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2Q 2019 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Aug 7, 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. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 2nd Quarter 2019 Results
  2. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 2
    2019 Q2 Summary Closed Covey Park acquisition in third quarter Transformative acquisition of Covey Park creates the basin leader in the Haynesville, a premier natural gas basin with superior economics with geographic proximity to…
  3. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 3
    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…
  4. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 4
    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…
  5. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 5
    Shut-in Production 20.5 19.5 19.1 16.7 1st Quarter 2018 2nd Quarter 2018 13.6 8% 3rd Quarter 2018 NATURAL 7% GAS (MMcf per day) 4th Quarter 2018 5% 1st Quarter 2019 5.0 4% 2nd Quarter 2019 4% 2% Wells…
  6. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 6
    Low Cost Structure (Per Mcfe) OPERATING 84 COSTS 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…
  7. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 7
    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) 8
  8. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 8
    Low Cost Structure (Per Mcfe) DD&A 1.18 1.19 1.17 1.02 1.04 1.00 0.99 0.86 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) 9
  9. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 9
    Second Quarter Financial Results in millions except per share and unit amounts Predecessor Successor 2018 Q2 2019 Q2 Oil Production (Mbbls) 90 695 672% Gas Production (MMcf) 21,718 40,928 88% Production (MMcfe) 22,258 45,093…
  10. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 10
    Six Months Financial Results in millions except per share and unit amounts Predecessor Successor 2018 2019 Six Months Six Months Oil Production (Mbbls) 280 1,505 438% Gas Production (MMcf) 43,364 74,077 71% Production (MMcfe)…
  11. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 11
    Pro Forma Operating Results in thousands except per share and unit amounts For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Covey Pro Forma Covey Pro Forma Comstock Comstock Park Combined Park(2)…
  12. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 12
    Protecting Margins: Midstream and Marketing New gathering contracts in place on 75% of Close Proximity to Numerous Gulf Coast Demand Centers Haynesville assets Ongoing negotiations to improve access to premium* Gulf Coast…
  13. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 13
    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…
  14. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 14
    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…
  15. 2Q 2019 Earnings Presentation – 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. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 16
    Comstocks Acreage 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 Sabine…
  17. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 17
    2nd Quarter Drilling Results 18
  18. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 18
    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…
  19. 2Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 19
    2019 Outlook Focused on integration of Covey Park into Comstock and targeting completion by year end Haynesville drilling program generates economic returns even with low natural gas prices Combined with Covey Park, Comstock has…

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