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4Q 2021 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Feb 15, 2022 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 4th Quarter 2021 Results FEBRUARY 15, 2022
  2. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 2
    4th Quarter 2021 Highlights Generated free cash flow from operations of 105 million (204 million including acquisitions and divestitures) Paid down 190 million of debt in the quarter, reducing the quarters leverage down to 2.2x…
  3. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 3
    2021 Accomplishments Refinanced 2 billion of senior notes in March and June 2021 saving 47.9 million in cash Prudently interest payments per year and extending senior notes weighted average maturity from 4.7 to 7.1 years Managing…
  4. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 4
    East Texas Bolt-on Acquisition 35 million purchase price Closed on December 23, 2021 18.1 net producing wells Added 17,331 net acres in Harrison Harrison, Leon, Panola, Robertson and Rusk Counties Rusk in Texas Added 57.9 net…
  5. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 5
    Q4 2021 Financial Results in millions except per share and unit amounts Production EBITDAX Cash Flow Adjusted (MMcfe/d) Net Income 297 99 1,348 250 1,207 211 155 35 2020 2021 2020 2021 2020 2021 2020 2021 Free…
  6. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 6
    2021 Financial Results in millions except per share and unit amounts Production (MMcfe/d) EBITDAX Cash Flow Adjusted Net Income 1,360 1,120 908 1,257 303 846 723 521 614 468 122 287 206 302 50 29 2018 2019 2020…
  7. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 7
    Natural Gas Price Realizations 5.22 Per Mcf 3.79 2.86 2.40 2.59 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 NYMEX Contract Settlement Price 2.66 2.69 2.83 4.01 5.83 NYMEX Average Spot Price 2.47 3.44 2.88 4.28 4.74 % of Gas…
  8. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 8
    Low Operating Costs / High Margins Operating Costs Per Mcfe / EBITDAX Margin 9 9
  9. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 9
    2021 Drilling Program 2021 Haynesville Drilling Program ( in millions) Haynesville Bossier Total Gross Net Gross Net Gross Net Fourth Operated Wells - Quarter Year Drilled 58 47.9 6 4.0 64 51.9 2021 2021 Turned to Sales 57 50.1 6…
  10. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 10
    Oil & Natural Gas Reserves Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/20 (SEC) 11,000 5,562.9 5,628.9 Production (1,210) (489.3) (496.5) Divestitures (9,308) (43.8) (99.8) Acquisitions - 202.6 202.6 Drilling…
  11. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 11
    Balance Sheet Capitalization Bank Credit Facility ( in millions) 12/31/2021 Cash and Cash Equivalents 31 Senior Secured Revolving Credit Facility: Revolving Credit Facility 235 1.4 billion borrowing base Secured Debt 235 reaffirmed…
  12. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 12
    Drilling Statistics Average Lateral Length (feet) 13
  13. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 13
    Drilling Statistics Footage Drilled (feet per day) 1,461 1,001 800 679 709 694 td year 2017 2018 2019 2020 2021 Record 14
  14. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 14
    D&C Costs (Laterals 8,000 ft.) 1,506 1,446 ( per Lateral Foot) 1,215 1,026 1,051 1,051 1,027 941 1,016 1,021 764 569 661 641 615 651 565 425 451 457 390 410 413 365 2017 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3…
  15. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 15
    4th Quarter Drilling Results Completed 16 operated wells (average lateral length of 10,508 ft.) with average IP rate of 23 Mmcf/d 1 4 2 3 Caddo LL Turned To IP Well Name (feet) Sales (Mmcf/d) 1 Edgar 31-6-7 HC 1-Alt 10,659…
  16. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 16
    Drilling Inventory Average lateral length of location inventory is 8,520 feet Increased by 25% from average lateral length of 6,840 feet at end of 2020 Over 25 years of drilling based on 2022 activity Haynesville Operated…
  17. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 17
    2022 Outlook 2022 drilling program targeting 4 to 5% production growth to generate substantial free cash flow Average lateral length of 2022 wells expected to increase 19% to average 10,484 feet 2022 operating plan is focused on…
  18. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 18
    Guidance Guidance 1Q 2022 2022 Production (Mmcfe/d) 1,240 - 1,290 1,390 - 1,450 Development Capital Expenditures (MM) 180 - 200 750 - 800 Leasing Program (MM) 2 - 3 8 - 12 2 Expenses (/Mcfe) - Lease Operating (/Mcfe) 0.20 -…
  19. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 19
    Hedging Program Comstock has 50% of its oil and gas production hedged in 2022 (Mmcf/d) /Mmbtu 2022 Total Swaps 370 2.64 Q1 770 Collars 400 2.64 x 4.01 2022 Total Swaps 320 2.68 Q2 735 Collars 415 2.61 x 3.83 2022 Total…
  20. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 20
    Non-GAAP Financial Measure Adjusted Net Income Quarter Ended December 31, Year Ended December 31, in thousands except per share amounts 2021 2020 2021 2020 Net income (loss) 355,990 77,523 (259,225) (83,413) Unrealized (gain) loss…
  21. 4Q 2021 Earnings Presentation – Comstock Resources Inc. – slide 21
    Non-GAAP Financial Measure Operating Cash Flow Quarter Ended December 31, Year Ended December 31, in thousands 2021 2020 2021 2020 Net income (loss) 360,401 81,923 (241,725) (52,417) Reconciling items: Loss on early retirement of…

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