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Q1 2017 Earning Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 8, 2017 · 15 slides

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Slides

  1. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 1
    First Quarter 2017 NYSE:CRK
  2. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 2
    2017 Q1 Summary Improved prices driving stronger financial results Oil Price, 84%, Gas Price, 57% Oil & Gas Sales - 54 million, 46% EBITDAX - 34 million, 133% Operating Cash Flow - 16 million Haynesville/Bossier shale program…
  3. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 3
    Natural Gas Production (MMcf / day) 2017 natural gas 162 production is estimated 152 153 156 11 149 2 - to average between 200 146 3 11 10 4 6 10 14 to 230 MMcf per day 12 3 4 2 5 133 17 5 4 5 6 122 122 7 15 16 3 15…
  4. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 4
    Natural Gas Hedges Natural gas hedge positions to support Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 Q1 70,000 3.37 2017 Q2 81,000 3.38 2017 Q3 99,000 3.38 2017 Q4 99,000 3.38 2018 Q1…
  5. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 5
    Oil Production (MBbls / day) 12.2 12.2 12.4 0.2 0.6 0.2 0.2 0.4 11.5 0.5 10.4 1.1 2017 oil production is 0.1 10.2 0.2 0.5 estimated to average 1.9 between 2,200 to 2,500 barrels per day 0.4 6.9 0.4 0.4 11.8 11.6 5.4…
  6. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 6
    Improving Cost Structure (Per Mcfe) OPERATING DD & A COSTS 1.48 5.74 1.35 .20 4.84 .22 1.10 .36 .16 0.97 .26 .26 .08 .07 Gathering 2.26 .92 .97 Production Taxes 1.90 Lifting .76 .64 2014 2015 2016 2017 2014…
  7. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 7
    2017 First Quarter Financial Results in millions except per share and unit amounts 2017 2016 First First % Quarter Quarter Change Oil Production (Mbbls) 265 417 -36% Gas Production (MMcf) 13,999 13,825 1% Production (MMcfe)…
  8. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 8
    Balance Sheet ( in millions) Mar. 31, 2017 Cash and cash equivalents 30 Revolving Credit Facility - 10% Senior Secured Notes 697 2nd Lien Convertible Notes ( All Interest PIK)* 449 Unsecured Senior Notes 26 Total Debt 1,172 Total…
  9. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 9
    2017 Drilling Program ( in millions) 2017 1st Quarter 2017 Full Year Gross WI Net Gross WI Net Actual Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 36.8 3 2.5 145.0 20 15.3 Bossier Shale - 17.6 2 1.7…
  10. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 10
    Haynesville/Bossier Shale Cotton Valley Cotton Valley Bossier Shale Haynesville Shale Haynesville/Bossier Shale Net Acres 68,000 Resource Potential 6 + Tcf Drilled 11 (7.8 net) wells in 2016 Drilling 22 (17 net)…
  11. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 11
    Haynesville Shale Program Harrison 30-31 24 MMcf/d Harrison 30-19 Headrick 14-11 24 MMcf/d Gamble 4-33 Completing 24 MMcf/d Holmes 29-32 28 MMcf/d Holmes 29-20 24 MMcf/d Boggess 5 -8 Headrick 14-23 21 MMcf/d 26 MMcf/d…
  12. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 12
    Haynesville Extended Lateral Wells 25 Wells exceeding expectations 20 Type Curve Gen I HV Wells (Average of 12 wells) 15 Bossier Shale Well MMcf per day Gen II HV Wells (Average of 4 wells) 10 5 Type Curve 0…
  13. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 13
    Gen II vs. Gen I Results 34% higher IP rate per 1,000 completed lateral foot IP (MMcf/day) per 1,000 feet of lateral length 4.4 3.3 Gen I (2,800 lbs. per ft.) Gen II (3,800 lbs. per ft.) 13 wells 7 wells 14
  14. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 14
    Haynesville Shale JV Caddo Parish Partnered with USG to acquire and develop newly acquired Haynesville shale acreage JV Acreage Acquired approximately 6,100 net acres to date DeSoto Parish Expect to continue adding acreage…
  15. Q1 2017 Earning Presentation – Comstock Resources Inc. – slide 15
    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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