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Comstock Resources Inc
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Q1 2024 Results Presentation
| Jay Allison | Page 3 of 11 |
May 17, 2024
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"Q1 2024 Results Presentation"
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• Weak natural gas prices weighed heavily on the first quarter results • Natural gas and oil sales (1) for the quarter were $6 million • Cash flow from operations (2) was $182 million or 65¢ per diluted share and adjusted EBITDAX was $20 million • Reported an adjusted net loss of ¢ per share • Added $100.5 million of equity through a private placement to majority stockholder • Solid results from Haynesville shale drilling program • Drilled 16 (14. net) successful operated Haynesville and Bossier shale horizontal wells in the quarter with an average lateral length of 9,845 feet • Connected 18 (16. net) operated wells to sales with an average initial production rate of 27 MMcf per day and average lateral length of 9,229 feet • Added 198,000 net acres to our Western Haynesville leasehold, increasing our total acreage position in the play to over 450,000 net acres • Continued success in our Western Haynesville exploratory play • Four additional wells achieved IP rates of 5-8 MMcf per day • Drilling two-well pads and reduced latest well drill time to 54 days (1) including realized hedging gains and losses (2) excluding working capital changes 1st Quarter 2024 Highlights