COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS
Comstock Resources (NYSE: CRK) reported its Q2 2024 financial results, highlighting the impact of weak natural gas prices. Key points include:
- Natural gas and oil sales: $278 million (including $60.6 million in hedging gains)
- Operating cash flow: $118 million ($0.41 per diluted share)
- Adjusted EBITDAX: $167 million
- Adjusted net loss: $58.2 million ($0.20 per share)
- Enhanced liquidity with $400 million, 6.75% senior notes issuance
- 15 operated Haynesville/Bossier shale wells turned to sales, averaging 21 MMcf per day initial production
- Realized gas price: $1.65 per Mcf without hedging, $2.12 per Mcf after hedging
- Production cost: $0.84 per Mcfe
- Unhedged operating margin: 50% (61% after hedging)
Comstock Resources (NYSE: CRK) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando l'impatto dei prezzi deboli del gas naturale. I punti chiave includono:
- Vendite di gas naturale e petrolio: 278 milioni di dollari (inclusi 60,6 milioni di dollari in guadagni da copertura)
- Flusso di cassa operativo: 118 milioni di dollari (0,41 dollari per azione diluita)
- EBITDAX rettificato: 167 milioni di dollari
- Perdite nette rettificate: 58,2 milioni di dollari (0,20 dollari per azione)
- Maggiore liquidità con l'emissione di obbligazioni senior da 400 milioni di dollari con tasso del 6,75%
- 15 pozzi di scisto Haynesville/Bossier operativi messi in vendita, con una produzione iniziale media di 21 MMcf al giorno
- Prezzo di gas realizzato: 1,65 dollari per Mcf senza copertura, 2,12 dollari per Mcf dopo copertura
- Costo di produzione: 0,84 dollari per Mcfe
- Margine operativo non coperto: 50% (61% dopo copertura)
Comstock Resources (NYSE: CRK) informó sobre sus resultados financieros del segundo trimestre de 2024, destacando el impacto de los débiles precios del gas natural. Los puntos clave incluyen:
- Ventas de gas natural y petróleo: 278 millones de dólares (incluyendo 60,6 millones de dólares en ganancias por coberturas)
- Flujo de caja operativo: 118 millones de dólares (0,41 dólares por acción diluida)
- EBITDAX ajustado: 167 millones de dólares
- Pérdida neta ajustada: 58,2 millones de dólares (0,20 dólares por acción)
- Liquidez mejorada con la emisión de bonos senior de 400 millones de dólares al 6,75%
- 15 pozos de esquisto Haynesville/Bossier en operación, con una producción inicial promedio de 21 MMcf por día
- Precio de gas realizado: 1,65 dólares por Mcf sin cobertura, 2,12 dólares por Mcf después de cobertura
- Costo de producción: 0,84 dólares por Mcfe
- Margen operativo no cubierto: 50% (61% después de cobertura)
Comstock Resources (NYSE: CRK)는 2024년 2분기 재무 결과를 발표하며 약한 천연가스 가격의 영향을 강조했습니다. 주요 내용은 다음과 같습니다:
- 천연가스 및 석유 판매: 2억 7천8백만 달러(헤지 이익 포함 6천만 6백만 달러)
- 운영 현금 흐름: 1억 1천8백만 달러(희석 주당 0.41달러)
- 조정된 EBITDAX: 1억 6천7백만 달러
- 조정된 순손실: 5천8백만 2천 달러(주당 0.20달러)
- 6.75% 선순위 채권으로 4억 달러의 유동성 강화
- 판매로 전환된 15개의 Haynesville/Bossier 셰일 유정, 초기 생산량 평균 21 MMcf/일
- 실현된 가스 가격: 헤지 없이 Mcf당 1.65달러, 헤지 후 Mcf당 2.12달러
- 생산 비용: Mcfe당 0.84달러
- 헤지되지 않은 운영 마진: 50%(헤지 후 61%)
Comstock Resources (NYSE: CRK) a présenté ses résultats financiers pour le deuxième trimestre 2024, soulignant l'impact des basses prix du gaz naturel. Les points clés sont les suivants :
- Ventes de gaz naturel et de pétrole : 278 millions de dollars (comprenant 60,6 millions de dollars de gains de couverture)
- Flux de trésorerie opérationnel : 118 millions de dollars (0,41 dollar par action diluée)
- EBITDAX ajusté : 167 millions de dollars
