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EnerCom Oil and Gas Conference – Comstock Resources Inc.

Comstock Resources Inc. · Aug 8, 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. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 1
    NYSE:CRK August 2019
  2. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Transformative acquisition of Covey Park creates the basin leader in the Haynesville, a premier natural gas basin with superior economics with geographic proximity to Gulf Coast Successful Dallas businessman…
  3. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 3
    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…
  4. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 4
    Covey Park Merger Substantial Scale in the Haynesville Industry-Leading Margins New Management Team 1.2 Bcfe/d of net production 2nd quarter pro forma unit cost New leadership team with half of structure of 72 per Mcfe(2) the VPs…
  5. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Shale Haynesville/Bossier Haynesville Shale Shale Net Acres 293,000 Harrison Resource 21+ Tcf Potential Bossier Caddo Bienville Panola Robertson Red De Soto River Shelby Nacogdoches…
  6. EnerCom Oil and Gas Conference – 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. 379 301.8 719…
  7. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 7
    Haynesville Well Economics Average Well Economics - 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…
  8. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 8
    Market Dynamics and LNG Growth Along the Gulf Coast Supports Haynesville Growth and Long-Term Gas Demand 23 Bcf/d of new natural gas supply needed to offset the 27% base decline for total U.S. LNG Exports Expected to Drive Gas Demand…
  9. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 9
    Marketing and Midstream New gathering contracts in place on 75% of Haynesville assets Close Proximity to Numerous Gulf Coast Demand Centers Ongoing negotiations to improve access to premium* Gulf Coast markets (two-thirds of…
  10. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 10
    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…
  11. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 11
    2019 Drilling Program ( in millions) 1st Six Months 2019 Full Year 2019 Gross WI Net Gross WI Net Wells Wells Wells Wells Haynesville/Bossier Shale: Completion of Wells Drilled in PY 24.0 8 5.2 24.0 8 5.2 Wells Drilled and…
  12. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 12
    Haynesville/Bossier Production (MMcf / day) 416 349 295 256 223 222 227 199 172 121 136 117 115 105 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Net…
  13. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 13
    Low Cost Structure (Per Mcfe) OPERATING COSTS 84 77 74 70 23 68 20 65 8 16 60 61 13 8 5 6 19 20 20 20 20 23 27 26 43 41 38 35 37 32 30 29 2018 2018 2018 2018 2018 2019 2019 2019 Q1 P Q2 P Q3 P Q3 S Q4 Q1 Q2…
  14. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 14
    Low Cost Structure (Per Mcfe) G&A 23 21 19 19 19 17 14 7 2018 2018 2018 2018 2018 2019 2019 2019 Q1 P Q2 P Q3 P Q3 S Q4 Q1 Q2 Q2 PF P Predecessor (Before 8/14/18) S- Successor (8/14/18 and after) 15
  15. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 15
    Balance Sheet As of ( in millions) 6/30/19 Pro Forma Cash and cash equivalents 47 47 Revolving Credit Facility 470 1,260 7% Senior Notes due 2025 - 625 9% Senior Notes due 2026 850 850 Total Debt (at face amount ) 1,320 2,735…
  16. EnerCom Oil and Gas Conference – Comstock Resources Inc. – slide 16
    Oil and Gas Hedging Program Daily Volumes Hedged Natural Gas (MMbtu/d) Crude Oil (Bbl/d) Period Swaps Collars 3-Way Collars Total Collars 2019 3Q 475,508 116,179 140,000 731,688 3,413 2019 4Q 454,547 107,783 140,000 702,329 3,089 2019…

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