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 Support Deleveraging Basin Leader in…
Leading Haynesville Operator Comstock Resources Overview Haynesville / Bossier Shale Haynesville Shale Harrison Significant Scale in the Haynesville Bossier 309,000 Haynesville shale net acres Caddo Bienville Robust inventory of…
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 capital…
Haynesville vs. Appalachia Favorable Differentials Lower Midstream Costs Superior Full-Cycle Economics 2020 Q3 Differentials vs. Henry Hub 2020 Q3 Gathering & Transportation 2019 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe)…
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…
3rd Quarter Drilling Results Completed 15 operated wells (average lateral length of 9,088 ft.) with average IP rate of 26 Mmcf/d Bossier LL IP Harrison Well Name (feet) To Sales (Mmcf/d) 1 Holmes 18 - 7 1 9,661 08/06/2020 25 11…
Favorable Natural Gas Environment Natural Gas Rig Count vs Dry Natural Gas Production 240 100 D&C activity decreased significantly 200 80 Rig count in oil and gas down 70% 160 60 Gas count stable at 70 rigs since 2Q 2020 120…
Gas Marketing Overview Improving Direct Access to Gulf Coast Demand Centers Improving margins by Having minimal firm transportation agreements, at out-of-market rates Perryville Entering into medium-term sales agreements, which…
Drilling Program Third Quarter 2020 Nine Months 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 0.4 50.0 8,423 15 9.6 Wells…
Low Cost Structure and High EBITDAX Margin / Mcfe Best-In-Class Cost Structure of Gas Producers Leading Margins Compare Favorably to Both Permian and Gas-Weighted Names Unhedged EBITDAX Permian Peers Margin (%) Gas…
Low Cost Structure Offsets Interest Cost Cost Structure of Gas Producers including Interest / Mcfe Source: Public filings. Based on Q320 reported actuals. Gas peers include: AR, CHK, CNX, COG, EQT, GPOR, MR, RRC, SBOW and SWN.…
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) 9/30/2020 Cash and Cash Equivalents 28 Senior Secured Revolving Credit Facility: Revolving Credit Facility 500 Secured Debt 500 1.4 billion borrowing base 7.50%…
Improving Credit Profile Significant Combination of Comstock and Covey Park created the Haynesville leader with Scale deep Tier 1 drilling inventory and peer-leading cost structure Sustainable, Expect to generate meaningful of Free…
Strong Focus on ESG Comstock strives to maintain sustainable and safe business practices and is committed to conducting business in a responsible manner that protects the environment along with the health, safety and security of…
Appendix
Hedging Program In the first nine months of 2020 Comstock had 50% of its gas production hedged, which increased the realized gas price to 1.96 per Mcf versus 1.60 per Mcf In the first nine months of 2020 Comstock also had 86% of its…
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