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September 2017 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Sep 25, 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. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 1
    September 2017 NYSE:CRK
  2. September 2017 Corporate Presentation – 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. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 3
    Major Properties E. Texas / N. Louisiana Proved Reserves 859 Bcfe Wells 896 Other Proved Reserves 5 Bcfe Wells 286 Company Overview South Texas Proved Reserves- Proved Reserves 52 Bcfe 916 Bcfe Wells 189 40% - proved…
  4. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 4
    East Texas / North Louisiana Region East Texas / Own interests in 896 North LA producing wells in 25 Reserves: 859 Bcfe fields Waskom 68,000 net acres Blocker Longwood Drew with Lower Haynesville shale Beckville…
  5. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Shale Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Acres 68,000 Resource Potential 6 + Tcf Average WI 79.8% 80.5% Drilled 11 (7.8 net) wells in 2016…
  6. September 2017 Corporate Presentation – 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 Haynesville shale wells…
  7. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 7
    Regional Natural Gas Price Advantage North East Pipelines(2) -1.00 N. Louisiana Pipelines(1) -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…
  8. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 8
    Haynesville Shale Wells 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…
  9. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 9
    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 10
  10. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 10
    Haynesville Shale Wells IP rate per 1,000 feet of completed lateral Harrison 30-19 3.2 MMcf/d Harrison 30-31 3.5 MMcf/d Headrick 14-23 Holmes 29-32 3.5 MMcf/d 3.3 MMcf/d Headrick 14-11 Gamble 4-33 5.3 MMcf/d Holmes 29-20 3.2…
  11. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 11
    Haynesville/Bossier Wells Wells exceeding expectations 30 Gen 1 Curve (7,500 ft. lateral) 25 Gen I HV Wells (Average of 12 wells) Bossier Shale Well 20 Gen II HV Wells (Average of 5 wells) MMcf per day 15 Short Lateral…
  12. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 12
    Haynesville/Bossier Wells per 1,000 feet of completed lateral 4 Type Curve MMcf/1,000 ft. of completed lateral per day 3 Gen I HV Wells (Average of 12 wells) - 7,194 ft. Bossier Shale Well - 7,430 ft. 2 Gen II HV Wells…
  13. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 13
    Haynesville Shale JV Hunter 28-12 1 and 2 Drilling Partnered with USG to acquire and develop Caddo Parish newly acquired Haynesville shale acreage Acquired approximately 6,300 net acres to date DeSoto Parish Expect to…
  14. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 14
    Gen II Haynesville Completion 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 per…
  15. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 15
    Haynesville Well Economics for 2017 Drilling Program Gen 2 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…
  16. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 16
    Haynesville Well Economics 140% 120% 100% 4,500 ft. % ROR 80% 60% 7,500 ft. 40% 10,000 ft 20% 0% 2.00 2.50 3.00 3.50 /MCF 17
  17. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 17
    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 18
  18. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 18
    South Texas Eagle Ford Shale 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 based on…
  19. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 19
    Potential Stacked / Staggered Lateral Development INFILL SPACING 300 feet ORIGINAL SPACING 650 feet 20
  20. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 20
    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…
  21. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 21
    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…
  22. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 22
    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…
  23. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 23
    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…
  24. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 24
    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…
  25. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 25
    Improving Cost Structure (Per Mcfe) OPERATING DD & A 1.48 COSTS 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…
  26. September 2017 Corporate Presentation – Comstock Resources Inc. – slide 26
    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…

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