Comstock Resources, Inc., Company Intelligence Report

 Published On: Apr, 2015 |    No of Pages: 170 |  Published By: GlobalData | Format: PDF
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Summary

Comstock Resources Inc. (Comstock), an independent energy company, is headquartered in Frisco, Texas in the US. It is engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s assets are located in the US and are primarily situated in Texas, Louisiana, Mississippi and New Mexico. Its oil and gas operations are concentrated in Texas and Louisiana. Within these areas, it operates in East Texas, South Texas and North Louisiana. Its principal operating fields in East Texas/North Louisiana are Logansport, Toledo Bend, Beckville, Waskom, Blocker, Mansfield, Douglass, and Longwood. In South Texas, its principal operating fields are Eagleville, Fandango, Giddings, Rosita, Javelina and Las Hermanitas. Comstock also has operations in New Mexico, Mississippi, Arkansas, Kansas, Wyoming and Oklahoma.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.


1 Table of Contents
1 Table of Contents 7
1.1 List of Tables 11
1.2 List of Figures 14
2 Comstock, Company Overview 19
3 Comstock, Key Highlights 23
3.1 Shifting Focus towards Gas-Rich Portfolio with Development of Haynesville Shale 23
3.2 Crude Oil Reserve Base to Provide Growth Opportunities once Oil Prices Improve 28
4 Comstock, SWOT Analysis 30
4.1 Strengths 30
4.1.1 Reduced Cost Structures Drive Improvements in Operational Efficiency 30
4.1.2 Acreage in High-Quality Properties 31
4.2 Weaknesses 33
4.2.1 Debt Servicing Requirement could Impede Operations and Growth 33
4.3 Opportunities 36
4.3.1 Switching to Natural Gas Development with Key Emphasis on Haynesville Shale 36
4.3.2 Strategic Development of Eagle Ford Shale to Supplement Growth Production 38
4.3.3 Potential for Expansion into Other Unconventional Resource Base and Exploration of Opportunities in Conventional Assets Base 39
4.4 Threats 40
4.4.1 Risks Associated with Unconventional Drilling 40
4.4.2 Volatile Oil and Gas Prices could Affect Cash Flow and Growth Plans 40
4.4.3 Risks and Regulations Related to Hydraulic Fracturing 40
5 Comstock, Exploration, Development and Production Overview 41
5.1 Production Profile 43
5.2 Exploration and Development Profile 47
5.3 Asset Portfolio 51
5.3.1 East Texas/North Louisiana 51
5.3.2 South Texas 55
5.3.3 Other Regions 61
6 Comstock, Capital Expenditure 63
6.1 Costs Incurred 65
7 Comstock, Acreage 67
8 Comstock, Forecast Production and Financial Statements 71
8.1 Income Statement, 2012-2019 72
8.2 Balance Sheet, 2012-2019 74
8.3 Cash Flow Statement, 2012-2019 76
9 Comstock, Valuation 77
9.1 Net Asset Value 77
10 Comstock, Peer Comparison 78
10.1 Share Price Performance 78
10.2 Operational and Financial Performance 79
10.3 Key Financial and Operational Ratios 84
11 Comstock, Production and Reserves Trends 87
11.1 Total Oil and Gas, Reserves and Production 87
11.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 87
11.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014 89
11.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 91
11.2 Crude Oil/Liquids Production and Reserve 92
11.2.1 Crude Oil/Liquids Production and Reserve Trend, 2010-2014 92
11.2.2 Crude Oil Production and Reserves By Country/Region, 2010-2014 93
11.2.3 Crude Oil/Liquids Reserve Changes, 2010-2014 95
11.3 Natural Gas Production and Reserve 96
11.3.1 Natural Gas Production and Reserve Trend, 2010-2014 96
11.3.2 Natural Gas Production and Reserves, By Country/Region, 2010-2014 97
11.3.3 Natural Gas Reserve Changes, 2010-2014 99
11.4 Total Crude Oil and Natural Gas Reserves Life Index 100
11.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014 100
11.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 101
12 Comstock, E&P Costs Trends 104
12.1 Allocation of the Upstream Capital Expenditure 104
12.1.1 Upstream Capital Expenditure, 2010-2014 104
12.1.2 Acquisition Costs By Country/Region, 2010-2014 105
12.1.3 Exploration and Development Costs, By Country/Region, 2010-2014 107
12.2 Oil and Gas Cost Per boe, US$/boe 109
12.2.1 Oil and Gas Cost Per boe, US$/boe, 2010-2014 109
12.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014 111
13 Comstock, Reserve Replacement Ratio 114
