false0000023194COMSTOCK RESOURCES INC00000231942024-10-302024-10-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 30, 2024 |
COMSTOCK RESOURCES, INC.
(Exact name of Registrant as Specified in Its Charter)
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Nevada |
001-03262 |
94-1667468 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
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5300 Town and Country Blvd. Suite 500 |
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Frisco, Texas |
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75034 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (972) 668-8800 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
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Name of each exchange on which registered
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Common Stock, par value $0.50 (per share) |
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CRK |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2024, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the quarter ended September 30, 2024. A copy of the press release announcing Comstock's earnings and operating results for these periods and other matters is attached hereto as Exhibit 99.1.
The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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COMSTOCK RESOURCES, INC. |
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Date: |
October 30, 2024 |
By: |
/s/ ROLAND O. BURNS |
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Roland O. Burns
President and Chief Financial Officer |
Exhibit 99.1
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5300 Town and Country Blvd., Suite 500 |
Frisco, Texas 75034 |
Telephone: (972) 668-8834 |
Contact: Ron Mills |
VP of Finance and Investor Relations |
Web Site: www.comstockresources.com |
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NEWS RELEASE |
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, October 30, 2024 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended September 30, 2024.
Highlights of 2024's Third Quarter
•Weak natural gas prices continued to weigh heavily on the third quarter financial results.
•Natural gas and oil sales, including realized hedging gains, were $305 million.
•Operating cash flow was $152 million or $0.52 per diluted share.
•Adjusted EBITDAX for the quarter was $202 million.
•Adjusted net loss was $48.5 million or $0.17 per share for the quarter.
•Lower completion activity was planned for the quarter, resulting in eight (5.4 net) operated wells being turned to sales since the Company's last update with an average initial production of 21 MMcf per day.
•First horseshoe Haynesville well was successful with a 31 MMcf per day initial production rate.
•Western Haynesville exploratory play continues to progress with acreage position up to 453,881 net acres and most recent well costs down to an estimated $2,814 per completed lateral foot. Comstock's thirteenth Western Haynesville well is on flowback with another five wells in the play expected to be turned to sales in late 2024 through early 2025.
Financial Results for the Three Months Ended September 30, 2024
Comstock's realized natural gas price for the third quarter of 2024 averaged $1.90 per Mcf before hedging and $2.28 per Mcf after hedging. As a result, Comstock's natural gas and oil sales in the third quarter of 2024 decreased to $305.0 million (including realized hedging gains of $51.4 million) despite a 2% increase in production in the quarter. Operating cash flow (excluding changes in working capital) generated in the third quarter of 2024 was $152.3 million, and net loss for the third quarter was $25.7 million or $0.09 per share. Net loss in the quarter included a pre-tax $23.8 million unrealized gain on hedging contracts held for risk management and a gain on sale of assets of $0.9 million. Excluding these items, adjusted net loss for the third quarter of 2024 was $48.5 million, or $0.17 per share.
Comstock's production cost per Mcfe in the third quarter averaged $0.77 per Mcfe, which was comprised of $0.41 for gathering and transportation costs, $0.22 for lease operating costs, $0.09 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock's unhedged operating margin was 60% in the third quarter of 2024 and 67% after hedging.
Financial Results for the Nine Months Ended September 30, 2024
Natural gas and oil sales for the nine months ended September 30, 2024 totaled $919.1 million (including realized hedging gains of $160.0 million). Operating cash flow (excluding changes in working capital) generated during the first nine months of 2024 was $452.4 million, and net loss was $163.4 million or $0.57 per share. Net loss during the first nine months of 2024 included a pre-tax $70.7 million unrealized loss on hedging contracts held for risk management and a gain on sale of assets of $0.9 million. Excluding these items, adjusted net loss for the nine months ended September 30, 2024 was $121.3 million or $0.42 per share.
Comstock's production cost per Mcfe during the nine months ended September 30, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.12 for production and other taxes and $0.04 for cash general and administrative expenses. Comstock's unhedged operating margin was 58% during the first nine months of 2024 and 65% after hedging.
Drilling Results
Comstock drilled eight (6.2 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2024 which had an average lateral length of 12,034 feet. Comstock turned 11 (8.0 net) operated wells to sales in the third quarter of 2024.
