| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------|-------|-------|----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | 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 ...

Comstock Resources, Inc. (NYSE:CRK) Q3 2021 Earnings Conference Call November 3, 2021 10:00 AM ET Company Participants Jay Allison - Chairman & CEO Roland Burns - President, CFO, Secretary & Director Dan Harrison - COO Ron Mills - VP, Finance & IR Conference Call Participants Derrick Whitfield - Stifel Austin Aucoin - Johnson Rice Bertrand Donnes - Truist Leo Mariani - KeyBanc Noel Parks - Tuohy Brothers Kashy Harrison - Piper Sandler Operator Good day, and thank you for standing by. Welcome to the Q3 2021 ...

Financial Performance - Oil and natural gas sales for Q3 2021 were $511.2 million, an increase of $333.2 million (187%) compared to $178.0 million in Q3 2020[88]. - Total oil and natural gas sales for the nine months ended September 30, 2021, were $1.2 billion, an increase of $611.9 million (105%) compared to $583.4 million for the same period in 2020[89]. - The company reported a net loss available to common stockholders of $292.7 million or $1.26 per share for Q3 2021, attributed to a $510.3 million net loss from derivative financial instruments[102]. - Cash flow from operating activities for the nine months ended September 30, 2021, was $618.6 million, compared to $390.0 million for the same period in 2020[103]. Production and Sales - Natural gas production increased by 26% to 128.9 Bcf (1.4 Bcf per day) in Q3 2021, sold at an average price of $3.79 per Mcf, compared to 102.6 Bcf (1.1 Bcf per day) at $1.64 per Mcf in Q3 2020[88]. - Oil production for Q3 2021 was 346 MBbls (3,761 Bbls per day) at an average price of $66.11 per Bbl, compared to 354 MBbls (3,851 Bbls per day) at $27.20 per Bbl in Q3 2020[88]. - The company drilled 81 (46.9 net) wells and completed 68 (47.2 net) Haynesville shale wells in the first nine months of 2021[104]. Costs and Expenses - Production and ad valorem taxes increased by $6.9 million (70%) to $16.7 million in Q3 2021 from $9.8 million in Q3 2020, primarily due to higher oil and natural gas prices[92]. - Gathering and transportation costs for Q3 2021 rose by $13.0 million (58%) to $35.4 million compared to $22.4 million in Q3 2020[93]. - Depreciation, depletion, and amortization (DD&A) increased by $29.7 million (30%) to $128.7 million in Q3 2021 from $99.1 million in Q3 2020[95]. - Interest expense decreased by 22% to $50.0 million for Q3 2021, down from $63.9 million in Q3 2020, due to the retirement of senior notes[98]. Capital Expenditures and Debt - Total capital expenditures for the nine months ended September 30, 2021, amounted to $508.4 million, compared to $315.7 million for the same period in 2020, representing a 61% increase[106]. - The company expects to spend an additional $115 million to $135 million in Q4 2021 for drilling and completion activities[104]. - As of September 30, 2021, the company had $425 million outstanding under its bank credit facility, which has a committed borrowing base of $1.4 billion[113]. - The company issued $1.25 billion of 6.75% senior notes due in 2029, with net proceeds of $1.24 billion used to repurchase part of its 2025 and 2026 senior notes[109]. - The company has $2.5 billion in long-term debt outstanding, with fixed interest rates ranging from 5.875% to 7.50%[123]. Hedging and Financial Instruments - The company has natural gas price swap agreements hedging approximately 129.0 Bcf of production at an average price of $2.66 per MMBtu[121]. - A 10% increase in natural gas prices would decrease the fair value of the company's natural gas swaps and collars by approximately $125 million[122]. - The company recognized a loss of $352.6 million on early retirement of debt for the nine months ended September 30, 2021[112]. Future Commitments - The company entered into a well stimulation agreement with a minimum commitment of $19.2 million per year from 2022 through 2024[114].

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Comstock Resources, Inc. (NYSE:CRK) Q2 2021 Earnings Conference Call August 4, 2021 11:00 AM ET Company Participants Miles Allison - Chairman & CEO Roland Burns - President, CFO, Secretary & Director Daniel Harrison - COO Ronald Mills - VP, Finance & IR Conference Call Participants Derrick Whitfield - Stifel, Nicolaus & Company Kasope Harrison - Simmons & Company Charles Meade - Johnson Rice & Company Umang Choudhary - Goldman Sachs Group Bertrand Donnes - Truist Bank Noel Parks - Coker Palmer Institutiona ...

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 June 30, 2021 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) ...

Q2 2021 Financial Highlights - Adjusted net income was $55 million, or $0.22 per diluted share[10] - Production averaged 1,387 Mmcfe per day, an 8% increase compared to the first quarter of 2021 and a 6% increase compared to the second quarter of 2020[10] - Revenues reached $325 million, a 40% increase compared to 2020's second quarter[10] - Adjusted EBITDAX was $251 million, a 55% increase compared to 2020's second quarter[10] - Operating cash flow was $196 million, or $0.71 per diluted share[10] - Free cash flow generated was $20 million, bringing the total for the first six months of 2021 to $53 million[10] Capitalization and Debt Management - Refinanced 9.75% senior notes with new 8.5 year 5.875% senior notes, saving $28 million in annual interest payments[10] - Extended average senior note maturities to 7.6 years from 6.3 years[10] - Future annual interest payments have been reduced by $48 million, combined with the March 2021 refinancing transaction[10] - Strong financial liquidity of $945 million[96]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------------|-----------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | NYSE:CRK | | | | | JUNE 2021 | 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 exp ...