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Q1 2014 Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 6, 2014 · 27 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 2014 Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2014 Results
  2. Q1 2014 Presentation – Comstock Resources Inc. – slide 2
    2014 1st Quarter Highlights Strong growth in oil production drives revenue and cash flow growth in the quarter Oil & Gas Sales - 142 million, 49% Total EBITDAX - 110 million, 52% Total Cash Flow From Operations - 98 million, 72%…
  3. Q1 2014 Presentation – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 12.4- 13.7 10.4 0.2 7.6 6.9 0.3 0.3 6.0 0.2 5.1 5.3 4.8 0.1 0.4 4.8 10.2 0.4 4.5 0.3 0.4 0.2 3.8 0.3 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7 4.1 4.3 1.5…
  4. Q1 2014 Presentation – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 11 254 253 5 11 10 245 239 5 24 6 10 3 6 5 212 26 23 23 218 32 23 4 1 11 21 8 35 31 28 192 31 4 1 26 27 20 174 6 19 156 148 34 25 4 102 20 5…
  5. Q1 2014 Presentation – Comstock Resources Inc. – slide 5
    Average Oil Price From Continuing Operations First Quarter (Per Barrel) Without Hedging With Hedging 111.19 105.82 98.68 98.68 96.59 95.20 14% decrease from 2013s first quarter 2013 Q1 2014 Q1 NYMEX 2013 Q1 2014 Q1…
  6. Q1 2014 Presentation – Comstock Resources Inc. – slide 6
    Oil Hedges Attractive oil hedge position to protect 2014 capital program Volume NYMEX price Oil Swaps:: (Barrels / day) (Per Barrel) (a) 2014 Q2 Q4 7,000 96.60 (a) The index price for the oil contracts is based on the…
  7. Q1 2014 Presentation – Comstock Resources Inc. – slide 7
    Average Natural Gas Price From Continuing Operations First Quarter (Per Mcf) 4.95 4.70 3.15 49% increase over 2013s first quarter 2013 Q1 2014 Q1 NYMEX 95% of NYMEX 8
  8. Q1 2014 Presentation – Comstock Resources Inc. – slide 8
    Oil & Gas Sales From Continuing Operations ( in millions) (Includes Realized Gains (Losses) from Hedging) 141 97 44% increase over 2013s first quarter 2013 Q1 2014 Q1 49% 63% Oil Oil 9
  9. Q1 2014 Presentation – Comstock Resources Inc. – slide 9
    EBITDAX From Continuing Operations ( in millions) 110 72 52% increase over 2013s first quarter 2013 Q1 2014 Q1 10
  10. Q1 2014 Presentation – Comstock Resources Inc. – slide 10
    Operating Cash Flow From Continuing Operations ( in millions) 98 74% increase 56 over 2013s first quarter 2013 Q1 2014 Q1 11
  11. Q1 2014 Presentation – Comstock Resources Inc. – slide 11
    Earnings in millions (except per share amounts) (27) 1 1 (Continuing Ops Only) 2014 Pre After Per (3) Tax Tax Share Unrealized Gain (Loss) from Derivatives (3.6) (2.4) (0.06) Total (3.6) (4.3) (0.06) Continuing Unusual…
  12. Q1 2014 Presentation – Comstock Resources Inc. – slide 12
    Costs per Mcfe From Continuing Operations Lifting 1.47 1.36 .23 1.24 1.21 .26 1.07 .26 .25 .34 .23 .26 .22 .24 .12 .84 .90 .72 .74 .74 2013 2013 2013 2013 2014 1Q 2Q 3Q 4Q 1Q Lifting Production Taxes…
  13. Q1 2014 Presentation – Comstock Resources Inc. – slide 13
    Costs per Mcfe From Continuing Operations General & Administrative .33 .37 .31 .34 .29 2013 2013 2013 2013 2014 1Q 2Q 3Q 4Q 1Q G&A Excludes Stock-based Compensation 14
  14. Q1 2014 Presentation – Comstock Resources Inc. – slide 14
    Costs per Mcfe From Continuing Operations Depreciation, Depletion & Amortization 5.36 4.66 4.87 4.93 4.94 2013 2013 2013 2013 2014 1Q 2Q 3Q 4Q 1Q DD&A 15