13.1 Oil and Gas Production Replacement Ratio 114
13.1.1 Oil and Gas Production Replacement Ratio, 2010-2014 114
13.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014 117
14 Comstock, Results of Oil & Gas Operations Trend 124
14.1 Oil and Gas Revenue and Expenses 124
14.1.1 Oil and Gas Revenue and Expenses, 2010-2014 124
14.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 126
14.2 Oil and Gas Revenue and Expenses, Per boe 135
14.2.1 Oil and Gas Revenue and Expenses, By boe, 2010-2014 135
14.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 136
14.3 Oil and Gas Performance Metrics 144
15 Comstock, Land Holdings and Well Data 145
15.1 Developed and Undeveloped Acreage 145
15.1.1 Gross and Net Developed and Undeveloped Acreage, 2010-2014 145
15.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 146
15.2 Well Statistics 151
15.2.1 Producible Oil and Gas Well, 2010-2014 151
15.2.2 Producible Oil and Gas Well, By Country/Region, 2010-2014 152
15.2.3 Exploration and Development Wells Drilled, 2010-2014 160
15.2.4 Exploration and Development Wells Drilled, By Country/Region, 2010-2014 162
16 Appendix 163
16.1 Abbreviations 163
16.2 Sources 165
16.3 Methodology 167
16.3.1 Coverage 167
16.3.2 Secondary Research 168
16.3.3 Primary Research 168
16.4 Disclaimer 169

1.1 List of Tables
Table 1: Comstock, Financial and Operational Overview, 2011-2014 20
Table 2: Comstock, Haynesville Well Design, 2015 25
Table 3: Comstock, Major Natural Gas Fields, 2014 27
Table 4: Comstock, Eagle Ford Shale Reserves, 2014 28
Table 5: Comstock, Financials and Leverage Ratios, 2011-2014 34
Table 6: Comstock, Total Oil and Gas Production Forecast, 2012-2019 44
Table 7: Comstock, Net Productive and Dry Exploratory and Development Wells, 2010-2014 47
Table 8: Comstock, Haynesville/Bossier Shale, Key Operational Parameters, 2015* 52
Table 9: Comstock, East Texas/North Louisiana, 2014 54
Table 10: Comstock, South Texas Eagle Ford Shale, Key Operational Parameters, 2015* 56
Table 11: Comstock, East Texas Eagle Ford Shale, Key Operational Parameters, 2015* 57
Table 12: Comstock, South Texas, 2014 60
Table 13: Comstock, San Juan, 2014 61
Table 14: Comstock, Tuscaloosa Marine Shale, Key Operational Parameters, 2015* 62
Table 15: Comstock, Capital Expenditure (US$ mil), 2011-2014 63
Table 16: Comstock, Capital Expenditure (US$ mil), 2015 64
Table 17: Comstock, Costs Incurred (US$ mil), 2011-2014 66
Table 18: Comstock, Total Developed and Undeveloped Acreage (acres), 2014 67
Table 19: Comstock, Historical and Forecast Production, 2012-2019 71
Table 20: Comstock, Price Forecasts, 2015-2019 71
Table 21: Comstock, Income Statement (US$ mil), 2012-2019 72
Table 22: Comstock, Balance Sheet (US$ mil), 2012-2019 74
Table 23: Comstock, Cash Flow Statement (US$ mil), 2012-2019 76
Table 24: Comstock, Net Asset Value, 2014 77
Table 25: Comstock and Peers, Operational and Financial Performance, 2014 79
Table 26: Comstock and Peer Group Comparison, Total Reserves and Production (mmboe), 2014 81
Table 27: Comstock and Peer Group, Financial Ratios, 2014 84
Table 28: Comstock, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 88
Table 29: Comstock, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 90
Table 30: Comstock, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014 91
Table 31: Comstock, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 92
Table 32: Comstock, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014 94
Table 33: Comstock, Crude Oil Reserve Changes, mmbbl, 2010-2014 95
Table 34: Comstock, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 96
Table 35: Comstock, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014 98
Table 36: Comstock, Natural Gas Reserve Changes, bcf, 2010-2014 99
Table 37: Comstock, Oil and Gas Reserves Life Index, Years, 2010-2014 100
Table 38: Comstock, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014 103
Table 39: Comstock, Upstream Capital Expenditure, US$ mil, 2010-2014 104
Table 40: Comstock, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 106
Table 41: Comstock, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 108
Table 42: Comstock, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 110
Table 43: Comstock, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014 113
