Skip to main content 3Q 2019 Earnings Results – Comstock Resources Inc. Investor Presentation | Shale Experts
Loading...
Pm

3Q 2019 Earnings Results – Comstock Resources Inc.

Comstock Resources Inc. · Nov 7, 2019 · 21 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. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 3rd Quarter 2019 Results
  2. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 2
    2019 Q3 Summary Closed Covey Park acquisition Transformative acquisition of Covey Park created the basin leader in the Haynesville, a premier natural gas basin with superior economics with geographic proximity to Gulf Coast Included…
  3. 3Q 2019 Earnings Results – 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 3rd quarter pro forma unit cost New leadership team with half of structure of 66 per Mcfe(1) the VPs…
  4. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 4
    Bolt-on Acquisition AREA Primarily DeSoto Parish, Louisiana LAND Approximately 3,000 net acres 100% HBP WELLS Caddo 75 (20.1 net) producing wells 50 (16.7 net) operated 36 (11.7 net) Haynesville Average NRI of 81% Bienville…
  5. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Production (MMcf / day) Net Wells Completed - 2.8 7.0 2.0 10.2 10.1 9.3 9.6 10.9 10.0 11.5 13.2 18.2 14.2 8.6 in Quarter Expect to complete 19.0 net wells in 4Q19 6
  6. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 6
    Shut-in Production (% of natural gas production) (MMcf per day) 31.2 8% 7% 20.5 2018 Q1 19.1 19.5 5% 2018 Q2 4% 16.7 2018 Q3 4% 13.6 2018 Q4 3% 2019 Q1 2% 2019 Q2 2019 Q3 5.0 2018 2018 2018 2018 2019 2019 2019…
  7. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 7
    Low Cost Structure (Per Mcfe) OPERATING COSTS P Predecessor (Before 8/14/18) 8
  8. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 8
    Low Cost Structure (Per Mcfe) G&A 9 P Predecessor (Before 8/14/18)
  9. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 9
    Low Cost Structure (Per Mcfe) DD&A P Predecessor (Before 8/14/18) 10
  10. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 10
    Third Quarter Financial Results in millions except per share and unit amounts Predecessor Successor Successor Q3 2018 Q3 2018 2019 (44 Days) (48 Days) Q3 Oil Production (Mbbls) 7 542 603 10% Gas Production (MMcf) 11,876 14,098…
  11. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 11
    Nine Months Financial Results in millions except per share and unit amounts Predecessor Successor Successor 2018 2018 2019 (225 Days) (48 Days) Nine Months Oil Production (Mbbls) 287 542 2,108 154% Gas Production (MMcf) 55,240…
  12. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 12
    Pro Forma Operating Results in thousands except per share and unit amounts For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Covey Pro Forma Covey Pro Forma Comstock Comstock (2) Park…
  13. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 13
    Oil and Gas Hedging Program Natural Gas (Mmbtu/d) 1 Crude Oil (Bbl/d) Period Swaps Collars 3-Way Collars Total Collars 2019 4Q 454,547 107,783 140,000 702,329 3,089 2019 Remaining 454,547 107,783 140,000 702,329 3,089 2020 1Q 420,564…
  14. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 14
    Midstream and Marketing Accessing True Gulf Coast Demand Centers Company has taken proactive approach to enhancing margins, utilizing: Structured long-term gas sales agreements linked to Perryville premium Gulf Coast markets*…
  15. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 15
    Drilling Program and 2020 Outlook ( in millions) 1st Nine Months 2019 Full Year 2019 2020 Gross WI Net Gross WI Net Gross WI Net Wells Wells Wells Wells Wells Wells Haynesville/Bossier Shale: (1) Completion of Wells Drilled in PY…
  16. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 16
    Balance Sheet 17
  17. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 17
    Comstocks Acreage Haynesville/Bossier Haynesville Shale Shale Bossier Net Acres 309,000 Harrison Resource 21+ Tcf Potential Bienville Caddo Robertson Panola Red De Soto River Nacogdoches Shelby Sabine…
  18. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 18
    3rd Quarter Drilling Results Well Name LL TTS IP (feet) (MMCF/d) 1 MARTIN 23-14 1 7,918 8/1/2019 26 2 MARTIN 23-14 2 9,615 8/1/2019 31 3 GATES 26-35 1 9,874 8/10/2019 25 4 GATES 26-35 2 9,879 8/10/2019 24 5 FALLON 31-30 1 7,068…
  19. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 19
    Improving D&C Costs ( per Lateral Foot) 1,537 1,464 1,445 1,423 1,437 1,434 1,430 1,403 1,338 1,334 1,229 1,176 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 D&C /ft…
  20. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 20
    Haynesville/Bossier Inventory Extensive inventory of drilling opportunities in the Haynesville and Bossier shales Haynesville As of 9/30/19 Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000 ft. 391…
  21. 3Q 2019 Earnings Results – Comstock Resources Inc. – slide 21
    2020 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…

From the store

Browse maps, data & reports in the Shale Experts store