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4Q 2018 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Feb 21, 2019 · 18 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. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 1
    Fourth Quarter NYSE:CRK 2018 Results
  2. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 2
    2018 Achievements Completed comprehensive refinancing of the balance sheet Jerry Jones contributed Bakken shale properties with production of 14,330 barrels of oil equivalent per day Entered into a new bank credit facility with a…
  3. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 3
    2018 Q4 Summary First full quarter since closing the contribution of the Bakken properties by Jerry Jones on August 14th Fourth Quarter Results Oil and Gas Sales - 148 million EBITDAX - 113 million Operating Cash Flow - 96…
  4. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 4
    Enduro Acquisition Acreage Acquired Closed on July 31, 2018 through a court directed bankruptcy sale Caddo 22,559 gross acres (12,085 net) in Caddo and DeSoto Parishes in Louisiana and Shelby County, Texas 114 (27.8 net)…
  5. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 5
    Shelby Acquisition Acreage Acquired Closed on December 19, 2018 Harrison 6,159 gross acres (5,301 net) in Harrison and Panola Panola counties in Texas Purchase Price - 20.5 million to be paid as a 12% carry on every well…
  6. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 6
    Financial Results in millions except per share and unit amounts Successor Aug. 14, 2018 Predecessor Successor through 2017 Q4 2018 Q4 Dec. 31, 2018 (140 days) Oil Production (Mbbls) 214 843 294% 1,385 Gas Production (MMcf) 22,214…
  7. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 7
    Haynesville/Bossier Production (MMcf / day) 295 256 223 222 227 199 172 136 117 115 121 105 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 Net Wells 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Completed - 1.8 1.0…
  8. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 8
    Shut-in Production 20.5 19.1 NATURAL GAS (MMcf per day) 13.6 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 4th Quarter 2018 2.0…
  9. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 9
    Low Cost Structure (Per Mcfe) 2.26 1.10 OPERATING DD & A .08 COSTS .26 84 1.55 77 77 .07 68 70 .23 1.29 .08 .20 1.19 .07 60 61 1.18 1.17 .22 .05 .06 1.02 1.00 .22 .19 .20 .20 .20 .76 .26 .48 .39 .43 .41 .35 .37…
  10. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 10
    Proved Oil & Gas Reserves Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/17 7,552 1,117.0 1,162.3 Production (1,672) (100.3) (110.3) Jones Contribution 22,944 51.2 188.9 Additions 5,651 980.2 1,014.1 Acquisitions - 253.7…
  11. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 11
    2018 - 2019 Drilling Program ( in millions) 2018 2019 Average Gross WI Net Average Gross WI Net Lateral Wells Wells Lateral Wells Wells (feet) (feet) Haynesville/Bossier Shale: Completion of Wells Drilled in PY 21.9 7,731 16…
  12. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 12
    Balance Sheet As of ( in millions) 12/31/18 Cash and cash equivalents 23 Revolving Credit Facility (700 million borrowing base) 450 9% Senior Notes due 2026 850 Total Debt (at face amount ) 1,300 Net Debt 1,277 Available Credit…
  13. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 13
    Oil and Gas Hedging Program Natural Gas Oil Swaps at 3.00 for Collars for Collars for Total Total Q4 18 and 2.47 (b) to 51.03 (d) to Hedged Hedged 3.84 for 3.52 (c) 73.07 (e) Q1 19 (a) (Mcf per day) (Barrels per day) 2018 Q4…
  14. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 14
    Comstocks Acreage Drilled 70 operated wells since 2015 with average IP rate of 25 Mmcf/d Cotton Valley Harrison Caddo Panola Haynesville Cotton Shale Valley De Soto Bossier Shale Shelby Haynesville/Bossier…
  15. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 15
    Haynesville/Bossier Drilling Inventory Extensive inventory of drilling opportunities in the Haynesville and Bossier shales Haynesville Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000 ft. 186…
  16. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 16
    4th Quarter Drilling Results Harrison Abney 30-19 2 22 MMcf/d Caddo Brown 10&3&34-15-14 2 Brown 10&3&34-15-14 1 30 MMcf/d 30 MMcf/d Abney 30-19 3 25 MMcf/d Jackson 21-28 2 17 MMcf/d Jackson 21-28 1 25 MMcf/d Panola…
  17. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 17
    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 22 wells) Gen ll HV Short…
  18. 4Q 2018 Earnings Presentation – Comstock Resources Inc. – slide 18
    2019 Outlook Comstocks Haynesville and Bossier Shale assets provide consistent, high-return and low-risk drilling opportunity Plan to drill 58 (36.4 net) wells in 2019 Extensive acreage position underpins 819 net drilling locations…

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