COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2022 FINANCIAL AND OPERATING RESULTS
Comstock Resources (CRK) reported strong second-quarter results for 2022, generating $190 million in free cash flow. The company retired $271 million in senior notes, reducing its annualized leverage ratio to 1.2x. Adjusted net income was $274 million or $1.00 per diluted share, a significant increase in EBITDAX by 105% to $515 million. Oil and gas sales surged 86% year-over-year to $604 million. The company also completed a strategic acquisition and achieved certification for natural gas production under MiQ standards.
- Free cash flow of $190 million in Q2 2022.
- Retired $271 million in senior notes, lowering leverage ratio to 1.2x.
- Adjusted net income of $274 million, or $1.00 per diluted share.
- EBITDAX increased by 105% to $515 million.
- Oil and gas sales rose 86% year-over-year to $604 million.
- Completed acquisition of 60,000 net acres and pipeline for $36 million.
- Realized hedging losses of $257.4 million impacting reported revenues.
- Production cost per Mcfe increased to $0.74, up from $0.59 in Q2 2021.
FRISCO, TX, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended June 30, 2022.
Highlights of 2022's Second Quarter
- Generated free cash flow from operations of
$190 million in the quarter. - Retired
$271 million in senior notes and reduced annualized leverage ratio to 1.2x. - Adjusted net income to common stockholders was
$274 million for the quarter or$1.00 per diluted share. - Adjusted EBITDAX increased
105% to$515 million . - Operating cash flow (excluding working capital changes) increased
133% to$458 million or$1.65 per diluted share. - Oil and gas sales, after realized hedging losses, were
$604 million ,86% higher than 2021's second quarter. - Strong results from Haynesville drilling program with 16 (14.4 net) operated wells turned to sales with an average initial production of 26 MMcf per day.
- Completed an attractive bolt-on acquisition which included approximately 60,000 net acres prospective for the Haynesville and Bossier shale in East Texas and a 145 mile high pressure pipeline and natural gas treating plant for
$36 million . - Achieved independent certification for natural gas production under the MiQ standard during the quarter.
Financial Results for the Three Months Ended June 30, 2022
Revenues in the second quarter of 2022 totaled
Comstock's production cost per Mcfe in the second quarter averaged
Financial Results for the Six Months Ended June 30, 2022
Revenues for the six months ended June 30, 2022 totaled
Comstock's production cost per Mcfe during the six months ended June 30, 2022 averaged
Drilling Results
Comstock drilled 18 (16.5 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2022 which had an average lateral length of 9,924 feet. The Company also participated in an additional 13 (1.9 net) non-operated Haynesville shale wells in the second quarter of 2022. Comstock turned 16 (14.4 net) wells to sales in the second quarter of 2022 and currently expects to turn an additional 14 (13.2 net) wells to sales in the third quarter of 2022.
Since its last operational update in May, Comstock has turned 14 (12.6 net) new operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 26 MMcf per day. The completed lateral length of these wells averaged 9,577 feet. Included in the reported drilling results was Comstock's successful Circle M well drilled in Robertson County, Texas in the Western Haynesville area. The well was completed with a 7,900 foot lateral and was tested at 37 MMcf per day.
During the second quarter, Comstock completed an acquisition which included approximately 60,000 net acres prospective for the Haynesville and Bossier shale in East Texas, a 145 mile high pressure natural gas pipeline and a natural gas treating plant for
Natural Gas Certification
Comstock announced it has achieved certification for its operated natural gas production under the MiQ standard for methane emissions measurement and management. The MiQ Standard scores production, based on how well operators deploy integrated technologies to detect, measure, and abate emissions while also including a detailed assessment of policies and work practices that evaluate an operator's preparedness to prevent future methane emissions. The certification highlights Comstock's ongoing commitment to produce natural gas under strict environmental standards and deliver differentiated, independently certified gas based on methane intensity to both domestic and international markets. Comstock received the certification in June 2022 and the first block of the Company's certified natural gas is available for trading. The certificates, which can be traded bundled (combined with natural gas delivery) or unbundled, will be available on MiQ's Digital Registry in the coming weeks. The certification covers all the Company's facilities in North Louisiana and East Texas, which currently produce approximately 2.0 billion cubic feet per day of natural gas.
