Why Invest in Comstock Pure-Play One of the largest producers in the Haynesville, a premier natural gas basin with Haynesville Leader direct access to the high value Gulf Coast markets and LNG corridor Low-Cost Structure Industrys…
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…
A Leading Haynesville Operator Comstock Resources overview Haynesville / Bossier shale Substantial scale in the Haynesville 470,000 Haynesville/Bossier net acres Bossier Substantial upside in Western Harrison Webster…
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) 7
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…
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…
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…
Cost Structure Drives Best-in-Class EBITDAX Margin Best-in-class cost structure of gas producers 51% Lower than peer average / Mcfe Best-in-class margin as compared to both Permian and gas-weighted names Unhedged EBITDAX(1)…
Operating Cost Structure Offsets Legacy Interest Cost Cost structure of gas producers including interest 40% lower than peer average / Mcfe Source: Public filings. Based on Q422 reported actuals. Gas peers include: AR, CHK,…
Strong 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…
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 employees,…
Appendix
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 Operating Cash Flow Year Ended December 31, Year Ended December 31, in thousands except per share amounts 2022 2021 in thousands 2022 2021 Net income (loss) 1,140,882 (241,725) Net…
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