| --- | --- | --- | --- | --- | --- | --- | |-------|----------------|-------|-------|-------------------------------------|-------|-------| | | | | | | | | | | 2nd NYSE:CRK | | | Quarter 2022 Results AUGUST 1, 2022 | | | 2 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. These stateme ...

Financial Data and Key Metrics Changes - In Q2 2022, the company generated $190 million of operating free cash flow, a 586% increase year-over-year [12] - EBITDAX for the quarter was $515 million, up 105% from the previous year [8] - Operating cash flow increased by 133% to $458 million, or $1.65 per diluted share [8] - Revenues after hedging reached $604 million, an 86% increase compared to last year [8] - Adjusted net income for the quarter was $274 million, or $1 per diluted share, a 454% increase from Q2 2021 [11] Business Line Data and Key Metrics Changes - Production increased by 1% to 1.4 billion cubic feet equivalent per day on a pro forma basis [10] - The company reported 14 net operated wells with an average initial production rate of 26 million cubic feet per day [9] - The average lateral length for wells drilled in Q2 was 9,612 feet, with some exceeding 11,000 feet [20] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas was $7.17, while the average Henry Hub spot price was $7.39 [13] - The realized price during the quarter averaged $6.93, reflecting a $0.28 differential [14] - The company was 54% hedged, which reduced the realized price to $4.85 [14] Company Strategy and Development Direction - The company plans to generate significantly more than the targeted $500 million of free cash flow, potentially approaching $1 billion [27] - There are plans to add two operated rigs to the Haynesville drilling program by year-end, driving additional production growth in 2023 [27] - The company aims to reinstate its shareholder dividend during Q4 2022 [27] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong financial results driven by improved natural gas prices [13] - The company expects to see a step-up in production in Q4 2022, with around 19 wells coming online [40] - Management noted that supply chain issues have caused longer drill times, impacting production timelines [40] Other Important Information - The company completed a bolt-on acquisition for $36 million, which included 60,000 net acres and a 145-mile high-pressure pipeline [9] - The company achieved certification for its natural gas production under the MiQ standard for methane emissions measurement [9] Q&A Session Summary Question: Timing for the second TITAN fleet and additional rigs - Management confirmed that the second TITAN fleet is expected to be in service in Q1 2023, with two additional rigs coming online soon [35][36] Question: Details on the Circle M well and future locations - Management explained that the Circle M well was chosen to test Bossier shale potential, with ongoing evaluations for future drilling locations [37] Question: Production outlook and completions cadence - Management indicated expectations for increased completions in Q4, with around 19 wells planned [40] Question: Recent Perryville differentials and market conditions - Management attributed the weakness in Perryville differentials to transportation tightness and maintenance, expecting improvements in October [41][42] Question: Tenure and contracts for new rigs - Management stated that current contracts for rigs are either well-to-well or six-month contracts, with rates significantly higher than a year and a half ago [49] Question: Potential new LNG contracts - Management is actively engaging with major LNG exporters and aims to position itself as a key supplier [51] Question: Acquisition of pipeline infrastructure - Management emphasized the strategic value of the acquired pipeline infrastructure in supporting future LNG demand [71][72] Question: Shut-in quantities and maintenance - Management reported a typical shut-in activity of around 4%, with no significant long-duration shut-ins expected [82]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-----------|-----------------------|-------|-------| | | | | | | | | | | | | | NYSE:CRK | | | | | June 2022 | Investor Presentation | | | 2 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts o ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------|-------|-------|-------|----------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | 1st NYSE:CRK | | | | Quarter 2022 Results MAY 3, 2022 | | | 2 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts o ...