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on August 2, 2022, to discuss the second quarter 2022 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/BI2b5f1d27974644e3bb8e3cae9a36c3c1. 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/cjhpy3va.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 10:00 a.m. CT on August 2, 2022. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/cjhpy3va.
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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues: | |||||||||||||||
| Natural gas sales | $ | 858,838 | $ | 321,520 | $ | 1,381,795 | $ | 645,480 | |||||||
| Oil sales | 2,504 | 22,173 | 4,388 | 38,698 | |||||||||||
| Total oil and gas sales | 861,342 | 343,693 | 1,386,183 | 684,178 | |||||||||||
| Gas services | 84,912 | — | 129,485 | — | |||||||||||
| Total revenues | 946,254 | 343,693 | 1,515,668 | 684,178 | |||||||||||
| Operating expenses: | |||||||||||||||
| Production and ad valorem taxes | 21,729 | 10,141 | 35,549 | 19,793 | |||||||||||
| Gathering and transportation | 36,964 | 31,736 | 69,057 | 61,194 | |||||||||||
| Lease operating | 25,079 | 26,011 | 51,265 | 50,574 | |||||||||||
| Exploration | 2,342 | — | 3,363 | — | |||||||||||
| Depreciation, depletion and amortization | 119,201 | 121,446 | 225,929 | 230,574 | |||||||||||
| Gas services | 82,778 | — | 123,453 | — | |||||||||||
| General and administrative | 9,063 | 7,872 | 17,286 | 15,900 | |||||||||||
| Gain on sale of assets | (19 | ) | (9 | ) | (21 | ) | (79 | ) | |||||||
| Total operating expenses | 297,137 | 197,197 | 525,881 | 377,956 | |||||||||||
| Operating income | 649,117 | 146,496 | 989,787 | 306,222 | |||||||||||
| Other income (expenses): | |||||||||||||||
| Loss from derivative financial instruments | (72,826 | ) | (223,958 | ) | (510,319 | ) | (245,707 | ) | |||||||
| Other income | 182 | 530 | 450 | 811 | |||||||||||
| Interest expense | (44,320 | ) | (56,880 | ) | (90,811 | ) | (120,691 | ) | |||||||
| Loss on early retirement of debt | (46,840 | ) | (114,060 | ) | (46,840 | ) | (352,599 | ) | |||||||
| Total other expenses | (163,804 | ) | (394,368 | ) | (647,520 | ) | (718,186 | ) | |||||||
| Income (loss) before income taxes | 485,313 | (247,872 | ) | 342,267 | (411,964 | ) | |||||||||
| (Provision for) benefit from income taxes | (108,422 | ) | 68,177 | (76,800 | ) | 98,144 | |||||||||
| Net income (loss) | 376,891 | (179,695 | ) | 265,467 | (313,820 | ) | |||||||||
| Preferred stock dividends | (4,363 | ) | (4,363 | ) | (8,678 | ) | (8,678 | ) | |||||||
| Net income (loss) available to common stockholders | $ | 372,528 | $ | (184,058 | ) | $ | 256,789 | $ | (322,498 | ) | |||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | 1.60 | $ | (0.80 | ) | $ | 1.10 | $ | (1.39 | ) | |||||
| Diluted | $ | 1.36 | $ | (0.80 | ) | $ | 0.96 | $ | (1.39 | ) | |||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 232,045 | 231,428 | 232,011 | 231,403 | |||||||||||
| Diluted | 277,614 | 231,428 | 277,485 | 231,403 | |||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2021 | 2021 | ||||||||||||||||||||||
| 2022 | Pro Forma (3) | As Reported | 2022 | Pro Forma (3) | As Reported | ||||||||||||||||||
| Gas production (MMcf) | 123,950 | 122,324 | 124,083 | 238,856 | 234,128 | 237,376 | |||||||||||||||||
| Oil production (Mbbls) | 24 | 29 | 362 | 45 | 46 | 688 | |||||||||||||||||
| Total production (MMcfe) | 124,092 | 122,496 | 126,260 | 239,127 | 234,404 | 241,506 | |||||||||||||||||
| Natural gas sales | $ | 858,838 | $ | 317,160 | $ | 321,520 | $ | 1,381,795 | $ | 639,955 | $ | 645,480 | |||||||||||
| Natural gas hedging settlements (1) | (257,363 | ) | (16,879 | ) | (16,879 | ) | (374,549 | ) | (24,369 | ) | (24,369 | ) | |||||||||||
