COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2023 FINANCIAL AND OPERATING RESULTS
- Comstock reported financial results for Q4 2023, with natural gas prices impacting earnings.
- Operating cash flow was $207 million, and net income available to common stockholders was $108.4 million.
- The company added 23,000 net acres in the Western Haynesville, increasing acreage to over 250,000 net acres.
- Proved reserves decreased to 4.9 Tcfe due to lower natural gas prices, with a PV-10 Value of approximately $2.5 billion.
- Comstock plans to suspend its dividend and reduce operating drilling rigs in response to weak natural gas prices.
- Proved reserves decreased from 6.7 Tcfe to 4.9 Tcfe due to lower natural gas prices.
- Comstock plans to suspend its dividend until natural gas prices improve.
- The company will reduce the number of operating drilling rigs from seven to five.
Insights
The reported financial results from Comstock Resources, Inc. highlight a challenging quarter influenced by continued weak natural gas prices. The company's strategy to manage price risk through hedging resulted in an operating margin of 68% after hedging, demonstrating the effectiveness of their risk management strategies in preserving profitability amidst price volatility. The reported adjusted EBITDAX and operating cash flow indicate the company's ability to generate substantial cash despite market headwinds.
However, the significant decrease in proved natural gas and oil reserves, primarily due to lower price assumptions, is a concern. This downward revision could signal future production and revenue challenges. The company's response to suspend dividends and reduce the number of operating drilling rigs is a conservative approach, aiming to maintain financial stability and capital discipline. Investors should monitor natural gas price trends and the company's operational efficiency closely, as these will be crucial for Comstock's financial performance going forward.
Comstock's results reflect the broader industry trend of energy companies grappling with price fluctuations. The company's pivot towards the Western Haynesville shale play, as evidenced by the acquisition of additional acreage and the promising initial production rates from new wells, is strategically significant. These moves indicate a potential shift in the company's operational focus to optimize resource extraction from more productive sites.
The emphasis on their Western Haynesville midstream system further underscores the importance of infrastructure investments to support efficient production and distribution. The planned capital expenditure in this area, funded by a midstream partnership, reflects a strategic use of partnerships to manage capital outlays while pursuing growth opportunities. The energy sector's dynamics, including supply-demand balances, technological advancements in extraction and regulatory changes, will be key factors affecting Comstock's operations and should be closely watched by stakeholders.
From a risk perspective, the decision to suspend dividends is a prudent measure to conserve cash in light of the current price environment. This move, coupled with the reduction in drilling activity, aligns with risk mitigation strategies that aim to sustain the company through periods of low commodity prices. The reported unrealized gain on hedging contracts also demonstrates the company's proactive risk management, although it is important to note that such gains are subject to market reversals and cannot be relied upon for sustained performance.
The PV-10 Value serves as a critical indicator of the underlying value of the company's proved reserves. The stark contrast in PV-10 Value under different price scenarios underscores the sensitivity of reserve valuations to price assumptions. Investors should consider the potential for reserve value recovery if prices improve, but also recognize the inherent volatility and uncertainty in commodity-dependent sectors.
FRISCO, TX, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2023.
Highlights of 2023's Fourth Quarter
- Continued weak natural gas prices weighed heavily on the fourth quarter results.
- Natural gas and oil sales, including realized hedging gains, were
$354 million . - Adjusted EBITDAX for the quarter was
$244 million . - Operating cash flow was
$207 million or$0.75 per share. - Solid results from the Haynesville shale drilling program with 22 (16.5 net) operated wells turned to sales since the Company's last update with an average initial production rate of 24 MMcf per day.
- Added 23,000 net acres in the Western Haynesville, increasing our acreage in the play to over 250,000 net acres.
- Latest Western Haynesville successful well is currently producing at a rate of 31 MMcf per day.
Financial Results for the Three Months Ended December 31, 2023
Comstock's natural gas and oil sales in the fourth quarter of 2023 totaled
Comstock's production cost per Mcfe in the fourth quarter averaged
Financial Results for the Year Ended December 31, 2023
Natural gas and oil sales for the year ended December 31, 2023 totaled
Comstock's production cost per Mcfe during the year ended December 31, 2023 averaged
2023 Drilling Results
Comstock drilled 67 (55.5 net) operated horizontal Haynesville/Bossier shale wells in 2023, which had an average lateral length of 10,796 feet. Comstock also turned 74 (55.7 net) operated wells to sales in 2023, which had an average initial production rate of 25 MMcf per day.
