Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
today reported financial and operating results for the quarter
ended September 30, 2023.
Highlights of 2023's
Third Quarter
- Continued weak natural gas prices weighed heavily on the third
quarter results.
- Natural gas and oil sales, including realized hedging gains,
were $316 million.
- Operating cash flow was $167 million or $0.60 per diluted
share.
- Adjusted EBITDAX for the quarter was $209 million.
- Adjusted net income was $11.7 million for the quarter.
- Solid results from the Haynesville shale drilling program with
21 (18.1 net) operated wells turned to sales since the Company's
last update with an average initial production of 29 MMcf per
day.
- Latest two Western Haynesville wells were successful with
average initial production rates of 34 and 35 Mmcf per day.
- Entering into new venture to fund the midstream build-out to
support Western Haynesville development.
Financial Results for the Three Months
Ended September 30, 2023
Comstock's natural gas and oil sales in the
third quarter of 2023 totaled $315.8 million (including realized
hedging gains of $10.3 million). Operating cash flow (excluding
changes in working capital) generated in the third quarter of 2023
was $167.2 million, and net income available to common stockholders
for the third quarter was $14.7 million or $0.05 per share. Net
income in the quarter included a pre-tax $3.9 million unrealized
gain on hedging contracts held for risk management. Excluding this
item and certain other items, adjusted net income available to
common stockholders for the third quarter of 2023 was $11.7
million, or $0.04 per diluted share.
Comstock's production cost per Mcfe in the third
quarter averaged $0.85 per Mcfe, which was comprised of $0.36 for
gathering and transportation costs, $0.24 for lease operating
costs, $0.20 for production and other taxes and $0.05 for cash
general and administrative expenses. Comstock's unhedged operating
margin was 64% in the third quarter of 2023 and 65% after
hedging.
Financial Results for the Nine Months
Ended September 30, 2023
Natural gas and oil sales for the nine months
ended September 30, 2023 totaled $991.4 million (including
realized hedging gains of $76.2 million). Operating cash flow
(excluding changes in working capital) generated during the first
nine months of 2023 was $567.6 million, and net income available to
common stockholders was $103.5 million or $0.37 per share. Adjusted
net income available to common stockholders for the nine months
ended September 30, 2023 was $104.8 million or $0.38 per
diluted share.
Comstock's production cost per Mcfe during the
nine months ended September 30, 2023 averaged $0.85 per Mcfe,
which was comprised of $0.36 for gathering and transportation
costs, $0.26 for lease operating costs, $0.16 for production and
other taxes and $0.07 for cash general and administrative expenses.
Comstock's unhedged operating margin was 65% during the first nine
months of 2023 and 67% after hedging.
Drilling Results
Comstock drilled thirteen (10.2 net) operated
horizontal Haynesville/Bossier shale wells in the third quarter of
2023 which had an average lateral length of 11,644 feet. Comstock
turned 21 (18.1 net) operated wells to sales in the third quarter
of 2023.
Since its last operational update in August,
Comstock has turned 21 (18.1 net) operated Haynesville/Bossier
shale wells to sales. These wells had initial daily production
rates that averaged 29 MMcf per day. The completed lateral length
of these wells averaged 10,460 feet.
Included in the wells turned to sales were the
sixth and seventh successful Western Haynesville wells – the Cazey
MS #1 and the Lanier CW #1. The Cazey MS #1 well was drilled to a
total vertical depth of 15,986 feet and has a 10,028 foot completed
lateral. The well's initial production rate was 34 MMcf per day.
The Lanier CW #1 well was drilled to a total vertical depth of
17,309 feet and has a 9,577 foot completed lateral. The well's
initial production rate was 35 MMcf per day.
Declaration of Quarterly
Dividend
On October 30, 2023, Comstock's Board of
Directors declared a quarterly dividend of $0.125 per common share.
The dividend will be payable on December 15, 2023 to stockholders
of record at the close of business on December 1, 2023.
