Slide 1: 4th Quarter 2024 Results
4th Quarter 2024 Results February 18, 2025
Slide 2: Disclaimer
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 statements include
Slide 3: 2024 Accomplishments
2024 Accomplishments • Natural gas prices sunk to a 30-year low (excluding 2020) in 2024 averaging $1.98 per Mcf • Substantially reduced capital spending in 2024 by releasing two operated rigs and Successfully one frac spread Navigated 2024’s • Suspended quarterly dividend to conserve cash flow Low
Slide 4: Haynesville Shale Footprint
Haynesville Shale Footprint Leading acreage position in Hayneville/Bossier shale play in Texas and Louisiana - 1,099,090 gross / 819,489 net acres Western Haynesville Legacy Haynesville (697,639 gross/517,624 net) (401,451 gross/301,865 net) Bossier Webster Harrison Caddo Bienville Panola Rusk Red R
Slide 5: Q4 2024 Financial Results
Q4 2024 Financial Results $ in millions 5
Slide 6: 2024 Annual Financial Results
2024 Annual Financial Results $ in millions 6
Slide 7: Natural Gas Price Realizations
Natural Gas Price Realizations Per Mcf 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 NYMEX Settlement Month Average $ 2.88 $ 2.24 $ 1.89 $ 2.16 $ 2.79 NYMEX Differential (0.40) (0.18) (0.24) (0.26) (0.47) Realized Prices $ 2.48 $ 2.06 $ 1.65 $ 1.90 $ 2.32 $2.48 $2.32 $2.06 $1.90 $1.65 NYMEX Contract Settl
Slide 8: Natural Gas Hedges
Natural Gas Hedges (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu 2025 Total Swaps 545 $3.48 2026 Total Swaps 320 $3.51 Q1 695 Collars 150 $3.50 x $3.80 Q1 780 Collars 460 $3.50 x $4.35 2025 Total Swaps 545 $3.48 2026 Total Swaps 320 $3.51 Collars 150 Collars 460 Q2 695 $3.50 x $3.80 Q2 780 $3.50 x $4.35 2025 To
Slide 9: Operating Costs Per Mcfe / EBITDAX Margin
Operating Costs Per Mcfe / EBITDAX Margin 9
Slide 10: 2024 Drilling Program
2024 Drilling Program ($ in millions) 2024 Haynesville Drilling Program Haynesville Bossier Total Gross Net Gross Net Gross Net Fourth Year Ended Operated - Quarter 2024 2024 Drilled 32 25.8 18 17.1 50 42.9 ($ in millions) Turned to Sales 37 32.2 11 10.7 48 42.9 Haynesville Drilling Program - Drilli
Slide 11: Reserves (at Year-End NYMEX Prices)
Reserves (at Year-End NYMEX Prices) • Spent $902 million in 2024 to add 899 Bcfe of Proved Reserves achieving all in finding costs of $1.00 per Mcfe. • Replaced 170% of 2024 production. Bcfe Total Reserves (18.4 Tcfe) Proved Reserves as of 12/31/23 6,654 Production (528) 6.9 Drilling Additions 899 R
Slide 12: Capitalization
Capitalization Bank Credit Facility 12/31/2024 ($ in millions) $1.5 Billion Secured Revolving Credit Facility: Cash and Cash Equivalents $7 • $2 billion borrowing base Revolving Credit Facility $415 (reaffirmed in October 2024) Secured Debt $415 • Maturity date November 15, 2027 6¾% Senior Notes due
Slide 13: Attractive Gas Marketing
Attractive Gas Marketing • Superior price realization due to the proximity to Gulf Coast growing demand from LNG terminals, Perryville petrochemical and industrial (13%) complexes Bethel (9%) Carthage • Existing transport agreements are (10%) long-term with favorable rates • Selling directly to end
Slide 14: Midstream Partnership
Midstream Partnership Bethel Gas Plant • Western Haynesville gathering and treating is provided by Pinnacle Gas Freestone Services which has 246 miles of in- service high-pressure pipelines and the Bethel gas treating plant with a second gas treating plant under Limestone construction at Marquez • Q
Slide 15: Drilling Inventory
Drilling Inventory As of January 1, 2025 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross Net WI Net Mft Avg Net ft Up to 5,000 ft 38 30 278 39 316 69 318 4,621 5,000 ft to 8,500 ft 182 136 98 19 280 155 1,090 7,024 8,500 ft to 10,000 ft 273 207 104 8 377 216 2,013 9,
Slide 16: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 16
Slide 17: 2024 Drilling Results
2024 Drilling Results Well Name Lateral TTS Date IP Rate Harrison Louisiana Turner 16-21-28 #1 Turner 16-21-28 #2 14,137 13,539 01/08/2024 01/08/2024 35 42 Webster Mercer 16-21 #1 8,931 01/10/2024 26 Mercer 16-21-28 #1 14,308 01/10/2024 38 Bossier Mercer 16-21-28 #2 14,239 01/10/2024 38 Caddo Cox H
Slide 18: 2024 Drilling Results
2024 Drilling Results •11 operated wells were turn to sales with an average lateral length of 10,032 ft. and an average IP rate of 38 Mmcf/d Freestone Well Name Lateral TTS Date IP Rate 1 Neyland #1 10,438 01/08/2024 31 2 Glass #1 9,292 02/17/2024 35 3 Farley #1 9,837 03/13/2024 38 Limestone 4 Harri
Slide 19: Drilling Efficiency
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day 19
Slide 20: Drilling Efficiency
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day 20
Slide 21: D&C Costs
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) * Wells that reached Total Depth Wells turned to Sales *2024 Q4 comprised of single well horseshoe well 21
Slide 22: D&C Costs
D&C Costs Western Haynesville Drilling Completion ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 22
Slide 23: 2025 Outlook
2025 Outlook • In 2025 we will be primarily focused on building our great asset in the Western Haynesville that will position Comstock to benefit from the longer-term growth in natural gas demand • We have four operated rigs drilling in the Western Haynesville to continue to delineate the new play •
Slide 24: Guidance
Guidance Guidance 1Q 2025 2025 Production (Mmcfe/d) 1,250 - 1,325 1,300 - 1,400 D&C Costs ($ in Millions) $225 - $275 $1,000 - $1,100 Pinnacle Gas Services ($ in Millions) $40 - $60 $130 - $150 Acreage ($ in Millions) $2 - $5 $10 - $20 Expenses ($/Mcfe) - Lease Operating ($/Mcfe) $0.24 - $0.28 $0.24
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended December 31, Twelve Months Ended December 31, $ in thousands except per share amounts 2024 2023 2024 2023 Net income (loss) $ (55,313) $ 108,377 $ (218,754) $ 211,894 Unrealized loss (gain) from derivative finacial instruments 126,869 (10
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures Operating Cash Flow Quarter Ended December 31, Twelve Months Ended December 31, $ in thousands 2024 2023 2024 2023 Net income (loss) $ (55,313) $ 108,377 $ (218,754) $ 211,894 Reconciling items: Deferred income taxes (57,754) 15,423 (124,919) 44,301 Depreciation, depletio