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Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Nov 4, 2014 · 22 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. Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK November 2014
  2. Corporate Presentation – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Strong oil growth Growing oil production in 2014 by 83 to 91% Oil expected to comprise over 40% of total production in 2014 Increasing inventory of oil drilling locations Added acreage in two new oil plays East…
  3. Corporate Presentation – Comstock Resources Inc. – slide 3
    Areas of Focus Haynesville/ Bossier Tuscaloosa Mississippi East Texas Marine Shale Eagle Ford Texas South Texas Eagle Ford Louisiana Company Overview Proved Reserves- 585 Bcfe 73% - proved developed 23% - oil 77% - gas 95% - operated…
  4. Corporate Presentation – Comstock Resources Inc. – slide 4
    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 Blocker Beckville…
  5. Corporate 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 70,000 net acres Waskom with Lower Blocker Drew Haynesville shale Beckville Logansport development…
  6. Corporate Presentation – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 83,000 Net Acres 70,000 Drilled 2 wells (2.0 net) in 2013 Average per well IP - 9 Mmcf per day…
  7. Corporate Presentation – Comstock Resources Inc. – slide 7
    South Texas Region South Texas Reserves: 35.9 MMBOE (52.9% Oil) East Texas Eagle Ford Own interests Texas in 273 South Texas Eagle Ford producing wells in 13 fields 55,000 net acres with Las Hermanitas Eagle Ford Rosita shale Fandango…
  8. Corporate Presentation – Comstock Resources Inc. – slide 8
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 32,000 Net Acres 24,000 9
  9. Corporate Presentation – Comstock Resources Inc. – slide 9
    South Texas Eagle Ford Shale Wells -Drilled in 2013 Coates -Drilled in 2014 Atascosa DVR Mesquite Frio Lucas NWR Schorp Cortez Y-Bar Hubberd Haynes Cutter Donnell Creek Swenson RTH Gloria LaSalle Hill Wheeler Forrest Wheeler McMullen…
  10. Corporate Presentation – Comstock Resources Inc. – slide 10
    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 acquired…
  11. Corporate Presentation – Comstock Resources Inc. – slide 11
    Improving Well Costs Costs per South Texas Eagle Ford Well ( in millions) 11.4 10.8 8.7 7.6 6.7 5.7 * 2010 2011 2012 2013 2014 CRK Cost (w/ JV) * Represents 67% of well costs less 667K Spud Fee paid by JV Partner divided by 67% 12
  12. Corporate Presentation – Comstock Resources Inc. – slide 12
    East Texas Eagle Ford Acreage 35,000 gross acres (31,000 net) prospective for oil in the East Texas Eagle Ford shale Texas Brazos Burleson Lee Washington 13
  13. Corporate Presentation – Comstock Resources Inc. – slide 13
    East Texas Eagle Ford Activity Halcon Javelina Comstock IP24: 1,171 BOE/d Halcon Anadarko Clayton Williams Apache Halcon Apache Petromax Stasny-Honza McCullough-Wineman IP24: 1,262 BOE/d IP24: 1,455 BOE/d Halcon Reveille IP24: 1,416…
  14. Corporate Presentation – Comstock Resources Inc. – slide 14
    TMS Acreage 79,000 gross acres (71,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Wilkinson Mississippi Amite Louisiana East Feliciana St. Helena 15
  15. Corporate Presentation – Comstock Resources Inc. – slide 15
    TMS Activity Producing Wells Comstock Encana Comstock CMR Foster Creek 28- 40 1H and 30-31 1H Goodrich Bates Mississippi Goodrich Halcon IP24: 1,000 BOE/d Goodrich Lewis Goodrich IP24: 1,450 BOE/d Smith IP24: 1,045 BOE/d Goodrich…
  16. Corporate 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 East Texas…
  17. Corporate Presentation – Comstock Resources Inc. – slide 17
    Oil Production (MBbls / day) 11.5 From Continuing Operations to 13.5 12.2 12.2 0.2 0.2 10.4 0.2 7.6 6.90.3 0.3 6.0 0.2 12.0 12.0 5.1 5.3 4.8 0.1 0.4 4.8 10.2 0.4 0.4 4.5 0.3 0.3 0.2 3.8 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7 4.1 4.3…
  18. Corporate Presentation – Comstock Resources Inc. – slide 18
    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 NYMEX-West Texas…
  19. Corporate Presentation – Comstock Resources Inc. – slide 19
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 5 254 11 10 245 239 5 24 6 10 3 6 5 218 212 26 23 32 23 23 4 1 11 8 35 31 28 21 192 1 31 4 26 27 20 174 6 19 156 148 34 25 4 20 5 133 25 20 122 4 96 - 24 20 19 4…
  20. Corporate Presentation – Comstock Resources Inc. – slide 20
    2014 Financial Results First nine months 2014 results reflect substantial year-on- year improvement due to: Higher oil production (96% increase), offsetting lower realized oil prices and a 29% natural gas production decline Improved…
  21. Corporate Presentation – Comstock Resources Inc. – slide 21
    Low Cost Structure 2014 Six Months Costs Per Mcfe Comstock total 4.32 producing costs are 38% lower than the average 1.09 E&P total producing costs 2.68 1.05 Lifting G&A 13th lowest of 68 0.85 Interest companies 0.39 surveyed…
  22. Corporate Presentation – Comstock Resources Inc. – slide 22
    Balance Sheet ( in millions) As of Estimated Sept. 30, 2014 Cash and cash equivalents 6 Revolving Credit Facility (1,000) 305 Current Borrowing Base 700 Availability () 395 Availability (%) 56% 7% Senior Notes due 2019 405 9% Senior…

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