NYSE:CRK 3rd Quarter 2020 Results November 4, 2020
3rd Quarter Highlights Re-started completion activity and ramped up drilling activity in the third quarter in order to grow natural gas production into improving natural gas prices in Q4 and 2021 Completed 15 Haynesville wells since…
Q3 2020 Financial Results in millions except per share and unit amounts 2019 Q3 2020 Q3 Oil Production (Mbbls) 603 354 -41% Gas Production (MMcf) 97,236 102,560 5% Production (MMcfe) 100,859 104,687 4% Oil Price (Per Barrel)…
9 Months 2020 Financial Results in millions except per share and unit amounts 2019 9M 2020 9M Oil Production (Mbbls) 2,108 1,168 -45% Gas Production (MMcf) 171,313 341,823 100% Production (MMcfe) 183,964 348,831 90% Oil Price…
Shut-in Production 7% of natural gas production shut-in for offset frac activity and curtailments in 3rd quarter (% of natural gas production) (MMcf per day) 12% of oil production curtailed in 3rd quarter due to low oil prices…
Hedging Program In the first nine months of 2020 Comstock had 50% of its gas production hedged, which increased its realized gas price to 1.96 per Mcf versus 1.60 per Mcf excluding hedges Comstock also had 86% of its oil production…
Low Cost Structure Operating Costs Per Mcfe 8
Low Cost Structure Cash G&A Per Mcfe 9
Low Cost Structure DD&A Per Mcfe 10
Drilling Program ( in millions) Third Quarter 2020 Nine Months 2020 Average Average Lateral Gross WI Net Lateral Gross WI Net (feet) Wells Wells (feet) Wells Wells Completion of Wells Drilled in 2019 0.4 50.0 8,423 15 9.6 Wells…
Balance Sheet Bank Credit Facility Capitalization ( in millions) 9/30/2020 Cash and Cash Equivalents 28 Senior Secured Revolving Credit Facility: Revolving Credit Facility 500 1.4 billion borrowing base 7.50% Senior Notes due 2025…
Haynesville Shale Net Acres 309,000 (Haynesville / Bossier) Haynesville Shale % Held by Production 96% Harrison % Operated 91% Bossier % Working Interest 81% Caddo Bienville Net Undrilled Locations 1,943 Panola Red…
Drilling Location Inventory Extensive inventory of high return drilling locations As of September 30, 2020 Haynesville Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000 ft. 287 219 547 72 834 291…
3rd Quarter Drilling Results Completed 15 operated wells (average lateral length of 9,088 ft.) with average IP rate of 26 Mmcf/d Bossier Well Name LL TTS IP Harrison (feet) (MMCF/d) 1 Holmes 18 - 7 1 9,661 08/06/2020 25 11 12 13…
2020/2021 Outlook Reduced activity in first half of 2020 in response to weak oil and gas prices Increasing activity in Q3 to take advantage of improving natural gas prices in Q4 2020 and 2021 Additional 2020 capital investment to…
Guidance and Non-GAAP Financial Measure Guidance 4Q 2020 2021 Production (Mmcfe/d) 1,150 - 1,250 1,325 - 1,425 % Natural Gas 97% - 99% 97% - 99% Capital Expenditures (MM) 150 - 170 525 - 575 Expenses (/Mcfe) - Lease Operating…
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