COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS
Comstock Resources reported financial results for Q3 2024, showing continued impact from weak natural gas prices. Natural gas and oil sales reached $305 million, including $51.4 million in hedging gains. The company reported operating cash flow of $152 million ($0.52 per diluted share) and an adjusted net loss of $48.5 million ($0.17 per share). Production increased by 2%, with realized natural gas prices averaging $1.90 per Mcf before hedging and $2.28 after hedging. The company completed eight operated wells with average initial production of 21 MMcf per day, including a successful first horseshoe Haynesville well producing 31 MMcf per day. Western Haynesville expansion continues with 453,881 net acres.
Comstock Resources ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un impatto continuo dei prezzi deboli del gas naturale. Le vendite di gas naturale e petrolio hanno raggiunto 305 milioni di dollari, inclusi 51,4 milioni di dollari di guadagni da hedging. L'azienda ha riportato un flusso di cassa operativo di 152 milioni di dollari (0,52 dollari per azione diluita) e una perdita netta rettificata di 48,5 milioni di dollari (0,17 dollari per azione). La produzione è aumentata del 2%, con i prezzi realizzati del gas naturale che mediamente si attestano a 1,90 dollari per Mcf prima dell'hedging e 2,28 dollari dopo. L'azienda ha completato otto pozzi operati con una produzione iniziale media di 21 MMcf al giorno, incluso un buon primo pozzo Haynesville a forma di ferro di cavallo che produce 31 MMcf al giorno. L'espansione del Western Haynesville continua con 453.881 acri netti.
Comstock Resources reportó los resultados financieros para el tercer trimestre de 2024, mostrando un impacto continuo de los bajos precios del gas natural. Las ventas de gas natural y petróleo alcanzaron los 305 millones de dólares, incluyendo 51,4 millones de dólares en ganancias por cobertura. La compañía reportó un flujo de caja operativo de 152 millones de dólares (0,52 dólares por acción diluida) y una pérdida neta ajustada de 48,5 millones de dólares (0,17 dólares por acción). La producción aumentó un 2%, con precios de gas natural realizados promediando 1,90 dólares por Mcf antes de la cobertura y 2,28 dólares después de la cobertura. La empresa completó ocho pozos operados con una producción inicial promedio de 21 MMcf por día, incluido un exitoso primer pozo en la formación Haynesville, que produce 31 MMcf por día. La expansión de Western Haynesville continúa con 453,881 acres netos.
Comstock Resources는 2024년 3분기 재무 결과를 발표했으며, 낮은 천연 가스 가격의 지속적인 영향을 보여주었습니다. 천연 가스 및 석유 판매는 3억 5백만 달러에 달했으며, 이 중 5천 140만 달러는 헤징 수익입니다. 회사는 운영 현금 흐름이 1억 5천 200만 달러(희석 주당 0.52 달러)이며, 조정된 순손실이 4천 850만 달러(주당 0.17 달러)라고 보고했습니다. 생산량은 2% 증가했으며, 헤징 전 평균 천연 가스 가격은 Mcf당 1.90 달러, 헤징 후에는 2.28 달러로 나타났습니다. 회사는 평균 초기 생산량이 하루 21 MMcf인 8개의 운영 중인 우물을 완료하였으며, 여기에는 하루 31 MMcf를 생산하는 성공적인 첫 번째 Haynesville 말굽 우물이 포함됩니다. Western Haynesville 확장은 453,881 에이커의 순 면적을 가지고 계속 진행 중입니다.
Comstock Resources a publié ses résultats financiers pour le troisième trimestre de 2024, montrant un impact continu des prix faibles du gaz naturel. Les ventes de gaz naturel et de pétrole ont atteint 305 millions de dollars, y compris 51,4 millions de dollars de gains de couverture. La société a déclaré un flux de trésorerie d'exploitation de 152 millions de dollars (0,52 dollar par action diluée) et une perte nette ajustée de 48,5 millions de dollars (0,17 dollar par action). La production a augmenté de 2%, avec des prix du gaz naturel réalisés en moyenne à 1,90 dollar par Mcf avant couverture et 2,28 dollars après couverture. L'entreprise a achevé huit puits exploités avec une production initiale moyenne de 21 MMcf par jour, y compris un premier puits Haynesville en fer à cheval qui produit 31 MMcf par jour. L'expansion de Western Haynesville se poursuit avec 453 881 acres nets.
