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Q1 2016 Results – Comstock Resources Inc.

Comstock Resources Inc. · May 4, 2016 · 16 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. Q1 2016 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2016 Results
  2. Q1 2016 Results – Comstock Resources Inc. – slide 2
    2016 Q1 Summary Low oil and natural gas prices continue to adversely impact financial results Oil Price 40%, Gas Price 25% Oil & Gas Sales - 37 million, 44% EBITDAX - 15 million Haynesville/Bossier shale program continues to…
  3. Q1 2016 Results – Comstock Resources Inc. – slide 3
    Natural Gas Production (MMcf / day) 2016 natural gas production is estimated to 174 average between 145 to 160 MMcf per day 16 162 156 6 11 152 3 148 146 15 3 10 6 4 15 12 4 25 5 133 5 5 4 17 5 13 122 122 7 16 24 4…
  4. Q1 2016 Results – Comstock Resources Inc. – slide 4
    Oil Production (MBbls / day) 2016 oil production is estimated to average 12.2 12.2 12.4 between 4,000 to 4,300 0.2 0.6 0.2 0.2 0.4 0.5 11.5 barrels per day 10.4 1.1 0.1 10.2 0.2 0.5 1.9 7.6 0.4 0.3 6.9 6.9 0.3 0.4 6.0…
  5. Q1 2016 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) 2016 - Q1 - Q2 10,000 3.20 (a) The index price for the natural gas…
  6. Q1 2016 Results – Comstock Resources Inc. – slide 6
    2016 First Quarter Financial Results in millions except per unit amounts 2016 2015 First First % Quarter Quarter Change Oil Production (Mbbls) 417 1,036 -60% Gas Production (MMcf) 13,825 8,200 69% Production (MMcfe) 16,325 14,418…
  7. Q1 2016 Results – Comstock Resources Inc. – slide 7
    2016 Drilling Program ( in millions) Gross WI Net Gross WI Net Budget Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 24.0 3 2.8 68.9 9 8.1 Completion of 2015 Wells 5.0 5.0 Other 0.8 0.8 29.8 74.7 South…
  8. Q1 2016 Results – Comstock Resources Inc. – slide 8
    Balance Sheet Pro Forma Mar. 31, Mar 31, ( in millions) 2016 2016* Cash and cash equivalents 89 86 Revolving Credit Facility - - 10 % Senior Secured Notes due 2020 700 700 7 % Senior Notes due 2019 336 288 9 % Senior Notes due 2020…
  9. Q1 2016 Results – Comstock Resources Inc. – slide 9
    Haynesville/Bossier Shale Haynesville Shale Cotton Valley and Cotton Valley Cotton Valley Haynesville and Bossier Shale Haynesville/Bossier Shale Net Acres 67,000 Resource 6 + Tcf Potential Drilled 10 (9.6 net)…
  10. Q1 2016 Results – Comstock Resources Inc. – slide 10
    Haynesville Shale Program Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatment Rates of return improve as well costs decline New wells have 24% to…
  11. Q1 2016 Results – Comstock Resources Inc. – slide 11
    Haynesville Shale Program Bagley A-4 3 MMcf/d Re-Frac Completed Gamble 4-33 24 MMcf/d Harrison 30-19 24 MMcf/d Holmes 29-32 28 MMcf/d Pace 33 Boggess 5 -8 4 MMcf/d 21 MMcf/d Pyle 6-7 Shahan 5-8 26 MMcf/d 22 MMcf/d…
  12. Q1 2016 Results – Comstock Resources Inc. – slide 12
    Haynesville Extended Lateral Wells Haynesville shale 7,500 foot lateral wells Type Curve Pyle 6-7 Shahan 5-8 Boggess 5-8 25 Horn 8-17 Harrison 30-19 Ramsey 7-18 20 Holmes 29-32 MMcf per day Gamble 4 - 33 15 Caraway…
  13. Q1 2016 Results – Comstock Resources Inc. – slide 13
    Haynesville Well Economics 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 6.5 8.5 10.8 24 Hr IP (Mmcf per day) 15 20 24 Decline B Factor 0.99 0.99 0.99 Initial Decline (%) 73 67 64 Proppant/Cluster (K lbs) 150 150 150…
  14. Q1 2016 Results – Comstock Resources Inc. – slide 14
    Haynesville Well Economics Rate of Return vs. Natural Gas Prices 85 80 75 70 65 60 55 50 % ROR 45 4,500 ft. 40 35 7,500 ft. 30 25 10,000 ft. 20 15 10 5 0 1.50 2.00 2.50 3.00 /MCF 15
  15. Q1 2016 Results – Comstock Resources Inc. – slide 15
    Haynesville Well Economics NPV 10 vs. Natural Gas Prices 15 14 13 12 11 10 9 MM NPV 10 8 7 4,500 ft. 6 5 7,500 ft. 4 3 10,000 ft. 2 1 0 -1 1.50 2.00 2.50 3.00 -2 -3 /MCF 16
  16. Q1 2016 Results – Comstock Resources Inc. – slide 16
    Our Plan for 2016 Continue to pursue 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…

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