Since its last operational update in July, Comstock has turned eight (5.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 21 MMcf per day. The completed lateral length of these wells averaged 12,391 feet. Included in the wells turned to sales was the Sebastian 11 #5H, the Company's first horseshoe Haynesville well, which had a 9,382 foot completed lateral and an initial production rate of 31 MMcf per day.
Other
On October 30, 2024, Comstock also announced that its bank group reaffirmed the $2.0 billion borrowing base and approved the amendment of certain financial covenants under its $1.5 billion revolving credit facility.
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on October 31, 2024, to discuss the third quarter 2024 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at https://register.vevent.com/register/BI25940ff3de024e45b06512519e9e6 a64. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/27pqb8gi.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on October 31, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/27pqb8gi.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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Natural gas sales |
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$ |
252,650 |
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$ |
304,141 |
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$ |
756,260 |
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$ |
911,065 |
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Oil sales |
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975 |
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1,309 |
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2,925 |
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4,111 |
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Total natural gas and oil sales |
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253,625 |
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305,450 |
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759,185 |
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915,176 |
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Gas services |
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50,847 |
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71,287 |
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127,889 |
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239,350 |
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Total revenues |
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304,472 |
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376,737 |
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887,074 |
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1,154,526 |
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Operating expenses: |
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Production and ad valorem taxes |
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12,578 |
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25,386 |
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49,730 |
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59,891 |
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Gathering and transportation |
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53,996 |
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47,012 |
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150,456 |
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137,981 |
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Lease operating |
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29,248 |
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31,664 |
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99,125 |
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100,525 |
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Exploration |
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— |
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— |
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— |
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1,775 |
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Depreciation, depletion and amortization |
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208,350 |
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148,190 |
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593,281 |
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422,350 |
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Gas services |
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52,622 |
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67,632 |
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132,796 |
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224,317 |
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General and administrative |
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9,923 |
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9,586 |
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29,271 |
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31,992 |
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Gain on sale of assets |
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(910 |
) |
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— |
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(910 |
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(125 |
) |
Total operating expenses |
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365,807 |
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329,470 |
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1,053,749 |
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978,706 |
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Operating income (loss) |
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(61,335 |
) |
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47,267 |
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(166,675 |
) |
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175,820 |
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Other income (expenses): |
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Gain from derivative financial instruments |
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75,163 |
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14,276 |
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89,218 |
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76,190 |
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Other income |
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274 |
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409 |
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927 |
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1,467 |
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Interest expense |
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(54,516 |
) |
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(43,624 |
) |
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(156,005 |
) |
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(121,082 |
) |
Total other income (expenses) |
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20,921 |
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(28,939 |
) |
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(65,860 |
) |
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(43,425 |
) |
Income (loss) before income taxes |
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(40,414 |
) |
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18,328 |
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|
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(232,535 |
) |
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132,395 |
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(Provision for) benefit from income taxes |
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14,696 |
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(3,608 |
) |
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69,094 |
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(28,878 |
) |
Net income (loss) |
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(25,718 |
) |
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14,720 |
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(163,441 |
) |
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103,517 |
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Net income attributable to noncontrolling interest |
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(3,173 |
) |
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— |
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(8,081 |
) |
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— |
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Net income (loss) available to Comstock |
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$ |
(28,891 |
) |
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$ |
14,720 |
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$ |
(171,522 |
) |
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$ |
103,517 |
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Net income (loss) per share |
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Basic |
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$ |
(0.09 |
) |
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$ |
0.05 |
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$ |
(0.57 |
) |
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$ |
0.37 |
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Diluted |
