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March 2019 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Mar 1, 2019 · 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. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK March 2019
  2. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 2
    Why Invest in Comstock 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…
  3. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 3
    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…
  4. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 4
    Asset Base Bakken Shale NORTH MONTANA DAKOTA E. Texas / N. Louisiana Proved Reserves 2,233Bcfe Williston Basin Q4 18 Net Production Proved Reserves 29.5 MMBOE 307.8 MMcfe/d Q4 18 Net Production 13.7 MBOE/d Haynesville/…
  5. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 5
    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…
  6. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 6
    2018 Acquisitions Acreage Acquired Completed two value added bolt- on acquisitions in 2018 near our Caddo existing acreage Acquired 17,386 net acres in Caddo and DeSoto Parishes in Louisiana and Harrison and Shelby Counties,…
  7. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 7
    Regional Natural Gas Price Advantage North East Pipelines(2) -52 N. Louisiana Pipelines(1) -15 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…
  8. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 8
    Gen III Haynesville Completion 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 sand…
  9. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 9
    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…
  10. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 10
    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…
  11. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 11
    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…
  12. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 12
    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…
  13. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 13
    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…
  14. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 14
    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…
  15. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 15
    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 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net Wells Completed - 1.8 1.0…
  16. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 16
    Low Cost Structure (Per Mcfe) 2.26 1.10 .08 OPERATING DD & A COSTS .26 84 77 1.55 77 .07 68 70 .23 1.29 .08 .20 .07 60 61 1.18 1.19 1.17 .22 .05 .06 1.02 1.00 .22 .19 .20 .20 .20 .76 .26 .48 .39 .43 .41 .35 .37…
  17. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 17
    High Margins Compared to Gas Peers 3Q Unhedged Cash Margin per Mcfe (1) Peer Average: 3.01 1.92 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. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 18
    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…
  19. March 2019 Corporate Presentation – Comstock Resources Inc. – slide 19
    Oil and Gas Hedging Program Natural Gas Oil Collars for Collars for Swaps at Total Total 2.46 (b) to 50.28 (d) to 3.84 (a) Hedged Hedged 3.54 (c) 72.71 (e) (Mcf per day) (Barrels per day) 2019 Q1 96,667 125,000 221,667 4,173…

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