- Perte nette ajustée : 58,2 millions de dollars (0,20 dollar par action)
- Liquidité renforcée avec l'émission d'obligations senior de 400 millions de dollars à 6,75%
- 15 puits de schiste Haynesville/Bossier en exploitation, avec une production initiale moyenne de 21 MMcf par jour
- Prix du gaz réalisé : 1,65 dollar par Mcf sans couverture, 2,12 dollars par Mcf après couverture
- Coût de production : 0,84 dollar par Mcfe
- Marge opérationnelle non couverte : 50% (61% après couverture)
Comstock Resources (NYSE: CRK) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und dabei die Auswirkungen von schwachen Erdgaspreisen hervorgehoben. Die wichtigsten Punkte sind:
- Umsatz aus Erdgas und Öl: 278 Millionen USD (einschließlich 60,6 Millionen USD aus Hedging-Gewinnen)
- Operativer Cashflow: 118 Millionen USD (0,41 USD pro verwässerter Aktie)
- Adjustiertes EBITDAX: 167 Millionen USD
- Adjustierter Nettoverlust: 58,2 Millionen USD (0,20 USD pro Aktie)
- Erhöhte Liquidität durch die Emission von 400 Millionen USD an Senior Notes mit 6,75% Zinsen
- 15 betriebene Haynesville/Bossier-Schieferbohrungen, die in den Verkauf gingen, mit einer durchschnittlichen Anfangsproduktion von 21 MMcf pro Tag
- Realisierter Gaspreis: 1,65 USD pro Mcf ohne Hedging, 2,12 USD pro Mcf nach Hedging
- Produktionskosten: 0,84 USD pro Mcfe
- Unhedged Betriebsmarge: 50% (61% nach Hedging)
- Enhanced liquidity with $400 million, 6.75% senior notes issuance
- 4% increase in production compared to Q2 2023
- 15 operated Haynesville/Bossier shale wells turned to sales with average initial production of 21 MMcf per day
- Hedging gains of $60.6 million mitigated impact of low natural gas prices
- Adjusted net loss of $58.2 million ($0.20 per share) for Q2 2024
- Weak natural gas prices significantly impacted financial results
- Realized gas price decreased to $1.65 per Mcf without hedging
- Net loss of $123.2 million ($0.43 per share) for Q2 2024
- Pre-tax $85.8 million unrealized loss on hedging contracts
Insights
Comstock Resources' Q2 2024 results paint a challenging picture for the natural gas producer, primarily due to weak natural gas prices. Despite a 4% increase in production compared to Q2 2023, the company reported a significant decline in financial performance:
- Natural gas and oil sales:
$278 million (including realized hedging gains) - Operating cash flow:
$118 million ($0.41 per diluted share) - Adjusted EBITDAX:
$167 million - Adjusted net loss:
$58.2 million ($0.20 per share)
The company's realized gas price averaged
Comstock's issuance of
The company's continued focus on the Haynesville shale, with 15 new wells averaging 21 MMcf per day initial production, shows commitment to growth despite market challenges. This strategy could position Comstock well for a potential price recovery, but also increases risk if prices remain depressed.
Comstock's Q2 2024 results reflect the broader challenges facing the natural gas industry. The stark contrast between the
The average realized gas price of
The company's focus on the Haynesville shale, known for its proximity to LNG export terminals, could be a strategic advantage. As global natural gas demand grows, particularly in Europe and Asia, Comstock's production could become more valuable. However, this potential upside is contingent on increased LNG export capacity and improved global pricing.
The
Investors should closely monitor natural gas inventory levels, weather patterns and global LNG demand as key indicators for potential price recovery and Comstock's future performance.
