Exhibit 99.1

5300 Town and Country Blvd., Suite 500

Frisco, Texas 75034

Telephone: (972) 668-8834

Contact: Gary H. Guyton

Director of Planning and Investor Relations

Web Site:  www.comstockresources.com

 

NEWS RELEASE

 

For Immediate Release

 

COMSTOCK RESOURCES, INC. REPORTS

SECOND QUARTER 2018 FINANCIAL AND OPERATING RESULTS

 

FRISCO, TEXAS, August 8, 2018 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and six months ended June 30, 2018.  

 

Financial Results for the Three Months and Six Months Ended June 30, 2018

 

Comstock produced 22 billion cubic feet of natural gas and 90,000 barrels of oil or 22.3 billion cubic feet of natural gas equivalent ("Bcfe") in the second quarter of 2018.  Natural gas production averaged 239 million cubic feet ("MMcf") per day, an increase of 25% over natural gas production in the second quarter of 2017.  The growth in natural gas production is primarily attributable to the continuing successful results from Comstock's Haynesville shale drilling program. 19 MMcf per day of the Company's net natural gas production had to be shut-in during the second quarter due to curtailments necessary to complete facility upgrades to handle higher volumes resulting from the Company's drilling activity in Caddo Parish, Louisiana and offset frac activity. The capacity expansion is expected to be completed in the next week. Oil production in the second quarter of 2018, which averaged 990 barrels of oil per day, declined from the 2,674 barrels per day produced in the second quarter of 2017 as a result of the sale of the Company's South Texas Eagle Ford shale producing properties, which was completed on April 27, 2018.

Comstock's average realized natural gas price, including hedging gains, decreased 12% to $2.64 per Mcf in the second quarter of 2018 as compared to $2.99 per Mcf realized in the second quarter of 2017.  The Company's average realized oil price increased by 27% to $57.56 per barrel in the second quarter of 2018 as compared to $45.34 per barrel in the second quarter of 2017.  Oil and gas sales were $62.6 million (including realized hedging gains) in the second quarter of 2018 as compared to 2017's second quarter sales of $62.9 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $44.0 million in the second quarter of 2018, as compared to EBITDAX of $43.8 million in the second quarter of 2017.  Operating cash flow generated in the second quarter of 2018 was $26.1 million as compared to $25.9 million in the second quarter of 2017.  Excluding the results of the Company's Eagle Ford shale properties that were sold in the second quarter of 2018, EBITDAX would have been $41.2 million for the second quarter of 2018 as compared to EBITDAX of $36.5 million for the second quarter of 2017 and operating cash flow would have been $23.3 million in the second quarter of 2018 as compared to $18.7 million for the second quarter of 2017.


Comstock reported a net loss of $34.0 million or $2.22 per share for the second quarter of 2018 as compared to a net loss of $21.4 million or $1.45 per share for the second quarter of 2017.  The second quarter of 2018 results included a loss on sale of oil and gas properties of $6.8 million, an unrealized loss from derivative financial instruments of $2.7 million, $0.4 million of costs associated with the Company’s unsuccessful April 2018 tender offer and $12.2 million of non-cash interest expense associated with the amortization of discounts recognized and costs incurred on the debt exchange that occurred in 2016.  Financial results for the second quarter of 2017 included an unrealized gain from derivative financial instruments of $3.9 million, and $9.5 million of non-cash interest expense associated with the amortization of discounts recognized and costs incurred on the debt exchange that occurred in 2016.  Excluding these items from each year's results, the net loss for the second quarter of 2018 would have been $11.9 million or $0.78 per share as compared to a net loss of $15.8 million or $1.07 per share in the second quarter of 2017.

Comstock produced 43 billion cubic feet of natural gas and 280,000 barrels of oil or 45.0 billion cubic feet of natural gas equivalent in the first six months of 2018 compared to 31.3 Bcf of natural gas and 508,000 barrels of oil or 34.4 Bcfe in the first six months of 2017. Natural gas production averaged 238 million cubic feet per day in the first six months of 2018, an increase of 41% over 2017 natural gas production.  Oil production in the first six months of 2018 declined due to the sale of the Eagle Ford shale producing properties in the second quarter.

