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August 2019 Corporate Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Aug 13, 2019 · 15 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. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK August 2019
  2. August 2019 Corporate Presentation – 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 Haynesville drilling program…
  3. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 3
    Covey Park Acquisition Overview Cash and stock transaction valued at 2.2 billion Covey Parks equity owners received: Transaction Structure and 700 million cash Consideration 210 million of newly issued perpetual convertible preferred…
  4. August 2019 Corporate Presentation – 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. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Shale Haynesville Harrison Shale Bossier Caddo Bienville Robertson Panola Red De Soto River Nacogdoches Shelby Sabine Bossier Shale San Augustine 293,000 net acres with resources…
  6. August 2019 Corporate 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. 379 301.8 719…
  7. August 2019 Corporate Presentation – 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. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 8
    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 (TCF) (Bcf/d) 2019 28 10 Historical Projections 23 Bcf/d of new natural gas…
  9. August 2019 Corporate Presentation – 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. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 10
    Proved Reserve Base 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 2,299 PDP 1,529 21 1,656 2,299 PDNP 92 1 95…
  11. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 11
    2019 Drilling Program ( in millions) 1st Six Months 2019 Full Year 2019 (1) 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. August 2019 Corporate Presentation – 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. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 13
    Low Cost Structure and High EBITDAX Margin Best-In-Class Cost Structure of Gas Producers 2.50 2.32 LOE & Taxes Gathering & Treating G&A 0.14 2.00 1.89 1.63 0.23 1.48 1.51 1.50 0.28 / Mcfe 1.21 0.23 0.36 1.93 0.87 0.94…
  14. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 14
    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…
  15. August 2019 Corporate Presentation – Comstock Resources Inc. – slide 15
    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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