FRISCO, TX, July 30, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended June 30, 2024.
Highlights of 2024's Second Quarter
- Very weak natural gas prices weighed heavily on the second quarter financial results.
- Natural gas and oil sales, including realized hedging gains, were
$278 million . - Operating cash flow was
$118 million or$0.41 per diluted share. - Adjusted EBITDAX for the quarter was
$167 million . - Adjusted net loss was
$58.2 million or$0.20 per share for the quarter. - Enhanced liquidity with
$400 million ,6.75% senior notes issuance. - Steady results from the Haynesville shale drilling program with 15 (14.4 net) operated wells turned to sales since the Company's last update with an average initial production of 21 MMcf per day.
Financial Results for the Three Months Ended June 30, 2024
Comstock's realized gas price for the second quarter of 2024 averaged
Comstock's production cost per Mcfe in the second quarter averaged
Financial Results for the Six Months Ended June 30, 2024
Natural gas and oil sales for the six months ended June 30, 2024 totaled
Comstock's production cost per Mcfe during the six months ended June 30, 2024 averaged
Drilling Results
Comstock drilled 11 (9.2 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2024 which had an average lateral length of 11,346 feet. Comstock turned 12 (11.7 net) operated wells to sales in the second quarter of 2024.
Since its last operational update in May, Comstock has turned 15 (14.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 21 MMcf per day. The completed lateral length of these wells averaged 9,802 feet.
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on July 31, 2024, to discuss the second 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/BI3dd152694a074bc28172df7314b38 fa6. 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/w3stws2d.
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 July 31, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/w3stws2d.
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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 216,527 | $ | 228,892 | $ | 503,610 | $ | 606,924 | ||||||||
| Oil sales | 1,074 | 860 | 1,950 | 2,802 | ||||||||||||
| Total natural gas and oil sales | 217,601 | 229,752 | 505,560 | 609,726 | ||||||||||||
| Gas services | 29,229 | 58,459 | 77,042 | 168,063 | ||||||||||||
| Total revenues | 246,830 | 288,211 | 582,602 | 777,789 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 19,244 | 19,599 | 37,152 | 34,505 | ||||||||||||
| Gathering and transportation | 49,361 | 45,395 | 96,460 | 90,969 | ||||||||||||
| Lease operating | 34,805 | 34,031 | 69,877 | 68,861 | ||||||||||||
| Exploration | — | — | — | 1,775 | ||||||||||||
| Depreciation, depletion and amortization | 194,242 | 140,177 | 384,931 | 274,160 | ||||||||||||
| Gas services | 31,494 | 55,390 | 80,174 | 156,685 | ||||||||||||
| General and administrative | 10,177 | 10,038 | 19,348 | 22,406 | ||||||||||||
| (Gain) loss on sale of assets | — | 648 | — | (125 | ) | |||||||||||
| Total operating expenses | 339,323 | 305,278 | 687,942 | 649,236 | ||||||||||||
| Operating income (loss) | (92,493 | ) | (17,067 | ) | (105,340 | ) | 128,553 | |||||||||
| Other income (expenses): | ||||||||||||||||
| Gain (loss) from derivative financial instruments | (25,252 | ) | (4,495 | ) | 14,055 | 61,914 | ||||||||||
| Other income | 322 | 598 | 653 | 1,058 | ||||||||||||
| Interest expense | (51,932 | ) | (39,188 | ) | (101,489 | ) | (77,458 | ) | ||||||||
| Total other expenses | (76,862 | ) | (43,085 | ) | (86,781 | ) | (14,486 | ) | ||||||||
| Income (loss) before income taxes | (169,355 | ) | (60,152 | ) | (192,121 | ) | 114,067 | |||||||||
| (Provision for) benefit from income taxes | 46,106 | 14,446 | 54,398 | (25,270 | ) | |||||||||||
| Net income (loss) | (123,249 | ) | (45,706 | ) | (137,723 | ) | 88,797 | |||||||||
