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Investor Presentation March 2017 – Comstock Resources Inc.

Comstock Resources Inc. · Mar 1, 2017 · 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. Investor Presentation March 2017 – Comstock Resources Inc. – slide 1
    NYSE:CRK March 2017
  2. Investor Presentation March 2017 – Comstock Resources Inc. – slide 2
    Investment Considerations Comstocks high return Haynesville Shale assets provide opportunity for strong growth in 2017 Comstocks enhanced completion design has transformed the Haynesville shale into one of North Americas highest…
  3. Investor Presentation March 2017 – Comstock Resources Inc. – slide 3
    Major Properties Other Proved Reserves 5 Bcfe Wells 286 E. Texas / N. Louisiana Proved Reserves 859 Bcfe San Juan Wells 896 South Texas Longwood Proved Reserves 52 Bcfe Waskom Drew Wells 189 Blocker Mansfield…
  4. Investor Presentation March 2017 – Comstock Resources Inc. – slide 4
    East Texas / North Louisiana Region East Texas / North LA Own interests in 896 Reserves: 859 Bcfe producing wells in 25 Waskom fields Blocker Drew 67,000 net acres Longwood with Lower Mansfield Haynesville shale Beckville…
  5. Investor Presentation March 2017 – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Shale Cotton Valley Cotton Valley Bossier Shale Haynesville Haynesville/Bossier Shale Shale Net Acres 67,000 Resource Potential 6 + Tcf Drilled 11 (7.8 net) wells in 2016 Drilling 22 (17.2 net)…
  6. Investor Presentation March 2017 – Comstock Resources Inc. – slide 6
    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 Extended lateral wells…
  7. Investor Presentation March 2017 – Comstock Resources Inc. – slide 7
    Haynesville Shale Program Harrison 30-31 24 MMcf/d Harrison 30-19 24 MMcf/d Gamble 4-33 24 MMcf/d Holmes 29-32 28 MMcf/d Holmes 29-20 24 MMcf/d Boggess 5 -8 21 MMcf/d Shahan 5-8 DeSoto 22 MMcf/d Ramsey 4-9 23 MMcf/d…
  8. Investor Presentation March 2017 – Comstock Resources Inc. – slide 8
    Haynesville Extended Lateral Wells Wells exceeding expectations 25 20 Type Curve 2015 HV Wells (Average of 9 wells) Jordan 16-21 15 MMcf per day Ramsey 4-9 Harrison 30-31 Holmes 29-20 Pace 5-8 10 5 Type…
  9. Investor Presentation March 2017 – Comstock Resources Inc. – slide 9
    Haynesville Completion Old vs. New New completion design increases the total stages for a 7,500 lateral from 30 at 250 feet apart to 50 at 150 feet apart Total clusters increase from 150 to 250 Sand loading increases from 2,800 pounds…
  10. Investor Presentation March 2017 – Comstock Resources Inc. – slide 10
    Haynesville Drilling Time Drill Days Lateral Feet Spud to Rig Release Drilled per Day 41 1,048 34 28 2010-2011 Wells 752 2015-2016 Q2 Wells 2016 Q4 Wells 470 11
  11. Investor Presentation March 2017 – Comstock Resources Inc. – slide 11
    Haynesville Well Economics for 2017 Drilling Program Current Completion Design - 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) 17 22 26 Decline B Factor 0.99 0.99 0.99 Initial…
  12. Investor Presentation March 2017 – Comstock Resources Inc. – slide 12
    Haynesville Well Economics 140% 120% 100% % ROR 80% 4,500 ft. 60% 7,500 ft. 40% 10,000 ft 20% 0% 2.00 2.50 3.00 3.50 /MCF 13
  13. Investor Presentation March 2017 – Comstock Resources Inc. – slide 13
    Haynesville Well Economics 30 28 26 NPV 10 (in millions) 24 22 20 18 4,500 ft. 16 14 12 7,500 ft. 10 8 10,000 ft. 6 4 2 0 2.00 2.50 3.00 3.50 /MCF 14
  14. Investor Presentation March 2017 – Comstock Resources Inc. – slide 14
