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2nd Quarter 2014 Results – Comstock Resources Inc.

Comstock Resources Inc. · Aug 5, 2014 · 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. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 2nd Quarter 2014 Results
  2. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 2
    2014 2nd Quarter Highlights Strong growth in oil production drives revenue and cash flow growth in the quarter Oil & Gas Sales - 155.7 million, 44% Total EBITDAX - 121.3 million, 45% Total Cash Flow From Operations - 107.5 million,…
  3. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 12.5- 14.4 12.2 0.2 10.4 0.2 7.6 6.9 0.3 0.3 6.0 0.2 12.0 5.1 5.3 4.8 0.1 0.4 4.5 4.8 10.2 0.4 0.4 0.3 3.8 0.3 0.2 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7…
  4. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 4
    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 23 218 32 23 4 1 11 8 35 31 28 21 192 31 4 1 26 27 20 174 6 156 25 19 4 148 34 20 5…
  5. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 5
    Average Oil Price From Continuing Operations Second Quarter (Per Barrel) Without Hedging With Hedging 105.30 102.99 102.99 100.06 99.90 96.27 9% decrease from 2013s second quarter 2013 Q2 2014 Q2 NYMEX 2013 Q2 2014 Q2…
  6. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 6
    Average Oil Price From Continuing Operations Six Months (Per Barrel) Without Hedging With Hedging 107.89 102.60 100.84 98.39 100.84 95.78 11% decrease from 2013s six months 2013 2014 NYMEX 2013 2014 NYMEX 98% of…
  7. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 7
    Oil Hedges Attractive oil hedge position to protect 2014 capital program Volume NYMEX price Oil Swaps:: (Barrels / day) (Per Barrel) (a) 2014 Q3 Q4 7,000 96.60 (a) The index price for the oil contracts is based on the…
  8. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 8
    Average Natural Gas Price From Continuing Operations (Per Mcf) 4.81 4.57 4.68 4.42 3.71 3.42 19% increase over 2013s second quarter 34% increase over 2013s six months 2013 Q2 2014 Q2 NYMEX 2013 2014 NYMEX 94% of 95%…
  9. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 9
    Oil & Gas Sales From Continuing Operations ( in millions) (Includes Realized Gains (Losses) from Hedging) 292 208 37% increase 152 over 2013s second quarter 111 41% increase over 2013s six months 2013 Q2 2014 Q2…
  10. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 10
    EBITDAX From Continuing Operations ( in millions) 232 156 121 45% increase over 2013s second quarter 84 48% increase over 2013s six months 2013 Q2 2014 Q2 2013 2014 11
  11. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 11
    Operating Cash Flow From Continuing Operations ( in millions) 205 108 63% increase 122 over 2013s second quarter 66 68% increase over 2013s six months 2013 Q2 2014 Q2 2013 2014 12
  12. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 12
    Earnings in millions (except per share amounts) Three Months Ended June 30: 2014 2013 Net Income (Loss) 1.9 (21.5) Per Share 4 (45) Six Months Ended June 30: 2014 2013 Net Income (Loss) 3.1 (46.0) Per Share 6 (95) Unusual Items…
  13. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 13
    Costs per Mcfe From Continuing Operations Lifting 1.47 1.41 1.36 .23 1.24 .19 1.21 .26 1.07 .25 .26 .34 .39 .26 .23 .22 .24 .12 .84 .90 .72 .74 .74 .83 2013 2013 2013 2013 2014 2014 1Q 2Q 3Q 4Q 1Q 2Q 14 Lifting…
  14. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 14
    Costs per Mcfe From Continuing Operations General & Administrative 0.41 0.37 0.34 0.33 0.31 0.29 2013 2013 2013 2013 2014 2014 1Q 2Q 3Q 4Q 1Q 2Q Excludes Stock-based Compensation 15
  15. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 15
    Costs per Mcfe From Continuing Operations Depreciation, Depletion & Amortization 5.64 5.36 4.87 4.93 4.94 4.66 2013 2013 2013 2013 2014 2014 1Q 2Q 3Q 4Q 1Q 2Q 16
  16. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 16
    Capital Expenditures Continuing Operations in millions 308 Includes 5 million in 2013 and 50 million in 2014 for Acreage Costs South Texas 133 296 East Texas / North Louisiana Other - TMS 120 2 13 10 2013 2014…
  17. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 17
    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…
  18. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 18
    Balance Sheet ( in millions) As of Estimated June 30, 2014 Cash and cash equivalents 4 Revolving Credit Facility (1,000) 280 Borrowing Base 700 Availability () 420 Availability (%) 60% 7% Senior Notes due 2019 405 9% Senior…
  19. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 19
    South Texas Eagle Ford Shale Wells Coates -Drilled in 2013 -Drilled in 2014 Mesquite DVR Frio Jupe Lucas NWR Atascosa Schorp Cortez Y-Bar Cutter Hubberd Haynes Creek Donnell RTH Swenson Gloria Wheeler LaSalle Hill…
  20. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 20
    South Texas Eagle Ford Shale Wells BOE Per Day 24 Hour IPs 780 743 685 647 2012 2013 2014 2014* * Excluding certain short lateral wells 21
  21. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 21
    Improving Well Costs Costs per South Texas Eagle Ford Well 11.4 ( in millions) 10.8 8.7 7.6 6.9 * 5.9 2010 2011 2012 2013 2014 CRK Cost (w/ JV) * Represents 67% of well costs less 667K Spud Fee paid by JV Partner…
  22. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 22
    East Texas Eagle Ford Acreage 33,400 gross acres (30,600 net) prospective for oil in the East Texas Eagle Ford shale Texas Brazos Burleson Lee Washington 23
  23. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 23
    Eagle Ford Activity Comstock Halcon Anadarko Clayton Williams Apache Halcon Stasny-Honza IP24: 1,262 BOE/d Halcon Reveille IP24: 1,416 BOE/d Comstock Brazos Clayton Williams Burleson Henry IP24: 1,267 BOE/d Pivonka IP24: 1,266 BOE/d…
  24. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 24
    TMS Acreage 60,800 gross acres (58,100 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Mississippi Wilkinson Amite Louisiana East Feliciana St. Helena 25
  25. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 25
    TMS Activity Producing Wells Mississippi Comstock CMR Foster Creek Goodrich Goodrich Crosby Lewis Goodrich IP24: 1,300 BOE/d IP24: 1,450 BOE/d Smith IP24: 1,045 BOE/d Halcon Wilkinson Horseshoe Hill IP24: 1,548 BOE/d Amite Encana…
  26. 2nd Quarter 2014 Results – Comstock Resources Inc. – slide 26
    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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