Comstock's average realized natural gas price, including hedging gains, decreased 8% to $2.73 per Mcf in the first six months of 2018 as compared to $2.98 per Mcf realized in the first six months of 2017.  The Company's average realized oil price increased by 38% to $65.12 per barrel in the first six months of 2018 as compared to $47.04 per barrel in the first six months of 2017.  Primarily as a result of the higher natural gas production, oil and gas sales increased by 17% to $136.6 million (including realized hedging gains) as compared to $117.2 million in the first six months of 2017.

EBITDAX of $97.7 million in the first six months of 2018 was 25% higher than the EBITDAX of $78.0 million generated in the first six months of 2017.  Operating cash flow generated in the first six months of 2018 increased 48% to $61.9 million as compared to operating cash flow of $41.9 million in the first six months of 2017. Excluding the results of the Company's Eagle Ford shale properties sold in the second quarter of 2018, EBITDAX would have been $86.1 million for the first six months of 2018 as compared to EBITDAX of $62.6 million for the first six months of 2017 and operating cash flow would have been $50.2 million in the first six months of 2018 as compared to $26.4 million for the first six months of 2017.

Comstock reported a net loss of $75.9 million or $4.99 per share for the first six months of 2018 as compared to a net loss of $44.4 million or $3.06 per share for the first six months of 2017.  The results for 2018 include a loss on sale of oil and gas properties of $35.4 million, an unrealized loss from derivative financial instruments of $1.5 million, $0.4 million of costs associated with the Company's April 2018 tender offer and $23.2 million of non-cash interest expense associated with the amortization of discounts recognized and costs incurred on the debt exchange that occurred in 2016.  Financial results for the first six months of 2017 included an unrealized gain from derivative financial instruments of $11.2 million and $14.9 million of non-cash interest expense associated with the amortization of discounts recognized and costs incurred on the debt exchange that occurred in 2016.  Excluding these items from results for each period, the net loss for the first six months of 2018 would have been $15.4 million or $1.01 per share as compared to a net loss of $40.7 million, or $2.81 per share in the first six months of 2017.

 


Drilling Results

Comstock reported the results to date of its 2018 drilling program.  During the first six months of 2018, Comstock spent $89.9 million on its development and exploration activities and drilled 17 horizontal natural gas wells (5.1 net) and had eight wells (1.2 net) drilling at June 30, 2018.  Comstock also completed 11 (4.0 net) operated wells that were drilled in 2017.  Since the last operational update, Comstock has completed nine additional operated Haynesville/Bossier shale wells.  The average initial production rate of these wells was 24 MMcf per day.  The nine operated wells had completed lateral lengths ranging from 7,467 feet to 9,752 feet and each well was tested at initial production rates of 16 to 34 MMcf per day.  Comstock has six (1.6 net) operated Haynesville shale wells that are in the process of being completed.  

In order to protect the returns that the Haynesville shale drilling program can generate, the Company has hedged, in the aggregate, 59 MMcf per day of its natural gas production in the last six months of 2018 at a NYMEX equivalent of $3.00 per Mcf.   The Company also has natural gas collars in place for the period July 1, 2018 through June 30, 2019 for approximately 60 MMcf per day of its production with a floor price of $2.50 per Mcf and a price ceiling of $3.30 per Mcf to $3.50 per Mcf.

Other

Pending approval by the Company's stockholders at the upcoming annual meeting to be held on August 10, 2018, Comstock anticipates closing the previously announced contribution by Arkoma Drilling, L.P. and Williston Drilling, L.P. of their Bakken shale properties on August 14, 2018. On that date, the Company will also repurchase substantially all of its outstanding debt pursuant to an outstanding tender offer with the proceeds from a $850.0 million senior notes offering completed on August 3, 2018 and borrowings under a new bank credit facility with an initial borrowing base of$700.0 million.

Comstock has planned a conference call for 10:00 a.m. Central Time on August 8, 2018, to discuss the operational and financial results for the second quarter of 2018.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 7684899 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 1:00 p.m. CT August 8, 2018 and will continue until 1:00 p.m. August 15, 2018.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 7684899.

 

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.

 

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.



