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1Q 2019 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 10, 2019 · 16 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 May 2019
  2. 1Q 2019 Earnings 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 52 (34.1 net) wells in 2019 Extensive acreage position underpins 819 net drilling locations…
  3. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 3
    Asset Base Bakken Shale NORTH MONTANA DAKOTA E. Texas / N. Louisiana Proved Reserves 2,233 Bcfe Williston Basin Q1 19 Net Production Proved Reserves 29.5 MMBOE 359 MMcfe/d Q1 19 Net Production 10.3 MBOE/d Haynesville/…
  4. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 4
    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…
  5. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 5
    Market Dynamics and LNG Growth Along the Gulf Coast Supports Haynesville Growth and Long-Term Gas Demand LNG Exports Expected to Drive Gas Demand Growth 23 Bcf/d of new natural gas supply needed to offset the 27% base decline for…
  6. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 6
    Haynesville/Bossier 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. 186 139.2 351 48.1…
  7. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 7
    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…
  8. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 8
    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…
  9. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 9
    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 Proppant (Pounds per lateral ft.) 3,800 3,800 3,800 EUR (Bcf) (2.2 Bcf per lateral ft.)* 10 16 21 *Wells…
  10. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 10
    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…
  11. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 11
    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…
  12. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 12
    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…
  13. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 13
    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…
  14. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 14
    High Margins Compared to Gas Peers 4Q Unhedged Cash Margin per Mcfe (1) Peer Average: 2.29 3.27 3.20 3.16 2.64 2.61 2.43 2.27 2.26 2.07 2.02 1.87 0.66 CRK Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer…
  15. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 15
    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…
  16. 1Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 16
    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…

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