  15. Q1 2014 Presentation – Comstock Resources Inc. – slide 15
    Capital Expenditures Continuing Operations in millions 188 Includes 2 million in 2013 and 40 million in 2014 for Acreage Costs South Texas East Texas / North Louisiana 181 Other - TMS 58 54 2 4 5 2013 2014 16…
  16. Q1 2014 Presentation – Comstock Resources Inc. – slide 16
    2014 Drilling Program ( in millions) Continuing Operations Drilling Expenditures Gross WI Net 510 Budget Wells Wells 331 344 South Texas: South Texas Eagle Ford 283.9 65 46.0 Completion of 2013 Wells 76.1 Facilities 31.0…
  17. Q1 2014 Presentation – Comstock Resources Inc. – slide 17
    Balance Sheet ( in millions) As of Estimated Mar. 31, 2014 Cash and cash equivalents 2 Revolving Credit Facility (1,000) 360 Borrowing Base 700 Availability () 340 Availability (%) 49% 7% Senior Notes due 2019 300 9% Senior…
  18. Q1 2014 Presentation – Comstock Resources Inc. – slide 18
    Providing Return to Stockholders Dividend Yield at March 31, 2014 3.6% 2.3% 2.2% 2.1% 2.1% 2.0% 2.0% 1.4% 1.3% 1.3% Average = 1.2% 1.0% 0.8% 0.8% 0.7% 0.5% 0.4% 0.3% 0.3% 0.2% 0.2% 0.1% 1 2 CRK 4 5 6 7 8 9 10…
  19. Q1 2014 Presentation – Comstock Resources Inc. – slide 19
    Comstocks Eagle Ford Shale Wells -Drilled in 2013 Coates -Drilled in 2014 DVR Mesquite Frio Lucas Jupe Atascosa NWR Schorp Cortez Hubberd Haynes Cutter Y-Bar Creek Donnell Gloria RTH Swenson Wheeler LaSalle Hill…
  20. Q1 2014 Presentation – Comstock Resources Inc. – slide 20
    Comstocks Eagle Ford Shale Wells BOE Per Day 24 Hour IPs 785 746 663 647 2012 2013 2014 2014* * Excluding RTH short lateral wells 21
  21. Q1 2014 Presentation – Comstock Resources Inc. – slide 21
    Improving Well Costs Costs per South Texas Eagle Ford Well ( in millions) 11.4 10.8 8.7 7.6 6.8 5.8* 2010 2011 2012 2013 2014 CRK Cost (w/ JV) * Represents 67% of well costs less 667K Spud Fee paid by JV Partner…
  22. Q1 2014 Presentation – Comstock Resources Inc. – slide 22
    East Texas Eagle Ford Acreage 33,900 gross acres (30,400 net) prospective for oil in the East Texas Eagle Ford shale Texas Brazos Burleson Lee Washington 23
  23. Q1 2014 Presentation – Comstock Resources Inc. – slide 23
    Eagle Ford Activity Drilling Location Halcon Anadarko Venado Halcon (Weber) Clayton Williams Falcon IP24: 1,218 BOE/d Apache SM Energy Halcon Stasny-Honza IP24: 1,262 BOE/d Halcon Brazos Reveille IP24: 1,416 BOE/d…
  24. Q1 2014 Presentation – Comstock Resources Inc. – slide 24
    TMS Acreage 55,000 gross acres (52,200 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Mississippi Wilkinson Amite Louisiana East Feliciana St. Helena 25
  25. Q1 2014 Presentation – Comstock Resources Inc. – slide 25
    TMS Activity Producing Wells Mississippi Encana Goodrich Wilkinson Goodrich CMR IP24: 950 BOE/d Goodrich Smith IP24: 1,045 BOE/d Goodrich Crosby Amite IP24: 1,300 BOE/d Encana Anderson IP24: 1,540 BOE/d East…
  26. Q1 2014 Presentation – Comstock Resources Inc. – slide 26
    TMS Activity Permitted Wells Mississippi Encana Goodrich Halcon Sanchez Amite Wilkinson East Feliciana Louisiana St. Helena 27
  27. Q1 2014 Presentation – Comstock Resources Inc. – slide 27
    Outlook Strong oil growth Growing oil production in 2014 by 88 to 103% Oil expected to comprise over 40% of total production in 2014 100 % of operated wells drilled in 2014 will be oil wells Oil focused / high return Eagle Ford…

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