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4th Quarter 2013 Results – Comstock Resources Inc.

Comstock Resources Inc. · Feb 28, 2014 · 29 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. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 4th Quarter 2013 Results
  2. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 2
    2013 Highlights Strong growth in oil production, improved natural gas prices, and declining natural gas production define 2013 operating results Oil & Gas Sales - 423 million Total EBITDAX - 331 million Cash Flow From Operations -…
  3. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 11.2 to 12.6 7.6 6.9 0.3 0.3 6.0 5.3 0.2 4.8 5.1 0.1 0.4 4.8 0.4 4.5 0.3 0.3 0.4 0.2 3.8 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7 0.4 4.1 4.3 1.5 0.3 3.1 0.3…
  4. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 11 254 253 5 11 10 245 239 5 24 6 10 3 6 5 212 26 23 23 218 32 23 4 1 11 21 8 31 28 192 35 31 4 1 26 27 20 174 6 110 19 156 148 34 25 4 20 5 133 to 25…
  5. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 5
    Average Oil Price From Continuing Operations Fourth Quarter (Per Barrel) Without Hedging With Hedging 110.42 98.06 97.46 97.46 92.64 93.58 15% decrease from 2012s fourth quarter 2012 Q4 2013 Q4 NYMEX 2012 Q4 2013 Q4…
  6. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 6
    Average Oil Price From Continuing Operations Year Ended (Per Barrel) Without Hedging With Hedging 106.53 101.09 100.20 101.19 97.82 97.82 5% decrease from 2012 2012 2013 NYMEX 2012 2013 NYMEX 102% of 81% NYMEX Hedged…
  7. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 7
    Oil Hedges Attractive oil hedge position to protect 2014 capital program As of December 31, 2013 Volume NYMEX price Oil Swaps: (Barrels / day) (Per Barrel) (a) 2014 5,500 96.31 (a) The index price for the oil contracts is…
  8. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 8
    Average Gas Price From Continuing Operations (Per Mcf) 3.65 3.60 3.36 3.38 3.00 12% increase 2.49 over 2012s fourth quarter 36% increase over 2012 2012 Q4 2013 Q4 NYMEX 2012 2013 NYMEX 93% of 93% of NYMEX NYMEX…
  9. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 9
    Oil & Gas Sales From Continuing Operations ( in millions) (Includes Realized Gains from Hedging) 423 395 107 8% increase 99 from 2012s fourth quarter 7% increase from 2012 2012 Q4 2013 Q4 2012 2013 46% 61% 48% 55%…
  10. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 10
    EBITDAX ( in millions) 331 321 82 14 79 34 8 317 4% decrease 286 79 from 2012s fourth quarter Discontinued 74 Continuing 3% increase over 2012 2012 Q4 2013 Q4 2012 2013 11
  11. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 11
    Operating Cash Flow ( in millions) 261 254 28 5 65 64 6 1% decrease 59 64 Discontinued from 2012s 249 fourth quarter 234 Continuing 3% decrease from 2012 2012 Q4 2013 Q4 2012 2013 12
  12. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 12
    Earnings ( in millions) 41 (except per share amounts) Unusual Items in fourth quarter: (Continuing Ops Only) 2013 2012 Pre After 148 Pre Tax After Tax Per Share Tax Tax Per Share Loss from Early Retirement of Bonds (17.9)…
  13. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 13
    Costs per Mcfe From Continuing Operations Lifting 1.36 1.24 1.21 .26 1.07 .26 0.98 1.02 .25 0.96 0.90 .23 .26 .27 .24 .26 .22 .31 .29 .12 .13 .13 .13 .12 .72 .74 .74 .84 .54 .57 .62 .49 2012 2012 2012 2012 2013…
  14. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 14
    Costs per Mcfe From Continuing Operations General & Administrative .31 .33 .34 .23 .29 .21 .21 .21 2012 2012 2012 2012 2013 2013 2013 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q G&A Excludes Stock-based Compensation 15
  15. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 15
