Skip to main content 4Q 2017 Earnings Presentation – Comstock Resources Inc. | Shale Experts
Loading...
Pm

4Q 2017 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Feb 26, 2018 · 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. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 1
    Fourth Quarter 2017 NYSE:CRK
  2. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 2
    2017 Achievements Successfully grew production with our high return Haynesville shale drilling program Natural gas production (pro forma for 2016 divestitures) grew by 46% for 2017 Gas production was up 90% over the fourth quarter…
  3. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 3
    Natural Gas Production (MMcf / day) 2018 natural gas 241 - production is estimated 1 3 14 to average between 250 217 - 2 3 to 270 MMcf per day 190 13 2 4- 12 162 152 153 156 11 149 2 - 146 3 10 4 6 11 10 2 12 3 133…
  4. 4Q 2017 Earnings 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 Q4 99,000 3.38 2018 Q1 42,000 3.26 2018 Q2 60,000 3.00 2018 Q3 60,000 3.00 2018 Q4…
  5. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 5
    Shut-in Production NATURAL GAS OIL (MMcf per day) (Barrels per day) 131 8.9 105 8.2 1st Quarter 2nd Quarter 59 4.5 56 3rd Quarter 4th Quarter 2.0 Wells shut-in for offset frac activity and storm activity. 6
  6. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 6
    Improving Cost Structure (Per Mcfe) OPERATING 5.74 DD & A COSTS 1.48 .20 1.35 4.84 .22 53 excluding 1.10 Eagle Ford .36 .16 0.97 1.27 .26 excluding Eagle Ford .26 .08 0.75 0.73 0.68 .97 .07 .19 2.26 .22 .92 .22…
  7. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 7
    2017 Fourth Quarter Financial Results in millions except per share and unit amounts 2017 2016 Fourth Fourth % Quarter Quarter Change Oil Production (Mbbls) 214 296 -28% Gas Production (MMcf) 22,214 12,260 81% Production (MMcfe)…
  8. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 8
    2017 Annual Financial Results in millions except per share and unit amounts % 2017 2016 Change Oil Production (Mbbls) 951 1,388 -31% Gas Production (MMcf) 73,521 53,678 37% Production (MMcfe) 79,224 62,006 28% Oil Price (Per Barrel)…
  9. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 9
    Balance Sheet ( in millions) Dec. 31, 2017 Cash and cash equivalents 61 Revolving Credit Facility - 10% Senior Secured Notes 697 2nd Lien Convertible Notes ( All Interest PIK) 472 Unsecured Senior Notes 26 Total Debt (at face…
  10. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 10
    Proved Oil and Gas Reserves Comstock achieved an all-in finding cost of 54 per Mcfe in 2017 Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/16 7,277 872.5 916.1 Production (951) (73.5) (79.2) Divestitures (7) (7.6)…
  11. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 11
    2017 Drilling Program ( in millions) 2017 Gross WI Net Budget Wells Wells East Tex./North La.: Haynesville Shale 155.5 22 14.4 Bossier Shale 9.0 7 1.3 Leases 4.7 Other 9.6 1 - Total Capital Expenditures 178.8 30 15.7 Capital…
  12. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 12
    2018 Drilling Program ( in millions) Capital Expenditures 179 170 2018 Gross WI Net Wells Wells Haynesville/Bossier Shale: Drilling and Completion 132.8 31 12.4 Completion of 2017 Wells 17.5 ReFracs (5) 15.9 Other 3.8…
  13. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 13
    Comstocks Acreage Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Net Acres 68,000* Resource Potential 6 + Tcf Average WI 78.7% Average NRI 80.5% Drilled 29 (15.7 net) wells…
  14. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 14
    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…
  15. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 15
    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 4.4 3.3 Gen I (2,800 lbs. per ft.) Gen II (3,800 lbs. per ft.) 13 wells 19 wells 16
  16. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 16
    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 Derrick 21 3 26 MMcf/d 30 MMcf/d Harrison…
  17. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 17
    Haynesville Shale JV 34 Partnered with USG to Haynesville locations jointly develop certain Hunter 28-21 1 27 MMcf/d 6,300 net acres Haynesville/Bossier acreage Harrison Hunter 28-21 2 27 MMcf/d Caddo Parish acreage County,…
  18. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 18
    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…
  19. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 19
    Haynesville/Bossier Wells 30 Wells exceeding expectations 25 Gen 1 Curve (7,500 ft. lateral) Gen I HV Wells (Average of 12 wells) 20 Bossier Shale Wells (Average of 2 wells) Gen II HV Wells (Average of 10 wells) MMcf per…
  20. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 20
    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 Wells (Average of 2 wells) - 7,460 ft…
  21. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 21
    Haynesville - Liner Refrac Design Original Completion- 5-8 Clusters/Stage 60-80 Cluster Spacing 500-1,000 lbs/ft Sand Liner Refrac Design- 5 Clusters/Stage 30 Cluster Spacing 3,500 lbs/ft Sand 22
  22. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 22
    Haynesville Well Economics Gen 2 Completion Design - Refrac 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 4.5 6.8 10.3 12.7 24 Hr. IP (Mmcf per day) 12 17 22 26 Decline B Factor 0.99 0.99 0.99 0.99 Initial Decline (%)…
  23. 4Q 2017 Earnings Presentation – Comstock Resources Inc. – slide 23
    2018 Outlook Comstocks high return Haynesville Shale assets provide opportunity for continued growth in 2018 Comstocks enhanced completion design has transformed the Haynesville shale into one of North Americas highest return natural…

From the store

Browse maps, data & reports in the Shale Experts store