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Q3 2017 Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Nov 2, 2017 · 23 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. Q3 2017 Presentation – Comstock Resources Inc. – slide 1
    Third Quarter 2017 NYSE:CRK
  2. Q3 2017 Presentation – Comstock Resources Inc. – slide 2
    2017 Q3 Summary Growing natural gas production and improved prices driving stronger financial results Natural gas production, 42% Gas Price, 14%, Oil Price, 10% Oil & Gas Sales - 70 million, 40% EBITDAX - 50 million, 69% Operating…
  3. Q3 2017 Presentation – Comstock Resources Inc. – slide 3
    Haynesville Shale JV 34 Partnered with USG to Haynesville locations jointly develop certain 7,000 acres Haynesville/Bossier acreage Harrison Caddo Parish acreage County, TX is owned by USG and Comstock participates Panola for…
  4. Q3 2017 Presentation – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) 2018 natural gas production is estimated 217 - to average between 250 2 3 13 to 270 MMcf per day 190 - 2 4 12 162 156 11 152 149 153 2 - 146 3 10 4 6 11 10 12 3 2 14 5 4 5 133 4 17 5…
  5. Q3 2017 Presentation – Comstock Resources Inc. – slide 5
    Regional Natural Gas Price Advantage North East Pipelines(2) -94 N. Louisiana Pipelines(1) -12 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 Bcf/d…
  6. Q3 2017 Presentation – Comstock Resources Inc. – slide 6
    Natural Gas Hedges Natural gas hedge positions to support Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 Q3 99,000 3.38 2017 Q4 99,000 3.38 2018 Q1 29,000 3.38 (a) The index price for the…
  7. Q3 2017 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 10.2 0.1 0.2 0.5 2018 oil production is 1.9 estimated to average 0.4 between 2,000 to 2,200 6.9 barrels per day 0.4 0.4 11.8 11.6 11.3…
  8. Q3 2017 Presentation – Comstock Resources Inc. – slide 8
    Shut-in Production NATURAL GAS OIL (MMcf per day) (Barrels per day) 8.9 105 8.2 1st Quarter 2nd Quarter 3rd Quarter 59 56 2.0 Wells shut-in for offset frac activity and storm activity. 9
  9. Q3 2017 Presentation – Comstock Resources Inc. – slide 9
    Improving Cost Structure (Per Mcfe) OPERATING DD & A COSTS 5.74 1.48 1.35 .20 4.84 .22 1.10 57 excluding .36 Eagle Ford .16 0.97 1.27 .26 excluding Eagle Ford .26 .08 0.75 0.73 .07 .19 Gathering 2.26 .97 .22 1.90 .92…
  10. Q3 2017 Presentation – Comstock Resources Inc. – slide 10
    2017 Third Quarter Financial Results in millions except per share and unit amounts 2017 2016 Third Third % Quarter Quarter Change Oil Production (Mbbls) 229 320 -28% Gas Production (MMcf) 19,987 14,074 42% Production (MMcfe)…
  11. Q3 2017 Presentation – Comstock Resources Inc. – slide 11
    2017 Nine Months Financial Results in millions except per share and unit amounts First First Nine Months Nine Months % 2017 2016 Change Oil Production (Mbbls) 737 1,092 -33% Gas Production (MMcf) 51,307 41,418 24% Production…
  12. Q3 2017 Presentation – Comstock Resources Inc. – slide 12
    Balance Sheet ( in millions) Sept 30, 2017 Cash and cash equivalents 25 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…
  13. Q3 2017 Presentation – Comstock Resources Inc. – slide 13
    2017 Drilling Program ( in millions) 2017 1st Nine Months 2017 Full Year Gross WI Net Gross WI Net Actual Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 126.7 17 13.0 153.1 22 14.3 Bossier Shale - 9.6 3…
  14. Q3 2017 Presentation – Comstock Resources Inc. – slide 14
    2018 Drilling Program ( in millions) Preliminary 2018 Gross WI Net Actual Wells Wells East Tex./North La.: Drilling and Completion 145.0 26 13.8 Completion of 2017 Wells 14.8 ReFracs 6.7 Other 3.4 Total Capital Expenditures…
  15. Q3 2017 Presentation – Comstock Resources Inc. – slide 15
    Haynesville/Bossier Shale Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Net Acres 69,000 Resource Potential 6 + Tcf Average WI 78.7% 80.5% Drilled 11 (7.8 net) wells in 2016…
  16. Q3 2017 Presentation – Comstock Resources Inc. – slide 16
    Haynesville Shale Program Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatment Strong rates of return with higher EURs Haynesville shale wells have…
  17. Q3 2017 Presentation – Comstock Resources Inc. – slide 17
    Gen II vs. Gen I Results 32% higher IP rate per 1,000 completed lateral foot IP (MMcf/day) per 1,000 feet of lateral length 4.3 3.3 Gen I (2,800 lbs. per ft.) Gen II (3,800 lbs. per ft.) 13 wells 15 wells 18
  18. Q3 2017 Presentation – Comstock Resources Inc. – slide 18
    Haynesville Shale Wells Holmes 29-20 Gamble 4-33 24 MMcf/d 24 MMcf/d Headrick 14-11 1 33 MMcf/d Harrison 30-19 24 MMcf/d Headrick 14-11 2 37 MMcf/d Holmes 29-32 28 MMcf/d Headrick 14-23 1 26 MMcf/d Harrison 30-31 24 MMcf/d…
  19. Q3 2017 Presentation – Comstock Resources Inc. – slide 19
    Haynesville Shale Wells IP rate per 1,000 feet of completed lateral Holmes 29-20 Gamble 4-33 3.9 MMcf/d 3.2 MMcf/d Headrick 14-11 1 5.3 MMcf/d Harrison 30-19 3.2 MMcf/d Headrick 14-11 2 4.6 MMcf/d Holmes 29-32 3.3 MMcf/d Headrick…
  20. Q3 2017 Presentation – Comstock Resources Inc. – slide 20
    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 8 wells) MMcf per day 15 Short Lateral…
  21. Q3 2017 Presentation – Comstock Resources Inc. – slide 21
    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…
  22. Q3 2017 Presentation – Comstock Resources Inc. – slide 22
    Haynesville Well Economics Gen 2 Completion Design - 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 6.8 10.3 12.7 24 Hr. IP (Mmcf per day) 17 22 26 Decline B Factor 0.99 0.99 0.99 Initial Decline (%) 72 65 61 Proppant…
  23. Q3 2017 Presentation – Comstock Resources Inc. – slide 23
    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 gas…

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