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2Q 2023 Earnings Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Jul 31, 2023 · 17 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. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK 2nd Quarter 2023 Results JULY 31, 2023
  2. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 2
    2nd Quarter 2023 Highlights Weak natural gas prices have weighed heavily on the second quarter results. Oil and gas sales for the quarter were 285 million (1) Cash flow from operations was 145 million or 53 per diluted share…
  3. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 3
    Q2 2023 Financial Results in millions 4 4
  4. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 4
    Six Months 2023 Financial Results in millions 5 5
  5. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 5
    Natural Gas Price Realizations Per Mcf 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 NYMEX Settlement Month Average 7.17 8.20 6.26 3.42 2.10 NYMEX Differential (0.24) (0.48) (0.69) (0.44) (0.29) Realized Prices 6.93 7.72 5.57 2.98 1.81…
  6. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 6
    Low Operating Costs / High Margins Operating Costs Per Mcfe / EBITDAX Margin 7 7
  7. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 7
    2023 Drilling Program Six Months 2023 Haynesville Drilling Program ( in millions) Haynesville Bossier Total Gross Net Gross Net Gross Net Second Six Months Operated - Quarter 2023 2023 Drilled 34 26.1 5 4.8 39 30.9 ( in…
  8. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 8
    Balance Sheet Capitalization New Bank Credit Facility ( in millions) 6/30/2023 Cash and Cash Equivalents 10 1.5 Billion Senior Secured Revolving Credit Facility: Revolving Credit Facility 20 2 billion borrowing base Secured Debt 20…
  9. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 9
    Drilling Inventory Average lateral length of location inventory is 8,947 feet Over 25 years of drilling based on 2023 activity As of June 30, 2023 10 10
  10. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 10
    Drilling Statistics Average Lateral Length (feet) 11
  11. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 11
    2nd Quarter Drilling Results 8 Completed 15 operated wells (average lateral length of 10,671 ft.) 10 9 with average IP rate of 21 Mmcf/d Harrison LL Turned To IP Well Name (feet) Sales (Mmcf/d) 12 13 1 6 Caddo 14 1 Renrew…
  12. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 12
    D&C Costs (Laterals 8,000 ft.) ( per Lateral Foot) 13
  13. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 13
    2023 Outlook Positioning the Company to benefit from the substantial growth in demand in the Gulf Coast corridor starting in 2024 Focused on proving up our Western Haynesville play and continuing to add to our extensive acreage…
  14. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 14
    Guidance Guidance 3Q 2023 2023 Production (Mmcfe/d) 1,350 - 1,450 1,425 - 1,550 D&C Costs ( in Millions) 240 - 280 950 - 1,150 Infrastructure/Other ( in Millions) 15 - 30 75 - 125 Acreage ( in Millions) 7.5 - 12.5 70 2 - 85…
  15. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 15
    Hedging Program Initiating 2024 Hedge Program (Mmcf/d) /Mmbtu 2023 Total Swaps Q3 250 Collars 250 3.00 x 10.28 2023 Total Swaps Q4 250 Collars 250 3.00 x 10.28 2024 Total Swaps 130 3.50 FY 130 Collars 16
  16. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 16
    Non-GAAP Financial Measures Adjusted Net Income Quarter Ended June 30, Six Months Ended March 31, in thousands except per share amounts 2023 2022 2023 2022 Net income (loss) (45,706) 372,528 88,797 256,789 Unrealized (gain) loss on…
  17. 2Q 2023 Earnings Presentation – Comstock Resources Inc. – slide 17
    Non-GAAP Financial Measures Operating Cash Flow Quarter Ended June 30, Six Months Ended March 31, in thousands 2023 2022 2023 2022 Net income (loss) (45,706) 376,891 88,797 265,467 Reconciling items: Deferred income taxes…

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