2024 Accomplishments Natural gas prices sunk to a 30-year low (excluding 2020) in 2024 averaging 1.98 per Mcf Substantially reduced capital spending in 2024 by releasing two operated rigs and Successfully one frac spread Navigated…
Haynesville Shale Footprint Leading acreage position in Hayneville/Bossier shale play in Texas and Louisiana - 1,099,090 gross / 819,489 net acres Western Haynesville Legacy Haynesville (697,639 gross/517,624 net) (401,451…
Drilling Inventory As of January 1, 2025 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross Net WI Net Mft Avg Net ft Up to 5,000 ft 38 30 278 39 316 69 318 4,621 5,000 ft to 8,500 ft 182 136 98 19…
Haynesville Horseshoe Wells Completed our first horseshoe well, the Sebastian 11 5 with a 9,382-foot lateral and a 31 MMcf per day initial production rate. The horseshoe design can convert four sectional laterals into two 2-mile…
2024 Drilling Results Well Name Lateral TTS Date IP Rate Harrison Louisiana Turner 16-21-28 1 Turner 16-21-28 2 14,137 13,539 01/08/2024 01/08/2024 35 42 Webster Mercer 16-21 1 8,931 01/10/2024 26 Mercer 16-21-28 1 14,308…
2024 Drilling Results 11 operated wells were turn to sales with an average lateral length of 10,032 ft. and an average IP rate of 38 Mmcf/d Freestone Well Name Lateral TTS Date IP Rate 1 Neyland 1 10,438 01/08/2024 31 2 Glass…
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 9
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day 10
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day 11
D&C Costs Legacy Haynesville Drilling Completion (Laterals 8,500 ft.) ( per Lateral Foot) * Wells that reached Total Depth Wells turned to Sales *2024 Q4 comprised of single well horseshoe well 12
D&C Costs Western Haynesville Drilling Completion ( per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 13
Gulf Coast LNG Growth in LNG Exports is the primary driver to increasing natural Louisiana gas demand Currently permitted Texas LNG projects to add Driftwood (Woodside) Cameron (Sempra) 17 Bcf of demand by Port Arthur…
Attractive Gas Marketing Superior price realization due to the proximity to Gulf Coast growing demand from LNG terminals, Perryville petrochemical and industrial (13%) complexes Bethel (9%) Carthage Existing transport…
Midstream Partnership Bethel Gas Plant Western Haynesville gathering and treating is provided by Pinnacle Gas Freestone Services which has 246 miles of in- service high-pressure pipelines and the Bethel gas treating plant with a…
Low Producing Cost Structure Best-in-class cost structure of gas producers 53% lower than peer average / Mcfe Source: Public filings. Based on Q424 reported actuals. Gas peers consist of: AR, BKV, CNX, CTRA, EQT, EXE, GPOR…
Reserves (at Year-End NYMEX Prices) Spent 902 million in 2024 to add 899 Bcfe of Proved Reserves achieving all in finding costs of 1.00 per Mcfe. Replaced 170% of 2024 production. Bcfe Total Reserves (18.4 Tcfe) Proved Reserves as…
Capitalization Bank Credit Facility 12/31/2024 ( in millions) 1.5 Billion Secured Revolving Credit Facility: Cash and Cash Equivalents 7 2 billion borrowing base Revolving Credit Facility 415 (reaffirmed in October 2024) 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,…
Lowering GHG Emissions GHG and methane emission intensities down substantially over last three years Deployed optical gas imaging and aircraft leak monitoring technology at almost 100% of our production sites Natural gas and…
2025 Outlook In 2025 we will be primarily focused on building our great asset in the Western Haynesville that will position Comstock to benefit from the longer-term growth in natural gas demand We have four operated rigs drilling in…
Appendix
Natural Gas Hedges (Mmcf/d) /Mmbtu (Mmcf/d) /Mmbtu 2025 Total Swaps 545 3.48 2026 Total Swaps 320 3.51 Q1 695 Collars 150 3.50 x 3.80 Q1 780 Collars 460 3.50 x 4.35 2025 Total Swaps 545 3.48 2026 Total Swaps 320 3.51 Collars…
Guidance Guidance 1Q 2025 2025 Production (Mmcfe/d) 1,250 - 1,325 1,300 - 1,400 D&C Costs ( in Millions) 225 - 275 1,000 - 1,100 Pinnacle Gas Services ( in Millions) 40 - 60 130 - 150 Acreage ( in Millions) 2 - 5 10 - 20 Expenses…
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended December 31, Year Ended December 31, in thousands except per share amounts 2024 2023 2024 2023 Net income (loss) (55,313) 108,377 (218,754) 211,894 Unrealized loss…
Non-GAAP Financial Measures Operating Cash Flow Quarter Ended December 31, Year Ended December 31, in thousands 2024 2023 2024 2023 Net income (loss) (55,313) 108,377 (218,754) 211,894 Reconciling items: Deferred income taxes…
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