COMSTOCK RESOURCES, INC.
OPERATING RESULTS

(In thousands, except per share amounts)

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(In thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

56,265

 

 

$

50,437

 

 

$

115,808

 

 

$

91,377

 

Oil sales

 

 

5,184

 

 

 

11,034

 

 

 

18,234

 

 

 

23,895

 

Total oil and gas sales

 

 

61,449

 

 

 

61,471

 

 

 

134,042

 

 

 

115,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

 

1,112

 

 

 

1,143

 

 

 

2,952

 

 

 

2,240

 

Gathering and transportation

 

 

4,398

 

 

 

3,545

 

 

 

8,732

 

 

 

7,673

 

Lease operating

 

 

7,948

 

 

 

9,433

 

 

 

17,721

 

 

 

19,322

 

Depreciation, depletion and amortization

 

 

26,798

 

 

 

30,321

 

 

 

53,950

 

 

 

60,226

 

General and administrative

 

 

6,956

 

 

 

6,559

 

 

 

12,972

 

 

 

12,960

 

Loss on sale of oil and gas properties

 

 

6,838

 

 

 

 

 

 

35,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

54,050

 

 

 

51,001

 

 

 

131,765

 

 

 

102,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

7,399

 

 

 

10,470

 

 

 

2,277

 

 

 

12,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) from derivative financial instruments

 

 

(1,638

)

 

 

5,295

 

 

 

964

 

 

 

13,155

 

Other income

 

 

327

 

 

 

65

 

 

 

393

 

 

 

228

 

Interest expense

 

 

(40,213

)

 

 

(36,755

)

 

 

(79,063

)

 

 

(69,655

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other income (expenses)

 

 

(41,524

)

 

 

(31,395

)

 

 

(77,706

)

 

 

(56,272

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(34,125

)

 

 

(20,925

)

 

 

(75,429

)

 

 

(43,421

)

Benefit from (provision for) income taxes

 

 

122

 

 

 

(517

)

 

 

(460

)

 

 

(952

)

Net Loss

 

$

(34,003

)

 

$

(21,442

)

 

$

(75,889

)

 

$

(44,373

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – basic and diluted

 

$

(2.22

)

 

$

(1.45

)

 

$

(4.99

)

 

$

(3.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic and diluted

 

 

15,340

 

 

 

14,749

 

 

 

15,212

 

 

 

14,488

 

 

 

 

(1)

Includes $12.2 million and $9.5 million for the three months ended June 30, 2018 and 2017, respectively, and $23.2 million and $14.9 million for the six months ended June 30, 2018 and 2017, respectively, related to the amortization of discounts and costs recorded in connection with the debt exchange completed on September 6, 2016 and $10.2  million and $9.4 million for the three months ended June 30, 2018 and 2017, respectively, and $20.0 million and $18.6 million for the six months ended June 30, 2018 and 2017, respectively, of interest paid in-kind related to the Company's convertible notes.  

 

 

 

 

 

 

 

 

 

 



COMSTOCK RESOURCES, INC.
OPERATING RESULTS

(In thousands)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

OPERATING CASH FLOW:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,003

)

 

$

(21,442

)

 

$

(75,889

)

 

$

(44,373

)

Reconciling items:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(146

)

 

 

496

 

 

 

426

 

 

 

855

 

Depreciation, depletion and amortization

 

 

26,798

 

 

 

30,321

 

 

 

53,950

 

 

 

60,226

 

Unrealized loss (gain) from derivative financial instruments

 

 

2,746

 

 

 

(3,904

)

 

 

1,548

 

 

 

(11,259

)

Amortization of debt discount, premium and issuance costs

 

 

12,211

 

 

 

9,565

 

 

 

23,267

 

 

 

15,000

 

Interest paid in-kind

 

 

10,169

 

 

 

9,354

 

 

 

20,014

 

 

 

18,594

 

Stock-based compensation

 

 

1,508

 

 

 

1,550

 

 

 

3,109

 

 

 

2,815

 

Loss on sale of oil and gas properties

 

 

6,838

 

 

 

 

 

 

35,438

 

 

 

 

Operating cash flow

 

 

26,121

 

 

 

25,940

 

 

 

61,863

 

 

 

41,858

 

Increase in accounts receivable

 

 

(2,172

)

 

 

(7,609

)

 

 

(717

)

 

 

(9,657

)

Decrease (increase) in other current assets

 

 

169

 

 

 

(1,270

)

 

 

641

 

 

 

(908

)

Increase in accounts payable and accrued expenses

 

 

41,324

 

 

 

35,247

 

 

 

25,211

 

 

 

