Why Invest in Comstock Best-in-Class Capital Efficiency Creates Industry-Leading Margins and Return on Capital Employed Conservative 2020 Operating Plan Generates Growth and Free Cash Flow to Provide Deleveraging Basin Leader in…
Leading Haynesville Operator Comstock Resources Overview Haynesville / Bossier Shale Haynesville Shale Significant Scale in the Haynesville Harrison Bossier 307,000 Haynesville shale net acres Caddo Bienville Robust inventory…
Recent Equity and Notes Offerings Sources & Uses Pro Forma Capitalization ( in millions) Equity Offering Notes Offering As of Completed Completed March 31, Pro Forma Pro Forma Sources May 18, 2020 June 23, 2020 ( in millions) 2020…
Corporate Strategy Excels in Current Environment Develop Prudently grow free cash flow, production and reserves through development of high-quality inventory Protect Enhance Manage commodity price Enhance returns on…
Successful Integration of Covey Park The acquisition of Covey Park in July 2019 provided Comstock substantial scale in the Haynesville, unlocking significant cost savings through economies of scale, with a meaningful boost to…
Haynesville vs. Appalachia Favorable Differentials Lower Midstream Costs Superior Full-Cycle Economics 2020 Q1 Gathering & Transportation 2019 EBITDAX Margin / 3-Year F&D Differentials vs. Henry Hub (/mcfe) (/mcfe) 1.03 3.6x…
Extensive Inventory of High Return Locations Unmatched Inventory & Approach Drilling program focused on returns Extensive inventory of 1,977 net locations Bossier Harrison More efficient and economic inventory with +70% long…
Improving D&C Costs Pre-merger D&C D&C improved due Targeted D&C: costs utilizing D&C improvement to new pressure D&C further Additional larger frac jobs / due to softening pumping contract, improvement improvement to be higher…
Favorable Natural Gas Environment Oil Industry CapEx Reduction 2020E D&C activity decreased significantly since March Rig count in oil and gas down 65% Completion crew count down 70% (23%) Avg. U.S. decline rate of 25% requires 27…
Gas Marketing Overview Accessing True Gulf Coast Demand Centers Improving margins by Better direct access to high- growth Gulf Coast demand (industrials, refining, chemical Perryville and LNG) Structuring long-term gas sales…
Low Cost Structure and High EBITDAX Margin Best-In-Class Cost Structure of Gas Producers / Mcfe Leading Margins Compare Favorably to Both Permian and Gas-Weighted Names Unhedged EBITDAX Margin (%) Permian Peers Gas…
Best-in-Class Financial Results Deliver Strong Returns EBITDAX Margin (2019) Comstocks Margin Advantage U.S. E&P Universe 79.8% Higher Realizations Due to Favorable Gulf Coast Market 70.3% 62.5% Favorable Midstream Rates Due…
Balance Sheet Bank Credit Facility Pro Forma Capitalization ( in millions) 3/31/2020 Adjustments As Adjusted Senior Secured Revolving Credit Facility Cash and Cash Equivalents 16 (13) 3 Revolving Credit Facility 1,250 (441) 809 1.4…
Improving Credit Profile Significant Combination of Comstock and Covey Park created the Haynesville leader with deep Tier 1 drilling inventory and peer-leading cost structure Scale Sustainable, Expect to generate meaningful of Free…
Appendix
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)…
Hedging Program Natural Gas (Mmbtu/d) Crude Oil (Bbl/d) Period Swaps Collars 3-Way Collars Swaptions Total Collars 2020 1Q 476,938 100,549 110,000 - 687,487 4,857 2020 2Q 496,498 59,341 50,000 - 605,838 3,170 2020 3Q 503,839 9,783…
Guidance and Non-GAAP Financial Measure FY 2020 Guidance Production (Mmcfe/d) 1,250 - 1,450 Expenses (/Mcfe) - Lease Operating 0.23 - 0.27 % Natural Gas 97% - 99% Gathering & Transportation 0.23 - 0.27 Production Taxes 0.06 - 0.08…
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