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1Q 2023 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · May 2, 2023 · 16 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. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 1st Quarter 2023 Results MAY 2, 2023
  2. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 2
    1st Quarter 2023 Highlights Production in 1st quarter increased 11% to 1,414 MMcfe per day Oil and gas sales were 390 million (1) Cash flow from operations was 255 million or 92 per diluted share (2) Adjusted EBITDAX was 293…
  3. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 3
    Q1 2023 Financial Results in millions 4 4
  4. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 4
    Natural Gas Price Realizations Per Mcf 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 NYMEX Settlement Month Average 4.95 7.17 8.20 6.26 3.42 High margins supported by NYMEX Differential (0.40) (0.24) (0.48) (0.69) (0.44) Realized Prices…
  5. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 5
    Low Operating Costs / High Margins Operating Costs Per Mcfe / EBITDAX Margin 6 6
  6. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 6
    2023 Drilling Program 1Q 2023 Haynesville Drilling Program ( in millions) Haynesville Bossier Total Gross Net Gross Net Gross Net First Quarter Operated - 2023 Drilled 16 11.8 2 1.9 18 13.7 ( in millions) Turned to Sales 18…
  7. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 7
    Balance Sheet Capitalization New Bank Credit Facility ( in millions) 3/31/2023 Cash and Cash Equivalents 34 1.5 Billion Senior Secured Revolving Credit Facility: Revolving Credit Facility - 2 billion borrowing base Secured Debt -…
  8. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 8
    Drilling Inventory Average lateral length of location inventory is 8,928 feet Over 25 years of drilling based on 2023 activity As of March 31, 2023 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross…
  9. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 9
    Drilling Statistics Average Lateral Length (feet) 10
  10. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 10
    1st Quarter Drilling Results Bossier Harrison Completed 15 operated wells (average lateral length of 11,042 ft.) with average IP rate of 23 Mmcf/d Caddo LL Turned To IP Well Name (feet) Sales (Mmcf/d) 1 Beaubouef 16H 3 4,514…
  11. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 11
    D&C Costs (Laterals 8,000 ft.) ( per Lateral Foot) 1,579 1,506 1,446 1,329 1,215 1,026 1,040 916 941 1,021 806 764 569 643 663 565 523 425 451 457 397 2017 2018 2019 2020 2021 2022 2023 Q1 Completion…
  12. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 12
    Lowering GHG Emissions GHG and methane emissions down despite increased activity in 2022 Deployed optical imaging and aircraft leak monitoring technology at almost 100% of our production sites Natural gas powered frac fleet…
  13. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 13
    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…
  14. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 14
    Guidance Guidance 2Q 2023 2023 Production (Mmcfe/d) 1,375 - 1,435 1,425 - 1,550 D&C Costs ( in Millions) 260 - 310 950 - 1,150 Infrastructure/Other ( in Millions) 15 - 30 75 - 125 2 Acreage ( in Millions) 2.7 - 7.5 50 - 60…
  15. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 15
    Hedging Program Comstock has 30% of its oil and gas production hedged with wide collars in 2023 (Mmcf/d) 2023 Total Swaps Q2 675 Collars 675 3.00 x 10.17 2023 Total Swaps Q3 250 Collars 250 3.00 x 10.28 2023 Total Swaps…
  16. 1Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 16
    Non-GAAP Financial Measures Adjusted Net Income Operating Cash Flow Quarter Ended March 31, Quarter Ended March 31, in thousands except per share amounts 2023 2022 in thousands 2023 2022 Net income (loss) 134,503 (115,739) Net income…

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