Welcome to our dedicated page for Comstock Resources news (Ticker: CRK), a resource for investors and traders seeking the latest updates and insights on Comstock Resources stock.
Comstock Resources, Inc. (symbol: CRK), headquartered in Frisco, Texas, is an independent energy company focused on the acquisition, development, production, and exploration of oil and natural gas. The company operates primarily in the Haynesville shale, a natural gas basin in East Texas and North Louisiana known for its superior economics and proximity to Gulf Coast markets.
The core business of Comstock Resources revolves around developing tight gas sands, shale gas plays, and conventional exploration. The company's operations are concentrated in Louisiana and Texas, where they engage in the full spectrum of oil and gas activities, from acquisition to production.
One of the notable achievements of Comstock Resources is its active participation in the exploration and production of North American natural gas and oil. The company's strategic focus on the Haynesville shale allows it to capitalize on the favorable market conditions and geographical advantages of the region.
Recent projects and ongoing activities include the development of new drilling sites and the enhancement of existing wells to optimize production efficiency. The company's financial health is robust, supported by consistent performance and strategic investments in technology and infrastructure.
Comstock Resources maintains strong partnerships and collaborations to further its business objectives. This includes alliances with various service providers and technology companies to improve operational efficiency and reduce environmental impact.
For the latest updates, Comstock Resources regularly holds conference calls to discuss quarterly results and future plans. These calls are accessible via telephonic registration and webcast links provided by the company. For instance, the third quarter 2023 conference call replay is available until October 2024, and the fourth quarter 2023 call replay is accessible until February 2025.
By focusing on growth and leveraging its strategic assets, Comstock Resources aims to continue its upward trajectory in the energy sector, providing significant value to its shareholders and contributing positively to the industry.
Comstock Resources, Inc. (NYSE: CRK) announced that as of November 30, 2022, all outstanding shares of its Series B Convertible Preferred Stock have been converted into 43,750,000 shares of common stock. This conversion follows the initial issuance in July 2019, linked to the acquisition of Covey Park Energy LLC, and strengthens Comstock's balance sheet. Currently, there are 277,507,678 common shares outstanding, with the Jerry Jones family holding 66% ownership. The company focuses on natural gas production in the Haynesville shale region.
Comstock Resources (CRK) has appointed Trey Newell as Vice President of Corporate Development and Lori Kanaman as Vice President of Marketing. Newell, with over two decades in the midstream energy sector, aims to expand Comstock's natural gas markets in the Haynesville shale region. Kanaman brings 30 years of marketing experience in natural gas, previously focusing on the Haynesville and Permian basins. The company has seen a leadership change, with the departure of David Terry and Whitney Ward, who left to pursue other opportunities.
Comstock Resources (NYSE: CRK) announced a new senior secured revolving credit facility extending its existing credit facility's maturity to November 15, 2027. The initial borrowing base is set at $2.0 billion, with an elected commitment of $1.5 billion. This five-year, reserve-based facility was arranged by Wells Fargo Securities and includes a syndicate of 17 participating banks. The company specializes in natural gas production, particularly in the Haynesville shale region of North Louisiana and East Texas.
Comstock Resources reported record financial results for Q3 2022, achieving an operating cash flow of $533 million and free cash flow of $286 million. The company retired $250 million in debt, reducing leverage to under 1x. Adjusted net income was $326 million, equating to $1.18 per diluted share, with revenues reaching $692 million—76% higher than Q3 2021. The Board reinstated a quarterly dividend of $0.125 per share, the first since 2014, payable on December 15, 2022. Comstock's drilling program in the Haynesville shale contributed significantly, with 17 wells turned to sales averaging 29 MMcf per day.
Comstock Resources, Inc. (NYSE: CRK) has reinstated a quarterly cash dividend for Q4 2022, setting it at an annual rate of $0.50 per share. Stockholders will receive $0.125 per share, with payment scheduled for December 15, 2022, to those on record as of December 1, 2022. This move reflects the company's confidence in its financial health and commitment to returning value to shareholders.
Comstock Resources, Inc. (NYSE:CRK) has announced a rescheduling of its third quarter 2022 earnings release and conference call. The earnings report will be released on November 1, 2022, after the market closes, and the conference call will take place at 9:00 a.m. CT on November 2, 2022. Interested parties can register for the call to receive dial-in details. A replay of the call will be available starting at 12:00 p.m. CT on the same day. The company focuses on natural gas production primarily in the Haynesville Shale region.
Comstock Resources (NYSE: CRK) will release its third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 10:00 a.m. CT. Interested participants must register in advance to receive the call-in details. The call will also be available via live webcast. A replay of the call will be accessible for twelve months starting from the broadcast.
Comstock is recognized as a leading independent natural gas producer, primarily operating in the Haynesville Shale region.
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.
Comstock Resources, Inc. (NYSE:CRK) is set to release its second quarter 2022 results on August 1, 2022 after market close. A conference call will follow on August 2, 2022 at 10:00 a.m. CT to discuss the results. Interested participants must register via the provided link to receive the dial-in number. The call will also be accessible in listen-only mode on the company's website. A replay will be available for twelve months post-call. Comstock Resources is recognized for its natural gas production, particularly in the Haynesville Shale region.
Comstock Resources reported strong financial results for Q1 2022, generating free cash flow of $68 million and reducing debt by $85 million.
Adjusted EBITDAX rose by 27% to $333 million, with revenues reaching $408 million, a 23% increase year-over-year. Operating cash flow surged 44%, amounting to $297 million or $1.07 per diluted share. Despite a reported net loss of $115.7 million due to hedging losses, adjusted net income was $136 million or $0.51 per diluted share. Comstock turned 33 new wells to sales with an average production of 29 MMcf per day.
FAQ
What is the current stock price of Comstock Resources (CRK)?
What is the market cap of Comstock Resources (CRK)?
What does Comstock Resources, Inc. do?
Where is Comstock Resources, Inc. headquartered?
What areas does Comstock Resources, Inc. operate in?
What is the primary business segment of Comstock Resources, Inc.?
What are the core activities of Comstock Resources, Inc.?
How can I participate in Comstock Resources' conference calls?
What is the company's focus in terms of resource development?
What are some recent achievements of Comstock Resources, Inc.?
How does Comstock Resources ensure its financial health?
Who are Comstock Resources' partners?