| Net income attributable to noncontrolling interest | (3,061 | ) | — | (4,908 | ) | — | ||||||||||
| Net income (loss) available to Comstock | $ | (126,310 | ) | $ | (45,706 | ) | $ | (142,631 | ) | $ | 88,797 | |||||
| Net income (loss) per share | ||||||||||||||||
| Basic | $ | (0.43 | ) | $ | (0.17 | ) | $ | (0.49 | ) | $ | 0.32 | |||||
| Diluted | $ | (0.43 | ) | $ | (0.17 | ) | $ | (0.49 | ) | $ | 0.32 | |||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 289,670 | 276,669 | 283,816 | 276,610 | ||||||||||||
| Diluted | 289,670 | 276,669 | 283,816 | 276,610 | ||||||||||||
| Dividends per share | $ | — | $ | 0.125 | $ | — | $ | 0.250 | ||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Natural gas production (MMcf) | 130,861 | 126,307 | 270,304 | 253,374 | ||||||||||||
| Oil production (Mbbls) | 15 | 13 | 27 | 40 | ||||||||||||
| Total production (MMcfe) | 130,949 | 126,386 | 270,464 | 253,612 | ||||||||||||
| Natural gas sales | $ | 216,527 | $ | 228,892 | $ | 503,610 | $ | 606,924 | ||||||||
| Natural gas hedging settlements (1) | 60,552 | 55,494 | 108,547 | 65,877 | ||||||||||||
| Total natural gas including hedging | 277,079 | 284,386 | 612,157 | 672,801 | ||||||||||||
| Oil sales | 1,074 | 860 | 1,950 | 2,802 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 278,153 | $ | 285,246 | $ | 614,107 | $ | 675,603 | ||||||||
| Average natural gas price (per Mcf) | $ | 1.65 | $ | 1.81 | $ | 1.86 | $ | 2.40 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 2.12 | $ | 2.25 | $ | 2.26 | $ | 2.66 | ||||||||
| Average oil price (per barrel) | $ | 71.60 | $ | 66.15 | $ | 72.22 | $ | 70.05 | ||||||||
| Average price (per Mcfe) | $ | 1.66 | $ | 1.82 | $ | 1.87 | $ | 2.40 | ||||||||
| Average price including hedging (per Mcfe) | $ | 2.12 | $ | 2.26 | $ | 2.27 | $ | 2.66 | ||||||||
| Production and ad valorem taxes | $ | 19,244 | $ | 19,599 | $ | 37,152 | $ | 34,505 | ||||||||
| Gathering and transportation | 49,361 | 45,395 | 96,460 | 90,969 | ||||||||||||
| Lease operating | 34,805 | 34,031 | 69,877 | 68,861 | ||||||||||||
| Cash general and administrative (2) | 6,095 | 7,733 | 11,850 | 18,054 | ||||||||||||
| Total production costs | $ | 109,505 | $ | 106,758 | $ | 215,339 | $ | 212,389 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.14 | $ | 0.15 | $ | 0.13 | $ | 0.14 | ||||||||
| Gathering and transportation (per Mcfe) | 0.38 | 0.36 | 0.36 | 0.36 | ||||||||||||
| Lease operating (per Mcfe) | 0.27 | 0.27 | 0.26 | 0.27 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.05 | 0.06 | 0.04 | 0.07 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.84 | $ | 0.84 | $ | 0.79 | $ | 0.84 | ||||||||
| Unhedged operating margin | 50 | % | 54 | % | 57 | % | 65 | % | ||||||||
| Hedged operating margin | 61 | % | 63 | % | 65 | % | 69 | % | ||||||||
| Gas services revenue | $ | 29,229 | $ | 58,459 | $ | 77,042 | $ | 168,063 | ||||||||
| Gas services expenses | 31,494 | 55,390 | 80,174 | 156,685 | ||||||||||||
| Gas services margin | $ | (2,265 | ) | $ | 3,069 | $ | (3,132 | ) | $ | 11,378 | ||||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Unproved property acquisitions | $ | 9,694 | $ | 15,953 | $ | 79,138 | $ | 56,648 | ||||||||
| Total natural gas and oil properties acquisitions | $ | 9,694 | $ | 15,953 | $ | 79,138 | $ | 56,648 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 2,592 | $ | 4,975 | $ | 6,530 | $ | 13,718 | ||||||||
| Exploratory drilling and completion | 52,392 | 74,622 | 158,848 | 104,312 | ||||||||||||
| Development drilling and completion | 151,350 | 231,038 | 297,143 | 511,214 | ||||||||||||
| Other development costs | 14,685 | 11,353 | 14,722 | 17,450 | ||||||||||||
| Total exploration and development capital expenditures | $ | 221,019 | $ | 321,988 | $ | 477,243 | $ | 646,694 | ||||||||
(1) Included in gain (loss) from derivative financial instruments in operating results.