Since its last operational update in November, Comstock has turned an additional 22 (16.5 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 24 MMcf per day. The completed lateral length of these wells averaged 11,966 feet. Included in the wells turned to sales since the last operational update was the eighth successful Western Haynesville well – the Neyland MMM #1, which was drilled to a total vertical depth of 16,752 feet with a 10,438 foot completed lateral. The well is currently producing 31 MMcf per day and has not reached its maximum initial production rate.
2023 Proved Oil and Gas Reserves
Comstock also announced that proved natural gas and oil reserves as of December 31, 2023 were estimated at 4.9 trillion cubic feet equivalent ("Tcfe") as compared to 6.7 Tcfe as of December 31, 2022. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 4.9 Tcfe of proved reserves at December 31, 2023 were substantially all natural gas,
The following table reflects the changes in the SEC proved reserve estimates since the end of 2022:
| Total (Bcfe) | |||
| Proved Reserves: | |||
| Proved Reserves at December 31, 2022 | 6,700.9 | ||
| Production | (524.9 | ) | |
| Extensions and discoveries | 571.4 | ||
| Revisions | (1,803.9 | ) | |
| Proved Reserves at December 31, 2023 | 4,943.5 | ||
Despite the lower prices used in determining proved reserves, Comstock replaced
2024 Budget
In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve. In addition, the Company plans to reduce the number of operating drilling rigs it is running from seven to five. Two of the five drilling rigs will continue to be deployed in the Company's Western Haynesville play. As a result, Comstock plans to spend approximately
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on February 14, 2024, to discuss the fourth 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/BI9aed23e8af74454f89bd226e82af31c9
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/jx7owzgq.
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 February 14, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/jx7owzgq.
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 December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 348,385 | $ | 740,320 | $ | 1,259,450 | $ | 3,117,094 | ||||||||
| Oil sales | 1,050 | 1,273 | 5,161 | 7,597 | ||||||||||||
| Total natural gas and oil sales | 349,435 | 741,593 | 1,264,611 | 3,124,691 | ||||||||||||
| Gas services | 61,148 | 180,791 | 300,498 | 503,366 | ||||||||||||
| Total revenues | 410,583 | 922,384 | 1,565,109 | 3,628,057 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 31,912 | 17,837 | 91,803 | 77,917 | ||||||||||||
| Gathering and transportation | 46,925 | 41,882 | 184,906 | 155,679 | ||||||||||||
| Lease operating | 31,678 | 31,261 | 132,203 | 111,134 | ||||||||||||
| Exploration | — | 4,924 | 1,775 | 8,287 | ||||||||||||
| Depreciation, depletion and amortization | 185,558 | 134,456 | 607,908 | 489,450 | ||||||||||||
| Gas services | 57,733 | 159,773 | 282,050 | 465,044 | ||||||||||||
| General and administrative | 6,000 | 11,954 | 37,992 | 39,405 | ||||||||||||
| Gain on sale of assets | — | (319 | ) | (125 | ) | (340 | ) | |||||||||
| Total operating expenses | 359,806 | 401,768 | 1,338,512 | 1,346,576 | ||||||||||||
| Operating income | 50,777 | 520,616 | 226,597 | 2,281,481 | ||||||||||||
| Other income (expenses): | ||||||||||||||||
| Gain (loss) from derivative financial instruments | 111,449 | 119,132 | 187,639 | (662,522 | ) | |||||||||||
| Other income | 304 | 410 | 1,771 | 916 | ||||||||||||