Midstream Partnership
Comstock is forming a midstream partnership for
its Western Haynesville acreage with Quantum Capital Solutions
("QCS"), an affiliate of Quantum Capital Group. As part of
this transaction, Comstock will contribute its Pinnacle gathering
and treating system, which is comprised of 145-mile high pressure
pipeline and the Bethel natural gas processing plant to the
partnership in exchange for a total capital commitment by QCS of
$300 million to fund the future build-out of the Western
Haynesville midstream system over the next several years. Comstock
will control and operate the midstream system. "The new partnership
with QCS is expected to fund the needed expansion for our Western
Haynesville midstream development program over the next five
years," stated M. Jay Allison, Chief Executive Officer of
Comstock.
Earnings Call Information
Comstock has planned a conference call for 10:00
a.m. Central Time on October 31, 2023, to discuss the third quarter
2023 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/BIfc74a143ead8420db183d8bae
061d4c9. 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/5d543ov4.
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, 2023. The replay of the
conference can be accessed using the webcast link:
https://edge.media-server.com/mmc/p/5d543ov4.
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)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
304,141 |
|
|
$ |
994,979 |
|
|
$ |
911,065 |
|
|
$ |
2,376,774 |
|
Oil sales |
|
|
1,309 |
|
|
|
1,936 |
|
|
|
4,111 |
|
|
|
6,324 |
|
Total natural gas and oil sales |
|
|
305,450 |
|
|
|
996,915 |
|
|
|
915,176 |
|
|
|
2,383,098 |
|
Gas services |
|
|
71,287 |
|
|
|
193,090 |
|
|
|
239,350 |
|
|
|
322,575 |
|
Total revenues |
|
|
376,737 |
|
|
|
1,190,005 |
|
|
|
1,154,526 |
|
|
|
2,705,673 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Production and ad valorem taxes |
|
|
25,386 |
|
|
|
24,531 |
|
|
|
59,891 |
|
|
|
60,080 |
|
Gathering and transportation |
|
|
47,012 |
|
|
|
44,740 |
|
|
|
137,981 |
|
|
|
113,797 |
|
Lease operating |
|
|
31,664 |
|
|
|
28,608 |
|
|
|
100,525 |
|
|
|
79,873 |
|
Exploration |
|
|
— |
|
|
|
— |
|
|
|
1,775 |
|
|
|
3,363 |
|
Depreciation, depletion and amortization |
|
|
148,190 |
|
|
|
129,065 |
|
|
|
422,350 |
|
|
|
354,994 |
|
Gas services |
|
|
67,632 |
|
|
|
181,818 |
|
|
|
224,317 |
|
|
|
305,271 |
|
General and administrative |
|
|
9,586 |
|
|
|
10,165 |
|
|
|
31,992 |
|
|
|
27,451 |
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
(21 |
) |
Total operating expenses |
|
|
329,470 |
|
|
|
418,927 |
|
|
|
978,706 |
|
|
|
944,808 |
|
Operating income |
|
|
47,267 |
|
|
|
771,078 |
|
|
|
175,820 |
|
|
|
1,760,865 |