(2) Excludes stock-based compensation.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ADJUSTED NET INCOME (LOSS): | ||||||||||||||||
| Net income (loss) | $ | (123,249 | ) | $ | (45,706 | ) | $ | (137,723 | ) | $ | 88,797 | |||||
| Unrealized loss from derivative financial instruments | 85,804 | 59,989 | 94,492 | 3,963 | ||||||||||||
| Exploration expense | — | — | — | 1,775 | ||||||||||||
| (Gain) loss on sale of assets | — | 648 | — | (125 | ) | |||||||||||
| Adjustment to income taxes | (20,769 | ) | (13,892 | ) | (23,521 | ) | (1,364 | ) | ||||||||
| Adjusted net income (loss) | $ | (58,214 | ) | $ | 1,039 | $ | (66,752 | ) | $ | 93,046 | ||||||
| Adjusted net income (loss) per share (2) | $ | (0.20 | ) | $ | 0.00 | $ | (0.24 | ) | $ | 0.33 | ||||||
| Diluted shares outstanding | 289,670 | 276,669 | 283,816 | 276,610 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income (loss) | $ | (123,249 | ) | $ | (45,706 | ) | $ | (137,723 | ) | $ | 88,797 | |||||
| Interest expense | 51,932 | 39,188 | 101,489 | 77,458 | ||||||||||||
| Income taxes | (46,106 | ) | (14,446 | ) | (54,398 | ) | 25,270 | |||||||||
| Depreciation, depletion, and amortization | 194,242 | 140,177 | 384,931 | 274,160 | ||||||||||||
| Exploration | — | — | — | 1,775 | ||||||||||||
| Unrealized loss from derivative financial instruments | 85,804 | 59,989 | 94,492 | 3,963 | ||||||||||||
| Stock-based compensation | 4,082 | 2,305 | 7,497 | 4,351 | ||||||||||||
| (Gain) loss on sale of assets | — | 648 | — | (125 | ) | |||||||||||
| Total Adjusted EBITDAX (3) | $ | 166,705 | $ | 182,155 | $ | 396,288 | $ | 475,649 | ||||||||
(1) Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.
(2) Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.