| Interest expense | (47,936 | ) | (38,888 | ) | (169,018 | ) | (171,092 | ) | ||||||||
| Loss on early retirement of debt | — | — | — | (46,840 | ) | |||||||||||
| Total other income (expenses) | 63,817 | 80,654 | 20,392 | (879,538 | ) | |||||||||||
| Income before income taxes | 114,594 | 601,270 | 246,989 | 1,401,943 | ||||||||||||
| Provision for income taxes | (6,217 | ) | (81,451 | ) | (35,095 | ) | (261,061 | ) | ||||||||
| Net income | 108,377 | 519,819 | 211,894 | 1,140,882 | ||||||||||||
| Preferred stock dividends | — | (2,925 | ) | — | (16,014 | ) | ||||||||||
| Net income available to common stockholders | 108,377 | 516,894 | 211,894 | 1,124,868 | ||||||||||||
| Net income attributable to noncontrolling interest | (777 | ) | — | (777 | ) | — | ||||||||||
| Net income attributable to Comstock | $ | 107,600 | $ | 516,894 | $ | 211,117 | $ | 1,124,868 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.39 | $ | 2.08 | $ | 0.76 | $ | 4.75 | ||||||||
| Diluted | $ | 0.39 | $ | 1.87 | $ | 0.76 | $ | 4.11 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 276,999 | 247,543 | 276,806 | 236,045 | ||||||||||||
| Diluted | 276,999 | 277,032 | 276,806 | 277,465 | ||||||||||||
| Dividends per share | $ | 0.125 | $ | 0.125 | $ | 0.50 | $ | 0.125 | ||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Natural gas production (MMcf) | 140,565 | 132,858 | 524,467 | 500,616 | ||||||||||||
| Oil production (Mbbls) | 13 | 16 | 70 | 82 | ||||||||||||
| Total production (MMcfe) | 140,649 | 132,955 | 524,890 | 501,107 | ||||||||||||
| Natural gas sales | $ | 348,385 | $ | 740,320 | $ | 1,259,450 | $ | 3,117,094 | ||||||||
| Natural gas hedging settlements (1) | 4,107 | (183,677 | ) | 80,328 | (862,715 | ) | ||||||||||
| Total natural gas including hedging | 352,492 | 556,643 | 1,339,778 | 2,254,379 | ||||||||||||
| Oil sales | 1,050 | 1,273 | 5,161 | 7,597 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 353,542 | $ | 557,916 | $ | 1,344,939 | $ | 2,261,976 | ||||||||
| Average natural gas price (per Mcf) | $ | 2.48 | $ | 5.57 | $ | 2.40 | $ | 6.23 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 2.51 | $ | 4.19 | $ | 2.55 | $ | 4.50 | ||||||||
| Average oil price (per barrel) | $ | 80.77 | $ | 79.56 | $ | 73.73 | $ | 92.65 | ||||||||
| Average price (per Mcfe) | $ | 2.48 | $ | 5.58 | $ | 2.41 | $ | 6.24 | ||||||||
| Average price including hedging (per Mcfe) | $ | 2.51 | $ | 4.20 | $ | 2.56 | $ | 4.51 | ||||||||
| Production and ad valorem taxes | $ | 31,912 | $ | 17,837 | $ | 91,803 | $ | 77,917 | ||||||||
| Gathering and transportation | 46,925 | 41,882 | 184,906 | 155,679 | ||||||||||||
| Lease operating | 31,678 | 31,261 | 132,203 | 111,134 | ||||||||||||
| Cash general and administrative (2) | 3,141 | 10,262 | 28,125 | 32,795 | ||||||||||||
| Total production costs | $ | 113,656 | $ | 101,242 | $ | 437,037 | $ | 377,525 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.23 | $ | 0.12 | $ | 0.18 | $ | 0.16 | ||||||||
| Gathering and transportation (per Mcfe) | 0.33 | 0.32 | 0.35 | 0.31 | ||||||||||||
| Lease operating (per Mcfe) | 0.23 | 0.24 | 0.25 | 0.22 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.02 | 0.08 | 0.05 | 0.07 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.81 | $ | 0.76 | $ | 0.83 | $ | 0.76 | ||||||||
| Unhedged operating margin | 67 | % | 86 | % | 65 | % | 88 | % | ||||||||
| Hedged operating margin | 68 | % | 82 | % | 68 | % | 83 | % | ||||||||
| Gas services revenues | $ | 61,148 | $ | 180,791 | $ | 300,498 | $ | 503,366 | ||||||||
| Gas services expenses | 57,733 | 159,773 | 282,050 | 465,044 | ||||||||||||