| Total natural gas including hedging | 601,475 | 300,281 | 304,641 | 1,007,246 | 615,586 | 621,111 | |||||||||||||||||
| Oil sales | 2,504 | 1,792 | 22,173 | 4,388 | 2,743 | 38,698 | |||||||||||||||||
| Oil hedging settlements (1) | — | — | (1,965 | ) | — | — | (2,883 | ) | |||||||||||||||
| Total oil including hedging | 2,504 | 1,792 | 20,208 | 4,388 | 2,743 | 35,815 | |||||||||||||||||
| Total oil and gas sales including hedging | $ | 603,979 | $ | 302,073 | $ | 324,849 | $ | 1,011,634 | $ | 618,329 | $ | 656,926 | |||||||||||
| Average gas price (per Mcf) | $ | 6.93 | $ | 2.59 | $ | 2.59 | $ | 5.79 | $ | 2.73 | $ | 2.72 | |||||||||||
| Average gas price including hedging (per Mcf) | $ | 4.85 | $ | 2.45 | $ | 2.46 | $ | 4.22 | $ | 2.63 | $ | 2.62 | |||||||||||
| Average oil price (per barrel) | $ | 104.33 | $ | 61.79 | $ | 61.25 | $ | 97.51 | $ | 59.63 | $ | 56.25 | |||||||||||
| Average oil price including hedging (per barrel) | $ | 104.33 | $ | 61.79 | $ | 55.82 | $ | 97.51 | $ | 59.63 | $ | 52.06 | |||||||||||
| Average price (per Mcfe) | $ | 6.94 | $ | 2.60 | $ | 2.72 | $ | 5.80 | $ | 2.74 | $ | 2.83 | |||||||||||
| Average price including hedging (per Mcfe) | $ | 4.87 | $ | 2.47 | $ | 2.57 | $ | 4.23 | $ | 2.64 | $ | 2.72 | |||||||||||
| Production and ad valorem taxes | $ | 21,729 | $ | 8,033 | $ | 10,141 | $ | 35,549 | $ | 16,081 | $ | 19,793 | |||||||||||
| Gathering and transportation | 36,964 | 31,736 | 31,736 | 69,057 | 61,194 | 61,194 | |||||||||||||||||
| Lease operating | 25,079 | 22,807 | 26,011 | 51,265 | 43,866 | 50,574 | |||||||||||||||||
| Cash general and administrative (2) | 7,482 | 6,073 | 6,073 | 14,210 | 12,411 | 12,411 | |||||||||||||||||
| Total production costs | $ | 91,254 | $ | 68,649 | $ | 73,961 | $ | 170,081 | $ | 133,552 | $ | 143,972 | |||||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.18 | $ | 0.06 | $ | 0.08 | $ | 0.15 | $ | 0.07 | $ | 0.08 | |||||||||||
| Gathering and transportation (per Mcfe) | 0.30 | 0.26 | 0.25 | 0.29 | 0.26 | 0.25 | |||||||||||||||||
| Lease operating (per Mcfe) | 0.20 | 0.19 | 0.21 | 0.21 | 0.19 | 0.21 | |||||||||||||||||
| Cash general and administrative (per Mcfe) | 0.06 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | |||||||||||||||||
| Total production costs (per Mcfe) | $ | 0.74 | $ | 0.56 | $ | 0.59 | $ | 0.71 | $ | 0.57 | $ | 0.59 | |||||||||||
| Unhedged operating margin | 89 | % | 78 | % | 78 | % | 88 | % | 79 | % | 79 | % | |||||||||||
| Hedged operating margin | 85 | % | 77 | % | 77 | % | 83 | % | 78 | % | 78 | % | |||||||||||
| Oil and gas capital expenditures: | |||||||||||||||||||||||
| Proved property acquisitions | $ | (69 | ) | $ | — | $ | — | $ | 205 | $ | — | $ | — | ||||||||||
| Unproved property acquisitions | 21,551 | 7,625 | 7,625 | 25,182 | 13,401 | 13,401 | |||||||||||||||||
| Total oil and gas properties acquisitions | $ | 21,482 | $ | 7,625 | $ | 7,625 | $ | 25,387 | $ | 13,401 | $ | 13,401 | |||||||||||
| Exploration and development: | |||||||||||||||||||||||
| Development leasehold | $ | 655 | $ | 1,995 | $ | 2,005 | $ | 5,287 | $ | 6,038 | $ | 6,061 | |||||||||||
| Exploratory drilling and completion | 18,840 | — | — | 30,397 | — | — | |||||||||||||||||
| Development drilling and completion | 225,371 | 157,648 | 157,648 | 414,419 | 312,887 | 312,887 | |||||||||||||||||
| Other development costs | 18,325 | 2,951 | 4,624 | 36,937 | 5,340 | 8,076 | |||||||||||||||||
| Total exploration and development capital expenditures | $ | 263,191 | $ | 162,594 | $ | 164,277 | $ | 487,040 | $ | 324,265 | $ | 327,024 | |||||||||||
(1) Included in gain (loss) from derivative financial instruments in operating results.
