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…
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 by 3 years Managing the Reduced…
A Leading Haynesville Operator Comstock Resources overview Haynesville / Bossier shale Haynesville Shale Significant Scale in the Haynesville Harrison Bossier 372,000 Haynesville / Bossier net acres Caddo Bienville Robust…
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…
Drilling Statistics Average Lateral Length (feet) 7
Drilling Statistics Footage Drilled (feet per day) 1,461 1,001 800 679 709 694 td year 2017 2018 2019 2020 2021 Record 8
Favorable Natural Gas Supply Demand Dynamics As of 3-11-22 Long-term price support expected from continued sector capital discipline, increased power generation demand, long- Favorable term industrial demand and continued Supply &…
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…
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…
Natural Gas Price Realizations High margins supported by gas marketing arrangements 5.22 Direct access to LNG corridor Per Mcf 3.79 2.86 2.59 No firm transportation 2.40 agreements at out-of-market rates 66% of natural gas…
2021 Unhedged Cash Margin and Profits Per Mcfe 2021 Cash Margin per Mcfe Pre-Tax Profits per Mcfe 5.00 3.74 (75%) 3.06 NYMEX Gas Price 4.00 2.74 (69%) 2.06 (Per Mcf) 3.00 1.74 (58%) 1.06 2.50 1.24 (50%) 0.56 (Per Mcfe)…
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…
Operating Cost Structure Offsets Legacy Interest Cost Cost structure of gas producers including interest Interest costs per Mcfe has decreased by 32% as compared to 2020 Q4 / Mcfe Source: Public filings. Based on Q421…
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…
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 million Prudently 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 April 2022 BJs TITAN…
Appendix
Hedging Program Comstock has 50% of its natural gas production hedged through the first half of 2023 (Mmcf/d) /Mmbtu (Mmcf/d) /Mmbtu 2022 Total Swaps 370 2.64 2023 Total Swaps Q1 770 Collars 400 2.64 x 4.01 Q1 750 Collars 750…
Non-GAAP Financial Measures Adjusted Net Income Operating Cash Flow Year Ended December 31, Year Ended December 31, in thousands except per share amounts 2021 2020 in thousands 2021 2020 Net income (loss) (259,225) (83,413) Net…
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