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INVESTOR PRESENTATION – Comstock Resources Inc.

Comstock Resources Inc. · Mar 1, 2014 · 23 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. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 1
    NYSE:CRK March 2014
  2. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Strong oil growth Growing oil production in 2014 by 77 to 99% Oil expected to comprise approximately 40% of total production in 2014 100 % of wells drilled in 2014 will be oil wells Oil focused / high return…
  3. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 3
    Major Properties Other Proved Reserves 13 Bcfe Wells - 339 San Juan E. Texas / N. Louisiana Proved Reserves - 344 Bcfe Wells 956 South Texas Proved Reserves 37.9 Mmboe Longwood Texas Wells - 240 Waskom Drew Logansport…
  4. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 4
    Areas of Focus Haynesville/ Bossier Mississippi East Texas Tuscaloosa Eagle Ford Marine Shale Texas South Texas Eagle Ford Louisiana 5
  5. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 344 Bcfe* Own interests in 956 producing wells in 28 fields Longwood 72,000 net acres Waskom with Lower Blocker Drew Haynesville shale Beckville…
  6. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 85,000 Net Acres 72,000 Drilled 2 wells (2.0 net) in 2013 Average per well IP - 9…
  7. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 7
    South Texas Region South Texas Reserves: 37.9 MMBOE (57% Oil) East Texas Eagle Ford Own interests Texas in 240 South Texas Eagle Ford producing wells in 16 fields 46,000 net acres with Las Hermanitas Eagle Ford Rosita shale Fandango…
  8. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 8
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 31,800 Net Acres 25,300 Locations 300 Gross EUR 450 to 550 MBOE Resource 70 MMBOE* Potential *Net of Joint Venture and Royalties 9
  9. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 9
    Eagle Ford Shale Joint Venture KKR participates in our Eagle Ford shale drilling program in South Texas for one-third of our working interest in wells drilled in exchange for paying 25,000 per acre for the net acreage being…
  10. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 10
    Comstocks Eagle Ford Shale Wells -Drilled in 2013 Coates DVR Mesquite Frio Lucas Jupe Atascosa NWR Schorp Cortez Hubberd Cutter Y-Bar Haynes Creek Donnell Gloria Swenson RTH Wheeler LaSalle Hill McMullen Forrest…
  11. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 11
    Comstocks Eagle Ford Shale Wells 24 Hour IPs 30 Day IPs 21% increase 28% increase 780 659 647 514 2012 2013 2012 2013 BOE Per Day 12
  12. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 12
    Improving Well Costs Costs per South Texas Eagle Ford Well ( in millions) 11.4 10.8 9.0 7.9 7.4 75 * 6.4 59 28 of 17 Wells 2 2010 2011 2012 2013 2014 (est.) CRK Cost (w/ JV) * Represents 67% of well costs less…
  13. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 13
    Longer Laterals Average Lateral Length (Feet) 6,500 6,025 5,864 4,595 2010 2011 2012 2013 Lateral length in 2013 has increased by 41% since first wells were drilled. 14
  14. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 14
    Proppant Used Average per Well (Million Pounds) 8.1 6.2 5.4 4.4 2010 2011 2012 2013 Amount of proppant used in completion has increased 86% since first wells were drilled. 15
  15. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 15
    East Texas Eagle Ford Acreage Acquired 34,000 gross acres (21,000 net) prospective for oil in the East Texas Eagle Ford shale in Burleson and Washington Counties in Texas Wells with IPs 1,000 BOE Texas Brazos Burleson Lee Washington…
  16. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 16
    TMS Acreage Acquired 53,000 gross acres (51,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Wells with IPs 1,000 BOE Mississippi Wilkinson Amite Louisiana East Feliciana St. Helena 17
  17. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 17
    2014 Drilling Program ( in millions) Continuing Operations Drilling Expenditures 490 Gross WI Net 450 Field Budget Wells Wells 344 South Texas: South Texas Eagle Ford 264.3 59 40.2 Completion of 2013 Wells 79.9 Facilities…
  18. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 18
    Oil Production (MBbls / day) From Continuing Operations 11.2 to 12.6 7.6 6.9 0.3 0.3 6.0 0.2 5.1 5.3 4.8 0.1 0.4 0.4 4.5 4.8 0.4 0.2 0.3 3.8 0.3 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7 0.4 4.1 4.3 1.5 0.3 3.1 0.3…
  19. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 19
    Natural Gas Production (MMcf / day) From Continuing Operations 272 11 254 253 5 245 11 24 10 6 239 5 10 3 6 5 212 26 23 218 32 23 23 4 1 11 8 31 28 21 192 35 31 4 1 26 27 20 174 6 156 110 25 19 4 148 34 20 5 133…
  20. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 20
    Low Cost Structure 2013 Costs Per Mcfe Comstock total 4.13 producing costs are 37% lower 1.02 than the average E&P total producing costs 2.59 0.89 Lifting 10th lowest of 60 1.05 G&A companies Interest surveyed 0.32…
  21. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 21
    Oil Hedges Attractive oil hedge position to protect 2014 capital program Volume NYMEX price Oil Swaps:: (Barrels / day) (Per Barrel) (a) 2014 Q1 6,000 96.42 2014 Q2 Q4 7,000 96.60 (a) The index price for the oil contracts…
  22. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 22
    Balance Sheet ( in millions) As of Dec. 31, 2013 Cash and cash equivalents 3 Revolving Credit Facility (1,000) 210 Borrowing Base 625 Availability () 415 Availability (%) 82% 7% Senior Notes due 2019 300 9% Senior Notes due…
  23. INVESTOR PRESENTATION – Comstock Resources Inc. – slide 23
    Providing Return to Stockholders Dividend Yield at December 31, 2013 3.8% 2.7% 2.5% 2.2% 2.2% 1.9% 1.8% 1.6% 1.4% 1.3% Average = 1.3% 0.9% 0.9% 0.8% 0.8% 0.5% 0.4% 0.3% 0.2% 0.2% 0.2% 0.1% 1 CRK 3 4 5 6 7 8 9…

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