Comstock Resources berichtete über die Finanzergebnisse für das dritte Quartal 2024, die eine anhaltende Auswirkung der niedrigen Erdgaspreise zeigen. Die Verkäufe von Erdgas und Öl erreichten 305 Millionen Dollar, einschließlich 51,4 Millionen Dollar an Hedging-Gewinnen. Das Unternehmen berichtete über einen operativen Cashflow von 152 Millionen Dollar (0,52 Dollar pro verwässerter Aktie) und einen bereinigten Nettoverlust von 48,5 Millionen Dollar (0,17 Dollar pro Aktie). Die Produktion stieg um 2%, wobei die realisierten Erdgaspreise vor Hedging im Durchschnitt bei 1,90 Dollar pro Mcf und nach Hedging bei 2,28 Dollar lagen. Das Unternehmen hat acht betriebene Brunnen mit einer durchschnittlichen Anfangsproduktion von 21 MMcf pro Tag abgeschlossen, darunter einen erfolgreichen ersten Haynesville-Brunnen, der 31 MMcf pro Tag produziert. Die Expansion im Western Haynesville geht mit 453.881 Netto-Acres weiter.
- 2% increase in production during Q3
- Strong hedging gains of $51.4 million
- Low production cost of $0.77 per Mcfe
- 67% operating margin after hedging
- Bank group reaffirmed $2.0 billion borrowing base
- Adjusted net loss of $48.5 million in Q3
- Natural gas prices remained weak at $1.90 per Mcf before hedging
- YTD net loss of $163.4 million
- YTD adjusted net loss of $121.3 million
Insights
The Q3 2024 results highlight significant challenges for Comstock Resources amid weak natural gas prices. The company reported an
The company maintains efficient operations with a low production cost of
FRISCO, TX, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended September 30, 2024.
Highlights of 2024's Third Quarter
- Weak natural gas prices continued to weigh heavily on the third quarter financial results.
- Natural gas and oil sales, including realized hedging gains, were
$305 million . - Operating cash flow was
$152 million or$0.52 per diluted share. - Adjusted EBITDAX for the quarter was
$202 million . - Adjusted net loss was
$48.5 million or$0.17 per share for the quarter. - Lower completion activity was planned for the quarter, resulting in eight (5.4 net) operated wells being turned to sales since the Company's last update with an average initial production of 21 MMcf per day.
- First horseshoe Haynesville well was successful with a 31 MMcf per day initial production rate.
- Western Haynesville exploratory play continues to progress with acreage position up to 453,881 net acres and most recent well costs down to an estimated
$2,814 per completed lateral foot. Comstock's thirteenth Western Haynesville well is on flowback with another five wells in the play expected to be turned to sales in late 2024 through early 2025.
Financial Results for the Three Months Ended September 30, 2024
Comstock's realized natural gas price for the third quarter of 2024 averaged
Comstock's production cost per Mcfe in the third quarter averaged
Financial Results for the Nine Months Ended September 30, 2024
Natural gas and oil sales for the nine months ended September 30, 2024 totaled
Comstock's production cost per Mcfe during the nine months ended September 30, 2024 averaged
Drilling Results
Comstock drilled eight (6.2 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2024 which had an average lateral length of 12,034 feet. Comstock turned 11 (8.0 net) operated wells to sales in the third quarter of 2024.
Since its last operational update in July, Comstock has turned eight (5.4 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 12,391 feet. Included in the wells turned to sales was the Sebastian 11 #5H, the Company's first horseshoe Haynesville well, which had a 9,382 foot completed lateral and an initial production rate of 31 MMcf per day.