| Gas services margin | $ | 3,415 | $ | 21,018 | $ | 18,448 | $ | 38,322 | ||||||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Proved property acquisitions | $ | — | $ | 295 | $ | — | $ | 500 | ||||||||
| Unproved property acquisitions | 21,907 | 16,724 | 98,553 | 54,120 | ||||||||||||
| Total natural gas and oil properties acquisitions | $ | 21,907 | $ | 17,019 | $ | 98,553 | $ | 54,620 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 8,818 | $ | 5,429 | $ | 27,905 | $ | 13,727 | ||||||||
| Exploratory drilling and completion | 65,079 | 14,517 | 244,129 | 63,520 | ||||||||||||
| Development drilling and completion | 233,856 | 281,653 | 974,664 | 901,026 | ||||||||||||
| Other development costs | 6,262 | 1,193 | 25,130 | 53,693 | ||||||||||||
| Total exploration and development capital expenditures | $ | 314,015 | $ | 302,792 | $ | 1,271,828 | $ | 1,031,966 | ||||||||
- 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 December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| ADJUSTED NET INCOME: | ||||||||||||||||
| Net income available to common stockholders | $ | 108,377 | $ | 516,894 | $ | 211,894 | $ | 1,124,868 | ||||||||
| Unrealized gain from derivative financial instruments | (107,342 | ) | (302,809 | ) | (107,311 | ) | (200,193 | ) | ||||||||
| 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 | — | 4,924 | 1,775 | 8,287 | ||||||||||||
| Gain on sale of assets | — | (319 | ) | (125 | ) | (340 | ) | |||||||||
| Adjustment to income taxes | 26,868 | 68,970 | 26,450 | 39,011 | ||||||||||||
| Adjusted net income (1) | $ | 27,903 | $ | 287,660 | $ | 132,683 | $ | 1,022,647 | ||||||||
| Adjusted net income per share (2) | $ | 0.10 | $ | 1.05 | $ | 0.47 | $ | 3.73 | ||||||||
| Diluted shares outstanding | 276,999 | 277,032 | 276,806 | 277,464 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income | $ | 108,377 | $ | 519,819 | $ | 211,894 | $ | 1,140,882 | ||||||||
| Interest expense | 47,936 | 38,888 | 169,018 | 171,092 | ||||||||||||
| Income taxes | 6,217 | 81,451 | 35,095 | 261,061 | ||||||||||||
| Depreciation, depletion, and amortization | 185,558 | 134,456 | 607,908 | 489,450 | ||||||||||||
| Exploration | — | 4,924 | 1,775 | 8,287 | ||||||||||||
| Unrealized gain from derivative financial instruments | (107,342 | ) | (302,809 | ) | (107,311 | ) | (200,193 | ) | ||||||||
| Stock-based compensation | 2,861 | 1,692 | 9,867 | 6,610 | ||||||||||||
| Loss on early extinguishment of debt | — | — | — | 46,840 | ||||||||||||
| Gain on sale of assets | — | (319 | ) | (125 | ) | (340 | ) | |||||||||
| Total Adjusted EBITDAX (3) | $ | 243,607 | $ | 478,102 | $ | 928,121 | $ | 1,923,689 | ||||||||
- Adjusted net income 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 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 December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| OPERATING CASH FLOW (1): | ||||||||||||||||
| Net income | $ | 108,377 | $ | 519,819 | $ | 211,894 | $ | 1,140,882 | ||||||||
| Reconciling items: | ||||||||||||||||
| Unrealized gain from derivative financial instruments | (107,342 | ) | (302,809 | ) | (107,311 | ) | (200,193 | ) | ||||||||
| Deferred income taxes | 15,423 | 79,928 | 44,301 | 228,317 | ||||||||||||
| Depreciation, depletion and amortization | 185,558 | 134,456 | 607,908 | 489,450 | ||||||||||||
| Loss on early retirement of debt | — | — | — | 46,840 | ||||||||||||
| Amortization of debt discount and issuance costs | 1,984 | 1,713 | 7,964 | 10,255 | ||||||||||||
| Stock-based compensation | 2,861 | 1,692 | 9,867 | 6,610 | ||||||||||||
| Gain on sale of assets | — | (319 | ) | (125 | ) | (340 | ) | |||||||||