    Haynesville Staggered Lateral Potential UPSIDE 640-acre Section More Reserves 8 Wells/Section Recovered 600 Spacing More Efficient Reservoir Drainage, Less Waste Potential to add 83 4 Upper 200 Additional Haynesville…
  15. Investor Presentation March 2017 – Comstock Resources Inc. – slide 15
    Haynesville Shale JV Partnered with USG to acquire and develop Caddo Parish Haynesville shale acreage away from Comstocks core holdings Acquired 3,315 net acres to date (20 potential locations) JV Acreage Expect to continue…
  16. Investor Presentation March 2017 – Comstock Resources Inc. – slide 16
    South Texas Eagle Ford Shale Program 26,000 gross acres (19,000 net) / 189 producing wells 11 offset operators have tested stack/staggered 300 ft. well spacing of 165 to 330 feet Spacing 10,000 ft. 336 future drilling locations…
  17. Investor Presentation March 2017 – Comstock Resources Inc. – slide 17
    Eagle Ford Stacked / Staggered Lateral Development INFILL SPACING 300 feet ORIGINAL SPACING 650 feet 18
  18. Investor Presentation March 2017 – Comstock Resources Inc. – slide 18
    2016 / 2017 Drilling Program ( in millions) 2016 2017 Gross WI Net Gross WI Net Actual Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 50.4 11 7.8 142.9 20 15.5 Bossier Shale 17.6 2 1.7 Other 2.6 2.0 South…
  19. Investor Presentation March 2017 – Comstock Resources Inc. – slide 19
    Proved Oil and Gas Reserves Despite a very limited drilling program, Comstock achieved an all- in finding cost of 14 per Mcfe in 2016 with total proved reserves additions of 429 Bcfe and capital expenditures of 59.5 million. Oil Gas…
  20. Investor Presentation March 2017 – Comstock Resources Inc. – slide 20
    Natural Gas Production (MMcf / day) 2017 natural gas production is estimated to average between 200 to 230 MMcf per day 174 16 156 162 11 152 153 6 3 148 146 149 15 3 10 6 11 10 4 15 133 12 3 2 133 25 5 5 17 5 4 5 4 5…
  21. Investor Presentation March 2017 – Comstock Resources Inc. – slide 21
    Natural Gas Hedges Natural gas hedge positions to support 2017 Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 - Q1 Q4 72,000 3.38 (a) The index price for the natural gas contracts is based on…
  22. Investor Presentation March 2017 – Comstock Resources Inc. – slide 22
    Competitive Haynesville Gas Differentials 44 37 15 34 32 12 11 11 29 25 23 21 2016 2017 2018 2019 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 23
  23. Investor Presentation March 2017 – Comstock Resources Inc. – slide 23
    Oil Production (MBbls / day) 12.2 12.2 12.4 0.2 2017 oil production is 0.2 0.2 0.4 0.5 0.6 11.5 estimated to average 10.4 1.1 10.2 0.1 between 2,200 to 2,800 0.2 0.5 barrels per day 1.9 7.6 0.4 6.9 0.3 6.9 0.3 0.4 6.0…
  24. Investor Presentation March 2017 – Comstock Resources Inc. – slide 24
    Improving Cost Structure (Per Mcfe) OPERATING COSTS DD & A 1.48 5.74 1.35 .20 4.84 .22 1.10 .36 .16 .26 .08 Gathering Production Taxes 2.26 .92 .97 Lifting .76 2014 2015 2016 2014 2015 2016 25
  25. Investor Presentation March 2017 – Comstock Resources Inc. – slide 25
    Balance Sheet ( in millions) Dec. 31, 2016 Cash and cash equivalents 66 Revolving Credit Facility - 10% Senior Secured Notes 697 2nd Lien Convertible Notes ( All Interest PIK)* 450 Unsecured Senior Notes 26 Total Debt 1,173 Total…
  26. Investor Presentation March 2017 – Comstock Resources Inc. – slide 26
    Potential Conversion of 2nd Lien Notes ( in millions) 2017 Enterprise EBITDAX Leverage Stock Price EBITDAX* Debt Equity Value Multiple Ratio 9.00 200 - 240 1,173 131 1,304 6.5- 5.4 5.9 4.9 11.00 200 - 240 1,173 161 1,334 6.7…

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