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Q2 2012 Results – Comstock Resources Inc.

Comstock Resources Inc. · Jul 30, 2012 · 30 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. Q2 2012 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK
  2. Q2 2012 Results – Comstock Resources Inc. – slide 2
    2012 2nd Quarter Highlights Growing oil productioon helps to partially offset very weak natural gas prices Oil & Gas Sales - 1055 million EBITDAX - 75 millio on Cash Flow From Operrations - 61 million (1.32 per share) Net Loss -…
  3. Q2 2012 Results – Comstock Resources Inc. – slide 3
    Eagle Ford d Shale Joint Venture Entered into an agreement with KKR K providing for the participation by KKR in future development of our Eagle Ford sh hale acreage in South Texas As an experienced participant in the early…
  4. Q2 2012 Results – Comstock Resources Inc. – slide 4
    Oiil Production MBbls / day 64 6.4 5.6 3.8 4.6 4.1 4.1 2.4 2 2.3 2.2 2.1 2.1 2.0 1.9 3.1 0.7 0.6 1.8 0.6 1.7 1.7 05 0.5 0.6 0.3 15 1.5 0.4 0.5 1.4 0.7 1.0 0.8 1.4 1.7 1.6 1.6 1.7 1.6 1.4 1.4 1.2 0.5 0.3…
  5. Q2 2012 Results – Comstock Resources Inc. – slide 5
    Natura al Gas Production MMcf / day 272 253 255 246 241 206 212 195 198 174 176 177 200 155 102 176 184 175 83 142 58 93 133 180 6 27 85 94 47 46 46 40 38 35 31 28 26 26 24 23 63 23 58 23 48 49 45 48 42 38 34…
  6. Q2 2012 Results – Comstock Resources Inc. – slide 6
    Average g Oil Price 2nd Quarter Per Barrel Without Hedg ging With Hedging 103 37 103.37 101.02 98.70 101.02 9 93.49 93.49 2% increase over 2011s second quarter 2011 Q2 2012 Q2 NYMEX 2011 Q2 2012 Q2 NYMEX 106% of…
  7. Q2 2012 Results – Comstock Resources Inc. – slide 7
    Averrage Oil Price Six Months Per Barrel Without Hedgin ng With Hedging 101 17 101.17 102.43 98 8.21 95.89 98.21 95.89 7% increase over 2011s first six months 2011 Si Six 2012 Si Six NYM MEX 2011 Si Six 2012 Si…
  8. Q2 2012 Results – Comstock Resources Inc. – slide 8
    O Hedges Oil g Attractive oil hedge position p to protect 2012 capital program As of June 30, 2012 Volume NYMEX price Oil Swaps: (Bbls/day) (Bbl) (a) 2012 2 Q3, Q4 5,000 99.53 2013 , 3,000 100.33 (a) The index…
  9. Q2 2012 Results – Comstock Resources Inc. – slide 9
    Averrage g Gas Price Per Mcf 4.19 4.08 2.48 52% decrease 2.22 2.34 2.03 from 2012s second quarter 43% decrease from 2012s first six months 2011 Q2 2012 Q2 NYMEX 2011 Six 2012 Six NYMEX Mos Mos 91% of 94% of NYMEX…
  10. Q2 2012 Results – Comstock Resources Inc. – slide 10
    Oill & Gas Sales in millions 215 200 7% decrease over 2011s 112 105 second quarter 7% increase over 2011s first six months 2011 Q2 2012 Q2 2011 Six 2012 Six Mos Mos 14% 58% 14% 52% 0il 0il 0il 0il 11
  11. Q2 2012 Results – Comstock Resources Inc. – slide 11
    E EBITDAX in millions 152 154 14% decrease from 2011s second quarter 87 75 1% iincrease over 2011s first six months 2011 Q2 2012 Q2 2011 Six 2012 Six Mos Mos 12
  12. Q2 2012 Results – Comstock Resources Inc. – slide 12
    Opera ating Cash Flow in millions 133 128 20% decrease d 77 from 2011s second quarter 61 4% decrease from 2011s first six months 2011 Q2 2012 Q2 2011 Six 2012 Six Mos Mos 13
  13. Q2 2012 Results – Comstock Resources Inc. – slide 13
    Earnings in millions (eexcept per share amounts) 6.4 Un Unusual Items in second quarter: 2012 2011 3.9 13 Pre After Per Pre After Per Tax Tax Share Tax Tax Share 8 Gaain on sale of properties 20.3 13.2 0.28 - - - (10.3) (3.4)…
  14. Q2 2012 Results – Comstock Resources Inc. – slide 14
    Co osts p per Mcfe Lifting 1..13 1.03 0.97 0 90 0.90 0.85 5 0.31 0.79 0.77 0.29 0.28 0.28 0.31 0.32 0.14 0.04 0.13 0.06 0.01 0.06 0.58 0.51 0.58 0 47 0.47 0.39 0.55 2011 2011 2011 2011 2012 2012 1Q 2Q 3Q 4Q 1Q…
  15. Q2 2012 Results – Comstock Resources Inc. – slide 15
    Coosts per Mcfe General & 0.26 A Administrative 0.22 0 21 0.21 0 21 0.21 0.20 0.18 2011 2011 2011 2011 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q Exclu udes Stock-based Compensation 16