Other
On October 30, 2024, Comstock also announced that its bank group reaffirmed the
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on October 31, 2024, to discuss the third 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/BI25940ff3de024e45b06512519e9e6 a64. 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/27pqb8gi.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on October 31, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/27pqb8gi.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 252,650 | $ | 304,141 | $ | 756,260 | $ | 911,065 | ||||||||
| Oil sales | 975 | 1,309 | 2,925 | 4,111 | ||||||||||||
| Total natural gas and oil sales | 253,625 | 305,450 | 759,185 | 915,176 | ||||||||||||
| Gas services | 50,847 | 71,287 | 127,889 | 239,350 | ||||||||||||
| Total revenues | 304,472 | 376,737 | 887,074 | 1,154,526 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 12,578 | 25,386 | 49,730 | 59,891 | ||||||||||||
| Gathering and transportation | 53,996 | 47,012 | 150,456 | 137,981 | ||||||||||||
| Lease operating | 29,248 | 31,664 | 99,125 | 100,525 | ||||||||||||
| Exploration | — | — | — | 1,775 | ||||||||||||
| Depreciation, depletion and amortization | 208,350 | 148,190 | 593,281 | 422,350 | ||||||||||||
| Gas services | 52,622 | 67,632 | 132,796 | 224,317 | ||||||||||||
| General and administrative | 9,923 | 9,586 | 29,271 | 31,992 | ||||||||||||
| Gain on sale of assets | (910 | ) | — | (910 | ) | (125 | ) | |||||||||
| Total operating expenses | 365,807 | 329,470 | 1,053,749 | 978,706 | ||||||||||||
| Operating income (loss) | (61,335 | ) | 47,267 | (166,675 | ) | 175,820 | ||||||||||
| Other income (expenses): | ||||||||||||||||
| Gain from derivative financial instruments | 75,163 | 14,276 | 89,218 | 76,190 | ||||||||||||
| Other income | 274 | 409 | 927 | 1,467 | ||||||||||||
| Interest expense | (54,516 | ) | (43,624 | ) | (156,005 | ) | (121,082 | ) | ||||||||
| Total other income (expenses) | 20,921 | (28,939 | ) | (65,860 | ) | (43,425 | ) | |||||||||
| Income (loss) before income taxes | (40,414 | ) | 18,328 | (232,535 | ) | 132,395 | ||||||||||
| (Provision for) benefit from income taxes | 14,696 | (3,608 | ) | 69,094 | (28,878 | ) | ||||||||||
| Net income (loss) | (25,718 | ) | 14,720 | (163,441 | ) | 103,517 | ||||||||||
| Net income attributable to noncontrolling interest | (3,173 | ) | — | (8,081 | ) | — | ||||||||||
| Net income (loss) available to Comstock | $ | (28,891 | ) | $ | 14,720 | $ | (171,522 | ) | $ | 103,517 | ||||||
| Net income (loss) per share | ||||||||||||||||
| Basic | $ | (0.09 | ) | $ | 0.05 | $ | (0.57 | ) | $ | 0.37 | ||||||
| Diluted | $ | (0.09 | ) | $ | 0.05 | $ | (0.57 | ) | $ | 0.37 | ||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 290,170 | 276,999 | 285,949 | 276,741 | ||||||||||||
| Diluted | 290,170 | 276,999 | 285,949 | 276,741 | ||||||||||||
| Dividends per share | $ | — | $ | 0.125 | $ | — | $ | 0.375 | ||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Natural gas production (MMcf) | 133,116 | 130,528 | 403,420 | 383,902 | ||||||||||||
| Oil production (Mbbls) | 13 | 17 | 40 | 57 | ||||||||||||
| Total production (MMcfe) | 133,198 | 130,629 | 403,662 | 384,241 | ||||||||||||
| Natural gas sales | $ | 252,650 | $ | 304,141 | $ | 756,260 | $ | 911,065 | ||||||||
| Natural gas hedging settlements (1) | 51,409 | 10,344 | 159,956 | 76,221 | ||||||||||||
| Total natural gas including hedging | 304,059 | 314,485 | 916,216 | 987,286 | ||||||||||||
| Oil sales | 975 | 1,309 | 2,925 | 4,111 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 305,034 | $ | 315,794 | $ | 919,141 | $ | 991,397 | ||||||||
| Average natural gas price (per Mcf) | $ | 1.90 | $ | 2.33 | $ | 1.87 | $ | 2.37 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 2.28 | $ | 2.41 | $ | 2.27 | $ | 2.57 | ||||||||
| Average oil price (per barrel) | $ | 75.00 | $ | 77.00 | $ | 73.13 | $ | 72.12 | ||||||||