(2) Excludes stock-based compensation.
(3) Excludes results of the Company's Bakken shale assets, which were sold in October 2021.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS: | |||||||||||||||
| Net income (loss) available to common stockholders | $ | 372,528 | $ | (184,058 | ) | $ | 256,789 | $ | (322,498 | ) | |||||
| Unrealized (gain) loss from derivative financial instruments | (184,537 | ) | 204,822 | 135,770 | 217,894 | ||||||||||
| Loss on early retirement of debt | 46,840 | 114,060 | 46,840 | 352,599 | |||||||||||
| Non-cash interest amortization from adjusting debt assumed in acquisition to fair value | 1,414 | 2,470 | 4,174 | 7,397 | |||||||||||
| Exploration expense | 2,342 | — | 3,363 | — | |||||||||||
| Gain on sale of assets | (19 | ) | (9 | ) | (21 | ) | (79 | ) | |||||||
| Adjustment to (provision for) benefit from income taxes | 35,050 | (87,875 | ) | (37,539 | ) | (142,608 | ) | ||||||||
| Adjusted net income available to common stockholders (1) | $ | 273,618 | $ | 49,410 | $ | 409,376 | $ | 112,705 | |||||||
| Adjusted net income available to common stockholders per share (2) | $ | 1.00 | $ | 0.20 | $ | 1.50 | $ | 0.44 | |||||||
| Diluted shares outstanding | 277,614 | 275,211 | 277,484 | 275,153 | |||||||||||
| ADJUSTED EBITDAX: | |||||||||||||||
| Net income (loss) | $ | 376,891 | $ | (179,695 | ) | $ | 265,467 | $ | (313,820 | ) | |||||
| Interest expense (3) | 44,320 | 57,172 | 90,811 | 121,252 | |||||||||||
| Income taxes | 108,422 | (68,177 | ) | 76,800 | (98,144 | ) | |||||||||
| Depreciation, depletion, and amortization | 119,201 | 121,446 | 225,929 | 230,574 | |||||||||||
| Exploration | 2,342 | — | 3,363 | — | |||||||||||
| Unrealized (gain) loss from derivative financial instruments | (184,537 | ) | 204,822 | 135,770 | 217,894 | ||||||||||
| Stock-based compensation | 1,581 | 1,799 | 3,076 | 3,489 | |||||||||||
| Loss on early extinguishment of debt | 46,840 | 114,060 | 46,840 | 352,599 | |||||||||||
| Gain on sale of assets | (19 | ) | (9 | ) | (21 | ) | (79 | ) | |||||||
| Total Adjusted EBITDAX (4) | $ | 515,041 | $ | 251,418 | $ | 848,035 | $ | 513,765 | |||||||
(1) 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.
(2) 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.
(3) Includes realized gains or losses from interest rate derivative financial instruments.