    Costs per Mcfe From Continuing Operations Depreciation, Depletion & Amortization 4.94 4.66 4.87 4.93 4.43 3.99 3.24 3.54 2012 2012 2012 2012 2013 2013 2013 2013 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q DD&A 16
  16. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 16
    Drilling Expenditures Continuing Operations ( in millions) 344 307 204 325 South Texas East Texas / North Louisiana 103 19 2012 2013 17
  17. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 17
    2014 Drilling Program ( in millions) Continuing Operations Drilling Expenditures 490 Gross WI Net 450 Field Budget Wells Wells 344 South Texas: South Texas Eagle Ford 264.3 59 40.2 Completion of 2013 Wells 79.9 Facilities…
  18. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 18
    Proved Reserves As of December 31, 2013 Proved Oil and Gas Reserves Oil Gas Total % Developed (MMBbl) (Bcf) (Bcfe) Beginning Reserves 19 437 551 75% + Drilling 5 48 80 + Revisions - 24 24 Total Additions 5 72 104 - Production (2)…
  19. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 19
    Balance Sheet ( in millions) As of Dec. 31, 2013 Cash and cash equivalents 3 Revolving Credit Facility (1,000) 210 Borrowing Base 625 Availability () 415 Availability (%) 82% 7% Senior Notes due 2019 300 9% Senior Notes due…
  20. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 20
    Providing Return to Stockholders Dividend Yield at December 31, 2013 3.8% 2.7% 2.5% 2.2% 2.2% 1.9% 1.8% 1.6% 1.4% 1.3% Average = 1.3% 0.9% 0.9% 0.8% 0.8% 0.5% 0.4% 0.3% 0.2% 0.2% 0.2% 0.1% 1 CRK 3 4 5 6 7 8 9…
  21. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 21
    South Texas Eagle Ford Shale Program Karnes Atascosa Frio LaSalle McMullen Gross Acres 31,800 Net Acres 25,300 Locations 300 Gross EUR 450 to 550 MBOE Resource 70 MMBOE* Potential *Net of Joint Venture and…
  22. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 22
    Comstocks Eagle Ford Shale Wells Karnes -Drilled in 2013 Coates Atascosa DVR Mesquite Lucas Frio Jupe NWR Schorp Cortez Cutter Y-Bar Creek Hubberd Haynes Donnell Gloria Wheeler Swenson RTH LaSalle Hill McMullen…
  23. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 23
    Comstocks Eagle Ford Shale Wells 24 Hour IPs 30 Day IPs 21% increase 28% increase 780 659 647 514 2012 2013 2012 2013 BOE Per Day 24
  24. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 24
    Improving South Texas Eagle Ford Well Costs Costs Per Well ( in millions) 11.4 10.8 9.0 7.9 75 7.4 59 6.4 * 28 17 of Wells 2 2010 2011 2012 2013 2014 (est.) CRK Cost (w/ JV) * Represents 67% of well costs less…
  25. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 25
    Longer Laterals Average Lateral Length (Feet) 6,500 6,025 5,864 4,595 2010 2011 2012 2013 Lateral length in 2013 has increased by 41% since first wells were drilled. 26
  26. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 26
    Proppant Used Average per Well (Million Pounds) 8.1 6.2 5.4 4.4 2010 2011 2012 2013 Amount of proppant used in completion has increased 86% since first wells were drilled. 27
  27. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 27
    East Texas Eagle Ford Acreage Acquired 34,000 gross acres (21,000 net) prospective for oil in the East Texas Eagle Ford shale in Burleson and Washington Counties in Texas Wells with IPs 1,000 BOE Texas Brazos Burleson…
  28. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 28
    TMS Acreage Acquired 53,000 gross acres (51,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Wells with IPs 1,000 BOE Mississippi Wilkinson Amite Louisiana East Feliciana St.…
  29. 4th Quarter 2013 Results – Comstock Resources Inc. – slide 29
    2014 Outlook Strong oil growth Growing oil production in 2014 by 77 to 99% Oil expected to comprise approximately 40% of total production in 2014 100 % of wells drilled in 2014 will be oil wells Oil focused / high return Eagle Ford…

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