Why Invest in Comstock Industrys lowest operating cost structure drives top tier margins and return on capital employed Strong free cash flow generation driving rapidly improving balance sheet (leverage down from 3.8x in 2020 to…
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…
Sale of Bakken Shale Properties Bakken Play Williston Basin Selling interest in 442 (68.3 net) Bakken shale non-operated well bores Sales price of 154 million with an October 1, 2021 effective date Proved reserves of 10.8…
East Texas Bolt-on Acquisition 36.4 million purchase price 38 (18.8 net) producing wells 1.8 MMcf/d net production Adds 22,175 net acres with Harrison Haynesville rights in Harrison, Leon, Panola, Robertson and Rusk Rusk…
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 Q3 Differentials vs. Henry Hub 2021 Q3 Gathering & Transportation 2020 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe)…
YTD Drilling Results Completed 53 operated wells (average lateral length of LL Turned To IP Well Name (feet) Sales (Mmcf/d) 1 George DGH 1 11,545 01/26/2021 29 2 3 George DGH 2 Jordan 16-9-4 1 11,219 12,716 01/26/2021…
Favorable Natural Gas Supply Demand Dynamics Long-term price support expected from As of 12-24-21 continued sector capital discipline, increased power generation demand, long- term industrial demand and continued Favorable…
Gas Marketing Overview Direct access to high value Gulf Coast markets with growing demand Carthage Perryville High margins supported by gas marketing arrangements Direct access to LNG corridor No firm transportation agreements…
Cost Structure Drives Best-in-Class EBITDAX Margin Best-in-class cost structure of gas producers / Mcfe Best-in-class margin as compared 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 Interest costs per Mcfe has decreased by 33% as compared to 2020 Q3 / Mcfe Source: Public filings. Based on Q221…
Unhedged Margin and Profits Per Mcfe Margin per Mcfe Pre-Tax Profits per Mcfe 4.00 2.78 (69%) 2.19 NYMEX Gas Price 3.50 2.28 (65%) 1.69 (Per Mcf) 3.00 1.78 (59%) 1.19 2.50 1.28 (51%) 0.69 (Per Mcfe) Costs 15
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…
Balance Sheet Capitalization Bank Credit Facility ( in millions) 9/30/2021 Cash and Cash Equivalents 28 Senior Secured Revolving Credit Facility: Revolving Credit Facility 425 1.4 billion borrowing base Secured Debt 425 reaffirmed…
Improving Credit Profile 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 Prudently million of annual distributions Managing…
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…
Certified Natural Gas Partnership Comstock has partnered with MiQ to initiate the independent certification of our natural gas production under the MiQ methane standard for responsibly sourced gas The partnership demonstrates…
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
Hedging Program Comstock has 50% of its natural gas production hedged in 2022 Natural Gas (Mmbtu/d) Oil (Bbl/d) Period Swaps Collars Total Collars 2021 4Q 560,000 2.53 406,630 2.48 / 3.05 966,630 995 41.67 / 51.67 2021 4Q 560,000…
Guidance Guidance 4Q 2021 2 Production (Mmcfe/d) 1,420 - 1,450 % Natural Gas 99% - 100% Development Capital Expenditures (MM) 115 - 135 Leasing Program (MM) 1 - 2 Expenses (/Mcfe) - Lease Operating 019 - 0.23 Gathering &…
Non-GAAP Financial Measure Reconciliation of Adjusted EBITDAX In thousands 3Q 2021 3Q 2020 9M 2021 9M 2020 EBITDAX: Net Income (Loss) (206,179) (126,492) (519,999) (134,340) Interest Expense 50,259 64,106 171,511 168,917 Income…
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