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1Q 2020 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 6, 2020 · 17 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. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 1ST QUARTER 2020 RESULTS MAY 6, 2020
  2. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 2
    1ST QUARTER HIGHLIGHTS Our natural gas operations in the Haynesville/Bossier shale have not been adversely impacted by the COVID19 virus and the collapse in oil prices Successful Haynesville/Bossier shale drilling program…
  3. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 3
    HAYNESVILLE/BOSSIER PRODUCTION 1,254 1,270 (MMcf / day) 1,110 1,101 1,002 915 824 711 603 561 498 451 359 271 241 180 119 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 1Q…
  4. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 4
    SHUTIN PRODUCTION (% of natural gas production) (MMcf per day) Wells shutin for pipeline curtailment or offset frac activity 4
  5. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 5
    Q1 2020 FINANCIAL RESULTS in millions except per share and unit amounts 2019 Q1 2020 Q1 Oil Production (Mbbls) 810 454 44% Gas Production (MMcf) 33,149 122,786 270% Production (MMcfe) 38,012 125,513 230% Oil Price (Per Barrel)…
  6. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 6
    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 3Way Collars Total Collars 2020 1Q 476,938 100,549…
  7. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 7
    LOW COST STRUCTURE Operating Costs Per Mcfe P Predecessor (Before 8/14/18) 7
  8. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 8
    LOW COST STRUCTURE Cash G & A Per Mcfe P Predecessor (Before 8/14/18) 8
  9. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 9
    LOW COST STRUCTURE D D & A Per Mcfe P Predecessor (Before 8/14/18) 9
  10. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 10
    DRILLING PROGRAM ( in millions) First Quarter 2020 Full Year 2020 Average Average Lateral Gross WI Net Lateral Gross WI Net (feet) Wells Wells (feet) Wells Wells Haynesville/Bossier Shale: Completion of Wells Drilled in PY (1)…
  11. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 11
    BALANCE SHEET Bank Credit Facility Capitalization ( in millions) 3/31/2020 Senior Secured Revolving Credit Facility: Cash and Cash Equivalents 16 Revolving Credit Facility 1,250 1.4 MM borrowing base 7.50% Senior Notes due 2025 625…
  12. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 12
    ACREAGE Drilled 237 operated wells with average IP rate of 23 MMcf/d Net Acres 307,000 (Haynesville / Bossier) Haynesville Shale Bossier Net Locations 1,977 Harrison % HeldbyProduction 95% % Operated 91% Bienville Caddo %…
  13. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 13
    HAYNESVILLE/BOSSIER INVENTORY Extensive inventory of drilling opportunities in the Haynesville and Bossier shales As of March 31, 2020 Haynesville Operated NonOperated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000…
  14. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 14
    1ST QUARTER DRILLING RESULTS Completed 20 operated wells (average lateral length of 8,758 ft.) with average IP rate of 24 Mmcf/d Well Name LL TTS IP (feet) (MMCF/d) 1 Agurs 29-20 1 8,674 02/25/2020 21 Bossier Harrison 2 Agurs…
  15. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 15
    IMPROVING D&C COSTS (Laterals 6,000 ft.) ( per Lateral Foot) 1,518 1,453 1,423 1,411 1,423 1,408 1,423 1,383 1,338 1,320 1,207 1,136 (1). 1,121 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2018 2018…
  16. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 16
    2020 OUTLOOK Focused on free cash flow generation and managing through low oil and natural gas price environment Haynesville drilling program generates economic returns even with low natural gas prices Comstock has industry…
  17. 1Q 2020 Earnings Presentation – Comstock Resources Inc. – slide 17
    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 0.06 0.08…

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