Comstock Resources, Inc. (NYSE:CRK) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Miles Allison - Chairman & CEO Roland Burns - President, CFO, Secretary & Director Daniel Harrison - COO Ronald Mills - VP of Finance & IR Conference Call Participants Derrick Whitfield - Stifel, Nicolaus & Company Umang Choudhary - Goldman Sachs Group Neal Dingmann - Truist Securities Charles Meade - Johnson Rice & Company Phillips Johnston - Capital One Securities Noel Parks - Tuohy Brothers I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-03262 COMSTOCK RESOURCES, INC. (Exact name of registrant as specified in its charter) Nevada 94-1667468 (State or other jurisdiction of incorporation or organization ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | NYSE:CRK | | | | Investor Presentation February 2022 | | | | 2 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------|-------|-------|----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | 4th NYSE:CRK | | | Quarter 2021 Results FEBRUARY 15, 2022 | | | | 2 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or ...

Financial Data and Key Metrics Changes - In Q4 2021, the company generated $105 million of free cash flow from operating activities, increasing total free cash flow for 2021 to $262 million, with total free cash flow including acquisition and divestiture activity at $343 million [11][12] - Adjusted net income for Q4 was $99 million or $0.37 per diluted share, a 186% increase from Q4 2020 [18][20] - Operating cash flow for the quarter was $250 million or $0.90 per diluted share, with revenues increasing 37% to $380 million [12][18] - The leverage ratio improved to 2.2 times, down from 3.8 times in 2020 [14][30] Business Line Data and Key Metrics Changes - The company completed 215,000-foot Haynesville wells in Q4, achieving new corporate records with initial production (IP) rates of 48 and 41 million cubic feet equivalent per day [12][40] - The average lateral length increased to 11,443 feet in Q4, with a significant increase in drilling footage per day by 25% to 1,001 feet [7][34] - The company drilled 64 gross or 51.9 net wells in 2021, including four 15,000-foot laterals, with an average IP rate of 23 million cubic feet equivalent per day [14][15] Market Data and Key Metrics Changes - The average NYMEX settlement price for Q4 was $5.83, while the average Henry Hub spot price was $4.74, leading to a realized pricing of $5.22, reflecting a $0.25 differential from the reference price [22][23] - The company was 72% hedged in Q4, which reduced the final realized gas price to $3 per MCF [23] Company Strategy and Development Direction - The company plans to use free cash flow to pay off debt, including redeeming $244 million of 2025 bonds, with a target leverage ratio of 1.5 or less by the second half of 2022 [5][48] - The drilling inventory has increased in value, with a 25% increase in average lateral length from 6,840 feet to 8,520 feet, providing over 25 years of future drilling locations [6][46] - The company is focused on maintaining a low-cost structure and enhancing drilling returns through longer laterals [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the 2022 production plan, anticipating 4% to 5% production growth year-over-year and over $500 million of free cash flow at current commodity prices [47][50] - The company is working on certifying its natural gas production as responsibly sourced gas under the MiQ standard [49] - Management acknowledged challenges in the labor and service price environment but remains optimistic about operational execution [56][60] Other Important Information - The company significantly reduced its cost of capital by refinancing $2 billion of senior notes, saving $48 million in cash interest expense [13] - The company added 49,000 net acres to its acreage position in 2021 through leasing and acquisitions totaling $57.7 million [15] Q&A Session Summary Question: Confidence in executing the 2022 plan - Management expressed confidence in executing the 2022 plan, factoring in recent scheduling and cadence [56][60] Question: Return of capital plans - Management indicated that after achieving the debt reduction goal, they would consider establishing a sustainable dividend and potentially a share repurchase authorization [62][64] Question: Implications of adding rigs on production - Management noted that production growth is expected to be more weighted towards the second half of the year due to the transition to longer laterals [70][76] Question: Economics of Bossier vs. Haynesville - Management stated that while Haynesville wells generally have better economics, Bossier wells have flatter decline rates and lower RFPs [86] Question: Improvements in drilling and completion - Management highlighted that improvements in drilling performance are due to better practices and tool reliability, with longer laterals providing more significant benefits [88][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-03262 COMSTOCK RESOURCES, INC. (Exact name of registrant as specified in its charter) Nevada 94-1667468 (State or other jurisdiction of ...