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June 2018 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Jun 13, 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. June 2018 Investor Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK June 2018
  2. June 2018 Investor Presentation – Comstock Resources Inc. – slide 2
    The New Comstock Comstocks Haynesville shale assets provide high-return, predictable drilling results Enhanced completion design has transformed the Haynesville shale into one of North Americas highest return natural gas basins…
  3. June 2018 Investor Presentation – Comstock Resources Inc. – slide 3
    Jerry Jones Asset Contribution Jerry Jones will contribute Bakken Shale 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. June 2018 Investor Presentation – Comstock Resources Inc. – slide 4
    New Consolidated Asset Base Bakken Shale NORTH MONTANA DAKOTA E. Texas / N. Louisiana Proved Reserves 2,011 Bcfe Williston Basin 69,000 Net Acres Proved Reserves 31 MMBOE Q118 Net Production 234.7 Q118 Net Production 13.9…
  5. June 2018 Investor Presentation – Comstock Resources Inc. – slide 5
    Bakken Shale Properties Bakken Play Williston Basin Net 1P Reserves 332 (52.5 net) producing oil wells, 128 (13.0 net) drilled (By Operator) uncompleted wells and 10 (3.0 net) undrilled locations 20% Producing approximately…
  6. June 2018 Investor Presentation – Comstock Resources Inc. – slide 6
    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)…
  7. June 2018 Investor Presentation – Comstock Resources Inc. – slide 7
    Regional Natural Gas Price Advantage North East Pipelines(2) -77 N. Louisiana Pipelines(1) -9 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…
  8. June 2018 Investor Presentation – Comstock Resources Inc. – slide 8
    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…
  9. June 2018 Investor Presentation – Comstock Resources Inc. – slide 9
    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 (%)…
  10. June 2018 Investor Presentation – Comstock Resources Inc. – slide 10
    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…
  11. June 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. June 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. June 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. June 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 Haynesville Partnered with USG to Florsheim 9-16 1 locations 27 MMcf/d 6,300 net jointly develop certain acres Haynesville/Bossier Harrison Hunter…
  15. June 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. June 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. June 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. June 2018 Investor Presentation – Comstock Resources Inc. – slide 18
    Pro Forma Proved Oil & Gas Reserves Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 3/31/2018: Producing 16.8 442.4 543.5 Non-Producing / Behind Pipe 4.0 58.2 82.2 Total Developed 20.8 500.7 625.7 Undeveloped 17.3 1,580.5…
  19. June 2018 Investor Presentation – Comstock Resources Inc. – slide 19
    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…
  20. June 2018 Investor Presentation – Comstock Resources Inc. – slide 20
    Strong Balance Sheet and Leverage Profile Legacy Bakken Shale New + = ( in millions) Comstock Properties Comstock Key Assets Haynesville/EagleFord Bakken Diversified Q1 '18 Net Prod. (MMcfe/d) 238 80 318 Operational Metrics % Gas…
  21. June 2018 Investor Presentation – Comstock Resources Inc. – slide 21
    Low Cost Structure (Per Mcfe) 1.48 OPERATING 5.74 DD & A COSTS 79 Pro Forma .20 1.35 for Eagle Ford Sale and Bakken Acquisition 4.84 .22 1.10 .36 .16 0.97 1.42 Pro Forma .26 for Eagle Ford Sale and Bakken Acquisition…
  22. June 2018 Investor Presentation – Comstock Resources Inc. – slide 22
    Oil and Gas Hedging Program Plan to hedge up to 60% of next twelve months production Natural gas hedge positions to support Haynesville drilling program - Collars for Collars for Swaps at Total 2.50 to 2.50 to 3.00 (a) Hedged…

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