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March 2018 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Mar 8, 2018 · 22 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. March 2018 Investor Presentation – Comstock Resources Inc. – slide 1
    March 2018 NYSE:CRK
  2. March 2018 Investor Presentation – Comstock Resources Inc. – slide 2
    Investment Considerations 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…
  3. March 2018 Investor Presentation – Comstock Resources Inc. – slide 3
    Major Properties E. Texas / N. Louisiana Proved Reserves 1,105 Bcfe Wells 872 Other Proved Reserves 4 Bcfe Wells 246 Company Overview South Texas Proved Reserves- Proved Reserves 53 Bcfe 1.2 Tcfe Wells 191 41% - proved…
  4. March 2018 Investor Presentation – Comstock Resources Inc. – slide 4
    East Texas / North Louisiana Region East Texas / Own interests in 872 North LA producing wells in 23 Reserves: 1,105 Bcfe fields Waskom 68,000 net acres Blocker Longwood Drew with Lower Haynesville shale Beckville…
  5. March 2018 Investor Presentation – Comstock Resources Inc. – slide 5
    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…
  6. March 2018 Investor Presentation – Comstock Resources Inc. – slide 6
    Regional Natural Gas Price Advantage North East Pipelines(2) -89 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…
  7. March 2018 Investor Presentation – Comstock Resources Inc. – slide 7
    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…
  8. March 2018 Investor Presentation – Comstock Resources Inc. – slide 8
    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…
  9. March 2018 Investor 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 4.4 3.3 Gen I (2,800 lbs. per ft.) Gen II (3,800 lbs. per ft.) 13 wells 19 wells 10
  10. March 2018 Investor Presentation – Comstock Resources Inc. – slide 10
    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…
  11. March 2018 Investor Presentation – Comstock Resources Inc. – slide 11
    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,…
  12. March 2018 Investor Presentation – Comstock Resources Inc. – slide 12
    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…
  13. March 2018 Investor Presentation – Comstock Resources Inc. – slide 13
    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…
  14. March 2018 Investor Presentation – Comstock Resources Inc. – slide 14
    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…
  15. March 2018 Investor Presentation – Comstock Resources Inc. – slide 15
    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 16
  16. March 2018 Investor Presentation – Comstock Resources Inc. – slide 16
    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 (%)…
  17. March 2018 Investor Presentation – Comstock Resources Inc. – slide 17
    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)…
  18. March 2018 Investor Presentation – Comstock Resources Inc. – slide 18
    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…
  19. March 2018 Investor Presentation – Comstock Resources Inc. – slide 19
    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…
  20. March 2018 Investor Presentation – Comstock Resources Inc. – slide 20
    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…
  21. March 2018 Investor Presentation – Comstock Resources Inc. – slide 21
    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…
  22. March 2018 Investor Presentation – Comstock Resources Inc. – slide 22
    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…

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