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1Q 2019 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 9, 2019 · 14 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. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2019 Results
  2. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 2
    2019 Q1 Summary Haynesville/Bossier shale drilling program Consistent results from a proven drilling program as we have drilled and completed 76 operated wells since 2015 which have an average IP rate of 25 MMcf/day New wells…
  3. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 3
    Haynesville/Bossier Production (MMcf / day) 348 295 256 223 222 227 199 172 136 117 115 121 105 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Net Wells…
  4. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 4
    Shut-in Production 20.5 19.5 19.1 8% 13.6 1st Quarter 2018 7% NATURAL GAS 2nd Quarter 2018 (MMcf per day) 3rd Quarter 2018 5% 4th Quarter 2018 1st Quarter 2019 5.0 4% 2% Wells shut-in for pipeline curtailment or…
  5. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 5
    Low Cost Structure (Per Mcfe) OPERATING COSTS DD & A 84 77 1.18 1.19 1.17 74 70 .23 1.02 1.00 0.99 .08 .20 .16 60 61 .05 .06 .19 .20 .20 .20 .20 .26 .43 .41 .38 .35 .37 .29 2018 2018 2018 2018 2018 2019…
  6. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 6
    Financial Results in millions except per share and unit amounts Predecessor Successor 2018 Q1 2019 Q1 Oil Production (Mbbls) 190 810 326% Gas Production (MMcf) 21,646 33,149 53% Production (MMcfe) 22,786 38,012 67% Oil Price (Per…
  7. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 7
    Oil and Gas Hedging Program Natural Gas Oil Two-Way Collars for NYMEX Swap Collars for Total Total 50.19 (d) to at 3.24 (a) 2.46 (b) to Hedged Hedged 69.94 (e) 3.48 (c) (Mcf per day) (Barrels per day) 2019 Q1 96,667 125,000…
  8. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 8
    2019 Drilling Program ( in millions) 2019 First Quarter Actual 2019 Annual Budget Average Gross WI Net Average Gross WI Net Lateral Wells Wells Lateral Wells Wells (feet) (feet) Haynesville/Bossier Shale: Completion of Wells…
  9. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 9
    Balance Sheet As of ( in millions) 3/31/19 Cash and cash equivalents 29 Revolving Credit Facility (700 million borrowing base) 470 9% Senior Notes due 2026 850 Total Debt (at face amount ) 1,320 Net Debt 1,291 Available Credit…
  10. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 10
    Comstocks Acreage Drilled 76 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…
  11. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 11
    1st Quarter Drilling Results Harrison Garriga 8-17 2 29 MMcf/d Garriga 8-17 1 29 MMcf/d Caddo Hunter 28-21 3 21 MMcf/d Hunter 28-21 4 21 MMcf/d Panola DeSoto Ramsey 4-9 3 30 MMcf/d Ramsey 4-9 2 30 MMcf/d…
  12. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 12
    Gen III vs. Gen I 25 20 Gen I HV Wells (Average of 12 wells) (7,194 ft.) Gen III HV Wells (Average of 28 wells) (9,307 ft.) MMcf per day 15 EUR 22 Bcf 10 5 EUR 15 Bcf 0 0 50 100 150 200 250 300 350 Days on…
  13. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 13
    Haynesville Well Economics 2019 Drilling Program - 4,500' L 7,500' L 9,500' L Estimated Well Costs ( millions) 6.6 9.5 10.8 24 Hr. IP (Mmcf per day) 12 19 24 Proppant (Pounds per lateral ft.) 3,800 3,800 3,800 EUR (Bcf) (2.2 Bcf per…
  14. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 14
    2019 Outlook Haynesville and Bossier Shale assets provide consistent, high-return and low-risk drilling opportunity Plan to drill 52 (34.1 net) wells in 2019 Extensive acreage position underpins 819 net drilling locations Drilling…

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