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May 2018 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 18, 2018 · 24 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. May 2018 Investor Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK May 2018
  2. May 2018 Investor Presentation – Comstock Resources Inc. – slide 2
    Investment Considerations Strong balance sheet after property contribution by Jerry Jones Cash flow and proved reserves attributable to the properties being contributed will allow refinancing of Comstocks existing debt addressing…
  3. May 2018 Investor Presentation – Comstock Resources Inc. – slide 3
    Jerry Jones Asset Contribution Jerry Jones will contribute North Dakota producing oil and gas properties valued at 620 million to Comstock in exchange for common stock in the Company. The effective date of the acquisition of the…
  4. May 2018 Investor Presentation – Comstock Resources Inc. – slide 4
    North Dakota Properties Bakken Play Williston Basin 332 (52.5 net) producing oil wells, 128 (13.0 net) drilled uncompleted wells and 10 (3.0 net) undrilled locations Currently producing approximately 10,500 barrels of oil…
  5. May 2018 Investor Presentation – Comstock Resources Inc. – slide 5
    Eagle Ford Shale Sale and New JV Sold 191 producing wells and 80 acre proration units to USG Energy Producer Frio Holdings, LLC for 125 million Atascosa Comstock retained all undeveloped acreage (8,740 (8,700 net acres) with 218…
  6. May 2018 Investor Presentation – Comstock Resources Inc. – slide 6
    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…
  7. May 2018 Investor Presentation – Comstock Resources Inc. – slide 7
    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…
  8. May 2018 Investor Presentation – Comstock Resources Inc. – slide 8
    Comstocks Acreage Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Net Acres 69,000* Resource Potential 6 + Tcf Average WI 78.7% Average NRI 80.5% Drilling 36 (15.6 net)…
  9. May 2018 Investor Presentation – Comstock Resources Inc. – slide 9
    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…
  10. May 2018 Investor Presentation – Comstock Resources Inc. – slide 10
    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…
  11. May 2018 Investor Presentation – Comstock Resources Inc. – slide 11
    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…
  12. May 2018 Investor Presentation – Comstock Resources Inc. – slide 12
    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…
  13. May 2018 Investor Presentation – Comstock Resources Inc. – slide 13
    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…
  14. May 2018 Investor Presentation – Comstock Resources Inc. – slide 14
    Haynesville Shale JV Florsheim 9-16 2 Flournoy 29-20 2 28 MMcf/d 34 28 MMcf/d Partnered with USG to Florsheim 9-16 1 Haynesville locations jointly develop certain 27 MMcf/d 6,300 net acres Haynesville/Bossier Hunter 28-21 1…
  15. May 2018 Investor Presentation – Comstock Resources Inc. – slide 15
    Haynesville/Bossier Wells Wells exceeding expectations 30 Gen 1 Type Curve (7500' Lateral) Gen I HV Wells (Average of 12 wells) 25 Bossier Wells (Average of 2 wells) 20 Gen II HV Wells (Average of 16 wells) MMcf per day…
  16. May 2018 Investor Presentation – Comstock Resources Inc. – slide 16
    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…
  17. May 2018 Investor Presentation – Comstock Resources Inc. – slide 17
    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 18
  18. May 2018 Investor Presentation – Comstock Resources Inc. – slide 18
    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 (%)…
  19. May 2018 Investor Presentation – Comstock Resources Inc. – slide 19
    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)…
  20. May 2018 Investor Presentation – Comstock Resources Inc. – slide 20
    2018 Drilling Program ( in millions) 2018 Capital Gross WI Net Expenditures Wells Wells 237 Haynesville/Bossier Shale: Drilling and Completion 126.8 36 15.6 179 Completion of 2017 Wells 22.0 ReFracs (7) 31.8 Other Non-operated…
  21. May 2018 Investor Presentation – Comstock Resources Inc. – slide 21
    Natural Gas Production (MMcf / day) 2018 natural gas production is 241 241 - - estimated to average between 1 3 14 4 3 217 12 250 to 270 MMcf per day 2 3 - 13 190 2 4- 12 162 156 11 152 149 153 2 146 3 10 4- 6 11 10 2…
  22. May 2018 Investor Presentation – Comstock Resources Inc. – slide 22
    Natural Gas Hedges Natural gas hedge positions to support Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2018 Q2 60,000 3.00 2018 Q3 60,000 3.00 2018 Q4 60,000 3.00 2019 Q1 47,000 3.00 (a) The…
  23. May 2018 Investor Presentation – Comstock Resources Inc. – slide 23
    Improving Cost Structure (Per Mcfe) 1.48 OPERATING 5.74 DD & A 1.35 COSTS .20 4.84 .22 54 excluding 1.10 Eagle Ford .36 .16 0.97 .26 1.25 0.77 .26 excluding .08 Eagle Ford 0.70 .97 .22 .07 .19 2.26 .92 .07 1.90…
  24. May 2018 Investor Presentation – Comstock Resources Inc. – slide 24
    Balance Sheet As of ( in millions) 3/31/18 Pro Forma (1) Cash and cash equivalents 51 145 Revolving Credit Facility 15 - 10% First Lien Secured Notes 697 697 Convertible Second Lien PIK Notes 488 488 ( All Interest PIK)…

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