24,222

 

Net cash provided by operating activities

 

$

65,442

 

 

$

52,308

 

 

$

86,998

 

 

$

55,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDAX:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,003

)

 

$

(21,442

)

 

$

(75,889

)

 

$

(44,373

)

Interest expense

 

 

40,213

 

 

 

36,755

 

 

 

79,063

 

 

 

69,655

 

Income taxes

 

 

(122

)

 

 

517

 

 

 

460

 

 

 

952

 

Depreciation, depletion and amortization

 

 

26,798

 

 

 

30,321

 

 

 

53,950

 

 

 

60,226

 

Unrealized loss (gain) from derivative financial instruments

 

 

2,746

 

 

 

(3,904

)

 

 

1,548

 

 

 

(11,259

)

Stock-based compensation

 

 

1,508

 

 

 

1,550

 

 

 

3,109

 

 

 

2,815

 

Loss on sale of oil and gas properties

 

 

6,838

 

 

 

 

 

 

35,438

 

 

 

 

Total EBITDAX

 

$

43,978

 

 

$

43,797

 

 

$

97,679

 

 

$

78,016

 

 

 

 

 

As of

 

 

 

June 30,

2018

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

158,378

 

 

$

61,255

 

Assets held for sale

 

 

 

 

 

198,615

 

Other current assets

 

 

43,771

 

 

 

42,635

 

Property and equipment, net

 

 

698,690

 

 

 

607,929

 

Other

 

 

20,494

 

 

 

19,985

 

Total assets

 

$

921,333

 

 

$

930,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

189,073

 

 

$

168,489

 

Long-term debt

 

 

1,153,333

 

 

 

1,110,529

 

Deferred income taxes

 

 

10,726

 

 

 

10,266

 

Asset retirement obligation

 

 

10,622

 

 

 

10,407

 

Stockholders' deficit

 

 

(442,421

)

 

 

(369,272

)

Total liabilities and stockholders' deficit

 

$

921,333

 

 

$

930,419

 

 

 

 

 

 



 

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

 

 

 

For the Three Months Ended June 30, 2018

 

 

 

East Texas/ North

Louisiana

 

 

South Texas

 

 

Other

 

 

Total

 

Gas production (MMcf)

 

 

21,522

 

 

 

97

 

 

 

99

 

 

 

21,718

 

Oil production (Mbbls)

 

 

11

 

 

 

74

 

 

 

5

 

 

 

90

 

Total production (MMcfe)

 

 

21,587

 

 

 

537

 

 

 

134

 

 

 

22,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

55,607

 

 

$

399

 

 

$

259

 

 

$

56,265

 

Natural gas hedging settlements(1)

 

 

 

 

 

 

 

 

 

 

 

1,108

 

Total natural gas including hedging

 

 

55,607

 

 

 

399

 

 

 

259

 

 

 

57,373

 

Oil sales

 

 

728

 

 

 

4,136

 

 

 

320

 

 

 

5,184

 

Total oil and gas sales including hedging

 

$

56,335

 

 

$

4,535

 

 

$

579

 

 

$

62,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gas price (per Mcf)

 

$

2.58

 

 

$

4.11

 

 

$

2.62

 

 

$

2.59

 

Average gas price including hedging
(per Mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.64

 

Average oil price (per barrel)

 

$

66.39

 

 

$

56.39

 

 

$

55.73

 

 

$

57.56

 

Average price (per Mcfe)

 

$

2.61

 

 

$

8.45

 

 

$

4.32

 

 

$

2.76

 

Average price including hedging
(per Mcfe)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

$

867

 

 

$

201

 

 

$

44

 

 

$

1,112

 

Gathering and transportation

 

$

4,214

 

 

$

119

 

 

$

65

 

 

$

4,398

 

Lease operating

 

$

6,218

 

 

$

1,412

 

 

$

318

 

 

$

7,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes (per Mcfe)

 

$

0.04

 

 

$

0.37

 

 

$

0.33

 

 

$

0.05

 

Gathering and transportation (per Mcfe)

 

$

0.20

 

 

$

0.22

 

 

$

0.49

 

 

$

0.20

 

Lease operating (per Mcfe)

 

$

0.28

 

 

$

2.64

 

 

$

2.37

 

 

$

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

1,191

 

 

$

 

 

$

 

 

$

1,191

 

Development drilling

 

 

38,090

 

 

 

 

 

 

 

 

 

38,090

 

Other development

 

 

3,920

 

 

 

153

 

 

 

20

 

 

 

4,093

 

Total

 

$

43,201

 

 

$

153

 

$

20

 

 

$

43,374

 

 

 

 

(1)Included in gain from derivative financial instruments in operating results.

