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Q1 2013 Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Apr 30, 2013 · 26 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 2013 Earnings – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2013 2 Results
  2. Q1 2013 Earnings – Comstock Resources Inc. – slide 2
    2013 1st Q Quarter Highlights Decliningg natural ggas production p and improving p g oil and ggas prices define first quarter q results Continuing Ops Oiil & Gas Sales - 95 million Realized Gain from m Oil Hedge - 2 million…
  3. Q1 2013 Earnings – Comstock Resources Inc. – slide 3
    West Texas T Divestiture Buyer Rosetta Resources Inc. Sales Price 768 million Effective Date January 1, 2013 Estimated Closing Date May 14, 2013 Properties All of Comstocks assets in the Permian Basin ( Gaines and Reeves…
  4. Q1 2013 Earnings – Comstock Resources Inc. – slide 4
    West Texas T Divestiture 2012 Results Actual West Texas Pro Forma Production Data: Oil (Mbbls) 2,309 517 1,792 Natural Gas (MMcf) 82,490 728 81,762 Mcfe) Natural Gas equivalent (MM 96,345 3,830 92,515 Total Mmcfe/Day 263 10 253…
  5. Q1 2013 Earnings – Comstock Resources Inc. – slide 5
    Oiil Production MBbls / day 7.2 6.7 6.4 1.9 6.1 5.6 1.5 1.9 1.6 0.3 1.2 0.3 0.2 0.2 0.3 3.8 0.4 0.3 2.3 5.0 2.0 20 21 2.1 46 4.6 46 4.6 1.9 1.7 1.7 0.4 4.1 4.3 1.5 0.3 3.1 1.7 0.4 1.4 0.3 1.6 1.2 0.3 0.5 14…
  6. Q1 2013 Earnings – Comstock Resources Inc. – slide 6
    Natura al Gas Production MMcf / day 272 10 255 253 6 10 246 241 10 24 6 7 11 5 5 23 6 220 212 26 23 23 5 2 206 32 198 10 21 195 14 9 31 14 35 31 28 5 3 8 7 176 177 26 177 27 20 35 12 12 5 3 6 5 20 38 25 28 34 31…
  7. Q1 2013 Earnings – Comstock Resources Inc. – slide 7
    A eerage Oil Price Ave m Continuing Operations From Per Barrel Without Hedgin ng With Hedging 111.19 105.19 105.82 102.06 9 94.37 94.37 9% increase over 2012s first quarter 2012 Q1 2013 Q1 NY YMEX 2012 Q1 2013 Q1…
  8. Q1 2013 Earnings – Comstock Resources Inc. – slide 8
    O Hedges Oil H d Attractive oil hedge position p to protect 2013 capital programs As of March 31, 2013 Volume NYMEX price Oil Swaps: (Barrels / day) (Per Barrel) (a) 20 013 Q2 5,778 98.69 20 013 Q3 5,556 98.72 20…
  9. Q1 2013 Earnings – Comstock Resources Inc. – slide 9
    A errage Gas Price Aver m Continuing Operations From Per Mcf 3.34 3.15 2.61 1 21% increase over 2012s first quarter 2012 Q1 Q 2013 Q1 NYMEX 94% of NYMEX 10
  10. Q1 2013 Earnings – Comstock Resources Inc. – slide 10
    Oill & Gas Sales m Continuing Operations From in millions 1 102 97 5% ddecrease from 2012s first quarter 201 12 Q1 2013 Q1 433% 49% 00il i 0i 0il 11
  11. Q1 2013 Earnings – Comstock Resources Inc. – slide 11
    E EBITDAX in millions 81 79 6 9 73 72 3% increase over 2012 2012ss first quarter Discontinued Continuing 2012 Q1 2013 Q1 12
  12. Q1 2013 Earnings – Comstock Resources Inc. – slide 12
    Opera ating Cash Flo Flow in millions 67 5 62 6 62 7% decrease 56 from 2012s first quarter Discontinued Continuing 2012 Q1 2013 Q1 13
  13. Q1 2013 Earnings – Comstock Resources Inc. – slide 13
    Earnings in millions (eexcept per share amounts) 1.4 Unusual Items in first quaarter: 2013 2012 Pre After Pre After Tax Tax Per Share Tax Tax Per Share (24.5) Unrealized Loss from Derivatives (8.8) (5.7) (0.12) (10.2)…