Table 44: Comstock, Oil and Gas Production Replacement Ratio, %, 2010-2014 115
Table 45: Comstock, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 123
Table 46: Comstock, Revenue and Expenses, US$ mil, 2010-2014 125
Table 47: Comstock, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014 134
Table 48: Comstock, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 135
Table 49: Comstock, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 143
Table 50: Comstock, Oil and Gas Performance Metrics, 2010-2014 144
Table 51: Comstock, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 145
Table 52: Comstock, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 150
Table 53: Comstock, Producible Oil and Gas Wells, 2010-2014 151
Table 54: Comstock, Producible Oil and Gas Wells, By Country/Region, 2010-2014 159
Table 55: Comstock, Exploratory and Developed Wells, 2010-2014 161
Table 56: Comstock, Exploratory and Developed Wells, By Country/Region, 2010-2014 162

1.2 List of Figures
Figure 1: Comstock, Operational Map, 2014 19
Figure 2: Comstock, Financial and Operational Overview, 2011-2014 21
Figure 3: Comstock, Share Performance, April 2014 to March 2015 22
Figure 4: Comstock, Haynesville Shale, Development Plan, 2015 24
Figure 5: Comstock, Haynesville/Bossier Shale, Operational Map, 2015 26
Figure 6: Comstock, Eagle Ford Shale and Total Proved Oil Reserves (mmbbl), 2011-2014 29
Figure 7: Comstock, Three-Year Average Lifting Cost (US$/boe), 2014 30
Figure 8: Comstock, South Texas Eagle Ford Well Cost (US$ mil), 2010-2014 32
Figure 9: Comstock, Financial Indicators Impacting Debt (US$ bil), 2011-2014 35
Figure 10: Comstock, Haynesville Shale Wells Economics, 2015 37
Figure 11: Comstock, Major Properties, 2014 42
Figure 12: Comstock, Oil and Gas Production (mmboe), 2010-2014 44
Figure 13: Comstock, Historical and Estimated Production (mmboe), 2012-2019 45
Figure 14: Comstock, Production Mix (%), 2012-2019 46
Figure 15: Comstock, Net Productive and Dry Exploratory and Development Wells, 2010-2014 48
Figure 16: Comstock, Successful Exploration and Development Wells Drilled Ratio, 2010-2014 49
Figure 17: Comstock, Finding and Development Cost per Net Exploration and Development Well Drilled (US$ mil), 2010-2014 50
Figure 18: Comstock, East Texas and North Louisiana, Operational Map, 2014 51
Figure 19: Comstock, South Texas, Operational Map, 2014 55
Figure 20: Comstock, South Texas Eagle Ford Shale Wells, Operational Map, 2014 58
Figure 21: Comstock, Burleson County, East Texas Eagle Ford Shale Acreage, Operational Map, 2014 59
Figure 22: Comstock, Tuscaloosa Marine Shale, Acreage, 2014 62
Figure 23: Comstock, Capital Expenditure (US$ mil), 2011-2014 63
Figure 24: Comstock, Capex Allocation, 2015 65
Figure 25: Comstock, Costs Incurred (US$ mil), 2011-2014 66
Figure 26: Comstock, Net Developed and Undeveloped Acreage (million acres), 2011-2014 68
Figure 27: Comstock and Peers, Net Acreage (million acres), 2014 69
Figure 28: Comstock and Peers, Net Developed and Undeveloped Acreage (million acres), 2011-2014 70
Figure 29: Comstock and Peers, Relative Share Price Performance Index (%), March 2014 to February 2015 78
Figure 30: Comstock and Peers, Operational and Financial Parameter Performance (US$/boe), 2014 80
Figure 31: Comstock and Peer Group, Total Reserves and Production (mmboe), 2014 82
Figure 32: Comstock and Peers, Reserve Life Index (years), 2014 83
Figure 33: Comstock, Valuation Ratios, 2014 86
Figure 34: Comstock, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 87
Figure 35: Comstock, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 89
Figure 36: Comstock, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 90
Figure 37: Comstock, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 91
Figure 38: Comstock, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 92
Figure 39: Comstock, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 93
Figure 40: Comstock, Oil Production, By Country/Region, mmbbl, 2010-2014 94
Figure 41: Comstock., Crude Oil Reserve Changes, mmbbl, 2014 95
Figure 42: Comstock, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 96
Figure 43: Comstock, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 97
Figure 44: Comstock, Gas Production, By Country/Region, bcf, 2010-2014 98