 

 



COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)

 

 

 

 

For the Three Months Ended June 30, 2017

 

 

 

East Texas/ North

Louisiana

 

 

South Texas

 

 

Other

 

 

Total

 

Gas production (MMcf)

 

 

16,772

 

 

 

385

 

 

 

164

 

 

 

17,321

 

Oil production (Mbbls)

 

 

11

 

 

 

227

 

 

 

5

 

 

 

243

 

Total production (MMcfe)

 

 

16,840

 

 

 

1,750

 

 

 

191

 

 

 

18,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

48,589

 

 

$

1,408

 

 

$

440

 

 

$

50,437

 

Natural gas hedging settlements(1)

 

 

 

 

 

 

 

 

 

 

 

1,391

 

Total natural gas including hedging

 

 

48,589

 

 

 

1,408

 

 

 

440

 

 

 

51,828

 

Oil sales

 

 

515

 

 

 

10,321

 

 

 

198

 

 

 

11,034

 

Total oil and gas sales including hedging

 

$

49,104

 

 

$

11,729

 

 

$

638

 

 

$

62,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gas price (per Mcf)

 

$

2.90

 

 

$

3.66

 

 

$

2.68

 

 

$

2.91

 

Average gas price including hedging
(per Mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.99

 

Average oil price (per barrel)

 

$

44.80

 

 

$

45.36

 

 

$

45.74

 

 

$

45.34

 

Average price (per Mcfe)

 

$

2.92

 

 

$

6.70

 

 

$

3.34

 

 

$

3.27

 

Average price including hedging
(per Mcfe)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

$

572

 

 

$

527

 

 

$

44

 

 

$

1,143

 

Gathering and transportation

 

$

3,086

 

 

$

432

 

 

$

27

 

 

$

3,545

 

Lease operating

 

$

5,556

 

 

$

3,509

 

 

$

368

 

 

$

9,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes (per Mcfe)

 

$

0.03

 

 

$

0.30

 

 

$

0.23

 

 

$

0.06

 

Gathering and transportation (per Mcfe)

 

$

0.18

 

 

$

0.25

 

 

$

0.14

 

 

$

0.19

 

Lease operating (per Mcfe)

 

$

0.34

 

 

$

2.00

 

 

$

1.93

 

 

$

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

327

 

 

$

2

 

 

$

 

 

$

329

 

Development drilling

 

 

45,614

 

 

 

250

 

 

 

 

 

 

45,864

 

Other development

 

 

1,216

 

 

 

811

 

 

 

123

 

 

 

2,150

 

Total

 

$

47,157

 

 

$

1,063

 

$

123

 

 

$

48,343

 

 

 

 

(1)Included in gain from derivative financial instruments in operating results.

 

 



 

 

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

 

 

 

For the Six Months Ended June 30, 2018

 

 

 

East Texas/ North

Louisiana

 

 

South Texas

 

 

Other

 

 

Total

 

Gas production (MMcf)

 

 

42,580

 

 

 

379

 

 

 

405

 

 

 

43,364

 

Oil production (Mbbls)

 

 

22

 

 

 

247

 

 

 

11

 

 

 

280

 

Total production (MMcfe)

 

 

42,709

 

 

 

1,860

 

 

 

475

 

 

 

45,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

113,084

 

 

$

1,590

 

 

$

1,134

 

 

$

115,808

 

Natural gas hedging settlements(1)

 

 

 

 

 

 

 

 

 

 

 

2,512

 

Total natural gas including hedging

 

 

113,084

 

 

 

1,590

 

 

 

1,134

 

 

 

118,320

 

Oil sales

 

 

1,374

 

 

 

16,157

 

 

 

703

 

 

 

18,234

 

Total oil and gas sales including hedging

 

$

114,458

 

 

$

17,747

 

 

$

1,837

 

 

$

136,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gas price (per Mcf)

 

$

2.66

 

 

$

4.20

 

 

$

2.80

 

 

$

2.67

 

