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3Q 2015 Results – Comstock Resources Inc.

Comstock Resources Inc. · Nov 4, 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. 3Q 2015 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 3rd Quarter 2015 Results
  2. 3Q 2015 Results – Comstock Resources Inc. – slide 2
    2015 Q3 Highlights Low oil and natural gas prices define financial results in quarter Oil Price 54%, Gas Price 34% Oil & Gas Sales - 62 million, 57% EBITDAX - 36 million Total Cash Flow From Operations - 5 million Haynesville…
  3. 3Q 2015 Results – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 12.2 12.2 12.4 0.2 0.2 0.2 0.4 0.5 0.6 11.5 10.4 1.1 4th quarter oil production is 10.2 0.2 0.1 0.5 estimated to average between 1.9 5,200 to 5,800 barrels per day 7.6…
  4. 3Q 2015 Results – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 254 5 245 239 11 5 24 10 6 10 3 4th quarter natural gas production 6 5 26 23 218 is estimated to average between 212 32 23 23 1 4 11 8 31 28 21…
  5. 3Q 2015 Results – Comstock Resources Inc. – slide 5
    Natural Gas Hedges Building natural gas hedge positions to support the Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2015 - Q3 - Q4 10,000 3.20 2016 - Q1 - Q2 10,000 3.20 (a) The index price…
  6. 3Q 2015 Results – Comstock Resources Inc. – slide 6
    Improving Haynesville Gas Differentials 1.00 55 52 42 20 38 34 15 12 10 45 32 27 26 24 2014 2015 2016 2017 2018 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 7
  7. 3Q 2015 Results – Comstock Resources Inc. – slide 7
    Three Months Ended Sept. 30, 2015 Financial Results 2015 2014 Third Third % Quarter Quarter Change Oil Production (Mbbls) 635 1,125 -44% Gas Production (MMcf) 13,474 9,641 40% Production (MMcfe) 17,284 16,390 5% % Oil 22.0%…
  8. 3Q 2015 Results – Comstock Resources Inc. – slide 8
    Nine Months Ended Sept. 30, 2015 Financial Results Nine Months Ended Nine Months Ended % Sept. 30, 2015 Sept. 30, 2014 Change Oil Production (Mbbls) 2,595 3,172 -18% Gas Production (MMcf) 32,747 30,722 7% Production (MMcfe) 48,318…
  9. 3Q 2015 Results – Comstock Resources Inc. – slide 9
    2015 Drilling Program ( in millions) Gross WI Net Drilling Budget Wells Wells Expenditures East Tex./North La.: 483 Haynesville Shale 102.0 10 9.3 Refracs 5.0 107.0 10 9.3 344 South Texas: 224 E. Tex Eagle Ford Shale 37.0 4 4.0…
  10. 3Q 2015 Results – Comstock Resources Inc. – slide 10
    Balance Sheet ( in millions) Sept. 30, 2015 Cash and cash equivalents 164 Revolving Credit Facility - 10 % Senior Secured Notes due 2020 700 7 % Senior Notes due 2019 391 9 % Senior Notes due 2020 206 Total Debt 1,297 Total Net…
  11. 3Q 2015 Results – Comstock Resources Inc. – slide 11
    Haynesville/Bossier Shale Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 81,000 Net Acres 68,000 Resource 10 new wells planned for 2015 6 Tcf Potential 2 refracs of…
  12. 3Q 2015 Results – Comstock Resources Inc. – slide 12
    2015 Haynesville Shale Program Bagley A-4 3 MMcf/d Re-Frac Holmes 29-32 Completed 28 MMcf/d Harrison 30-19 24 MMcf/d Pace 33 4 MMcf/d Boggess 5 -8 21 MMcf/d DeSoto Pyle 6-7 Shahan 5-8 26 MMcf/d 22 MMcf/d Ramsey 7-18…
  13. 3Q 2015 Results – Comstock Resources Inc. – slide 13
    Haynesville Extended Lateral Wells Haynesville shale 7,500 foot lateral wells 25 20 MMcf per day 15 10 5 0 100 120 140 160 180 200 20 40 60 80 0 Days on production Type…
  14. 3Q 2015 Results – Comstock Resources Inc. – slide 14
    Offset Well Impact 100,000 +9 MMcf Mcf per day 10,000 1,000 100 1/1/2014 1/1/2015 15
  15. 3Q 2015 Results – Comstock Resources Inc. – slide 15
    Haynesville Extended Lateral Well Cost 7,500 foot lateral wells in Millions 11.7 11.3 11.0 10.6 10.4 10.5 9.6 6.6 6.1 5.6 5.5 5.5 5.3 5.4 5.0 4.8 4.7 4.6 4.4 4.3 3.6 3.5 Pyle 6-7 H 1 Shahan 5-8 H 1 Boggess 5-8 H…
  16. 3Q 2015 Results – Comstock Resources Inc. – slide 16
    Haynesville Extended Lateral Drilling Days 40 35 35 34 31 32 30 28 24 23 25 23 of Drilling Days 22 20 15 10 5 0 Pyle 6-7 Shahan 5-8 Boggess 5-8 Horn 8-17 Harrison 30-19 Ramsey 7-18 Holmes 29-32 Gamble…
  17. 3Q 2015 Results – Comstock Resources Inc. – slide 17
    Haynesville Well Economics 160% 140% 120% 100% R O R ( B.F.I.T.) % 80% 60% 40% 20% 0% 12 11 10 9 8 Well Cost (in millions) 2.00/MCF 2.50/MCF 3.00/MCF 3.5/MCF 4.00/MCF 18
  18. 3Q 2015 Results – 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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