Third Quarter 2021 Results

NYSE:CRK

3rd Quarter 2021 Results

NOVEMBER 2, 2021

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 estimates of future natural gas and oil reserves, expected natural gas and oil production and future expenses, assumptions regarding future natural gas and oil prices, budgeted capital expenditures and other anticipated cash outflows, as well as statements concerning anticipated cash flow and liquidity, business strategy and other plans and objectives for future operations.

Our production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity.

Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in market prices for oil and gas, operating risks, liquidity risks, including risks relating to our debt, political and regulatory developments and legislation, and other risk factors and known trends and uncertainties as described in our Annual Report on Form 10-K for fiscal year 2020 and as updated and supplemented in our Quarterly Reports on Form 10-Q, in each case as filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in the forward-looking statements.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact Comstock's strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. These quantities do not necessarily constitute or represent reserves as defined by the Securities and Exchange Commission and are not intended to be representative of all anticipated future well results.

Comstock owns or has rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with, an endorsement or sponsorship by or of Comstock. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®. TM or SM symbols, but such references are not intended to indicate, in any way, that Comstock will not assert, to the fullest extend under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names.

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3rd Quarter 2021 Highlights

• Free cash flow of $84 million generated in the quarter
• Adjusted net income of $91 million or 34¢ per diluted share
• Production increased 25% to 1,424 Mmcfe per day
• Revenues(1) of $394 million, 86% higher than 2020's third quarter
• Adjusted EBITDAX of $309 million, 109% higher than 2020's third quarter
• Operating cash flow(2) of $255 million or 92¢ per diluted share
• Announced sale of Bakken shale properties for a purchase price of $154 million
• • Allocating portion of sales proceeds to accelerate completion activity on 13 (9.4 net) DUCs and bring those wells online earlier to benefit from stronger winter pricing
  • Expect to close divestiture by mid-November
• Entered into agreement with MiQ to initiate independent certification of our natural gas production under the MiQ methane standard
• 1. including realized hedging gains and losses
  2. excluding working capital changes

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Sale of Bakken Shale Properties

Bakken Play

Williston Basin

• Selling interest in 442 (68.3 net) Bakken shale non-operated well bores
• Sales price of $154 million with an October 1, 2021 effective date
• Expect to close in November 2021
• Proved reserves of 10.8 million barrels of oil and 44.2 billion cubic feet of natural gas at June 30, 2021

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Q3 2021 Financial Results

$ in millions except per share and unit amounts
		2020 Q3		2021 Q3
Oil Production (Mbbls)			354			346		-2%
Gas Production (MMcf)			102,560			128,896		26%
Production (MMcfe)			104,687			130,968		25%
Oil Price (Per Barrel)			$33.52			$58.58		75%
Gas Price (Per Mcf)			$1.95			$2.90		49%
Oil and Gas Sales (1)			$212.2			$394.0		86%
Lifting Costs			57.6			78.7		37%
General and Administrative			9.0			8.1		-10%
Depreciation, Depletion and Amort.			99.1			128.7		30%
Operating Income before Taxes (1)		$	46.5	$	178.5		284%
Reported Net Loss			($130.9)			($292.7)
Unrealized Losses on Hedge Contracts			155.6			392.9
Interest Amortization on Senior Notes Valuation			5.6			2.6
Adjustment to Income Taxes			(44.1)			(12.1)
Adjusted Net Income (Loss)
	$	(13.8)			$90.6
Adjusted Net Income (Loss) per Diluted Share
	$	(0.06)	$	0.34
Adjusted EBITDAX (2)		$	147.9	$	309.3		109%
Cash Flow from Operations (3)		$	93.2	$	255.4		174%	(1)	Includes Realized Hedging Gains and Losses
					(2)
									Excludes Stock-based Compensation
									(3)	Excludes Working Capital Changes

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