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$ |
(0.09 |
) |
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$ |
0.05 |
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$ |
(0.57 |
) |
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$ |
0.37 |
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Weighted average shares outstanding: |
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Basic |
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290,170 |
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276,999 |
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285,949 |
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276,741 |
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Diluted |
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290,170 |
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|
276,999 |
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285,949 |
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|
|
276,741 |
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Dividends per share |
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$ |
— |
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$ |
0.125 |
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$ |
— |
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$ |
0.375 |
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COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Natural gas production (MMcf) |
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133,116 |
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130,528 |
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403,420 |
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383,902 |
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Oil production (Mbbls) |
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13 |
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17 |
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40 |
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|
57 |
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Total production (MMcfe) |
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133,198 |
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130,629 |
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403,662 |
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384,241 |
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Natural gas sales |
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$ |
252,650 |
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$ |
304,141 |
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$ |
756,260 |
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$ |
911,065 |
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Natural gas hedging settlements (1) |
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51,409 |
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10,344 |
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159,956 |
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|
76,221 |
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Total natural gas including hedging |
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304,059 |
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314,485 |
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916,216 |
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|
987,286 |
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Oil sales |
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975 |
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1,309 |
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2,925 |
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|
4,111 |
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Total natural gas and oil sales including hedging |
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$ |
305,034 |
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$ |
315,794 |
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$ |
919,141 |
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$ |
991,397 |
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Average natural gas price (per Mcf) |
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$ |
1.90 |
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$ |
2.33 |
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$ |
1.87 |
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$ |
2.37 |
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Average natural gas price including hedging (per Mcf) |
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$ |
2.28 |
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$ |
2.41 |
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$ |
2.27 |
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$ |
2.57 |
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Average oil price (per barrel) |
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$ |
75.00 |
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$ |
77.00 |
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$ |
73.13 |
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$ |
72.12 |
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Average price (per Mcfe) |
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$ |
1.90 |
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$ |
2.34 |
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$ |
1.88 |
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$ |
2.38 |
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Average price including hedging (per Mcfe) |
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$ |
2.29 |
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$ |
2.42 |
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$ |
2.28 |
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$ |
2.58 |
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|
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Production and ad valorem taxes |
|
$ |
12,578 |
|
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$ |
25,386 |
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$ |
49,730 |
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$ |
59,891 |
|
Gathering and transportation |
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|
53,996 |
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|
|
47,012 |
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|
|
150,456 |
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|
|
137,981 |
|
Lease operating |
|
|
29,248 |
|
|
|
31,664 |
|
|
|
99,125 |
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|
|
100,525 |
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Cash general and administrative (2) |
|
|
6,042 |
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|
|
6,930 |
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|
|
17,892 |
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|
|
24,984 |
|
Total production costs |
|
$ |
101,864 |
|
|
$ |
110,992 |
|
|
$ |
317,203 |
|
|
$ |
323,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Production and ad valorem taxes (per Mcfe) |
|
$ |
0.09 |
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|
$ |
0.20 |
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$ |
0.12 |
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$ |
0.16 |
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Gathering and transportation (per Mcfe) |
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|
0.41 |
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|
|
0.36 |
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|
|
0.37 |
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|
|
0.36 |
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Lease operating (per Mcfe) |
|
|
0.22 |
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|
|
0.24 |
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|
|
0.25 |
|
|
|
0.26 |
|
Cash general and administrative (per Mcfe) |
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
|
0.07 |
|
Total production costs (per Mcfe) |
|
$ |
0.77 |
|
|
$ |
0.85 |
|
|
$ |
0.78 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unhedged operating margin |
|
|
60 |
% |
|
|
64 |
% |
|
|
58 |
% |
|
|
65 |
% |
Hedged operating margin |
|
|
67 |
% |
|
|
65 |
% |
|
|
65 |
% |
|
|
67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas services revenue |
|
$ |
50,847 |
|
|
$ |
71,287 |
|
|
$ |
127,889 |
|
|
$ |
239,350 |
|
Gas services expenses |
|
|
52,622 |
|
|
|
67,632 |
|
|
|
132,796 |
|
|
|
224,317 |
|
Gas services margin |
|
$ |
(1,775 |
) |
|
$ |
3,655 |
|
|
$ |
(4,907 |
) |
|
$ |
15,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas and Oil Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
Unproved property acquisitions |
|
$ |
8,800 |
|
|
$ |
19,998 |
|
|
$ |
87,938 |
|
|
$ |
76,646 |
|
Total natural gas and oil properties acquisitions |
|
$ |
8,800 |
|
|
$ |
19,998 |
|
|
$ |
87,938 |
|
|
$ |
76,646 |
|
Exploration and Development: |
|
|
|
|
|
|
|
|
|
|
|
|
Development leasehold |
|
$ |
5,623 |
|
|
$ |
5,369 |
|
|
$ |
12,153 |
|
|
$ |
19,087 |
|
Exploratory drilling and completion |
|
|
57,144 |
|
|
|
74,737 |
|
|
|
215,992 |
|
|
|
179,049 |
|
Development drilling and completion |
|
|
114,172 |
|
|
|
229,594 |
|
|
|
411,315 |
|
|
|
740,808 |
|
Other development costs |
|
|
7,453 |
|
|
|
1,418 |
|
|
|
22,175 |
|
|
|
18,868 |
|
Total exploration and development capital expenditures |
|
$ |
184,392 |
|
|
$ |
311,118 |
|
|
$ |
661,635 |
|
|
$ |
957,812 |
|
(1)Included in gain (loss) from derivative financial instruments in operating results.
