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November 2018 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Nov 19, 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. November 2018 Investor Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK November 2018
  2. November 2018 Investor 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. November 2018 Investor Presentation – Comstock Resources Inc. – slide 3
    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/…
  4. November 2018 Investor Presentation – Comstock Resources Inc. – slide 4
    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…
  5. November 2018 Investor Presentation – Comstock Resources Inc. – slide 5
    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…
  6. November 2018 Investor Presentation – Comstock Resources Inc. – slide 6
    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…
  7. November 2018 Investor Presentation – Comstock Resources Inc. – slide 7
    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…
  8. November 2018 Investor Presentation – Comstock Resources Inc. – slide 8
    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…
  9. November 2018 Investor Presentation – Comstock Resources Inc. – slide 9
    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…
  10. November 2018 Investor Presentation – Comstock Resources Inc. – slide 10
    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…
  11. November 2018 Investor Presentation – Comstock Resources Inc. – slide 11
    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…
  12. November 2018 Investor Presentation – Comstock Resources Inc. – slide 12
    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…
  13. November 2018 Investor Presentation – Comstock Resources Inc. – slide 13
    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…
  14. November 2018 Investor Presentation – Comstock Resources Inc. – slide 14
    Oil Production (Mbbl / day) 11.3 .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…
  15. November 2018 Investor Presentation – Comstock Resources Inc. – slide 15
    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…
  16. November 2018 Investor Presentation – Comstock Resources Inc. – slide 16
    Low Cost Structure (Per Mcfe) OPERATING 2.26 DD & A COSTS 1.10 .26 84 1.54 1.52 .08 77 73 70 .20 1.18 1.19 1.17 .22 60 61 .22 .19 1.02 .07 .20 .23 .07 .08 .26 .76 .05 .06 .48 .44 .43 .41 .35 .29 2016 2017…
  17. November 2018 Investor Presentation – Comstock Resources Inc. – slide 17
    High Margins Compared to Gas Peers 3Q Unhedged Cash Margin per Mcfe (1) Peer Average: 1.92 3.01 2.64 2.11 1.94 1.91 1.86 1.85 1.67 1.64 1.60 1.45 1.41 CRK PF Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9…
  18. November 2018 Investor Presentation – Comstock Resources Inc. – slide 18
    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…
  19. November 2018 Investor Presentation – Comstock Resources Inc. – slide 19
    Oil and Gas Hedging Program Natural Gas Oil Swaps at 3.00 for Collars for Collars for Total Total Q4 18 and 2.48 (b) to 55.00 to Hedged Hedged 3.84 for 3.43 (c) 77.94 (d) Q1 19 (a) (Mcf per day) (Barrels per day) 2018 Q4 60,000…

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