  16. Q2 2012 Results – Comstock Resources Inc. – slide 16
    Co osts p per Mcfe Deprreciation, Depletion & Amortization A ti ti 3.59 3.24 3.03 3 12 3.12 3 07 3.07 2.96 2011 2011 2011 2011 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q 17
  17. Q2 2012 Results – Comstock Resources Inc. – slide 17
    Drillin ng Expenditures in millions 313 313 1 64 4 80 Excludes 36 million in 2011 and 15 million in 2012 for Exploration Acreage 140 248 West Texas / 93 Other South Texas East Texas / North Louisiana 2011 2012…
  18. Q2 2012 Results – Comstock Resources Inc. – slide 18
    2012 D Drilling Program in millions Drilling Expenditures Gross WI Net 573 Field Budget Wells Wells 475 East ast Texas/North e as/ o t Louisiana: ou s a a 399 Logansportt 2.0 1 0.2 Toledo Bend North 15.0 3 1.6 Toledo…
  19. Q2 2012 Results – Comstock Resources Inc. – slide 19
    Baalance Sheet As of June 30, 2012 Cash and cash equ uivalents 4 Marketable securiities(1) 15 Revolving Credit Facility (850MM) 340 Borrowing Ba ase 569 Availability () ( 229 Availability (%) ( 40% 8% Senior Notees due 2017 297…
  20. Q2 2012 Results – Comstock Resources Inc. – slide 20
    East Texas / North N Louisiana Region g Cotton Valley Haynesville Shale Cotton Valley Bossieer Shale Haynesville/Bossier Shale Gross Acres 95,000 Net Acres 81,000 D ill d 7 wells Drilled ll ( 3.2 3 2 nett ) to t…
  21. Q2 2012 Results – Comstock Resources Inc. – slide 21
    Westt Texas Region g 91,000 gross (57,0000 net) acres Over 900 net verticcal locations targeting the Wolfbone play Total resource poteential of 178,000 MBOE Horizontal developpment upside in the Wolfcamp shale 22
  22. Q2 2012 Results – Comstock Resources Inc. – slide 22
    Wollfbone Activity y Trigg ger 40 1 (419 BOE/day) B Sky King 47 2 (260BOE/day) Johnny Ringo 9 1 (333 BOE/day) HSF State 3 1 (277 BOE/day) Buffalo Bill 9 1 Pat Garrett 38 1 (517 BOE/day) (489 BOE/day) Sheldon Statte…
  23. Q2 2012 Results – Comstock Resources Inc. – slide 23
    Comstock ks Wolfbone Wells 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well Prooduction BOEPD BOEPD IP BOEPD IP 1 Pistola 186 1 5//14/2010 54 148 276% 133 247% 2 Balmorrea Ranch 41 1 9//23/2010 305 287 94% 272 89% 3 City of Pecos 15…
  24. Q2 2012 Results – Comstock Resources Inc. – slide 24
    Comstock ks Wolfbone Wells 14 3 11 13 20 18 33 32 23 12 Dale Buffalo ff 17 Pat Jessie 29 Evans Bill 30 Garrett 28 James 7 19 6 26 21 27 8 5 22 2 16 24 31 1 255 4 9 15 1 10 333 operated p…
  25. Q2 2012 Results – Comstock Resources Inc. – slide 25
    2012 Drilling D g Program g Monroe 35 1-H Dale Evans 196 Micro-seismic 2-H frac study Drilling Completing To be Drilled in 2012 Producing 26
  26. Q2 2012 Results – Comstock Resources Inc. – slide 26
    Target g Rich R Environment Monroee 35 1-H Taarget 27
  27. Q2 2012 Results – Comstock Resources Inc. – slide 27
    South h Texas Region g Atascosa Karnes Frio Gross Acres 35,000 LaSalle L S ll Net Acres 28,000 28 000 Wells 277 McMullen Gross EUR 500 MBOE Resource 78 MMBOE* Potential *Net of Joint Venture and Royalties 28
  28. Q2 2012 Results – Comstock Resources Inc. – slide 28
    Comstocks Eagle E g Ford Shale Wells Working 1st 24hr IP, 30-day IP, % of 90-day IP, % of Well County Interrest % Production BOEPD BOEPD IP BOEPD IP 1 NWR 1H Atascosa 10 00% 11/18/2010 419 289 69% 290 69% 2 RTH 1H McMullen 10 00%…
  29. Q2 2012 Results – Comstock Resources Inc. – slide 29
    Comstocks Eagle E g Ford Shale Wells 3 Atascosa 31 Karnes Frio 28 21 29 10 1 20 35 26 25 30 4 34 23 16 22 24 7 17 33 27 32 5 19 9 15 11 18 2 LaSalle 114 13 6 12 8 McMullen Comp pleted 35 wells (32.8…
  30. Q2 2012 Results – Comstock Resources Inc. – slide 30
    20 012 Outlook Strong oil growth in 20012 Oil to comprise 15 to 18 8% of 2012 production and over 20% of production at the end of the year 92% of the net wells driilled in 2012 will be oil wells and 78% of the 2012 drilling budget…

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