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4Q 2019 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Feb 27, 2020 · 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. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 4TH QUARTER 2019 RESULTS FEBURARY 27, 2020
  2. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 2
    2019 ACCOMPLISHMENTS Completed the 2.2 billion acquisition of Covey Park Energy in July Added 249,000 net acres in the Haynesville shale with approximately 1,200 net drilling locations Added 700+ MMcfe/day of production and 2.9 Tcfe…
  3. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 3
    4TH QUARTER HIGHLIGHTS Haynesville/Bossier shale drilling program continues to deliver Consistent results from a proven drilling program Comstock and Covey Park have drilled and completed 217 operated wells since 2015 which have an…
  4. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 4
    PROVED OIL & GAS RESERVES Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/18 23,612 2,282.8 2,424.4 Production (2,685) (292.8) (308.9) Additions 259 315.3 316.8 Acquisitions 240 3,023.1 3,024.5 Divestitures (58) (49.5)…
  5. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 5
    HAYNESVILLE/BOSSIER PRODUCTION (MMcf / day) Net Wells Completed in - 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 23.1 Quarter Expect to complete 9 net wells in 1Q 20 6
  6. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 6
    SHUT-IN PRODUCTION (% of natural gas production) (MMcf per day) Wells shut-in for pipeline curtailment or offset frac activity 7
  7. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 7
    Q4 2019 FINANCIAL RESULTS in millions except per share and unit amounts 2018 2019 Q4 Q4 Oil Production (Mbbls) 843 577 -32% Gas Production (MMcf) 30,933 121,521 293% Production (MMcfe) 35,987 124,980 247% Oil Price (Per Barrel)…
  8. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 8
    2019 FINANCIAL RESULTS in millions except per share and unit amounts 2018 2019 Oil Production (Mbbls) 1,672 2,685 61% Gas Production (MMcf) 100,271 292,834 192% Production (MMcfe) 110,301 308,944 180% Oil Price (Per Barrel) 59.07…
  9. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 9
    PRO FORMA OPERATING RESULTS in thousands except per share and unit amounts For the Year Ended December 31, 2019 Pro Forma Comstock Covey Park(2) Combined Gas production (MMcf) 292,834 141,610 434,444 Oil production (Mbbls) 2,685…
  10. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 10
    OIL and GAS HEDGING PROGRAM Comstock targets having 50% to 60% of its future twelve months oil and gas production hedged Natural Gas (Mmbtu/d) Crude Oil (Bbl/d) Period Swaps Collars 3-Way Collars Total Collars 2020 1Q 476,938 100,549…
  11. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 11
    LOW COST STRUCTURE Operating Costs Per Mcfe 84 77 74 70 23 68 8 20 16 60 61 59 13 5 6 7 55 19 8 20 20 20 20 23 26 23 24 43 41 38 35 37 32 29 29 23 2018 2018 2018 2018 2018 2019 2019 2019 2019 Q1 P Q2 P Q3…
  12. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 12
    LOW COST STRUCTURE Cash G & A Per Mcfe P Predecessor (Before 8/14/18) 13
  13. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 13
    LOW COST STRUCTURE D D & A Per Mcfe P Predecessor (Before 8/14/18) 14
  14. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 14
    DRILLING PROGRAM ( in millions) 2019 2020 Average Average Lateral Gross WI Net Lateral Gross WI Net (feet) Wells Wells (feet) Wells Wells Haynesville/Bossier Shale: (1) Completion of Wells Drilled in PY 60.9 8,928 59.3 8,160…
  15. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 15
    BALANCE SHEET Bank Credit Facility Capitalization ( in millions) 12/31/2019 Senior Secured Revolving Credit Facility: Cash and Cash Equivalents 19 Revolving Credit Facility 1,250 1.575 MM borrowing base with 1,500 7.50% Senior Notes…
  16. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 16
    ACREAGE Drilled 217 operated wells with average IP rate of 23 MMcf/d Net Acres 309,000 (Haynesville / Bossier) Haynesville Shale Bossier Net Locations 1,983 Harrison % Held-by-Production 95% % Operated 91% Bienville Caddo %…
  17. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 17
    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. 373 289.2 660…
  18. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 18
    4TH QUARTER DRILLING RESULTS Completed 20 operated wells (average lateral length of 6,926 ft.) with average IP rate of 24 Mmcf/d Bossier Well Name LL TTS IP (MMCF/d) Harrison (feet) 1 QUERBES 20-17 1 5,279 11/01/2019 21 2…
  19. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 19
    IMPROVING D&C COSTS (Laterals 6,000 ft.) ( per Lateral Foot) 20
  20. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 20
    2020 OUTLOOK Focused on free cash flow generation and managing through low natural gas price environment Haynesville drilling program generates economic returns even with low natural gas prices Comstock has industry leading low…
  21. 4Q 2019 Earnings Presentation – Comstock Resources Inc. – slide 21
    2020 GUIDANCE Guidance FY 2020 Production (Mmcfe/d) 1,250 - 1,450 % Natural Gas 97% - 99% Capital Expenditures (MM) 400 - 450 Expenses (/Mcfe) Lease Operating 0.23 - 0.27 Gathering & Transportation 0.23 - 0.27 Production Taxes…

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