Why Invest in Comstock Best-in-Class Capital Efficiency Creates Industry-Leading Margins and Return on Capital Employed Conservative Operating Plan Generates Growth and Free Cash Flow to Provide Deleveraging Basin Leader in the…
Leading Haynesville Operator Comstock Resources Overview Haynesville / Bossier Shale Haynesville Shale Significant Scale in the Haynesville Harrison Bossier 305,000 Haynesville shale net acres Caddo Bienville Robust inventory…
2nd Quarter Equity and Notes Offerings In May, Comstock issued 41,325,000 shares in an underwritten equity offering and used the proceeds with Sources & Uses cash on hand to redeem the 210 ( in millions) Equity Offering Notes…
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…
Drilling Location Inventory Extensive inventory of high return drilling locations As of June 30, 2020 Haynesville Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000 ft. 347 263.1 585 79.2 932…
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 (%) -20% 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 Capitalization ( in millions) 6/30/2020 Cash and Cash Equivalents 12 Senior Secured Revolving Credit Facility: Revolving Credit Facility 800 1.4 billion borrowing base Secured Debt 800 7.50%…
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 In the first six months of 2020 Comstock had 49% of its gas production hedged, which increased the realized gas price to 1.96 per Mcf versus 1.59 per Mcf excluding hedges In the first six months of 2020 Comstock also…
Guidance and Non-GAAP Financial Measure FY 2020 Guidance Expenses (/Mcfe) - Lease Operating 0.23 - 0.27 Production (Mmcfe/d) 1,250 - 1,300 Gathering & Transportation 0.23 - 0.27 % Natural Gas 97% - 99% Production Taxes 0.06 - 0.08…
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