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from derivative financial instruments |
|
|
14,276 |
|
|
|
(271,335 |
) |
|
|
76,190 |
|
|
|
(781,654 |
) |
Other income |
|
|
409 |
|
|
|
56 |
|
|
|
1,467 |
|
|
|
506 |
|
Interest expense |
|
|
(43,624 |
) |
|
|
(41,393 |
) |
|
|
(121,082 |
) |
|
|
(132,204 |
) |
Loss on early retirement of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46,840 |
) |
Total other expenses |
|
|
(28,939 |
) |
|
|
(312,672 |
) |
|
|
(43,425 |
) |
|
|
(960,192 |
) |
Income before income
taxes |
|
|
18,328 |
|
|
|
458,406 |
|
|
|
132,395 |
|
|
|
800,673 |
|
Provision for income
taxes |
|
|
(3,608 |
) |
|
|
(102,810 |
) |
|
|
(28,878 |
) |
|
|
(179,610 |
) |
Net income |
|
|
14,720 |
|
|
|
355,596 |
|
|
|
103,517 |
|
|
|
621,063 |
|
Preferred stock
dividends |
|
|
— |
|
|
|
(4,411 |
) |
|
|
— |
|
|
|
(13,089 |
) |
Net income available
to common stockholders |
|
$ |
14,720 |
|
|
$ |
351,185 |
|
|
$ |
103,517 |
|
|
$ |
607,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.05 |
|
|
$ |
1.50 |
|
|
$ |
0.37 |
|
|
$ |
2.61 |
|
Diluted |
|
$ |
0.05 |
|
|
$ |
1.28 |
|
|
$ |
0.37 |
|
|
$ |
2.24 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
276,999 |
|
|
|
232,482 |
|
|
|
276,741 |
|
|
|
232,170 |
|
Diluted |
|
|
276,999 |
|
|
|
277,715 |
|
|
|
276,741 |
|
|
|
277,605 |
|
Dividends per
share |
|
$ |
0.125 |
|
|
$ |
— |
|
|
$ |
0.375 |
|
|
$ |
— |
|
COMSTOCK RESOURCES,
INC.OPERATING RESULTS(In thousands,
except per unit amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Natural gas production
(MMcf) |
|
|
130,528 |
|
|
|
128,902 |
|
|
|
383,902 |
|
|
|
367,758 |
|
Oil production
(Mbbls) |
|
|
17 |
|
|
|
21 |
|
|
|
57 |
|
|
|
66 |
|
Total production
(MMcfe) |
|
|
130,629 |
|
|
|
129,025 |
|
|
|
384,241 |
|
|
|
368,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
304,141 |
|
|
$ |
994,979 |
|
|
$ |
911,065 |
|
|
$ |
2,376,774 |
|
Natural gas hedging
settlements (1) |
|
|
10,344 |
|
|
|
(304,489 |
) |
|
|
76,221 |
|
|
|
(679,038 |
) |
Total natural gas including hedging |
|
|
314,485 |
|
|
|
690,490 |
|
|
|
987,286 |
|
|
|
1,697,736 |
|
Oil sales |
|
|
1,309 |
|
|
|
1,936 |
|
|
|
4,111 |
|
|
|
6,324 |
|
Total natural gas and oil sales including hedging |
|
$ |
315,794 |
|
|
$ |
692,426 |
|
|
$ |
991,397 |
|
|
$ |
1,704,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average natural gas
price (per Mcf) |
|
$ |
2.33 |
|
|
$ |
7.72 |
|
|
$ |
2.37 |
|
|
$ |
6.46 |
|
Average natural gas
price including hedging (per Mcf) |
|
$ |
2.41 |
|
|
$ |
5.36 |
|
|
$ |
2.57 |
|
|
$ |
4.62 |
|
Average oil price (per
barrel) |
|
$ |
77.00 |
|
|
$ |
92.19 |
|
|
$ |
72.12 |
|
|
$ |
95.82 |
|
Average price (per
Mcfe) |
|
$ |
2.34 |
|
|
$ |
7.73 |
|
|
$ |
2.38 |
|
|
$ |
6.47 |
|
