Why Invest in Comstock Basin Leader in the Haynesville, a Premier Natural Gas Basin with Superior Economics and Geographic Proximity to Gulf Coast Covey Park Acquisition Meaningfully Increased Scale, More than Doubling Asset Base…
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…
Leading Haynesville Operator Comstock Resources Overview Haynesville / Bossier Shale Haynesville Shale Significant Scale in the Haynesville Harrison Bossier 309,000 Haynesville shale net acres Caddo Bienville Robust inventory…
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…
Haynesville D&C Costs EUR per lateral ft. Total D&C costs for Hayneville wells improving: Fully developed finding costs for Haynesville wells averaged 59 to 76 per Mcf in Q4 2019* Expect to decrease to EUR per lateral…
Long Term Natural Gas Demand LNG Exports Expected to Drive Gas Demand Growth LNG export demand expected to almost double to nearly 16 Bcf/d by 2030 as new U.S. liquefaction capacity comes online 2019 LNG exports averaged 5.6 Bcf/d,…
Gas Marketing Accessing True Gulf Coast Demand Centers Improving margins by: Structuring long-term gas sales agreements linked to premium Gulf Coast markets* Perryville Having minimal firm Carthage transportation agreements,…
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 (%) Gas Peers Permian…
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)…
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 13
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…
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…
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…
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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