NYSE:CRK 4th Quarter 2022 Results FEBRUARY 14, 2023
2022 Accomplishments Generated free cash flow from operations of 673 million in 2022 Retired 506 million of long-term debt in 2022, lowering our interest expense and extending our Strengthened earliest senior note maturity to 2029…
4th Quarter 2022 Highlights Generated free cash flow from operations of 129 million Production in 4th quarter increased 7% to 1,445 MMcfe per day Oil and gas sales were 558 million and were 47% higher than 2021's fourth quarter…
Q4 2022 Financial Results in millions except per share and unit amounts Production EBITDAX Adjusted (MMcfe/d) Cash Flow Net Income 1,445 288 478 1,348 434 Bakken 297 PF Production 250 1,325 99 281 234 2021 2022 2021…
2022 Financial Results in millions except per share and unit amounts Production (MMcfe/d) Cash Flow Adjusted Net Income 1,360 1,373 EBITDAX 1,722 1,023 1,257 1,924 846 908 1,120 723 521 303 614 468 122 50 2019 2020…
Natural Gas Price Realizations Per Mcf 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 NYMEX Settlement Month Average 5.83 4.95 7.17 8.20 6.26 NYMEX Differential (0.61) (0.40) (0.24) (0.48) (0.69) High margins supported by Realized Prices…
Low Operating Costs / High Margins Operating Costs Per Mcfe / EBITDAX Margin 8 8
2022 Drilling Program 2022 Haynesville Drilling Program ( in millions) Haynesville Bossier Total Gross Net Gross Net Gross Net Twelve Fourth Months Operated - Quarter 2022 2022 Drilled 70 54.4 3 2.6 73 57.0 ( in millions)…
Oil & Natural Gas Reserves Replaced 216% of production from drilling activities Grew proved reserves by 9% in 2022 at an all-in finding costs of 95 per Mcfe Oil Gas Total MBbls Bcf Bcfe Proved Reserves as of 12/31/21 (SEC) 627…
Balance Sheet Capitalization New Bank Credit Facility ( in millions) 12/31/2022 Cash and Cash Equivalents 55 1.5 Billion Senior Secured Revolving Credit Facility: Revolving Credit Facility - 2 billion borrowing base Secured Debt -…
Substantial Scale in the Haynesville Shale Bossier Harrison Webster Caddo Acreage Prospective for Bienville Haynesville and Panola Bossier Shale Red 618,000 Gross River 470,000 Net De Soto Shelby Nacogdoches…
Drilling Inventory Average lateral length of location inventory is 8,870 feet Over 25 years of drilling based on 2023 activity As of December 31st, 2022 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net…
Drilling Statistics Average Lateral Length (feet) 14
4th Quarter Drilling Results Completed 19 operated wells (average lateral length of 10,186 ft.) Harrison with average IP rate of 25 Mmcf/d 10 8 11 9 LL Turned To IP Well Name (feet) Sales (Mmcf/d) 1 Cazey Black A 1 7,912…
2022 Drilling Results Bossier Completed 66 operated wells 51 52 53 32 63 61 (average lateral length of 9,989 ft.) Harrison 33 64 62 with average IP rate of 26 Mmcf/d 24 25 58 34 59 60 55 56 57 Caddo 30 28 31 29 35 36 16…
2023 Outlook Will continue to de-risk and delineate our Western Haynesville play with two rig program in 2023 Managing drilling activity levels to prudently respond to lower gas price environment in 2023 Releasing two operated…
Hedging Program Comstock has 30% of its oil and gas production hedged with wide collars in 2023 (Mmcf/d) 2023 Total Swaps Q1 750 Collars 750 2.97 x 9.56 2023 Total Swaps Q2 675 Collars 675 3.00 x 10.17 2023 Total Swaps…
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended December 31, Year Ended December 31, in thousands except per share amounts 2022 2021 2022 2021 Net income (loss) 516,894 355,990 1,124,868 (259,225) Unrealized (gain)…
Non-GAAP Financial Measures Operating Cash Flow Quarter Ended December 31, Year Ended December 31, in thousands 2022 2021 2022 2021 Net income (loss) 519,819 360,401 1,140,882 (241,725) Reconciling items: Loss on early retirement…
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