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2Q 2017 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Aug 7, 2017 · 18 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. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 1
    Second Quarter 2017 NYSE:CRK
  2. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 2
    2017 Q2 Summary Growing natural gas production and improved prices driving stronger financial results Natural gas production, 28% Gas Price, 50%, Oil Price, 7% Oil & Gas Sales - 63 million, 50% EBITDAX - 44 million, 127% Operating…
  3. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 3
    Natural Gas Production (MMcf / day) 190 2017 natural gas 2 - 4 production is estimated 12 to average between 195 162 152 153 156 11 149 2 - to 215 MMcf per day 146 3 10 4 6 11 3 10 14 12 2 5 133 5 4 4 17 5 6 122 122 7…
  4. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 4
    Shut-in Production NATURAL GAS OIL (MMcf per day) (Barrels per day) 8.2 104.8 1st Quarter 2nd Quarter 58.7 2.0 Wells shut-in for offset frac activity and storm activity. 5
  5. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 5
    Natural Gas Hedges Natural gas hedge positions to support Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 Q2 81,000 3.38 2017 Q3 99,000 3.38 2017 Q4 99,000 3.38 2018 Q1 29,000 3.38 (a) The…
  6. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 6
    Regional Natural Gas Price Advantage North East Pipelines(1) -1.00 N. Louisiana Pipelines(2) -11 Henry Hub Exports to Mexico LNG Exports +3.5 Bcf/d by 2020 +8.5 Bcf/d by 2020 Gulf Coast Industrial Demand +5.5…
  7. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 7
    Oil Production (MBbls / day) 12.2 12.2 12.4 0.2 0.6 0.2 0.2 0.4 0.5 11.5 10.4 1.1 0.1 10.2 0.2 0.5 2017 oil production is 1.9 estimated to average 0.4 between 2,200 to 2,500 6.9 barrels per day 0.4 0.4 11.8 11.6 11.3…
  8. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 8
    Improving Cost Structure (Per Mcfe) OPERATING COSTS DD & A 1.48 5.74 1.35 .20 4.84 .22 1.10 .36 .16 0.97 .26 .26 0.75 .08 .07 .19 Gathering 2.26 .92 .97 1.90 Production Taxes .06 .76 Lifting 1.60 .64 .50 2014 2015 2016 2017 2017…
  9. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 9
    2017 Second Quarter Financial Results in millions except per share and unit amounts 2017 2016 Second Second % Quarter Quarter Change Oil Production (Mbbls) 243 355 -32% Gas Production (MMcf) 17,321 13,519 28% Production (MMcfe)…
  10. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 10
    2017 First Six Months Financial Results in millions except per share and unit amounts First First Six Months Six Months % 2017 2016 Change Oil Production (Mbbls) 508 722 -30% Gas Production (MMcf) 31,320 27,344 15% Production…
  11. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 11
    Balance Sheet ( in millions) June 30, 2017 Cash and cash equivalents 35 Revolving Credit Facility - 10% Senior Secured Notes 697 2nd Lien Convertible Notes ( All Interest PIK)* 452 Unsecured Senior Notes 26 Total Debt 1,175 Total…
  12. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 12
    2017 Drilling Program ( in millions) 2017 1st Six Months 2017 Full Year Gross WI Net Gross WI Net Actual Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 84.0 9 8.1 153.1 24 15.6 Bossier Shale - 9.6 3 1.5…
  13. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 13
    Haynesville/Bossier Shale Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Net Acres 68,000 Resource Potential 6 + Tcf Drilled 11 (7.8 net) wells in 2016 Drilling 27 (17.1 net)…
  14. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 14
    Haynesville Shale Program Harrison 30-19 24 MMcf/d Harrison 30-31 24 MMcf/d Headrick 14-23 Holmes 29-32 26 MMcf/d 28 MMcf/d Headrick 14-11 Gamble 4-33 37 MMcf/d Holmes 29-20 24 MMcf/d 24 MMcf/d Shahan 5-8 22 MMcf/d Boggess 5…
  15. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 15
    Haynesville Extended Lateral Wells Wells exceeding expectations 30 Type Curve 25 Gen I HV Wells (Average of 12 wells) Bossier Shale Well 20 MMcf per day Gen II HV Wells (Average of 6 wells) 15 Short Lateral Wells…
  16. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 16
    Gen II vs. Gen I Results 36% higher IP rate per 1,000 completed lateral foot IP (MMcf/day) per 1,000 feet of lateral length 4.5 3.3 Gen I (2,800 lbs. per ft.) Gen II (3,800 lbs. per ft.) 13 wells 12 wells 17
  17. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 17
    Haynesville Shale JV Hunter 28-12 1 and 2 Drilling Partnered with USG to Caddo Parish acquire and develop newly acquired Haynesville shale acreage JV Acreage Acquired approximately 6,300 net acres to date DeSoto Parish…
  18. 2Q 2017 Investor Presentation – Comstock Resources Inc. – slide 18
    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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