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3Q Earnings – Comstock Resources Inc.

Comstock Resources Inc. · Nov 8, 2018 · 17 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. 3Q Earnings – Comstock Resources Inc. – slide 1
    Third Quarter NYSE:CRK 2018 Results
  2. 3Q Earnings – Comstock Resources Inc. – slide 2
    2018 Q3 Summary Contribution of Bakken properties by Jerry Jones closed on August 14th Successor Company results reported for Aug.14th to Sept. 30th. Pro Forma Third Quarter Results Oil and Gas Sales - 134 million EBITDAX - 102…
  3. 3Q Earnings – Comstock Resources Inc. – slide 3
    Enduro Acquisition Operated Non-OP Closed on July 31, 2018 through a court directed bankruptcy sale 23,000 gross acres (12,000 net) primarily in Caddo and DeSoto Parishes in Louisiana 120 (26.2 net) producing natural gas…
  4. 3Q Earnings – Comstock Resources Inc. – slide 4
    Financial Results in millions except per share and unit amounts Successor Predecessor Aug. 14, 2018 July 1, 2018 Pro Forma through through Third Quarter Sept. 30, 2018 Aug. 13, 2018 2018 (48 days) (44 days) (92 days) Oil…
  5. 3Q Earnings – Comstock Resources Inc. – slide 5
    Oil Production 11.3 (Mbbl / day) .1 2019 oil production is estimated to average between 8 to 9 Mbbls per day 11.2 4.6 3.6 3.3 3.0 2.9 2.7 4.2 2.5 2.3 1.9 3.6 3.3 3.0 2.7 2.5 2.3 2.1 1.9 .9 .8 .2 .4 .3 .2 .2 .2 .2…
  6. 3Q Earnings – Comstock Resources Inc. – slide 6
    Natural Gas Production (MMcf / day) 2019 natural gas production is 294 estimated to average between 270 27 370 to 420 MMcf per day 241 241 239 217 190 152 153 156 149 133 252 249 223 222 222 199 172 117 115 121 136…
  7. 3Q Earnings – Comstock Resources Inc. – slide 7
    Shut-in Production 20.5 19.1 NATURAL GAS (MMcf per day) 1st Quarter 2017 2nd Quarter 2017 3rd Quarter 2017 8.9 8.2 4th Quarter 2017 1st Quarter 2018 2nd Quarter 2018 5.0 4.5 3rd Quarter 2018 2.0 Wells shut-in for…
  8. 3Q Earnings – Comstock Resources Inc. – slide 8
    Oil and Gas Hedging Program Natural Gas Oil Collars for Collars for Swaps at Total Total 2.50 to 55.00 to 3.00 (a) Hedged Hedged 3.41 (b) 77.94 (c) (Mcf per day) (Barrels per day) 2018 Q4 60,000 73,333 133,333 3,500 3,500 2019 Q1…
  9. 3Q Earnings – Comstock Resources Inc. – slide 9
    Low Cost Structure (Per Mcfe) OPERATING 2.26 DD & A 1.10 COSTS .26 84 1.54 1.52 .08 77 73 70 .20 .22 60 61 1.18 1.19 1.17 .22 .19 1.02 .07 .20 .23 .07 .08 .26 .76 .05 .06 .48 .44 .43 .41 .35 .29 2016 2017…
  10. 3Q Earnings – Comstock Resources Inc. – slide 10
    Balance Sheet As of ( in millions) 9/30/18 Cash and cash equivalents 32 Revolving Credit Facility (700 million borrowing base) 450 9% Senior Notes due 2026 850 Total Debt (at face amount ) 1,300 Net Debt 1,268 Available Credit…
  11. 3Q Earnings – Comstock Resources Inc. – slide 11
    2018 - 2019 Drilling Program ( in millions) 377 2018 2019 Capital Expenditures Gross WI Net Gross WI Net Wells Wells Wells Wells 255 Haynesville/Bossier Shale: Drilling and Completion 171.5 48 16.5 331.1 57 38.2 Completion of…
  12. 3Q Earnings – Comstock Resources Inc. – slide 12
    Comstocks Acreage Drilled 62 operated wells since 2015Cotton with average IP rate of 25 Mmcf/d Valley Cotton Valley Haynesville Shale Bossier Shale Haynesville/Bossier Shale Net Acres 81,000* Resource 10+ Tcf…
  13. 3Q Earnings – Comstock Resources Inc. – slide 13
    New Gen III Haynesville Completion New Gen III completion design reduces the cluster spacing from 30 feet to 15 feet creating a more intense completion around the wellbore Clusters per stage increases from 5 to 10 Stage length and…
  14. 3Q Earnings – Comstock Resources Inc. – slide 14
    3rd Quarter Drilling Results Brown 7-18 1 24 MMcf/d Brown 7-18 1 25 MMcf/d Caddo Harrison Cook 21-28 3 21 MMcf/d Cook 21-28 4 24 MMcf/d Panola DeSoto Brantley 21 1 28 MMcf/d Bagley A 4-2 2 23 MMcf/d Brantley 21 2…
  15. 3Q Earnings – Comstock Resources Inc. – slide 15
    Haynesville/Bossier Wells Wells exceeding expectations 25 Gen 1 Type Curve (7500' Lateral) Gen I HV Wells (Average of 12 wells) 20 Gen II HV Wells (Average of 15 wells) Gen III HV Wells (Average of 15 wells) Gen ll HV Short…
  16. 3Q Earnings – Comstock Resources Inc. – slide 16
    Haynesville Well Economics Gen 3 Completion Design - 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 7.0 10.2 11.9 24 Hr. IP (Mmcf per day) 16 21 24 Decline B Factor 0.99 0.99 0.99 Initial Decline (%) 70 63 58 Proppant…
  17. 3Q Earnings – Comstock Resources Inc. – slide 17
    Outlook 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 North…

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