| Average price (per Mcfe) | $ | 1.90 | $ | 2.34 | $ | 1.88 | $ | 2.38 | ||||||||
| Average price including hedging (per Mcfe) | $ | 2.29 | $ | 2.42 | $ | 2.28 | $ | 2.58 | ||||||||
| Production and ad valorem taxes | $ | 12,578 | $ | 25,386 | $ | 49,730 | $ | 59,891 | ||||||||
| Gathering and transportation | 53,996 | 47,012 | 150,456 | 137,981 | ||||||||||||
| Lease operating | 29,248 | 31,664 | 99,125 | 100,525 | ||||||||||||
| Cash general and administrative (2) | 6,042 | 6,930 | 17,892 | 24,984 | ||||||||||||
| Total production costs | $ | 101,864 | $ | 110,992 | $ | 317,203 | $ | 323,381 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.09 | $ | 0.20 | $ | 0.12 | $ | 0.16 | ||||||||
| Gathering and transportation (per Mcfe) | 0.41 | 0.36 | 0.37 | 0.36 | ||||||||||||
| Lease operating (per Mcfe) | 0.22 | 0.24 | 0.25 | 0.26 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.05 | 0.05 | 0.04 | 0.07 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.77 | $ | 0.85 | $ | 0.78 | $ | 0.85 | ||||||||
| Unhedged operating margin | 60 | % | 64 | % | 58 | % | 65 | % | ||||||||
| Hedged operating margin | 67 | % | 65 | % | 65 | % | 67 | % | ||||||||
| Gas services revenue | $ | 50,847 | $ | 71,287 | $ | 127,889 | $ | 239,350 | ||||||||
| Gas services expenses | 52,622 | 67,632 | 132,796 | 224,317 | ||||||||||||
| Gas services margin | $ | (1,775 | ) | $ | 3,655 | $ | (4,907 | ) | $ | 15,033 | ||||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Unproved property acquisitions | $ | 8,800 | $ | 19,998 | $ | 87,938 | $ | 76,646 | ||||||||
| Total natural gas and oil properties acquisitions | $ | 8,800 | $ | 19,998 | $ | 87,938 | $ | 76,646 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 5,623 | $ | 5,369 | $ | 12,153 | $ | 19,087 | ||||||||
| Exploratory drilling and completion | 57,144 | 74,737 | 215,992 | 179,049 | ||||||||||||
| Development drilling and completion | 114,172 | 229,594 | 411,315 | 740,808 | ||||||||||||
| Other development costs | 7,453 | 1,418 | 22,175 | 18,868 | ||||||||||||
| Total exploration and development capital expenditures | $ | 184,392 | $ | 311,118 | $ | 661,635 | $ | 957,812 | ||||||||
(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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ADJUSTED NET INCOME (LOSS): | ||||||||||||||||
| Net income (loss) | $ | (25,718 | ) | $ | 14,720 | $ | (163,441 | ) | $ | 103,517 | ||||||
| Unrealized (gain) loss from derivative financial instruments | (23,754 | ) | (3,932 | ) | 70,738 | 31 | ||||||||||
| Exploration expense | — | — | — | 1,775 | ||||||||||||
| Gain on sale of assets | (910 | ) | — | (910 | ) | (125 | ) | |||||||||
| Adjustment to income taxes | 1,873 | 946 | (27,663 | ) | (418 | ) | ||||||||||
| Adjusted net income (loss) | $ | (48,509 | ) | $ | 11,734 | $ | (121,276 | ) | $ | 104,780 | ||||||
| Adjusted net income (loss) per share (2) | $ | (0.17 | ) | $ | 0.04 | $ | (0.42 | ) | $ | 0.38 | ||||||
| Diluted shares outstanding | 290,170 | 276,999 | 285,949 | 276,741 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income (loss) | $ | (25,718 | ) | $ | 14,720 | $ | (163,441 | ) | $ | 103,517 | ||||||
| Interest expense | 54,516 | 43,624 | 156,005 | 121,082 | ||||||||||||
| Income taxes | (14,696 | ) | 3,608 | (69,094 | ) | 28,878 | ||||||||||
| Depreciation, depletion, and amortization | 208,350 | 148,190 | 593,281 | 422,350 | ||||||||||||
| Exploration | — | — | — | 1,775 | ||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (23,754 | ) | (3,932 | ) | 70,738 | 31 | ||||||||||
| Stock-based compensation | 3,883 | 2,655 | 11,380 | 7,006 | ||||||||||||
| Gain on sale of assets | (910 | ) | — | (910 | ) | (125 | ) | |||||||||
| Total Adjusted EBITDAX (3) | $ | 201,671 | $ | 208,865 | $ | 597,959 | $ | 684,514 | ||||||||
(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 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| OPERATING CASH FLOW (1): | ||||||||||||||||