Figure 45: Comstock, Natural Gas Reserve Changes, bcf, 2014 99
Figure 46: Comstock, Oil and Gas Reserves Life Index, Years, 2010-2014 100
Figure 47: Comstock, Gas Reserve Life Index, By Country/Region, Years, 2010-2014 101
Figure 48: Comstock, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 102
Figure 49: Comstock, Oil Reserve Life Index, By Country/Region, Years, 2010-2014 103
Figure 50: Comstock, Upstream Capital Expenditure, US$ mil, 2010-2014 104
Figure 51: Comstock, Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 105
Figure 52: Comstock, Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 106
Figure 53: Comstock, Development Costs, By Country/Region, US$ mil, 2010-2014 107
Figure 54: Comstock, Exploration Costs, By Country/Region, US$ mil, 2010-2014 108
Figure 55: Comstock, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 109
Figure 56: Comstock, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2010-2014 111
Figure 57: Comstock, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2010-2014 112
Figure 58: Comstock, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2010-2014 113
Figure 59: Comstock, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014 114
Figure 60: Comstock, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014 117
Figure 61: Comstock, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 118
Figure 62: Comstock, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 119
Figure 63: Comstock, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 120
Figure 64: Comstock, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 121
Figure 65: Comstock, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 122
Figure 66: Comstock, Revenue and Expenses, US$ mil, 2010-2014 124
Figure 67: Comstock, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 126
Figure 68: Comstock, Exploration Expenses, By Country/Region, US$ mil, 2010-2014 127
Figure 69: Comstock, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 128
Figure 70: Comstock, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 129
Figure 71: Comstock, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014 130
Figure 72: Comstock, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 131
Figure 73: Comstock, Production Costs, By Country/Region, US$ mil, 2010-2014 132
Figure 74: Comstock, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 133
Figure 75: Comstock, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 135
Figure 76: Comstock, Exploration Expenses per boe, By Country/Region, $/boe, 2010-2014 136
Figure 77: Comstock, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2010-2014 137
Figure 78: Comstock, Lifting Cost per boe, By Country/Region, $/boe, 2010-2014 138
Figure 79: Comstock, Annual Net Income per boe, By Country/Region, $/boe, 2010-2014 139
Figure 80: Comstock, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2010-2014 140
Figure 81: Comstock, Total DD&A per boe, By Country/Region, $/boe, 2010-2014 141
Figure 82: Comstock, Total Revenue per boe, By Country/Region, $/boe, 2010-2014 142
Figure 83: Comstock, Oil and Gas Performance Metrics, 2010-2014 144
Figure 84: Comstock, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 145
Figure 85: Comstock, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 146
Figure 86: Comstock, Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 147
Figure 87: Comstock, Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014 148
Figure 88: Comstock, Total Net Developed Acreage, By Country/Region, Acres, 2010-2014 149
Figure 89: Comstock, Producible Oil and Gas Wells, 2010-2014 151
Figure 90: Comstock, Gross Productive Gas Wells, By Country/Region, Number, 2010-2014 152
Figure 91: Comstock, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 153
Figure 92: Comstock, Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 154
Figure 93: Comstock, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 155
Figure 94: Comstock, Net Productive Gas Wells, By Country/Region, Number, 2010-2014 156
Figure 95: Comstock, Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 157
Figure 96: Comstock, Net Productive Oil Wells, By Country/Region, Number, 2010-2014 158
Figure 97: Comstock, Exploratory and Developed Wells, 2010-2014 160


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