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 (1) Caddo Bienville Robust…
Senior Notes Issuance and Redemption of 9% Notes Sources & uses Capitalization As of As Sources ( in millions) Mar. 31, 2021 Adjusted Cash and Cash Equivalents 77 80 ( in millions) Revolving Credit Facility 550 550 Senior Notes…
Recent Accomplishments and 2021 Outlook Successfully raised 1 billion of equity and debt throughout a volatile 2020 207 million common equity in May to redeem the Series A preferred, eliminated 21 million of Prudently annual…
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 2021 Q1 Differentials vs. Henry Hub 2021 Q1 Gathering & Transportation 2020 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe)…
Drilling Location Inventory Extensive inventory of high return drilling locations 33 Years of inventory based on 2021 drilling program As of March 31, 2021 Haynesville Operated Non-Operated Total (Gross) (Net) (Gross) (Net) (Gross)…
Improving D&C Costs 17% decrease from 2019 to 2021 Q1 due to increased drilling efficiency and lower service costs (Laterals 8,000 ft.) ( per Lateral Foot) 1,506 1,446 1,215 1,026 1,010 941 1,021 764 569 645 565…
Drilling Results Harrison Bossier Completed 285 operated wells since 2014 (average lateral length of 7,800 ft.) with average IP rate of 24 Mmcf/d Caddo 6 5 12 11 First Quarter 2021: LL Turned To IP 13 Bienville Well Name…
Favorable Natural Gas Supply Demand Dynamics Long-term price support expected from Natural Gas Storage (as of 7/2/21) continued sector capital discipline, increased power generation demand, long- Favorable term industrial demand and…
Gas Marketing Overview Improving direct access to gulf coast demand centers High margins supported by gas marketing arrangements Carthage Perryville No firm transportation agreements at out-of-market rates 40% of natural gas is…
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 10 Improvement Source: Public filings. Based on Q121 reported actuals. Gas peers include: AR, CHK, CNX, COG,…
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 First Quarter 2021 Average Lateral Gross WI Net ( in millions) (feet) Wells Wells 2020 wells turned to sales 49.3 9,356 10 9.0 2020 wells completion In process 26.5 10,072 9 8.4 2021 wells drilled 61.1 7,351 21…
Balance Sheet Bank Credit Facility Capitalization ( in millions) 3/31/2021 Adjustments As Adjusted Cash and Cash Equivalents 77 3 80 Senior Secured Revolving Credit Facility: Revolving Credit Facility 550 550 7% Senior Notes due…
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 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…
Lowering GHG Intensity Emission Intensity Emission Intensity (kg CO2e / boe) 2019 data includes operations of Covey Park Energy for the full year. 22
Natural Gas Powered Completions Comstock has partnered with BJ Energy Solutions to deploy BJs next generation fracturing fleet which is fueled by 100% natural gas in its Haynesville shale development program in early 2022 BJs TITAN…
Appendix
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…
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 1Q 2021 1Q 2020 2020 2019 EBITDAX: Net Income (Loss) (134,125) 42,028 (52,417) 96,889 Interest Expense 63,811 52,810 234,829 161,541 Income Taxes (29,967)…
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