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Investor Presentation – Comstock Resources Inc.

Comstock Resources Inc. · Oct 1, 2014 · 22 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 October 2014
  2. Investor Presentation – Comstock Resources Inc. – slide 2
    Why Invest in Comstock Strong oil growth Growing oil production in 2014 by 88 to 103% Oil expected to comprise approximately 40% of total production in 2014 100 % of operated wells drilled in 2014 will be oil wells Increasing…
  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 70,000 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 83,000 Net Acres 70,000 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 55,700 net acres with Las Hermanitas Eagle Ford Rosita shale Fandango…
  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
  9. Investor Presentation – Comstock Resources Inc. – slide 9
    South Texas Eagle Ford Shale Wells Coates -Drilled in 2013 -Drilled in 2014 Mesquite DVR Frio Jupe Lucas NWR Atascosa Schorp Cortez Y-Bar Cutter Hubberd Haynes Creek Donnell RTH Swenson Gloria Wheeler LaSalle Hill Forrest Wheeler…
  10. Investor Presentation – Comstock Resources Inc. – slide 10
    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…
  11. Investor Presentation – Comstock Resources Inc. – slide 11
    Improving Well Costs Costs per South Texas Eagle Ford Well 11.4 ( in millions) 10.8 8.7 7.6 6.9 * 5.9 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 33,400 gross acres (30,600 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 Comstock Halcon Anadarko Halcon Stasny-Honza Clayton Williams IP24: 1,262 BOE/d Apache Apache McCullough-Wineman IP24: 1,900 BOE/d Halcon Reveille IP24: 1,416 BOE/d Brazos Clayton Williams Burleson Comstock Henry…
  14. Investor Presentation – Comstock Resources Inc. – slide 14
    TMS Acreage 60,800 gross acres (58,100 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 Comstock Mississippi CMR Foster Creek 28- 40 1H and 30-31 1H Goodrich Goodrich Bates Goodrich CMR Foster Creek 31-22 IP24: 1,000 BOE/d Lewis Goodrich IP24: 1,140 BOE/d IP24: 1,450 BOE/d Smith IP24: 1,045…
  16. Investor Presentation – Comstock Resources Inc. – slide 16
    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…
  17. Investor Presentation – Comstock Resources Inc. – slide 17
    Oil Production (MBbls / day) From Continuing Operations 12.5- 14.4 12.2 0.2 10.4 0.2 7.6 6.9 0.3 0.3 6.0 0.2 12.0 5.1 5.3 4.8 0.1 0.4 4.5 4.8 10.2 0.4 0.4 0.3 3.8 0.3 0.2 0.4 7.3 0.3 6.6 5.8 2.1 4.6 4.9 4.5 1.7…
  18. Investor Presentation – Comstock Resources Inc. – slide 18
    Natural Gas Production (MMcf / day) From Continuing Operations 272 11 254 253 5 245 11 24 10 6 239 5 10 3 6 5 212 26 23 23 218 32 23 4 1 11 8 35 31 28 21 192 31 4 1 26 27 20 174 6 156 25 19 4 148 34 20 5…
  19. Investor Presentation – Comstock Resources Inc. – slide 19
    2014 Financial Results First six months 2014 results reflect substantial year-on-year improvement due to: Higher oil production (108% increase), offsetting lower realized oil prices and a 29% natural gas production decline Improved…
  20. Investor Presentation – Comstock Resources Inc. – slide 20
    Low Cost Structure 2014 Six Months Costs Per Mcfe Comstock total 4.32 producing costs are 38% lower than the average 1.09 E&P total producing costs 2.68 1.05 Lifting G&A 13th lowest of 68 0.85 Interest companies 0.39…
  21. Investor Presentation – Comstock Resources Inc. – slide 21
    Oil Hedges Attractive oil hedge position to protect 2014 capital program Volume NYMEX price Oil Swaps:: (Barrels / day) (Per Barrel) (a) 2014 Q3 Q4 7,000 96.60 (a) The index price for the oil contracts is based on the…
  22. Investor Presentation – Comstock Resources Inc. – slide 22
    Balance Sheet ( in millions) As of Estimated June 30, 2014 Cash and cash equivalents 4 Revolving Credit Facility (1,000) 280 Borrowing Base 700 Availability () 420 Availability (%) 60% 7% Senior Notes due 2019 405 9% Senior…

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