Average price
including hedging (per Mcfe) |
|
$ |
2.42 |
|
|
$ |
5.37 |
|
|
$ |
2.58 |
|
|
$ |
4.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production and ad
valorem taxes |
|
$ |
25,386 |
|
|
$ |
24,531 |
|
|
$ |
59,891 |
|
|
$ |
60,080 |
|
Gathering and
transportation |
|
|
47,012 |
|
|
|
44,740 |
|
|
|
137,981 |
|
|
|
113,797 |
|
Lease operating |
|
|
31,664 |
|
|
|
28,608 |
|
|
|
100,525 |
|
|
|
79,873 |
|
Cash general and
administrative (2) |
|
|
6,931 |
|
|
|
8,323 |
|
|
|
24,985 |
|
|
|
22,533 |
|
Total production costs |
|
$ |
110,993 |
|
|
$ |
106,202 |
|
|
$ |
323,382 |
|
|
$ |
276,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production and ad
valorem taxes (per Mcfe) |
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.16 |
|
|
$ |
0.16 |
|
Gathering and
transportation (per Mcfe) |
|
|
0.36 |
|
|
|
0.35 |
|
|
|
0.36 |
|
|
|
0.31 |
|
Lease operating (per
Mcfe) |
|
|
0.24 |
|
|
|
0.22 |
|
|
|
0.26 |
|
|
|
0.22 |
|
Cash general and
administrative (per Mcfe) |
|
|
0.05 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
Total production costs (per Mcfe) |
|
$ |
0.85 |
|
|
$ |
0.82 |
|
|
$ |
0.85 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unhedged operating
margin |
|
|
64 |
% |
|
|
89 |
% |
|
|
65 |
% |
|
|
88 |
% |
Hedged operating
margin |
|
|
65 |
% |
|
|
85 |
% |
|
|
67 |
% |
|
|
84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas services
revenue |
|
$ |
71,287 |
|
|
$ |
193,090 |
|
|
$ |
239,350 |
|
|
$ |
322,575 |
|
Gas services
expenses |
|
|
67,632 |
|
|
|
181,818 |
|
|
|
224,317 |
|
|
|
305,271 |
|
Gas services margin |
|
$ |
3,655 |
|
|
$ |
11,272 |
|
|
$ |
15,033 |
|
|
$ |
17,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas and Oil
Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
Proved property acquisitions |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
205 |
|
Unproved property acquisitions |
|
|
19,998 |
|
|
|
12,214 |
|
|
|
76,646 |
|
|
|
37,396 |
|
Total natural gas and oil properties acquisitions |
|
$ |
19,998 |
|
|
$ |
12,214 |
|
|
$ |
76,646 |
|
|
$ |
37,601 |
|
Exploration and Development: |
|
|
|
|
|
|
|
|
|
|
|
|
Development leasehold |
|
$ |
5,369 |
|
|
$ |
3,011 |
|
|
$ |
19,087 |
|
|
$ |
8,298 |
|
Exploratory drilling and completion |
|
|
74,737 |
|
|
|
18,606 |
|
|
|
179,049 |
|
|
|
49,003 |
|
Development drilling and completion |
|
|
229,594 |
|
|
|
204,954 |
|
|
|
740,808 |
|
|
|
619,373 |
|
Other development costs |
|
|
1,418 |
|
|
|
15,563 |
|
|
|
18,868 |
|
|
|
52,500 |
|
Total exploration and development capital expenditures |
|
$ |
311,118 |
|
|
$ |
242,134 |
|
|
$ |
957,812 |
|
|
$ |
729,174 |
|
- Included in gain (loss) from derivative financial instruments
in operating results.
