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Q4 2016 Results – Comstock Resources Inc.

Comstock Resources Inc. · Feb 24, 2017 · 25 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. Q4 2016 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 4th Quarter 2016 Results
  2. Q4 2016 Results – Comstock Resources Inc. – slide 2
    2016 Highlights Haynesville shale drilling program continues to deliver excellent results All 2015 -16 wells are performing above their type curves Restarted drilling program in fourth quarter and will utilize three operated…
  3. Q4 2016 Results – Comstock Resources Inc. – slide 3
    Natural Gas Production (MMcf / day) 2017 natural gas production is estimated to average between 200 to 230 MMcf per day 174 16 162 156 152 153 11 149 6 3 148 146 15 3 10 6 11 10 4 15 133 12 3 2 133 25 5 5 17 5 4 5 4 5…
  4. Q4 2016 Results – Comstock Resources Inc. – slide 4
    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…
  5. Q4 2016 Results – Comstock Resources Inc. – slide 5
    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 6
  6. Q4 2016 Results – Comstock Resources Inc. – slide 6
    Oil Production (MBbls / day) 2017 oil production is estimated to average between 2,200 to 2,800 12.2 12.2 12.4 0.2 0.6 barrels per day 0.2 0.2 0.4 11.5 0.5 10.4 1.1 0.1 10.2 0.2 0.5 1.9 7.6 0.4 6.9 0.3 6.9 0.3 0.4 6.0…
  7. Q4 2016 Results – Comstock Resources Inc. – slide 7
    2016 Fourth Quarter Financial Results in millions except per unit amounts 2016 2015 Fourth Fourth % Quarter Quarter Change Oil Production (Mbbls) 296 494 -40% Gas Production (MMcf) 12,260 14,929 -18% Production (MMcfe) 14,035…
  8. Q4 2016 Results – Comstock Resources Inc. – slide 8
    2016 Financial Results in millions except per unit amounts % 2016 2015 Change Oil Production (Mbbls) 1,388 3,089 -55% Gas Production (MMcf) 53,678 47,676 13% Production (MMcfe) 62,006 66,207 -6% Oil Price (Per Barrel) 38.24 46.19…
  9. Q4 2016 Results – Comstock Resources Inc. – slide 9
    Improving Cost Structure (Per Mcfe) OPERATING COSTS DD & A 1.48 1.35 5.74 .20 .22 4.84 1.10 .36 .16 .26 Lifting .08 Production Taxes .92 .97 2.26 .76 Gathering 2014 2015 2016 2014 2015 2016 10
  10. Q4 2016 Results – Comstock Resources Inc. – slide 10
    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…
  11. Q4 2016 Results – Comstock Resources Inc. – slide 11
    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…
  12. Q4 2016 Results – Comstock Resources Inc. – slide 12
    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…
  13. Q4 2016 Results – Comstock Resources Inc. – slide 13
    Potential Conversion of 2nd Lien Notes ( in millions) 2017 Enterprise EBITDAX Leverage Stock Price EBITDAX* Debt Equity Value Multiple Ratio 11.00 200 - 240 1,173 161 1,334 6.7- 5.6 5.9 4.9 12.00 200 - 240 1,173 175 1,348 6.7 -…
  14. Q4 2016 Results – Comstock Resources Inc. – slide 14
    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)…
  15. Q4 2016 Results – Comstock Resources Inc. – slide 15
    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 DeSoto Holmes 29-20 24 MMcf/d Boggess 5 -8 21 MMcf/d Parish, Shahan 5-8 Ramsey 4-9 22 MMcf/d 23…
  16. Q4 2016 Results – Comstock Resources Inc. – slide 16
    Haynesville Extended Lateral Wells 25 New wells exceeding expectations 20 Type Curve 2015 HV Wells (Average of 9 wells) Jordan 16-21 15 Ramsey 4-9 MMcf per day Harrison 30-31 Holmes 29-20 Pace 5-8 Claybrook 15-2 (4,389…
  17. Q4 2016 Results – Comstock Resources Inc. – slide 17
    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…
  18. Q4 2016 Results – Comstock Resources Inc. – slide 18
    Haynesville Drilling Time Drill Days Lateral Feet Spud to Rig Release Drilled per Day 41 1,048 34 2010-2011 Wells 752 28 2015-2016 Q2 Wells 470 2016 Q4 Wells 19
  19. Q4 2016 Results – Comstock Resources Inc. – slide 19
    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…
  20. Q4 2016 Results – Comstock Resources Inc. – slide 20
    Haynesville Well Economics 140 130 120 110 100 90 80 4,500 ft. % ROR 70 60 7,500 ft.) 50 40 10,000 ft) 30 20 10 0 2.00 2.50 3.00 3.50 /MCF 21
  21. Q4 2016 Results – Comstock Resources Inc. – slide 21
    Haynesville Well Economics 30 28 26 24 22 20 NPV 10 (in millions) 18 4,500 ft. 16 14 7,500 ft. 12 10 8 10,000 ft. 6 4 2 0 2.00 2.50 3.00 3.50 /MCF 22
  22. Q4 2016 Results – Comstock Resources Inc. – slide 22
    Haynesville Shale JV Partnered with USG to acquire and develop Haynesville shale Caddo Parish acreage away from Comstocks core holdings Acquired 3,315 net acres to date (20 JV Acreage potential locations) Expect to continue…
  23. Q4 2016 Results – Comstock Resources Inc. – slide 23
    South Texas Eagle Ford Shale Program 26,000 gross acres (19,000 net) / 189 producing wells 11 offset operators have tested stack/staggered well 300 ft. spacing of 165 to 330 feet Spacing 10,000 ft. 336 future drilling locations…
  24. Q4 2016 Results – Comstock Resources Inc. – slide 24
    Eagle Ford Stacked / Staggered Lateral Development INFILL SPACING 300 feet ORIGINAL SPACING 650 feet 25
  25. Q4 2016 Results – Comstock Resources Inc. – slide 25
    2017 Outlook 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 return natural…

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