 1% increase over 2011s fourth quarter 2011 Q4 2012 Q4 N NYMEX 2011 Q4 2012 Q4…
  7. Q4 2012 Earnings – Comstock Resources Inc. – slide 7
    Averrage Oil Price 2012 Per Barrel Without Hedg ging With Hedging 101.18 96 95 96.95 95.73 94.06 95.73 94.06 6% increase over 2011 2011 2012 NYMEX 2011 2012 NYMEX 103% of 74% NYMEX Hedged 8
  8. Q4 2012 Earnings – Comstock Resources Inc. – slide 8
    O Hedges Oil g Attractive oil hedge position p to protect 2013 capital programs A of December 31, 2012 As Volume NYMEX price Oil Swaps: (Bbls/day) (Bbl) (a) 2013 6,000 98.67 (a) The index price for the oil contrac…
  9. Q4 2012 Earnings – Comstock Resources Inc. – slide 9
    Averrage g Gas Price Per Mcf 3.91 3.40 3.40 3.05 2.79 2.52 10% decrease from 2011s fourth quarter 36% decrease from 2011 2011 Q4 2012 Q4 NYMEX 2011 2012 NYMEX 90% of 90% of NYMEX NYMEX 10
  10. Q4 2012 Earnings – Comstock Resources Inc. – slide 10
    Oill & Gas Sales in millions Includess Realized Hedging Gains 434 442 2% decrease from 2011s fourth quarter 114 112 2% increase over 2011 2011 Q4 2012 Q4 2011 2012 31% 51% 18% 51% 0il 0il 0il 0il 11
  11. Q4 2012 Earnings – Comstock Resources Inc. – slide 11
    E EBITDAX in millions 336 321 9% decrease from 2011s fourth quarter 4% ddecrease from 2011 90 82 2011 Q4 2012 Q4 2011 2012 12
  12. Q4 2012 Earnings – Comstock Resources Inc. – slide 12
    Opera ating Cash Flow in millions 298 261 18% ddecrease from 2011s fourth quarter 12% decrease 79 from 2011 65 2011 Q4 2012 Q4 2011 2012 13
  13. Q4 2012 Earnings – Comstock Resources Inc. – slide 13
    Earnings in millions (ex xceptt per share h amounts) t) Unusual Items in fourth quarter: 2012 2011 Pre After Per Pre After Per Tax Tax Share Tax Tax Share ments Impairm (78.6) (51.1) (1.10) (60.8) (39.5) (0.86) (33)…
  14. Q4 2012 Earnings – Comstock Resources Inc. – slide 14
    Co osts p per Mcfe Lifting 1..13 1.19 1.03 1 06 1.06 0.97 0.27 0.90 0.85 0.31 0.26 0 79 0.79 9 0 77 0.77 0 15 0.15 0.29 0.28 0.28 0.16 0.31 0.14 0.04 0.32 0.13 0.06 0.01 0.06 0.58 0.77 0.51 0.58 0.64 0.47 0.55 0…
  15. Q4 2012 Earnings – Comstock Resources Inc. – slide 15
    Coosts per Mcfe General & A Administrative 0.26 0.22 0.21 0.21 0.20 0.20 0.20 0.18 2011 2011 2011 2011 2012 2012 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Exclu udes Stock-based Compensation 16
  16. Q4 2012 Earnings – Comstock Resources Inc. – slide 16
    Co osts p per Mcfe Deprreciation, Depletion & Amortization A ti ti 4.55 4.10 3.59 3.24 3.03 3.12 3.07 2.96 2011 2011 2011 2011 2012 2012 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 17
  17. Q4 2012 Earnings – Comstock Resources Inc. – slide 17
    Pro oved Reserves A of December 31, 2012 As Proved Oil and Gas Reserves Oil Gas Total % (MMBbl) (Bcf) (Bcfe) Developed Beginning Reserves 32.1 1,118.6 1,311.2 46% + Drilling 17.3 31.1 134.9 44% + Revisions (0.4) (531.4) (533.7)…
  18. Q4 2012 Earnings – Comstock Resources Inc. – slide 18
    Baalance Sheet As of Dec 31, Dec. 31 2012 Cash and cash equ uivalents 4 Marketable securiities(1) 12 Revolving Credit Facility F (850MM) 440 Borrowing Ba ase 570 Availability y () 130 Availability (%) 23% 8% Senior Notees due…
  19. Q4 2012 Earnings – Comstock Resources Inc. – slide 19
    2013 D Drilling Program in millions Drilling Expenditures 573 Gross WI Net 490 Field Budget Wells Wells 420 East Texas/North Louisiana: Haynesville Sh hale 32.1 10 3.6 (2 Operrated) South Texas: 2011 2012 2013 hale…
  20. Q4 2012 Earnings – Comstock Resources Inc. – slide 20