- 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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ADJUSTED NET
INCOME AVAILABLE TO COMMON STOCKHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders |
|
$ |
14,720 |
|
|
$ |
351,185 |
|
|
$ |
103,517 |
|
|
$ |
607,974 |
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(3,932 |
) |
|
|
(33,154 |
) |
|
|
31 |
|
|
|
102,616 |
|
Loss on early retirement of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,840 |
|
Non-cash interest amortization from adjusting debt assumed in
acquisition to fair value |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,174 |
|
Exploration expense |
|
|
— |
|
|
|
— |
|
|
|
1,775 |
|
|
|
3,363 |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
(21 |
) |
Adjustment to (provision for) benefit from income taxes |
|
|
946 |
|
|
|
7,580 |
|
|
|
(418 |
) |
|
|
(29,959 |
) |
Adjusted net income
available to common stockholders (1) |
|
$ |
11,734 |
|
|
$ |
325,611 |
|
|
$ |
104,780 |
|
|
$ |
734,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
available to common stockholders per share (2) |
|
$ |
0.04 |
|
|
$ |
1.18 |
|
|
$ |
0.38 |
|
|
$ |
2.68 |
|
Diluted shares
outstanding |
|
|
276,999 |
|
|
|
277,715 |
|
|
|
276,741 |
|
|
|
277,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDAX: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,720 |
|
|
$ |
355,596 |
|
|
$ |
103,517 |
|
|
$ |
621,063 |
|
Interest expense |
|
|
43,624 |
|
|
|
41,393 |
|
|
|
121,082 |
|
|
|
132,204 |
|
Income taxes |
|
|
3,608 |
|
|
|
102,810 |
|
|
|
28,878 |
|
|
|
179,610 |
|
Depreciation, depletion, and amortization |
|
|
148,190 |
|
|
|
129,065 |
|
|
|
422,350 |
|
|
|
354,994 |
|
Exploration |
|
|
— |
|
|
|
— |
|
|
|
1,775 |
|
|
|
3,363 |
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(3,932 |
) |
|
|
(33,154 |
) |
|
|
31 |
|
|
|
102,616 |
|
Stock-based compensation |
|
|
2,655 |
|
|
|
1,842 |
|
|
|
7,006 |
|
|
|
4,918 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,840 |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
(21 |
) |
Total Adjusted EBITDAX
(3) |
|
$ |
208,865 |
|
|
$ |
597,552 |
|
|
$ |
684,514 |
|
|
$ |
1,445,587 |
|
- Adjusted net income available to common stockholders is
presented because of its acceptance by investors and by Comstock
management as an indicator of the Company's profitability excluding
loss on early retirement of debt, non-cash unrealized gains and
losses on derivative financial instruments, gains and losses on
sales of assets and other unusual items.
- Adjusted net income available to common stockholders per share
is calculated to include the dilutive effects of unvested
restricted stock pursuant to the two-class method and performance
stock units and preferred stock pursuant to the treasury stock
method.
- 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 loss on early retirement of
debt, depreciation, depletion and amortization 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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
OPERATING CASH
FLOW (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
14,720 |
|
|
$ |
355,596 |
|
|
$ |
103,517 |
|
|
$ |
621,063 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss from derivative financial instruments |
|
|
(3,932 |
) |
|
|
(33,154 |
) |
|
|
31 |
|
|
|
102,616 |
|
Deferred income taxes |
|
|
3,608 |
|
|
|
78,060 |
|
|
|
28,878 |
|
|
|
148,389 |
|
Depreciation, depletion and amortization |
|
|
148,190 |
|
|
|
129,065 |
|
|
|
422,350 |
|
|
|
354,994 |
|
Loss on early retirement of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,840 |
|
Amortization of debt discount and issuance costs |
|
|
1,989 |
|
|
|
1,444 |
|
|
|
5,980 |
|
|
|
8,542 |
|
