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September 2018 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Sep 14, 2018 · 19 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. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK September 2018
  2. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 2
    The New Comstock Comstocks Haynesville and Bossier Shale assets provide consistent, high-return and low-risk drilling opportunity Enhanced completion design and regional price advantage have transformed the Haynesville into one of…
  3. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 3
    Jerry Jones Asset Contribution and Debt Refinancing Jerry Jones contributed his Bakken Shale producing oil and gas properties valued at 620 million to Comstock in exchange for common stock in the Company on August 14, 2018…
  4. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 4
    Bakken Assets Provide Substantial Cash Flow Bakken Shale Properties Gross / Net Producing Wells: 348 / 55.1 Bakken Play Gross / Net DUCs: 85 / 11.8 Gross / Net PUDs: 7 / 2.6 Williston Basin Net 1P Reserves (By Operator) 348…
  5. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 5
    Enduro Acquisition Operated Non-OP 120 (26.2 net) producing wells and 112 (31.0 net) undrilled locations 9,893 net acres Producing approximately 26 MMCF per day Proved reserves of 288 billion cubic feet of natural gas 6
  6. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 6
    Asset Base Bakken Shale NORTH MONTANA DAKOTA E. Texas / N. Louisiana Proved Reserves 2,011 Bcfe Williston Basin Q118 Net Production 234.8 Proved Reserves 31 MMBOE MMcfe/d Q118 Net Production 13.2 MBOE/d Haynesville/…
  7. September 2018 Corporate 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. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 8
    Comstocks Acreage Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Net Acres 80,000* Resource Potential 10+ Tcf *47,000 net acres prospective for the Bossier shale Drilling…
  9. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 9
    Haynesville/Bossier Drilling Inventory Extensive inventory of drilling opportunities in the Haynesville and Bossier shales 10,000 ft. 355 976 locations Gross Drilling Locations (582 Haynesville/394 Bossier) 7,500 ft. 243…
  10. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 10
    Regional Natural Gas Price Advantage North East Pipelines(2) -77 N. Louisiana Pipelines(1) -14 Henry Hub Gulf Coast LNG Exports Industrial Demand Exports to Mexico +7 Bcf/d by 2020 +2.5 Bcf/d by 2020 +4 Bcf/d by…
  11. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 11
    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 (%)…
  12. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 12
    Haynesville/Bossier Wells 30 Wells exceeding expectations 25 Gen 1 Type Curve (7500' Lateral) Gen I HV Wells (Average of 12 wells) 20 Bossier Wells (Average of 4 wells) MMcf per day Gen II HV Wells (Average of 24 wells)…
  13. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 13
    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 14
  14. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 14
    Eagle Ford Shale Joint Venture Following the sale of its Eagle Ford shale properties, Comstock retained all undeveloped acreage of 8,400 net acres prospective for the Eagle Ford shale in Atascosa, Karnes, La Salle and McMullen…
  15. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 15
    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 20.8 500.6 625.7 Undeveloped 17.4 1,580.5…
  16. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 16
    2018 Drilling Program ( in millions) Capital Expenditures 2018 237 Gross Wells WI Net Wells Haynesville/Bossier Shale: 179 Drilling and Completion 126.8 36 15.6 Completion of 2017 Wells 22.0 ReFracs (7) 31.8 Other Non-operated…
  17. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 17
    Haynesville Production Growth Avg. Haynesville Operated Rigs: - 1 0/2 3 4 5 (Jan-15) (Jun/Sep-16) (Apr-17) (Sep-18) Avg. Haynesville Operated 38% 29% 59% 30% 50% YoY Growth: Production (MMcf/d) Haynesville Net Avg. 182.8…
  18. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 18
    High Margins Compared to Gas Peers 2Q Unhedged Cash Margin per Mcfe (1) Peer Average: 1.77 2.97 2.44 2.41 2.30 2.08 1.79 1.66 1.65 1.50 1.25 1.20 1.13 CRK PF Peer 7 Peer 9 Peer 6 Peer 3 Peer 4 Peer 5 Peer 1 Peer 8 Peer 2…
  19. September 2018 Corporate Presentation – Comstock Resources Inc. – slide 19
    Oil and Gas Hedging Program Oil and Natural Gas Hedges: Natural Gas Oil Collars for Collars for Swaps at Total Total 2.50 to 55.00 to 3.00 (a) Hedged Hedged 3.40 (b) 76.35 (c) (Mcf per day) (Barrels per day) 2018 Q3 60,000…

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