| Operating cash flow | $ | 206,861 | $ | 434,480 | $ | 774,498 | $ | 1,721,821 | ||||||||
| (Increase) decrease in accounts receivable | (16,626 | ) | 117,211 | 278,697 | (242,389 | ) | ||||||||||
| (Increase) decrease in other current assets | 1,369 | (10,655 | ) | 745 | (10,296 | ) | ||||||||||
| Increase (decrease) in accounts payable and other accrued expenses | 36,603 | (72,704 | ) | (37,094 | ) | 229,252 | ||||||||||
| Net cash provided by operating activities | $ | 228,207 | $ | 468,332 | $ | 1,016,846 | $ | 1,698,388 | ||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| FREE CASH FLOW (2): | ||||||||||||||||
| Operating cash flow | $ | 206,861 | $ | 434,480 | $ | 774,498 | $ | 1,721,821 | ||||||||
| Less: | ||||||||||||||||
| Exploration and development capital expenditures | (314,015 | ) | (302,792 | ) | (1,271,828 | ) | (1,031,966 | ) | ||||||||
| Midstream capital expenditures | (14,098 | ) | — | (35,694 | ) | — | ||||||||||
| Other capital expenditures | (11 | ) | (147 | ) | (491 | ) | (803 | ) | ||||||||
| Preferred stock dividends | — | (2,925 | ) | — | (16,014 | ) | ||||||||||
| Contributions from midstream partnership | 24,000 | — | 24,000 | — | ||||||||||||
| Free cash flow (deficit) from operations | $ | (97,263 | ) | $ | 128,616 | $ | (509,515 | ) | $ | 673,038 | ||||||
| Acquisitions | (21,907 | ) | (18,044 | ) | (98,553 | ) | (72,593 | ) | ||||||||
| Proceeds from divestitures | — | 4,093 | 41,295 | 4,186 | ||||||||||||
| Free cash flow (deficit) after acquisition and divestiture activity | $ | (119,170 | ) | $ | 114,665 | $ | (566,773 | ) | $ | 604,631 | ||||||
- 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, midstream and other capital expenditures, preferred dividend payments, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| December 31, 2023 | December 31, 2022 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 16,669 | $ | 54,652 | ||||
| Accounts receivable | 231,430 | 510,127 | ||||||
| Derivative financial instruments | 126,775 | 23,884 | ||||||
| Other current assets | 86,619 | 56,324 | ||||||
| Total current assets | 461,493 | 644,987 | ||||||
| Property and equipment, net | 5,384,771 | 4,622,655 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 71,462 | 90,716 | ||||||
| $ | 6,253,623 | $ | 5,694,255 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 523,260 | $ | 530,195 | ||||
| Accrued costs | 134,466 | 183,111 | ||||||
| Operating leases | 23,765 | 38,411 | ||||||
| Derivative financial instruments | — | 4,420 | ||||||
| Total current liabilities | 681,491 | 756,137 | ||||||
| Long-term debt | 2,640,391 | 2,152,571 | ||||||
| Deferred income taxes | 470,035 | 425,734 | ||||||
| Derivative financial instruments | — | — | ||||||
| Long-term operating leases | 47,742 | 52,385 | ||||||
| Asset retirement obligation | 30,773 | 29,114 | ||||||
| Total liabilities | 3,870,432 | 3,415,941 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 139,214 | 138,759 | ||||||
| Additional paid-in capital | 1,260,930 | 1,253,417 | ||||||
| Accumulated earnings | 958,270 | 886,138 | ||||||
| Total stockholders' equity attributable to Comstock | 2,358,414 | 2,278,314 | ||||||
| Noncontrolling interest | 24,777 | — | ||||||
| Total stockholders' equity | 2,383,191 | 2,278,314 | ||||||
| $ | 6,253,623 | $ | 5,694,255 | |||||
FAQ
What were Comstock's operating cash flow and net income for Q4 2023?
How much did Comstock's proved reserves decrease to in 2023?
What is the PV-10 Value of Comstock's proved reserves?
Why is Comstock suspending its dividend?
How many drilling rigs is Comstock planning to reduce to?
