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December 2015 Company Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Dec 2, 2015 · 26 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. December 2015 Company Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK December 2015
  2. December 2015 Company Presentation – Comstock Resources Inc. – slide 2
    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…
  3. December 2015 Company Presentation – Comstock Resources Inc. – slide 3
    Areas of Focus Haynesville/ Bossier Tuscaloosa Mississippi Marine Shale Texas South Texas Eagle Ford Louisiana Company Overview Proved Reserves- 620 Bcfe 68% - proved developed 20% - oil 80% - gas 96% - operated…
  4. December 2015 Company Presentation – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 14 Bcfe Wells - 336 E. Texas / N. Louisiana Proved Reserves - 385 Bcfe San Juan Wells 935 South Texas Longwood Drew Proved Reserves 36.9 Mmboe Waskom Texas Wells - 325 Logansport…
  5. December 2015 Company Presentation – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 385 Bcfe Own interests in 935 producing wells in 28 fields 68,000 net acres Longwood with Lower Blocker Waskom Haynesville shale Logansport Drew…
  6. December 2015 Company Presentation – Comstock Resources Inc. – slide 6
    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…
  7. December 2015 Company Presentation – Comstock Resources Inc. – slide 7
    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 52% to 77% rates of…
  8. December 2015 Company Presentation – Comstock Resources Inc. – slide 8
    Enhanced Recovery in the Haynesville Shale Original 640 Acre Pattern New Long Lateral Pattern 8 Wells per Section 6 Wells per 1-1/2 Sections 17 Stages, 4,600 lateral 27 Stages, 7,500 lateral Increased recovery is achieved by…
  9. December 2015 Company Presentation – Comstock Resources Inc. – slide 9
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 9.5 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) 50 150…
  10. December 2015 Company Presentation – Comstock Resources Inc. – slide 10
    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…
  11. December 2015 Company Presentation – Comstock Resources Inc. – slide 11
    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…
  12. December 2015 Company Presentation – Comstock Resources Inc. – slide 12
    Offset Well Impact 100,000 +9 MMcf Mcf per day 10,000 1,000 100 1/1/2014 1/1/2015 13
  13. December 2015 Company Presentation – Comstock Resources Inc. – slide 13
    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…
  14. December 2015 Company Presentation – Comstock Resources Inc. – slide 14
    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 15
  15. December 2015 Company Presentation – Comstock Resources Inc. – slide 15
    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…
  16. December 2015 Company Presentation – Comstock Resources Inc. – slide 16
    Haynesv H ville ill Well W ll Economics E i % 160% 140% 120% 100% R O R ( B.F.I.T.) % 80% 60% 40% 20% 0% 12 11 1 10 9 8 Well Cost (in millions) 2.00/MCF 2.50/MCF 3.00/MCF 3.5/MCF…
  17. December 2015 Company Presentation – Comstock Resources Inc. – slide 17
    South Texas Region South Texas Reserves: 36.9 MMBOE (55% Oil) South Texas Eagle Ford Own interests Texas in 325 producing wells in 14 fields Las Hermanitas Divested of East Texas Rosita Eagle Ford in July 2015…
  18. December 2015 Company Presentation – Comstock Resources Inc. – slide 18
    E. Texas Eagle Ford Divestiture Properties determined to be non-core after disappointing drilling results Would be required to drill 2 to 3 wells in 2016 to retain acreage position Buyer Private Company Sales Price 115 million…
  19. December 2015 Company Presentation – Comstock Resources Inc. – slide 19
    South Texas Eagle Ford Shale Program 30,000 gross acres (22,000 net) prospective for oil in the Eagle Ford shale 105 future drilling locations in oil window Atascosa Frio LaSalle McMullen 20
  20. December 2015 Company Presentation – Comstock Resources Inc. – slide 20
    TMS Acreage 88,000 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…
  21. December 2015 Company Presentation – Comstock Resources Inc. – slide 21
    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…
  22. December 2015 Company Presentation – Comstock Resources Inc. – slide 22
    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…
  23. December 2015 Company Presentation – Comstock Resources Inc. – slide 23
    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…
  24. December 2015 Company Presentation – Comstock Resources Inc. – slide 24
    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…
  25. December 2015 Company Presentation – Comstock Resources Inc. – slide 25
    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…
  26. December 2015 Company Presentation – Comstock Resources Inc. – slide 26
    Low Cost Structure 2015 Producing Costs Per Mcfe 2.32 0.66 Comstock total 1.72 producing costs are 26% lower 0.30 than the average G& A E&P producing Lifting costs 1.66 1.42 CRK Average 27

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