Skip to main content Q1 2022 Earnings Presentation – Comstock Resources Inc. | Shale Experts
Loading...
Pm

Q1 2022 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 3, 2022 · 14 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. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2022 Results MAY 3, 2022
  2. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 2
    1st Quarter 2022 Highlights Generated free cash flow from operations of 68 million in the quarter Paid down 85 million of debt in the quarter Adjusted EBITDAX increased 27% to 333 million (1) Operating cash flow increased 44% to…
  3. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 3
    Q1 2022 Financial Results in millions except per share and unit amounts Production EBITDAX Cash Flow Adjusted (MMcfe/d) 333 297 Net Income 1,281 1,278 136 262 207 Bakken PF Production 63 1,244 251 195 2021 2022 2021…
  4. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 4
    Natural Gas Price Realizations Per Mcf 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 NYMEX Settlement Month Average 2.69 2.83 4.01 5.83 4.95 High margins supported by gas NYMEX Differential 0.17 (0.24) (0.22) (0.61) (0.40) marketing…
  5. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 5
    Low Operating Costs / High Margins Operating Costs Per Mcfe / EBITDAX Margin 6 6
  6. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 6
    2022 Drilling Program 1Q 2022 Haynesville Drilling Program ( in millions) Haynesville Bossier Total Gross Net Gross Net Gross Net First Operated - Quarter Drilled 14 12.1 1 1.0 15 13.1 2022 Turned to Sales 18 12.8 2 1.8 20 14.6…
  7. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 7
    Balance Sheet Capitalization Bank Credit Facility ( in millions) 3/31/2022 Cash and Cash Equivalents 12 Senior Secured Revolving Credit Facility: Revolving Credit Facility 150 1.4 billion borrowing base Secured Debt 150 reaffirmed…
  8. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 8
    Drilling Statistics Average Lateral Length (feet) 9
  9. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 9
    D&C Costs (Laterals 8,000 ft.) 1,506 ( per Lateral Foot) 1,446 1,215 1,124 1,026 1,040 941 1,021 764 673 569 643 565 425 451 457 397 450 2017 2018 2019 2020 2021 2022 Q1 Completion Drilling 10
  10. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 10
    1st Quarter Drilling Results Bossier Completed 15 operated wells (average lateral length of 10,115 ft.) with average IP rate of 29 Mmcf/d 9 12 11 13 8 7 10 Bienville LL Turned To IP Well Name (feet) Sales (Mmcf/d) 1 BSMC LA…
  11. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 11
    2022 Outlook Expect to generate substantial free cash flow in 2022 with 4 to 5% production growth First priority of free cash flow is to retire debt Redeeming 2025 senior notes on May 15th Expected to repay all borrowings under…
  12. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 12
    Guidance Guidance 2Q 2022 2022 Production (Mmcfe/d) 1,310 - 1,375 1,390 - 1,450 D&C Costs 225 - 275 875 - 925 Expenses (/Mcfe) - 2 Lease Operating (/Mcfe) 0.20 - 0.25 0.20 - 0.25 Gathering & Transportation (/Mcfe) 0.26 - 0.30…
  13. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 13
    Hedging Program Comstock has 50% of its oil and gas production hedged in 2022 (Mmcf/d) /Mmbtu 2022 Total Swaps 320 2.68 Q2 735 Collars 415 2.61 x 3.83 2022 Total Swaps 320 2.68 Q3 685 Collars 365 2.62 x 3.90 2022 Total…
  14. Q1 2022 Earnings Presentation – Comstock Resources Inc. – slide 14
    Non-GAAP Financial Measures Adjusted Net Income Operating Cash Flow Quarter Ended March 31, Quarter Ended March 31, in thousands except per share amounts 2022 2021 in thousands 2022 2021 Net loss (115,739) (138,440) Net income (loss)…

From the store

Browse maps, data & reports in the Shale Experts store