(2)Excludes stock-based compensation.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
ADJUSTED NET INCOME (LOSS): |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(25,718 |
) |
|
$ |
14,720 |
|
|
$ |
(163,441 |
) |
|
$ |
103,517 |
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(23,754 |
) |
|
|
(3,932 |
) |
|
|
70,738 |
|
|
|
31 |
|
Exploration expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,775 |
|
Gain on sale of assets |
|
|
(910 |
) |
|
|
— |
|
|
|
(910 |
) |
|
|
(125 |
) |
Adjustment to income taxes |
|
|
1,873 |
|
|
|
946 |
|
|
|
(27,663 |
) |
|
|
(418 |
) |
Adjusted net income (loss) |
|
$ |
(48,509 |
) |
|
$ |
11,734 |
|
|
$ |
(121,276 |
) |
|
$ |
104,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per share (2) |
|
$ |
(0.17 |
) |
|
$ |
0.04 |
|
|
$ |
(0.42 |
) |
|
$ |
0.38 |
|
Diluted shares outstanding |
|
|
290,170 |
|
|
|
276,999 |
|
|
|
285,949 |
|
|
|
276,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDAX: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(25,718 |
) |
|
$ |
14,720 |
|
|
$ |
(163,441 |
) |
|
$ |
103,517 |
|
Interest expense |
|
|
54,516 |
|
|
|
43,624 |
|
|
|
156,005 |
|
|
|
121,082 |
|
Income taxes |
|
|
(14,696 |
) |
|
|
3,608 |
|
|
|
(69,094 |
) |
|
|
28,878 |
|
Depreciation, depletion, and amortization |
|
|
208,350 |
|
|
|
148,190 |
|
|
|
593,281 |
|
|
|
422,350 |
|
Exploration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,775 |
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(23,754 |
) |
|
|
(3,932 |
) |
|
|
70,738 |
|
|
|
31 |
|
Stock-based compensation |
|
|
3,883 |
|
|
|
2,655 |
|
|
|
11,380 |
|
|
|
7,006 |
|
Gain on sale of assets |
|
|
(910 |
) |
|
|
— |
|
|
|
(910 |
) |
|
|
(125 |
) |
Total Adjusted EBITDAX (3) |
|
$ |
201,671 |
|
|
$ |
208,865 |
|
|
$ |
597,959 |
|
|
$ |
684,514 |
|
(1)Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.
(2)Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.
(3)Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
OPERATING CASH FLOW (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(25,718 |
) |
|
$ |
14,720 |
|
|
$ |
(163,441 |
) |
|
$ |
103,517 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(23,754 |
) |
|
|
(3,932 |
) |
|
|
70,738 |
|
|
|
31 |
|
Deferred income taxes |
|
|
(12,734 |
) |
|
|
3,608 |
|
|
|
(67,165 |
) |
|
|
28,878 |
|
Depreciation, depletion and amortization |
|
|
208,350 |
|
|
|
148,190 |
|
|
|
593,281 |
|
|
|
422,350 |
|
Amortization of debt discount and issuance costs |
|
|
3,136 |
|
|
|
1,989 |
|
|
|
8,519 |
|
|
|
5,980 |
|
Stock-based compensation |
|
|
3,883 |
|
|
|
2,655 |
|
|
|
11,380 |
|
|
|
7,006 |
|
Gain on sale of assets |
|
|
(910 |
) |
|
|
— |
|
|
|
(910 |
) |
|
|
(125 |
) |
Operating cash flow |
|
$ |
152,253 |
|
|
$ |
167,230 |
|
|
$ |
452,402 |
|
|
$ |
567,637 |
|
(Increase) decrease in accounts receivable |
|
|
(658 |
) |
|
|
(20,887 |
) |
|
|
75,573 |
|
|
|
295,323 |
|
Increase in other current assets |
|
|
(5,595 |
) |
|
|
(1,825 |
) |
|
|
(749 |
) |
|
|
(624 |
) |
Decrease in accounts payable and accrued expenses |
|
|
(47,830 |
) |
|
|
(73,753 |
) |
|
|
(173,942 |
) |
|
|
(73,697 |
) |
Net cash provided by operating activities |