(4) 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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| OPERATING CASH FLOW (1): | |||||||||||||||
| Net income (loss) | $ | 376,891 | $ | (179,695 | ) | $ | 265,467 | $ | (313,820 | ) | |||||
| Reconciling items: | |||||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (184,537 | ) | 204,822 | 135,770 | 217,894 | ||||||||||
| Deferred income taxes (benefit) | 95,117 | (71,131 | ) | 70,329 | (101,281 | ) | |||||||||
| Depreciation, depletion and amortization | 119,201 | 121,446 | 225,929 | 230,574 | |||||||||||
| Loss on early retirement of debt | 46,840 | 114,060 | 46,840 | 352,599 | |||||||||||
| Amortization of debt discount and issuance costs | 2,873 | 5,086 | 7,098 | 13,575 | |||||||||||
| Stock-based compensation | 1,581 | 1,799 | 3,076 | 3,489 | |||||||||||
| Gain on sale of assets | (19 | ) | (9 | ) | (21 | ) | (79 | ) | |||||||
| Operating cash flow | $ | 457,947 | $ | 196,378 | $ | 754,488 | $ | 402,951 | |||||||
| Increase in accounts receivable | (232,043 | ) | (33,158 | ) | (203,918 | ) | (40,190 | ) | |||||||
| (Increase) decrease in other current assets | (11,126 | ) | 750 | (9,720 | ) | 5,528 | |||||||||
| Increase in accounts payable and accrued expenses | 187,116 | 28,341 | 145,083 | 17,294 | |||||||||||
| Net cash provided by operating activities | $ | 401,894 | $ | 192,311 | $ | 685,933 | $ | 385,583 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| FREE CASH FLOW (2): | |||||||||||||||
| Operating cash flow | $ | 457,947 | $ | 196,378 | $ | 754,488 | $ | 402,951 | |||||||
| Less: | |||||||||||||||
| Exploration and development capital expenditures | (263,191 | ) | (164,277 | ) | (487,040 | ) | (327,024 | ) | |||||||
| Preferred dividends | (4,363 | ) | (4,363 | ) | (8,678 | ) | (8,678 | ) | |||||||
| Free cash flow from operations | $ | 190,393 | $ | 27,738 | $ | 258,770 | $ | 67,249 | |||||||
| Acquisitions | (39,539 | ) | (7,665 | ) | (43,466 | ) | (13,447 | ) | |||||||
| Proceeds from divestitures | 48 | 11 | 93 | 211 | |||||||||||
| Free cash flow after acquisition and divestiture activity | $ | 150,902 | $ | 20,084 | $ | 215,397 | $ | 54,013 | |||||||
(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 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 oil and gas properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| As of | ||||||
| June 30, 2022 | December 31, 2021 | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 32,272 | $ | 30,663 | ||
| Accounts receivable | 471,656 | 267,738 | ||||
| Derivative financial instruments | 2,086 | 5,258 | ||||
| Other current assets | 24,797 | 15,077 | ||||
| Total current assets | 530,811 | 318,736 | ||||
| Property and equipment, net | 4,313,201 | 4,007,146 | ||||
| Goodwill | 335,897 | 335,897 | ||||
| Operating lease right-of-use assets | 108,284 | 6,450 | ||||
| $ | 5,288,193 | $ | 4,668,229 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Accounts payable | $ | 454,752 | $ | 314,569 | ||
| Accrued costs | 153,763 | 135,026 | ||||
| Operating leases | 37,561 | 2,444 | ||||
| Derivative financial instruments | 318,585 | 181,945 | ||||
| Total current liabilities | 964,661 | 633,984 | ||||
| Long-term debt | 2,510,253 | 2,615,235 | ||||
| Deferred income taxes | 267,746 | 197,417 | ||||
| Derivative financial instruments | — | 4,042 | ||||
| Long-term operating leases | 70,797 | 4,075 | ||||
| Asset retirement obligation | 28,433 | 25,673 | ||||
| Other non-current liabilities | 24 | 24 | ||||
| Total liabilities | 3,841,914 | 3,480,450 | ||||
| Mezzanine Equity: | ||||||
| Preferred stock | 175,000 | 175,000 | ||||
| Stockholders' Equity: | ||||||
| Common stock | 116,579 | 116,462 | ||||
| Additional paid-in capital | 1,101,953 | 1,100,359 | ||||
| Accumulated earnings (deficit) | 52,747 | (204,042 | ) | |||
| Total stockholders' equity | 1,271,279 | 1,012,779 | ||||
| $ | 5,288,193 | $ | 4,668,229 | |||
FAQ
What were Comstock Resources' Q2 2022 earnings results?
How much free cash flow did CRK generate in Q2 2022?
What was CRK's leverage ratio after recent debt repayment?
How did oil and gas sales perform for CRK in Q2 2022?
What acquisition did Comstock Resources complete recently?
