NYSE:CRK 4th Quarter 2020 Results FEBRUARY 16, 2021
2020 Accomplishments Successfully managed the Company through a difficult year for the oil and gas industry. Completed accretive 207 million equity offering in May First natural gas common equity offering since 2016 Enabled…
4th Quarter Highlights Our drilling program drove the 6% growth in our gas production from 3rd quarter Turned 22 (16.4 net) Haynesville wells to sales with an average lateral length of 8,899 feet Comstock is well positioned for…
Q4 2020 Financial Results in millions except per share and unit amounts 2019 Q4 2020 Q4 Oil Production (Mbbls) 577 340 -41% Gas Production (MMcf) 121,521 109,013 -10% Production (MMcfe) 124,980 111,052 -11% Oil Price (Per Barrel)…
Annual 2020 Financial Results in millions except per share and unit amounts 2019 2020 Oil Production (Mbbls) 2,685 1,508 -44% Gas Production (MMcf) 292,834 450,836 54% Production (MMcfe) 308,944 459,883 49% Oil Price (Per Barrel)…
Hedging Program In 2020 Comstock had 51% of its gas production hedged, which increased the realized gas price to 2.07 per Mcf versus 1.80 per Mcf In 2020 Comstock also had 84% of its oil production hedged, which increased the realized…
Shut-in Production 6.6% of natural gas production shut-in for offset frac activity and curtailments in 4th quarter (% of natural gas production) (MMcf per day) 80.0 77.6 66.9 2018 Q1 2018 Q2 2018 Q3 45.3 2018 Q4 2019…
Low Cost Structure Operating Costs Per Mcfe 9 9
Low Cost Structure Cash G&A Per Mcfe 10 10
Low Cost Structure DD&A Per Mcfe 11 11
Balance Sheet Bank Credit Facility Capitalization ( in millions) 12/31/2020 Cash and Cash Equivalents 30 Senior Secured Revolving Credit Facility: Revolving Credit Facility 500 Secured Debt 500 1.4 billion borrowing base 7.50%…
Drilling Program Fourth Quarter 2020 2020 Average Average Lateral Gross WI Net Lateral Gross WI Net ( in millions) (feet) Wells Wells (feet) Wells Wells Completion of Wells Drilled in 2019 16.0 7,323 3 2.6 66.0 8,240 18 12.2…
Oil & Natural Gas Reserves Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/19 16,747 5,341.5 5,442.0 Production (1,508) (450.8) (459.9) 2020 Additions 2 365.7 365.7 Price Revisions (2,858) (68.2) (86.3) Performance…
Haynesville Shale Net Acres Haynesville Shale 323,000 (Haynesville / Bossier) % Held by Production 93% Harrison Bossier % Operated 91% % Working Interest 82% Caddo Bienville Net Undrilled Locations 1,953 Panola Red…
Drilling Location Inventory Extensive Inventory of High Return Drilling Locations As of December 31, 2020 Haynesville Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross) (Net) up to 5,000 ft. 247 203 542 82 789…
4th Quarter Drilling Results Completed 20 operated wells (average lateral length of 9,288 ft.) with average IP rate of 24 Mmcf/d LL Turned To IP 10 11 Bossier Well Name (feet) Sales (Mmcf/d) 17 1 Weyerhaeuser 26-35 2 7,204…
2021 Outlook Maintaining industry leading low cost structure and best in class well drilling returns Substantial inventory of highly economic drilling locations (1,953 net Hayneville/Bossier locations on acreage) 2021 drilling…
Guidance Guidance 2021 2 Production (Mmcfe/d) 1,330 - 1,425 % Natural Gas 97% - 99% Development Capital Expenditures (MM) 510 - 550 Leasing Program (MM) 7 - 10 Expenses (/Mcfe) - Lease Operating 0.21 - 0.25 Gathering &…
Non-GAAP Financial Measure Reconciliation of Adjusted EBITDAX In thousands 4Q 2020 4Q 2019 2020 2019 EBITDAX: Net Income (Loss) 81,923 55,116 (52,417) 96,889 Interest Expense 66,065 54,107 234,829 161,541 Income Taxes 36,967…
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