|
$ |
98,170 |
|
|
$ |
70,765 |
|
|
$ |
353,284 |
|
|
$ |
788,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
FREE CASH FLOW (DEFICIT)(2): |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
|
$ |
152,253 |
|
|
$ |
167,230 |
|
|
$ |
452,402 |
|
|
$ |
567,637 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and development capital expenditures |
|
|
(184,392 |
) |
|
|
(311,118 |
) |
|
|
(661,635 |
) |
|
|
(957,812 |
) |
Midstream capital expenditures |
|
|
(30,251 |
) |
|
|
— |
|
|
|
(46,739 |
) |
|
|
— |
|
Other capital expenditures |
|
|
(735 |
) |
|
|
(10,563 |
) |
|
|
(1,706 |
) |
|
|
(22,076 |
) |
Contributions from midstream partner |
|
|
19,000 |
|
|
|
— |
|
|
|
36,000 |
|
|
|
— |
|
Free cash deficit from operations |
|
$ |
(44,125 |
) |
|
$ |
(154,451 |
) |
|
$ |
(221,678 |
) |
|
$ |
(412,251 |
) |
Acquisitions |
|
|
(8,800 |
) |
|
|
(19,998 |
) |
|
|
(87,938 |
) |
|
|
(76,646 |
) |
Proceeds from divestitures |
|
|
1,214 |
|
|
|
— |
|
|
|
1,214 |
|
|
|
41,295 |
|
Free cash deficit after acquisition and divestiture activity |
|
$ |
(51,711 |
) |
|
$ |
(174,449 |
) |
|
$ |
(308,402 |
) |
|
$ |
(447,602 |
) |
(1)Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.
(2)Free cash flow (deficit) from operations and free cash flow (deficit) after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,772 |
|
|
$ |
16,669 |
|
Accounts receivable |
|
|
155,857 |
|
|
|
231,430 |
|
Derivative financial instruments |
|
|
71,704 |
|
|
|
126,775 |
|
Other current assets |
|
|
58,379 |
|
|
|
86,619 |
|
Total current assets |
|
|
299,712 |
|
|
|
461,493 |
|
Property and equipment, net |
|
|
5,590,448 |
|
|
|
5,384,771 |
|
Goodwill |
|
|
335,897 |
|
|
|
335,897 |
|
Operating lease right-of-use assets |
|
|
82,124 |
|
|
|
71,462 |
|
Derivative financial instruments |
|
|
4,828 |
|
|
|
— |
|
|
|
$ |
6,313,009 |
|
|
$ |
6,253,623 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable |
|
$ |
358,336 |
|
|
$ |
523,260 |
|
Accrued costs |
|
|
106,057 |
|
|
|
134,466 |
|
Operating leases |
|
|
35,372 |
|
|
|
23,765 |
|
Total current liabilities |
|
|
499,765 |
|
|
|
681,491 |
|
Long-term debt |
|
|
2,949,181 |
|
|
|
2,640,391 |
|
Deferred income taxes |
|
|
402,870 |
|
|
|
470,035 |
|
Derivative financial instruments |
|
|
20,495 |
|
|
|
— |
|
Long-term operating leases |
|
|
46,681 |
|
|
|
47,742 |
|
Asset retirement obligation |
|
|
32,016 |
|
|
|
30,773 |
|
Total liabilities |
|
|
3,951,008 |
|
|
|
3,870,432 |
|
Stockholders' Equity: |
|
|
|
|
|
|
Common stock |
|
|
146,130 |
|
|
|
139,214 |
|
Additional paid-in capital |
|
|
1,362,393 |
|
|
|
1,260,930 |
|
Accumulated earnings |
|
|
786,748 |
|
|
|
958,270 |
|
Total stockholders' equity attributable to Comstock |
|
|
2,295,271 |
|
|
|
2,358,414 |
|
Noncontrolling interest |
|
|
66,730 |
|
|
|
24,777 |
|
Total stockholders' equity |
|
|
2,362,001 |
|
|
|
2,383,191 |
|
|
|
$ |
6,313,009 |
|
|
$ |
6,253,623 |
|
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Comstock Resources (NYSE:CRK)
Gráfico Histórico do Ativo
De Out 2024 até Nov 2024
Comstock Resources (NYSE:CRK)
Gráfico Histórico do Ativo
De Nov 2023 até Nov 2024
