Senior Notes Issuance and Tender Offer Sources & uses Pro forma capitalization As of Sources ( in millions) Dec. 31, 2020 Pro Forma Cash and Cash Equivalents 30 16 ( in millions) Revolving Credit Facility 500 500 Senior Notes…
Why Invest in Comstock Best-in-class capital efficiency creates industry-leading margins and return on capital employed Conservative operating plan and best-in-class cost structure drives unparalleled free cash flow for…
Leading Haynesville Operator Comstock Resources overview Haynesville / Bossier shale Haynesville Shale Significant Scale in the Haynesville Harrison Bossier 323,000 Haynesville / Bossier net acres Caddo Bienville Robust…
2020 Accomplishments and 2021 Outlook Successfully raised 1 billion of equity and debt throughout a volatile 2020 Prudently 207 million common equity in May to redeem the Series A preferred, Managing the eliminated 21 million 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 Q4 Differentials vs. Henry Hub 2020 Q4 Gathering & Transportation 2020 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe)…
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 82 789 285…
Improving D&C Costs 16% Decrease from 2019 to 2020 due to increased drilling efficiency and lower service costs (Laterals 8,000 ft.) ( per Lateral Foot) 1,506 1,446 1,215 1,026 941 1,021 764 569 565 425 451 457…
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 18 12 1 Weyerhaeuser 26-35 2 7,204…
Favorable Supply-Demand Dynamics Natural Gas Rig Count vs Dry Natural Gas Production 240 105 D&C activity increasing from mid-2020 lows 200 100 Total US rig count still down 50% from YE19 160 95 Gas count up 30% off August 2020…
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…
Cost Structure Drives Best-in-Class EBITDAX Margin / Mcfe Best-in-class cost structure of gas producers Leading margins compare favorably to both Permian and gas-weighted names Unhedged EBITDAX(1) Margin (%) Oil Peers Gas…
Operating Cost Structure Offsets Legacy Interest Cost Cost structure of gas producers including interest / Mcfe Source: Public filings. Based on Q420 reported actuals. Gas peers include: AR, CHK, CNX, COG, GDP, GPOR, EQT, RRC,…
Best-in-Class Margins Deliver Strong Returns EBITDAX Margin (2020) Comstocks Margin Advantage Operational Scale as Haynesville Basins Largest Producer U.S. E&P Universe Higher Realizations due to Favorable Gulf Coast…
Oil & Natural Gas Reserves (1) Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/19(1) 16,747 5,342 5,442 Production (1,508) (451) (460) 2020 Additions 2 366 366 Price Revisions (2,858) (68) (86) Performance Revisions…
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…
Balance Sheet Bank credit facility Capitalization ( in millions) 12/31/2020 Adjustments As Adjusted Cash and Cash Equivalents 30 (14) 16 Senior Secured Revolving Credit Facility: Revolving Credit Facility 500 500 1.4 billion…
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…
CRK Has Low Emissions Relative to Peers Emission Intensity Ranking Emission Intensity (kg CO2e / boe) Source: Enverus December 2020 Play by Play Conference. PXD and MGY assumes 2018 data. 22
Appendix
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 &…
Strong Hedging Program Comstock has 69% of its oil and gas production hedged in 2021 Natural Gas (Mmbtu/d) Oil (Bbl/d) Period Swaps Collars Total 1 Swaptions 2 Collars 2021 1Q 607,271 2.56 270,000 2.45 / 2.88 877,271 2.52 1,328…
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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