Average gas price including hedging
(per Mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.73

 

Average oil price (per barrel)

 

$

63.64

 

 

$

65.46

 

 

$

60.72

 

 

$

65.12

 

Average price (per Mcfe)

 

$

2.68

 

 

$

9.54

 

 

$

3.87

 

 

$

2.98

 

Average price including hedging
(per Mcfe)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

$

1,996

 

 

$

831

 

 

$

125

 

 

$

2,952

 

Gathering and transportation

 

$

8,129

 

 

$

463

 

 

$

140

 

 

$

8,732

 

Lease operating

 

$

12,366

 

 

$

4,829

 

 

$

526

 

 

$

17,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes (per Mcfe)

 

$

0.05

 

 

$

0.45

 

 

$

0.26

 

 

$

0.07

 

Gathering and transportation (per Mcfe)

 

$

0.19

 

 

$

0.25

 

 

$

0.29

 

 

$

0.19

 

Lease operating (per Mcfe)

 

$

0.29

 

 

$

2.59

 

 

$

1.12

 

 

$

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

2,344

 

 

$

 

 

$

 

 

$

2,344

 

Development drilling

 

 

76,629

 

 

 

 

 

 

 

 

 

76,629

 

Other development

 

 

10,247

 

 

 

393

 

 

 

273

 

 

 

10,913

 

Total

 

$

89,220

 

 

$

393

 

$

273

 

 

$

89,886

 

 

 

 

(1)Included in gain from derivative financial instruments in operating results.



 

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

 

 

 

 

For the Six Months Ended June 30, 2017

 

 

 

East Texas/ North

Louisiana

 

 

South Texas

 

 

Other

 

 

Total

 

Gas production (MMcf)

 

 

30,210

 

 

 

753

 

 

 

357

 

 

 

31,320

 

Oil production (Mbbls)

 

 

27

 

 

 

471

 

 

 

10

 

 

 

508

 

Total production (MMcfe)

 

 

30,374

 

 

 

3,580

 

 

 

414

 

 

 

34,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

87,544

 

 

$

2,868

 

 

$

965

 

 

$

91,377

 

Natural gas hedging settlements(1)

 

 

 

 

 

 

 

 

 

 

 

1,896

 

Total natural gas including hedging

 

 

87,544

 

 

 

2,868

 

 

 

965

 

 

 

93,273

 

Oil sales

 

 

1,283

 

 

 

22,162

 

 

 

450

 

 

 

23,895

 

Total oil and gas sales including hedging

 

$

88,827

 

 

$

25,030

 

 

$

1,415

 

 

$

117,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average gas price (per Mcf)

 

$

2.90

 

 

$

3.81

 

 

$

2.70

 

 

$

2.92

 

Average gas price including hedging
(per Mcf)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2.98

 

Average oil price (per barrel)

 

$

46.81

 

 

$

47.04

 

 

$

47.43

 

 

$

47.04

 

Average price (per Mcfe)

 

$

2.92

 

 

$

6.99

 

 

$

3.42

 

 

$

3.35

 

Average price including hedging
(per Mcfe)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

$

994

 

 

$

1,150

 

 

$

96

 

 

$

2,240

 

Gathering and transportation

 

$

6,704

 

 

$

905

 

 

$

64

 

 

$

7,673

 

Lease operating

 

$

10,999

 

 

$

7,546

 

 

$

777

 

 

$

19,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes (per Mcfe)

 

$

0.03

 

 

$

0.32

 

 

$

0.23

 

 

$

0.07

 

Gathering and transportation (per Mcfe)

 

$

0.22

 

 

$

0.25

 

 

$

0.15

 

 

$

0.22

 

Lease operating (per Mcfe)

 

$

0.37

 

 

$

2.11

 

 

$

1.88

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and Gas Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

559

 

 

$

505

 

 

$

 

 

$

1,064

 

Development drilling

 

 

80,839

 

 

 

705

 

 

 

 

 

 

81,544

 

Other development

 

 

2,584

 

 

 

1,321

 

 

 

123

 

 

 

4,028

 

Total

 

$

83,982

 

 

$

2,531

 

$

123

 

 

$

86,636

 

 

 

 

(1)Included in gain from derivative financial instruments in operating results.

 

View differences made from one to another to evaluate Comstock Resources Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Comstock Resources Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account