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Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Jun 1, 2014 · 24 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. Investor Presentation – Comstock Resources Inc. – slide 1
    NYSE:CRK June 2014
  2. Investor Presentation – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Strong oil growth Growing oil production in 2014 by over 100% 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…
  3. Investor Presentation – Comstock Resources Inc. – slide 3
    Areas of Focus Haynesville/ Bossier Mississippi East Texas Tuscaloosa Eagle Ford Marine Shale Texas South Texas Eagle Ford Louisiana 4
  4. Investor Presentation – Comstock Resources Inc. – slide 4
    Major Properties Other Proved Reserves 13 Bcfe Wells - 339 San Juan E. Texas / N. Louisiana Proved Reserves - 344 Bcfe Wells 956 South Texas Proved Reserves 37.9 Mmboe Longwood Texas Wells - 240 Waskom Drew Logansport…
  5. Investor Presentation – Comstock Resources Inc. – slide 5
    East Texas / North Louisiana Region East Texas / North LA Reserves: 344 Bcfe* Own interests in 956 producing wells in 28 fields Longwood 72,000 net acres Waskom with Lower Blocker Drew Haynesville shale Beckville…
  6. Investor Presentation – Comstock Resources Inc. – slide 6
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 85,000 Net Acres 72,000 Drilled 2 wells (2.0 net) in 2013 Average per well IP - 9…
  7. Investor Presentation – Comstock Resources Inc. – slide 7
    South Texas Region South Texas Reserves: 35.9 MMBOE (52.9% Oil) East Texas Eagle Ford Own interests Texas in 273 South Texas Eagle Ford producing wells in 13 fields 56,000 net acres with Las Hermanitas Eagle Ford…
  8. Investor Presentation – Comstock Resources Inc. – slide 8
    South Texas Eagle Ford Shale Program 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 Royalties…
  9. Investor Presentation – Comstock Resources Inc. – slide 9
    Eagle Ford Shale Joint Venture KKR participates in our Eagle Ford shale drilling program in South Texas for one-third of our working interest in wells drilled in exchange for paying 25,000 per acre for the net acreage being…
  10. Investor Presentation – Comstock Resources Inc. – slide 10
    Comstocks Eagle Ford Shale Wells -Drilled in 2013 Coates -Drilled in 2014 DVR Mesquite Frio Lucas Jupe Atascosa NWR Schorp Cortez Hubberd Haynes Cutter Y-Bar Creek Donnell Gloria RTH Swenson Wheeler LaSalle Hill…
  11. Investor Presentation – Comstock Resources Inc. – slide 11
    Improving Well Costs Costs per South Texas Eagle Ford Well ( in millions) 11.4 10.8 8.7 7.6 6.8 5.8* 2010 2011 2012 2013 2014 CRK Cost (w/ JV) * Represents 67% of well costs less 667K Spud Fee paid by JV Partner…
  12. Investor Presentation – Comstock Resources Inc. – slide 12
    East Texas Eagle Ford Acreage 33,900 gross acres (30,400 net) prospective for oil in the East Texas Eagle Ford shale Texas Brazos Burleson Lee Washington 13
  13. Investor Presentation – Comstock Resources Inc. – slide 13
    Eagle Ford Activity Drilling Location Halcon Anadarko Venado Halcon (Weber) Clayton Williams Falcon IP24: 1,218 BOE/d Apache SM Energy Halcon Stasny-Honza IP24: 1,262 BOE/d Halcon Brazos Reveille IP24: 1,416 BOE/d…
  14. Investor Presentation – Comstock Resources Inc. – slide 14
    TMS Acreage 55,000 gross acres (52,200 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi Mississippi Wilkinson Amite Louisiana East Feliciana St. Helena 15
  15. Investor Presentation – Comstock Resources Inc. – slide 15
    TMS Activity Producing Wells Mississippi Goodrich Encana Lewis Goodrich IP24: 1,450 BOE/d Wilkinson Goodrich Smith IP24: 1,045 BOE/d Amite Goodrich Encana Crosby Anderson Wells IP24: 1,300 BOE/d IP24: 1,540 BOE/d…
  16. Investor Presentation – Comstock Resources Inc. – slide 16
    TMS Activity Permitted Wells Mississippi Encana Goodrich Halcon Sanchez Amite Wilkinson East Feliciana Louisiana St. Helena 17
  17. Investor Presentation – Comstock Resources Inc. – slide 17
    2014 Drilling Program ( in millions) Continuing Operations Drilling Expenditures Gross WI Net 510 Budget Wells Wells 331 344 South Texas: South Texas Eagle Ford 283.9 65 46.0 Completion of 2013 Wells 76.1 Facilities 31.0…
  18. Investor Presentation – Comstock Resources Inc. – slide 18
    Oil Production (MBbls / day) From Continuing Operations 12.4- 13.7 10.4 0.2 7.6 6.9 0.3 0.3 6.0 0.2 5.1 5.3 4.8 0.1 0.4 4.8 10.2 0.4 4.5 0.3 0.4 0.2 3.8 0.3 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7 4.1 4.3 1.5…
  19. Investor Presentation – Comstock Resources Inc. – slide 19
    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 35 31 28 192 31 4 1 26 27 20 174 6 19 156 148 34 25 4 102 20 5…
  20. Investor Presentation – Comstock Resources Inc. – slide 20
    First Quarter Financial Results First quarter 2014 results reflect substantial year-on-year improvement due to: Higher oil production (116% increase), offsetting lower realized oil prices and a 30% natural gas production decline…
  21. Investor Presentation – Comstock Resources Inc. – slide 21
    Low Cost Structure 2013 Costs Per Mcfe Comstock total 4.13 producing costs are 37% lower 1.02 than the average E&P total producing costs 2.59 0.89 Lifting 10th lowest of 60 1.05 G&A companies Interest surveyed 0.32…
  22. Investor Presentation – Comstock Resources Inc. – slide 22
    Oil Hedges Attractive oil hedge position to protect 2014 capital program Volume NYMEX price Oil Swaps:: (Barrels / day) (Per Barrel) (a) 2014 Q2 Q4 7,000 96.60 (a) The index price for the oil contracts is based on the…
  23. Investor Presentation – Comstock Resources Inc. – slide 23
    Balance Sheet ( in millions) As of Pro Forma Estimated Mar. 31, 2014 Mar. 31, 2014 Cash and cash equivalents 2 2 Revolving Credit Facility (1,000) 360 257 Borrowing Base 700 700 Availability () 340 443 Availability (%) 49%…
  24. Investor Presentation – Comstock Resources Inc. – slide 24
    Providing Return to Stockholders Dividend Yield at March 31, 2014 3.6% 2.3% 2.2% 2.1% 2.1% 2.0% 2.0% 1.4% 1.3% 1.3% Average = 1.2% 1.0% 0.8% 0.8% 0.7% 0.5% 0.4% 0.3% 0.3% 0.2% 0.2% 0.1% 1 2 CRK 4 5 6 7 8 9 10…

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