Skip to main content 3rd Quarter 2014 Results – Comstock Resources Inc. Investor Presentation | Shale Experts
Loading...
Pm

3rd Quarter 2014 Results – Comstock Resources Inc.

Comstock Resources Inc. · Nov 3, 2014 · 25 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. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 3rd Quarter 2014 Results
  2. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 2
    2014 3rd Quarter Highlights Strong growth in oil production drives revenue and cash flow growth in the quarter Oil & Gas Sales - 145 million, 30% Total EBITDAX - 114 million, 40% Total Cash Flow From Operations - 101 million, 60%…
  3. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 3
    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. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 4
    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…
  5. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 5
    Average Oil Price From Continuing Operations Third Quarter (Per Barrel) Without Hedging With Hedging 104.83 97.16 99.20 97.16 95.92 95.59 4% decrease from 2013s third quarter 2013 Q3 2014 Q3 NYMEX 2013 Q3 2014 Q3…
  6. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 6
    Average Oil Price From Continuing Operations Nine Months (Per Barrel) Without Hedging With Hedging 103.47 104.49 99.61 99.61 97.51 95.71 8% decrease from 2013s nine months 2013 2014 NYMEX 2013 2014 NYMEX 98% of…
  7. 3rd 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 Q4 7,000 96.60 (a) The index price for the oil contracts is based on the NYMEX-West…
  8. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 8
    Average Natural Gas Price From Continuing Operations (Per Mcf) 4.56 4.34 4.05 3.85 3.39 3.33 16% increase over 2013s third quarter 28% increase over 2013s nine months 2013 Q3 2014 Q3 NYMEX 2013 2014 NYMEX 95% of…
  9. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 9
    Oil & Gas Sales From Continuing Operations ( in millions) (Includes Realized Gains (Losses) from Hedging) 437 145 316 108 34% increase over 2013s third quarter 38% increase over 2013s nine months 2013 Q3 2014 Q3 2013…
  10. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 10
    EBITDAX From Continuing Operations ( in millions) 346 114 238 40% increase over 2013s 82 third quarter 45% increase over 2013s nine months 2013 Q3 2014 Q3 2013 2014 11
  11. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 11
    Operating Cash Flow From Continuing Operations ( in millions) 306 101 60% increase 185 over 2013s third quarter 63 65% increase over 2013s nine months 2013 Q3 2014 Q3 2013 2014 12
  12. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 12
    Earnings Continuing Operations in millions (except per share amounts) Three Months Ended September 30: 2014 2013 Net Income (Loss) (1.9) (24.0) Per Share (4) (52) Nine Months Ended September 30: 2014 2013 Net Income (Loss) 1.2…
  13. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 13
    Costs per Mcfe From Continuing Operations Lifting 1.55 1.47 1.36 1.41 1.24 .19 1.21 .23 .19 1.07 .26 .39 .25 .26 .34 .39 .23 .26 .22 .24 .12 .72 .84 .90 .97 .74 .74 .83 2013 2013 2013 2013 2014 2014 2014 1Q 2Q…
  14. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 14
    Costs per Mcfe From Continuing Operations General & Administrative 0.41 0.37 0.33 0.34 0.31 0.31 0.29 2013 2013 2013 2013 2014 2014 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q G&A Excludes Stock-based Compensation 15
  15. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 15
    Costs per Mcfe From Continuing Operations Depreciation, Depletion & Amortization 6.10 5.64 5.36 4.87 4.93 4.94 4.66 2013 2013 2013 2013 2014 2014 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q DD&A 16
  16. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 16
    Capital Expenditures Continuing Operations in millions 446 Includes 14 million in 2013 and 71 million in 2014 for Acreage Costs South Texas 249 East Texas / North Louisiana 412 Other - TMS 230 2 19 32 Nine Mos.…
  17. 3rd 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. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 18
    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%…
  19. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 19
    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…
  20. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 20
    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…
  21. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 21
    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 22
  22. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 22
    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…
  23. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 23
    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 24
  24. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 24
    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…
  25. 3rd Quarter 2014 Results – Comstock Resources Inc. – slide 25
    Outlook 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 Texas Eagle…

From the store

Browse maps, data & reports in the Shale Experts store