NYSE:CRK June 10, 2019 Acquisition of Covey Park Energy Creates Haynesville Basin Leader
Transformational Haynesville Shale Acquisition Combination creates the basin leader in the Haynesville, a premier natural gas basin with superior economics and geographic proximity to Gulf Coast Industry leading margins and well…
Covey Park Acquisition Overview Cash and stock transaction valued at 2.2 billion Covey Parks equity owners will receive: Transaction Structure and 700 million cash Consideration 210 million of newly issued perpetual convertible…
Comstock Becomes Basin Leader Substantial Scale in the Haynesville Robust Combined Inventory Industry-Leading Margins Over 1.1 Bcfe/d of net 20+ years of inventory of high- Unit cost structure of 76 per production return locations…
Complementary Haynesville Shale Acreage Combined, over 94% of the acreage is held by production with an average working interest of 77% Haynesville / Bossier Acreage Robertson County Comstock Covey Park Haynesville…
Creating the Largest Producer in the Haynesville with Significant Scale Pro Forma Total Net Acres 125,105 248,830 373,935 Haynesville / Bossier Net Acres 87,270 205,946 293,216 SPE Proved Reserves (Bcfe) 1 2,424 5,152 7,576 SEC…
Combination Materially Enhances Comstocks Financial, Operational and Credit Metrics Actual 1Q19 PF 1Q19 Actual 1Q19 PF 1Q19 4.76 1,127 3.17 422 Daily Production Proved Net Asset (MMcfe/d) Value Per Share 1 935 0.74 0.67…
Robust Combined Inventory of De-Risked, High-Return Drilling Locations Significant inventory of extended lateral wells combined with strong EBITDAX margins support overall capital efficiency efforts and drive improved corporate…
Lowest In Basin Gathering Costs Limited basis risk due to close Close Proximity to Numerous Gulf Coast Demand Centers proximity to Henry Hub Lowest in-basin gathering, treating and transport costs of 26 per Mcfe Extensive…
Low Cost Structure and High EBITDAX Margin Best-In-Class Cost Structure of Gas Producers 2.50 LOE & Taxes Gathering & Treating G&A 2.35 2.20 0.16 1.89 2.00 0.18 0.79 1.50 1.38 1.38 / Mcfe 1.19 0.13 0.27 1.92 0.96 0.19…
Combined Company Boasts Significant Scale and Resource Depth SEC Reserves SPE Reserves Reserve Gas Oil Total PV-10 Reserve Gas Oil Total PV-10 Category (Bcf) (MMBbl) (Bcfe) (MM) Category (Bcf) (MMBbl) (Bcfe) (MM) PDP 1,529 21 1,656…
Drilling Plan and Production Guidance 2019E and 2020E Drilling Plan ( in Millions) 2019 2020 Wells Wells Spend Gross Net Spend Gross Net Haynesville/Bossier Shale: Completion of Wells Drilled in PY 124 19 16.8 134 29 22.4 Wells…
Pro Forma Capitalization As of ( in millions) 3/31/19 Pro Forma Cash and cash equivalents 29 29 Revolving Credit Facility 470 1,268 7% Senior Notes due 2025 - 625 9% Senior Notes due 2026 850 850 Total Debt (at face amount ) 1,320…
Perpetual Convertible Preferred Equity Rationale Flexible, balance sheet friendly acquisition financing Additional investment from Jerry Jones Ongoing commitment from Denham Capital, a leading energy focused private equity firm…
Comstock Financial Strategy Drill within operating cash flow and emphasize free cash flow generation Targeting a leverage ratio of 2.0x by 2021 Best-in-class cost structure and EBITDAX margins combined with disciplined…
Combined Oil and Gas Hedging Program Natural Gas Hedges (Mcfe/d) 1,200,000 79% 68% 64% 58% 27% 900,000 835,165 792,265 735,574 706,029 201,889 Mcfe/d 275,000 600,000 258,761 250,178 378,980 300,000 633,276 117,848 517,265…
Loading...