  14. Q1 2013 Earnings – Comstock Resources Inc. – slide 14
    Coosts per Mcfe From m Continuing Operations Lifting 1.07 1.02 0.98 0 96 0.96 0.90 .23 .27 .31 .26 29 9 .29 .12 .13 .13 .13 .12 .72 .54 .62 .57 9 .49 2012 2012 2012 2012 2013 1Q 2Q 3Q 4Q 1Q Lifting…
  15. Q1 2013 Earnings – Comstock Resources Inc. – slide 15
    Coosts per Mcfe From m Continuing Operations General & A Administrative .31 .21 . .23 .21 .21 2012 2012 2012 2012 2013 1Q 2Q 3Q 4Q 1Q G&A Exclu udes Stock-based Compensation 16
  16. Q1 2013 Earnings – Comstock Resources Inc. – slide 16
    Coosts per Mcfe From m Continuing Operations Deprreciation, reciation Depletion & Amortization 4.43 4.66 3.99 54 3.5 3.24 2012 2012 2012 2012 2013 1Q 2Q 3Q 4Q 1Q DD&A 17
  17. Q1 2013 Earnings – Comstock Resources Inc. – slide 17
    Drillin ng Expenditures C Continuing Operations 140 in i millions illi Includes 3 million in 2012 and 68 2 million in 2013 for Acreage Costs South Texas 58 East Texas / North Louisiana 72 Other 54 4 2012 Q1…
  18. Q1 2013 Earnings – Comstock Resources Inc. – slide 18
    2013 D Drilling Program in millions Drilling Expenditures Continuin ngg Operations p 573 Gross WI Net 490 Field Budget Wells Wells 347 East Texas/North Louisian na: Haynesville Shalle 31.6 10 3.6 (2 Operated) 2011 2012…
  19. Q1 2013 Earnings – Comstock Resources Inc. – slide 19
    Baalance Sheet in millions As of As of Mar. 31,, 2013 West Texas Mar. 31,, 2013 Actual Divestiture Pro Forma Cash and cash equivalents 7 318 325 Revolving Credit Facility (8850) 450 (450) - Borrowing Base 570 500 Availability ()…
  20. Q1 2013 Earnings – Comstock Resources Inc. – slide 20
    Eagle g Foord Shale Program g Atascosa Karnes Frio Gross Acres 33,000 LaSalle L S ll Net Acres 27,000 27 000 Locations 277 McMullen Gross EUR 500 MBOE Resource 78 MMBOE* Potential Competed 10 (6.4 net) wells in…
  21. Q1 2013 Earnings – Comstock Resources Inc. – slide 21
    Comstocks Eagle E g Ford Shale Wells 1 1st 24hr IP, 30day IP, % of 90day IP, % of Well County Produ uction BOEPD BOEPD IP BOEPD IP Wells 119 Drilled in 2010 2011 782 584 75% 514 66% 20 Schorp 3H LaSalle 2/28//2012 391 319 82% 281…
  22. Q1 2013 Earnings – Comstock Resources Inc. – slide 22
    Comstocks Eagle E g Ford Shale Wells 3 Atascosa 31 44 47 Karnes Frio 21 28 29 10 1 20 49 50 35 25 41 42 7 22 23 33 30 16 24 26 4 27 43 40 54 17 32 53 57 18 46 2 34 38 51 48 15 11 37 45 9 5 56 LaSalle 14 13…
  23. Q1 2013 Earnings – Comstock Resources Inc. – slide 23
    Improving p g Eagle E g Ford Well Costs Well costs adjusted to a standardized lateral length of 5,800 feet 24
  24. Q1 2013 Earnings – Comstock Resources Inc. – slide 24
    2013 Eagle g Ford d Shale Drillingg Program g Frio Atascosa McMullen LaSalle Plan to drill 72 wells ( 46.9 net) A All horizontal wells 25
  25. Q1 2013 Earnings – Comstock Resources Inc. – slide 25
    Eagle g Ford d Well Completions p 26
  26. Q1 2013 Earnings – Comstock Resources Inc. – slide 26
    2013 Outlook St Strong oil il growth th Oil expected to compprise 20% of total production in 2013 93% of the net wells drilled in 2013 will be oil wells and 90% of the 2013 drilling budget will be spent on oil projects Oil…

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