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Fourth Quarter 2014 Results – Comstock Resources Inc.

Comstock Resources Inc. · Feb 9, 2015 · 21 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. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 1
    NYSE:CRK 4th Quarter 2014 Results
  2. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 2
    2014 Highlights 86% growth in oil production drove revenue and cash flow growth in 2014 Oil & Gas Sales - 564 million, 34% Total EBITDAX - 446 million, 41% Total Cash Flow From Operations - 392 million, 57% (8.41 per share)…
  3. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 3
    Oil Production (MBbls / day) From Continuing Operations 12.2 12.2 12.4 0.5 0.2 0.2 9.5 10.4 to 0.2 10.5 7.6 6.9 0.3 0.3 6.0 0.2 12.0 12.0 11.9 5.3 4.8 0.1 5.10.4 4.50.3 4.8 10.2 0.4 0.4 3.8 0.3 0.2 0.4 7.3 0.3 6.6…
  4. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 4
    Natural Gas Production (MMcf / day) From Continuing Operations 272 253 11 5 254 11 10 245 239 5 24 6 10 3 6 5 212 26 23 23 218 145 32 23 4 1 11 21 192 8 35 31 31 28 4 1 - 26 27 20 174 160 6 19 156 148 34 25 4…
  5. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 5
    2014 4th Quarter Financial Results (Continuing Operations Only) 2014 2013 % ( in millions, except per share amounts) Fourth Quarter Fourth Quarter Change Oil Production (Mbbls) 1,141 699 63% Gas Production (MMcf) 9,046 12,248 -26%…
  6. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 6
    2014 Financial Results (Continuing Operations Only) % ( in millions, except per share amounts) 2014 2013 Change Oil Production (Mbbls) 4,313 2,314 86% Gas Production (MMcf) 39,768 55,694 -29% Production (MMcfe) 65,645 69,577 -6% %…
  7. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 7
    Capital Expenditures Continuing Operations in millions 483 Excludes 137 million in 2013 and 98 million in 2014 for acreage cost and 6.7 million in 2014 for rig termination fees 344 South Texas East Texas / North Louisiana 460…
  8. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 8
    Proved Reserves As of December 31, 2014 Proved Oil and Gas Reserves Oil Gas Total % Developed (MMBbl) (Bcf) (Bcfe) Beginning Reserves 22 453 585 73% + Drilling 5 78 110 + Revisions (2) 4 (9) Total Additions 3 82 101 -…
  9. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 9
    2015 Drilling Program ( in millions) Drilling Gross WI Net Expenditures Budget Wells Wells 483 East Tex./North La.: Haynesville Shale 168.0 14 14.0 344 307 Refracs 17.0 185.0 14 14.0 South Texas: Eagle Ford Shale 30.0 4…
  10. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 10
    Share Repurchase Plan 2014 Activity As of December 31, 2014 Shares Purchased in Q4 1,000,000 Average Purchase Price 8.09 % of Outstanding 2.1% Authorization Remaining 82.7 million 11
  11. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 11
    Balance Sheet ( in millions) As of Estimated Dec. 31, 2014 Cash and cash equivalents 2 Revolving Credit Facility (1,000) 375 Current Borrowing Base 675 Availability () 300 Availability (%) 44% 7% Senior Notes due 2019 405 9%…
  12. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 12
    South Texas Eagle Ford Shale Program Atascosa Frio LaSalle McMullen Gross Acres 31,000 Net Acres 24,000 62 Future Operated Drilling Locations 13
  13. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 13
    South Texas Eagle Ford Shale Wells -Drilled in 2013 Coates -Drilled in 2014 Atascosa DVR Mesquite Frio Lucas NWR Schorp Cortez Y-Bar Hubberd Haynes Cutter Donnell Creek Swenson RTH Gloria LaSalle Hill Wheeler Forrest…
  14. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 14
    East Texas Eagle Ford Acreage 35,000 gross acres (31,000 net) prospective for oil in the East Texas Eagle Ford shale 173 operated future drilling locations Texas Brazos Burleson Lee Washington 15
  15. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 15
    East Texas Eagle Ford Activity Halcon Javelina IP24: 1,171 BOE/d Halcon Comstock Halcon Stasny-Honza IP24: 1,262 BOE/d Halcon Reveille IP24: 1,416 BOE/d Anadarko Clayton Williams Apache Brazos Apache Petromax…
  16. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 16
    TMS Acreage 91,000 gross acres (82,000 net) prospective for oil in the Tuscaloosa Marine shale in Louisiana and Mississippi 327 operated future drilling locations Comstock CMR Foster Creek 28- Mississippi 40 1H IP24: 874…
  17. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 17
    East Texas / North Louisiana Region Cotton Valley Haynesville Shale Cotton Valley Bossier Shale Haynesville/Bossier Shale Gross Acres 81,000 Net Acres 69,000 14 new wells planned for 2015 Resource 10 refracs of…
  18. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 18
    Enhanced Recovery in the Haynesville Shale Original 640 Acre Pattern New Long Lateral Pattern 8 Wells per Section 6 Wells per 1-1/2 Sections 17 Stages, 4,600 lateral 27 Stages, 7,500 lateral Increased recovery is achieved by…
  19. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 19
    Haynesville Well Design - New vs. Old Old Well New Well Estimated Well Cost ( millions) 7.5 11 to 13 Lateral Length (ft) 4,600 7,500 Stages 17 27 Cluster Spacing (ft) 60 55 Fluids/Cluster (k gals) 80 110 Proppant/Cluster (k lbs) 50…
  20. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 20
    Haynesville Well Economics 79% 65% 54% R O R ( B.F.I.T.) % 54% 45% 44% 35% 33% 29% 26% 4.00/MCF 21% 3.50/MCF 16% 17% 3.00/MCF 12% 2.50/MCF 9% 7% 2.00/MCF 4% 3% 1% 11 million 12 million 13 million 14…
  21. Fourth Quarter 2014 Results – Comstock Resources Inc. – slide 21
    Outlook Restarting a natural gas drilling program with improved completion technology Over 6 Tcf of reserve potential in Haynesville / Bossier shale Over 550 drilling locations Natural gas properties located near growing Gulf…

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