(3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| OPERATING CASH FLOW (1): | ||||||||||||||||
| Net income (loss) | $ | (123,249 | ) | $ | (45,706 | ) | $ | (137,723 | ) | $ | 88,797 | |||||
| Reconciling items: | ||||||||||||||||
| Unrealized loss from derivative financial instruments | 85,804 | 59,989 | 94,492 | 3,963 | ||||||||||||
| Deferred income taxes | (46,144 | ) | (13,910 | ) | (54,431 | ) | 25,270 | |||||||||
| Depreciation, depletion and amortization | 194,242 | 140,177 | 384,931 | 274,160 | ||||||||||||
| Amortization of debt discount and issuance costs | 3,399 | 1,994 | 5,383 | 3,991 | ||||||||||||
| Stock-based compensation | 4,082 | 2,305 | 7,497 | 4,351 | ||||||||||||
| (Gain) loss on sale of assets | — | 648 | — | (125 | ) | |||||||||||
| Operating cash flow | $ | 118,134 | $ | 145,497 | $ | 300,149 | $ | 400,407 | ||||||||
| (Increase) decrease in accounts receivable | (23,187 | ) | 60,218 | 76,231 | 316,210 | |||||||||||
| (Increase) decrease in other current assets | (730 | ) | 2,715 | 4,846 | 1,201 | |||||||||||
| Increase (decrease) in accounts payable and accrued expenses | (10,642 | ) | 123,080 | (126,112 | ) | 56 | ||||||||||
| Net cash provided by operating activities | $ | 83,575 | $ | 331,510 | $ | 255,114 | $ | 717,874 | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| FREE CASH FLOW (DEFICIT)(2): | ||||||||||||||||
| Operating cash flow | $ | 118,134 | $ | 145,497 | $ | 300,149 | $ | 400,407 | ||||||||
| Less: | ||||||||||||||||
| Exploration and development capital expenditures | (221,019 | ) | (321,988 | ) | (477,243 | ) | (646,694 | ) | ||||||||
| Midstream capital expenditures | (11,190 | ) | (6,870 | ) | (16,488 | ) | (11,057 | ) | ||||||||
| Other capital expenditures | (942 | ) | (100 | ) | (971 | ) | (456 | ) | ||||||||
| Contributions from midstream partner | 11,000 | — | 17,000 | — | ||||||||||||
| Free cash deficit from operations | $ | (104,017 | ) | $ | (183,461 | ) | $ | (177,553 | ) | $ | (257,800 | ) | ||||
| Acquisitions | (9,694 | ) | (15,953 | ) | (79,138 | ) | (56,648 | ) | ||||||||
| Proceeds from divestitures | — | 41,165 | — | 41,295 | ||||||||||||
| Free cash deficit after acquisition and divestiture activity | $ | (113,711 | ) | $ | (158,249 | ) | $ | (256,691 | ) | $ | (273,153 | ) | ||||
(1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.
(2) Free cash flow (deficit) from operations and free cash flow (deficit) after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 19,270 | $ | 16,669 | ||||
| Accounts receivable | 155,199 | 231,430 | ||||||
| Derivative financial instruments | 79,649 | 126,775 | ||||||
| Other current assets | 69,289 | 86,619 | ||||||
| Total current assets | 323,407 | 461,493 | ||||||
| Property and equipment, net | 5,574,617 | 5,384,771 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 90,604 | 71,462 | ||||||
| $ | 6,324,525 | $ | 6,253,623 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 377,909 | $ | 523,260 | ||||
| Accrued costs | 139,414 | 134,466 | ||||||
| Operating leases | 34,952 | 23,765 | ||||||
| Total current liabilities | 552,275 | 681,491 | ||||||
| Long-term debt | 2,856,045 | 2,640,391 | ||||||
| Deferred income taxes | 415,604 | 470,035 | ||||||
| Derivative financial instruments | 47,366 | — | ||||||
| Long-term operating leases | 55,621 | 47,742 | ||||||
| Asset retirement obligation | 31,709 | 30,773 | ||||||
| Total liabilities | 3,958,620 | 3,870,432 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 146,130 | 139,214 | ||||||
| Additional paid-in capital | 1,358,549 | 1,260,930 | ||||||
| Accumulated earnings | 815,639 | 958,270 | ||||||
| Total stockholders' equity attributable to Comstock | 2,320,318 | 2,358,414 | ||||||
| Noncontrolling interest | 45,587 | 24,777 | ||||||
| Total stockholders' equity | 2,365,905 | 2,383,191 | ||||||
| $ | 6,324,525 | $ | 6,253,623 | |||||
FAQ
What was Comstock Resources' (CRK) Q2 2024 revenue?
How did natural gas prices affect Comstock Resources' (CRK) Q2 2024 results?
What was Comstock Resources' (CRK) production cost per Mcfe in Q2 2024?
How many wells did Comstock Resources (CRK) turn to sales in Q2 2024?
