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January 2020 Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Jan 19, 2020 · 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. January 2020 Investor Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK January 2020
  2. January 2020 Investor Presentation – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Comstock / Covey Park Combination Created the Basin Leader in the Haynesville, a Premier Natural Gas Basin with Superior Economics and Geographic Proximity to Gulf Coast Covey Park Acquisition Meaningfully…
  3. January 2020 Investor 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 3rd quarter unit cost structure of New leadership team with half of 66 per Mcfe(1) the VPs coming from…
  4. January 2020 Investor Presentation – Comstock Resources Inc. – slide 4
    The Leading Haynesville Operator Comstock Resources Overview Haynesville / Bossier Shale Haynesville Shale Significant Scale in the Haynesville Harrison Caddo 309,000 Haynesville shale net Bossier acres Bienville Robust inventory…
  5. January 2020 Investor Presentation – Comstock Resources Inc. – slide 5
    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…
  6. January 2020 Investor Presentation – Comstock Resources Inc. – slide 6
    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…
  7. January 2020 Investor 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. January 2020 Investor Presentation – 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 LNG Exports Expected to Drive Gas Demand Growth to offset the 27% base decline () for…
  9. January 2020 Investor Presentation – Comstock Resources Inc. – slide 9
    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*…
  10. January 2020 Investor Presentation – Comstock Resources Inc. – slide 10
    Proved Reserve Base SEC Reserves (1) Reserve Gas Oil Total PV-10 Category (Bcf) (MMBbl) (Bcfe) (MM) PDP 1,529 21 1,656 2,299 PDNP 92 1 95 76 PUD 3,600 2 3,613 1,737 SEC Proved 5,221 24 5,364 4,112 SEC Proved by Category (1) Oil…
  11. January 2020 Investor Presentation – Comstock Resources Inc. – slide 11
    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 12
  12. January 2020 Investor Presentation – Comstock Resources Inc. – slide 12
    Low Cost Structure and High EBITDAX Margin Best-In-Class Cost Structure of Gas Producers LOE & Taxes Gathering & Treating G&A 2.26 0.10 1.80 0.16 1.47 1.36 1.29 1.21 0.11 0.24 0.15 / Mcfe 1.95 0.20 0.84 0.86 1.43 0.66…
  13. January 2020 Investor Presentation – Comstock Resources Inc. – slide 13
    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…
  14. January 2020 Investor Presentation – Comstock Resources Inc. – slide 14
    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: Completion of Wells Drilled in PY (1)…
  15. January 2020 Investor Presentation – Comstock Resources Inc. – slide 15
    Balance Sheet 16
  16. January 2020 Investor Presentation – Comstock Resources Inc. – slide 16
    Oil and Gas Hedging Program Natural Gas (MMbtu/d) Crude Oil (Bbl/d) Period Swaps Collars 3-Way Collars Total Collars 2019 4Q 444,547 107,783 140,000 692,329 3,089 2019 Remaining 444,547 107,783 140,000 692,329 3,089 2020 1Q 476,938…

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