    East Texas / North N Louisiana Region g Cotton Valley Haynesville Shale Cotton Valley B i Shale Bossier Sh l Haynesville/Bossier Shale Gross Acres 94,000 Net Acres 80,000 Resource R Drilled 7 wells (3.2 net) in…
  21. Q4 2012 Earnings – Comstock Resources Inc. – slide 21
    Eagle g Foord Shale Program g Atascosa Karnes Frio Gross Acres 35,000 LaSalle L S ll Net Acres 28,000 28 000 Wells 277 McMullen Gross EUR 500 MBOE Resource 78 MMBOE* Potential Drilled 30 (20.5 net) w wells in…
  22. Q4 2012 Earnings – Comstock Resources Inc. – slide 22
    Comstocks Eagle E g Ford Shale Wells 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well Countyy Production BOEPD BOEPD IP BOEPD IP Wells 1-19 Drilled in 2010 - 2011 782 584 75% 514 66% 20 S h Schorp 3H L S lle LaSalle 2/28/2012 391…
  23. Q4 2012 Earnings – Comstock Resources Inc. – slide 23
    Comstocks Eagle E g Ford Shale Wells 3 Atascosa 31 44 47 Karnes Frio 21 28 29 10 1 20 35 25 41 42 7 22 23 33 30 16 24 26 4 27 43 17 40 32 2 18 46 38 5 34 15 11 45 9 37 LaSalle 14 13 36 6 39 19 12 8…
  24. Q4 2012 Earnings – Comstock Resources Inc. – slide 24
    Improving p g Eagle E g Ford Well Costs Well costs adjusted to a standardized lateral length of 5,800 feet 25
  25. Q4 2012 Earnings – Comstock Resources Inc. – slide 25
    Eagle g Ford d Well Completions p 26
  26. Q4 2012 Earnings – Comstock Resources Inc. – slide 26
    2013 Eagle g Ford d Shale Drillingg Program g Frio Atascosa At McMullen LaSalle Plan to drill 42 wells ( 27.3 net) A All horizontal wells 27
  27. Q4 2012 Earnings – Comstock Resources Inc. – slide 27
    Westt Texas Region g 89,000 gross (54,0000 net) acres Over 900 net verticcal locations targeting the Wolfbone play Total resource poteential of 178,000 MBOE Horizontal developpment upside in the Wolfcamp shale 28
  28. Q4 2012 Earnings – Comstock Resources Inc. – slide 28
    4th Quarte Q er Wolfbone Activityy Hanging H 70 1 (296 BOE/day) Saddleback 42 1 (438 BOE/day) Trigger 40 3 (276 BOE/day) HSF State A3 1 ((280 BOE/day) y) Dale Evans 196 2H Wild Bill Hickock 205 2 (212 BOE/day)…
  29. Q4 2012 Earnings – Comstock Resources Inc. – slide 29
    Comstock ks Wolfbone Wells 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well Prooduction BOEPD BOEPD IP BOEPD IP Wells 1-20 Drilled in 2010 - 2011 271 224 83% 168 62% 21 Monroe 28 2 2/21/2012 371 203 55% 166 45% 22 Dale Evans 196 1…
  30. Q4 2012 Earnings – Comstock Resources Inc. – slide 30
    Comstock ks Wolfbone Wells 47 14 11 48 39 13 3 20 18 40 33 23 41 32 12 17 29 21 28 30 7 35 19 43 6 26 38 27 8 34 46 5 49 22 2 45 36 37 16 44 42 24 31 1 25 5 4 9 15 1 10 47 operated vertical…
  31. Q4 2012 Earnings – Comstock Resources Inc. – slide 31
    Wolfcamp H Horizontal Development Comstock Balmorhea St. 32-15 A 1H Wolfcamp A Comstock Monroe 35 1H Comstock Gaucho State 15 1H Wolfcamp B Wolfcamp A Comstock Dale Evans 196 2H Middle Wolfcamp Concho Rawhide St 40 3H…
  32. Q4 2012 Earnings – Comstock Resources Inc. – slide 32
    Targ get Formations Middle 3rd Bone Woolfcamp Wolfcamp Wolfbone Wolfcamp Spring B BTest A Test Vertical Test T t Test M Monroe Gaucho State Dale Evans (future 355 1H 15 1H 196 2H potential) 3 - 5 thin, very fine- 3rd…
  33. Q4 2012 Earnings – Comstock Resources Inc. – slide 33
    2013 Outlook St Strong oil il growth th Oil comprised 14% of production p in 2012, up from 5% in 2011 Oil expected to grow to more than 25% of total production in 2013 94% of the net wells driilled in 2013 will be oil wells and…

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