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Q1 2015 EARNINGS CALL – Comstock Resources Inc.

Comstock Resources Inc. · May 11, 2015 · 18 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 2015 EARNINGS CALL – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2015 Results
  2. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 2
    2015 Q1 Highlights Low oil and natural gas prices define financial results Oil Price 53%, Gas Price 47% Oil & Gas Sales - 67 million, 53% EBITDAX - 40 million Total Cash Flow From Operations - 20 million, (43 per share) Restarting…
  3. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 12.4 12.2 12.20.5 0.2 0.2 11.5 0.5 2015 oil production is estimated to 10.4 0.2 average between 9,500 to 10,500 barrels per day. 7.6 6.90.3 0.3 6.0 0.2 12.0 12.0…
  4. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 2015 natural gas production is 253 11 254 estimated to average between 5 10 245 239 11 24 5 6 23 10 6 5 3 218 130 to 155 MMcf per day 212 26 32 23 23 4…
  5. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 5
    2015 1st Quarter Financial Results 2015 2014 First First % Quarter Quarter Change Oil Production (Mbbls) 1,036 935 11% Gas Production (MMcf) 8,200 10,979 -25% Production (MMcfe) 14,418 16,589 -13% % Oil 43.1% 33.8% Oil Price (Per…
  6. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 6
    Capital Expenditures in millions 143 121 South Texas East Texas / North Louisiana Other - TMS 141 93 Excludes 44.8 million in 2014 and 1.7 million in 2015 for acreage cost and 25 1.8 million in 2015 for rig termination…
  7. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 7
    2015 Drilling Program ( in millions) Gross WI Net Drilling Budget Wells Wells Expenditures East Tex./North La.: 483 Haynesville Shale 95.0 9 8.3 Refracs 23.0 344 118.0 9 8.3 238 South Texas: Eagle Ford Shale 30.0 4 4.0…
  8. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 8
    Balance Sheet ( in millions) March 31, 2015 Cash and cash equivalents 229 Revolving Credit Facility - 10 % Senior Secured Notes due 2020 700 7 % Senior Notes due 2019 405 9 % Senior Notes due 2020 289 Total Debt 1,394 Total Net…
  9. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 9
    Haynesville/Bossier Shale Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 81,000 Net Acres 69,000 Resource 9 new wells planned for 2015 6 Tcf Potential 14 refracs of…
  10. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 10
    Why Focus on the Haynesville Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatments Attractive rates of return New wells have 27% to 47% rates of…
  11. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 11
    2015 Haynesville Shale Program Pace 33 1 (Refrac) IP24: 4 MMcf/d DeSoto Parish Pyle 6-7 1 Shahan 5-8 1 IP24: 26 MMcf/d IP24: 22 MMcf/d 12
  12. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 12
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 9.5 to 10.5 Lateral Length (ft) 4,600 7,500 Stages 17 27 Cluster Spacing (ft) 60 55 Fluids/Cluster (k gals) 80 110 Proppant/Cluster (k lbs) 50…
  13. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 13
    Haynesville Well Economics 14
  14. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 14
    South Texas Eagle Ford Shale Program 31,000 gross acres (24,000 net) prospective for oil in the Eagle Ford shale 105 future drilling locations in oil window Atascosa Frio LaSalle McMullen 15
  15. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 15
    East Texas Eagle Ford Acreage 35,000 gross acres (32,000 net) in the East Texas Eagle Ford shale 125 future drilling locations in oil window Texas 16
  16. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 16
    East Texas Eagle Ford Activity Comstock Halcon Anadarko Clayton Williams Apache Petromax Brazos William IP24: 919 BOE/d Henry A 1,2,3,4 Burleson IP24: 1,247, 815, 657, 820 BOE/d Flencher IP24: 327 BOE/d* Kovar IP24:…
  17. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 17
    TMS Acreage 90,000 gross acres (82,000 net) in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 future drilling locations CMR Foster Creek 28-40 1H Mississippi IP24: 874 BOE/d Amite Wilkinson Louisiana…
  18. Q1 2015 EARNINGS CALL – Comstock Resources Inc. – slide 18
    Our Plan for 2015 Pursue prudent natural gas drilling program with improved completion technology Over 6 Tcf of reserve potential in Haynesville / Bossier shale Enhanced recovery from longer laterals and increased stimulation Over…

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