| Net income (loss) | $ | (25,718 | ) | $ | 14,720 | $ | (163,441 | ) | $ | 103,517 | ||||||
| Reconciling items: | ||||||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (23,754 | ) | (3,932 | ) | 70,738 | 31 | ||||||||||
| Deferred income taxes | (12,734 | ) | 3,608 | (67,165 | ) | 28,878 | ||||||||||
| Depreciation, depletion and amortization | 208,350 | 148,190 | 593,281 | 422,350 | ||||||||||||
| Amortization of debt discount and issuance costs | 3,136 | 1,989 | 8,519 | 5,980 | ||||||||||||
| Stock-based compensation | 3,883 | 2,655 | 11,380 | 7,006 | ||||||||||||
| Gain on sale of assets | (910 | ) | — | (910 | ) | (125 | ) | |||||||||
| Operating cash flow | $ | 152,253 | $ | 167,230 | $ | 452,402 | $ | 567,637 | ||||||||
| (Increase) decrease in accounts receivable | (658 | ) | (20,887 | ) | 75,573 | 295,323 | ||||||||||
| Increase in other current assets | (5,595 | ) | (1,825 | ) | (749 | ) | (624 | ) | ||||||||
| Decrease in accounts payable and accrued expenses | (47,830 | ) | (73,753 | ) | (173,942 | ) | (73,697 | ) | ||||||||
| Net cash provided by operating activities | $ | 98,170 | $ | 70,765 | $ | 353,284 | $ | 788,639 | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| FREE CASH FLOW (DEFICIT)(2): | ||||||||||||||||
| Operating cash flow | $ | 152,253 | $ | 167,230 | $ | 452,402 | $ | 567,637 | ||||||||
| Less: | ||||||||||||||||
| Exploration and development capital expenditures | (184,392 | ) | (311,118 | ) | (661,635 | ) | (957,812 | ) | ||||||||
| Midstream capital expenditures | (30,251 | ) | — | (46,739 | ) | — | ||||||||||
| Other capital expenditures | (735 | ) | (10,563 | ) | (1,706 | ) | (22,076 | ) | ||||||||
| Contributions from midstream partner | 19,000 | — | 36,000 | — | ||||||||||||
| Free cash deficit from operations | $ | (44,125 | ) | $ | (154,451 | ) | $ | (221,678 | ) | $ | (412,251 | ) | ||||
| Acquisitions | (8,800 | ) | (19,998 | ) | (87,938 | ) | (76,646 | ) | ||||||||
| Proceeds from divestitures | 1,214 | — | 1,214 | 41,295 | ||||||||||||
| Free cash deficit after acquisition and divestiture activity | $ | (51,711 | ) | $ | (174,449 | ) | $ | (308,402 | ) | $ | (447,602 | ) | ||||
(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)
| September 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 13,772 | $ | 16,669 | ||||
| Accounts receivable | 155,857 | 231,430 | ||||||
| Derivative financial instruments | 71,704 | 126,775 | ||||||
| Other current assets | 58,379 | 86,619 | ||||||
| Total current assets | 299,712 | 461,493 | ||||||
| Property and equipment, net | 5,590,448 | 5,384,771 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 82,124 | 71,462 | ||||||
| Derivative financial instruments | 4,828 | — | ||||||
| $ | 6,313,009 | $ | 6,253,623 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 358,336 | $ | 523,260 | ||||
| Accrued costs | 106,057 | 134,466 | ||||||
| Operating leases | 35,372 | 23,765 | ||||||
| Total current liabilities | 499,765 | 681,491 | ||||||
| Long-term debt | 2,949,181 | 2,640,391 | ||||||
| Deferred income taxes | 402,870 | 470,035 | ||||||
| Derivative financial instruments | 20,495 | — | ||||||
| Long-term operating leases | 46,681 | 47,742 | ||||||
| Asset retirement obligation | 32,016 | 30,773 | ||||||
| Total liabilities | 3,951,008 | 3,870,432 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 146,130 | 139,214 | ||||||
| Additional paid-in capital | 1,362,393 | 1,260,930 | ||||||
| Accumulated earnings | 786,748 | 958,270 | ||||||
| Total stockholders' equity attributable to Comstock | 2,295,271 | 2,358,414 | ||||||
| Noncontrolling interest | 66,730 | 24,777 | ||||||
| Total stockholders' equity | 2,362,001 | 2,383,191 | ||||||
| $ | 6,313,009 | $ | 6,253,623 | |||||
FAQ
What was Comstock Resources (CRK) Q3 2024 revenue?
What was CRK's production cost per Mcfe in Q3 2024?
How many wells did Comstock Resources complete in Q3 2024?
What was CRK's realized natural gas price in Q3 2024?