Stock-based compensation |
|
|
2,655 |
|
|
|
1,842 |
|
|
|
7,006 |
|
|
|
4,918 |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
(21 |
) |
Operating cash flow |
|
$ |
167,230 |
|
|
$ |
532,853 |
|
|
$ |
567,637 |
|
|
$ |
1,287,341 |
|
(Increase) decrease in accounts receivable |
|
|
(20,887 |
) |
|
|
(155,682 |
) |
|
|
295,323 |
|
|
|
(359,600 |
) |
(Increase) decrease in other current assets |
|
|
(1,825 |
) |
|
|
(522 |
) |
|
|
(624 |
) |
|
|
359 |
|
Increase (decrease) in accounts payable and accrued expenses |
|
|
(73,753 |
) |
|
|
156,873 |
|
|
|
(73,697 |
) |
|
|
301,956 |
|
Net cash provided by operating activities |
|
$ |
70,765 |
|
|
$ |
533,522 |
|
|
$ |
788,639 |
|
|
$ |
1,230,056 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
FREE CASH FLOW
(2): |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
|
$ |
167,230 |
|
|
$ |
532,853 |
|
|
$ |
567,637 |
|
|
$ |
1,287,341 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and development capital expenditures |
|
|
(311,118 |
) |
|
|
(242,134 |
) |
|
|
(957,812 |
) |
|
|
(729,174 |
) |
Other capital expenditures |
|
|
(10,563 |
) |
|
|
(603 |
) |
|
|
(22,076 |
) |
|
|
(713 |
) |
Preferred stock dividends |
|
|
— |
|
|
|
(4,411 |
) |
|
|
— |
|
|
|
(13,089 |
) |
Free cash flow (deficit) from operations |
|
$ |
(154,451 |
) |
|
$ |
285,705 |
|
|
$ |
(412,251 |
) |
|
$ |
544,365 |
|
Acquisitions of natural gas and oil properties |
|
|
(19,998 |
) |
|
|
(12,347 |
) |
|
|
(76,646 |
) |
|
|
(54,492 |
) |
Proceeds from divestitures |
|
|
— |
|
|
|
— |
|
|
|
41,295 |
|
|
|
93 |
|
Free cash flow (deficit) after acquisition and divestiture
activity |
|
$ |
(174,449 |
) |
|
$ |
273,358 |
|
|
$ |
(447,602 |
) |
|
$ |
489,966 |
|
- 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.
- Free cash flow from operations and free cash flow 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,
preferred dividend payments, 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, 2023 |
|
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
19,835 |
|
|
$ |
54,652 |
|
Accounts
receivable |
|
|
214,804 |
|
|
|
510,127 |
|
Derivative financial
instruments |
|
|
23,973 |
|
|
|
23,884 |
|
Other current
assets |
|
|
68,572 |
|
|
|
56,324 |
|
Total current assets |
|
|
327,184 |
|
|
|
644,987 |
|
Property and
equipment, net |
|
|
5,219,961 |
|
|
|
4,622,655 |
|
Goodwill |
|
|
335,897 |
|
|
|
335,897 |
|
Operating lease
right-of-use assets |
|
|
148,066 |
|
|
|
90,716 |
|
|
|
$ |
6,031,108 |
|
|
$ |
5,694,255 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable |
|
$ |
503,564 |
|
|
$ |
530,195 |
|
Accrued costs |
|
|
103,666 |
|
|
|
183,111 |
|
Operating leases |
|
|
52,731 |
|
|
|
38,411 |
|
Derivative financial
instruments |
|
|
— |
|
|
|
4,420 |
|
Total current liabilities |
|
|
659,961 |
|
|
|
756,137 |
|
Long-term debt |
|
|
2,503,407 |
|
|
|
2,152,571 |
|
Deferred income
taxes |
|
|
454,612 |
|
|
|
425,734 |
|
Derivative financial
instruments |
|
|
4,540 |
|
|
|
— |
|
Long-term operating
leases |
|
|
95,397 |
|
|
|
52,385 |
|
Asset retirement
obligation |
|
|
30,434 |
|
|
|
29,114 |
|
Total liabilities |
|
|
3,748,351 |
|
|
|
3,415,941 |
|
Stockholders'
Equity: |
|
|
|
|
|
|
Common stock |
|
|
139,214 |
|
|
|
138,759 |
|
Additional paid-in capital |
|
|
1,258,069 |
|
|
|
1,253,417 |
|
Accumulated earnings |
|
|
885,474 |
|
|
|
886,138 |
|
Total stockholders' equity |
|
|
2,282,757 |
|
|
|
2,278,314 |
|
|
|
$ |
6,031,108 |
|
|
$ |
5,694,255 |
|
Ron Mills
Vice President of Finance & Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Comstock Resources (NYSE:CRK)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Comstock Resources (NYSE:CRK)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024