FRISCO, TX, July 31, 2023 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended June 30, 2023.
Highlights of 2023'sSecond Quarter
- Weak natural gas prices have weighed heavily on the second quarter results.
- Natural gas and oil sales, including realized hedging gains, were $285 million.
- Operating cash flow was $145 million or $0.53 per diluted share.
- Adjusted EBITDAX for the quarter was $182 million.
- Adjusted net income was just over break even for the quarter.
- Solid results from Haynesville shale drilling program with 15 (12.0 net) operated wells turned to sales since the Company's last update with an average initial production of 21 MMcf per day.
- Comstock continues to have success in its Western Haynesville exploratory play. Comstock's fourth and fifth well were recently turned to sales with strong initial production rates.
Financial Results for the Three Months Ended June 30, 2023
Comstock's natural gas and oil sales in the second quarter of 2023 totaled $285.2 million (including realized hedging gains of $55.5 million). Operating cash flow (excluding changes in working capital) generated in the second quarter of 2023 was $145.5 million, and net loss available to common stockholders for the second quarter was $45.7 million or $0.17 per share. The reported net loss in the quarter included a pre-tax $60.0 million unrealized loss on hedging contracts held for risk management. Excluding this item and certain other items, adjusted net income available to common stockholders for the second quarter of 2023 was $1.0 million, or $0.00 per diluted share.
Comstock's production cost per Mcfe in the second quarter averaged $0.84 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.27 for lease operating costs, $0.15 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged operating margin was 54% in the second quarter of 2023 and 63% after hedging.
Financial Results for the Six Months Ended June 30, 2023
Natural gas and oil sales for the six months ended June 30, 2023 totaled $675.6 million (including realized hedging gains of $65.9 million). Operating cash flow (excluding changes in working capital) generated during the first six months of 2023 was $400.4 million, and net income available to common stockholders was $88.8 million or $0.32 per share. Net income during the first six months of 2023 included a pre-tax $4.0 million unrealized loss on hedging contracts held for risk management. Excluding this item and certain other items, adjusted net income available to common stockholders for the six months ended June 30, 2023 was $93.0 million or $0.33 per diluted share.
Comstock's production cost per Mcfe during the six months ended June 30, 2023 averaged $0.84 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.27 for lease operating costs, $0.14 for production and other taxes and $0.07 for cash general and administrative expenses. Comstock's unhedged operating margin was 65% during the first six months of 2023 and 69% after hedging.
Drilling Results
Comstock drilled 21 (17.2 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2023 which had an average lateral length of 10,887 feet. Comstock turned 17 (13.0 net) operated wells to sales in the second quarter of 2023.
Since its last operational update in May, Comstock has turned 15 (12.0 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 10,671 feet.
Included in the wells turned to sales were the Dinkins JG #1 and the McCullough Ingram A #1, Comstock's fourth and fifth successful Western Haynesville wells. The Dinkins well was drilled to a total vertical depth of 18,042 feet and has a 9,565 foot completed lateral. The well's initial production rate was 34 MMcf per day. The McCullough Ingram well was drilled to a total vertical depth of 17,836 feet and has a 8,256 foot completed lateral. The well's initial production rate was 35 MMcf per day.
Declaration of Quarterly Dividend
On July 31, 2023, Comstock's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be payable on September 15, 2023 to stockholders of record at the close of business on September 1, 2023.
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on August 1, 2023, to discuss the second quarter 2023 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/BId240081b2bc14ea8931c4866b16b9dbd. 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/mtj2p68k.
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 August 1, 2023. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/mtj2p68k.
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
| Revenues: |
|
|
|
|
|
|
|
| Natural gas sales |
$ |
228,892 |
|
|
$ |
858,838 |
|
|
$ |
606,924 |
|
|
$ |
1,381,795 |
|
| Oil sales |
|
860 |
|
|
|
2,504 |
|
|
|
2,802 |
|
|
|
4,388 |
|
| Total natural gas and oil sales |
|
229,752 |
|
|
|
861,342 |
|
|
|
609,726 |
|
|
|
1,386,183 |
|
| Gas services |
|
58,459 |
|
|
|
84,912 |
|
|
|
168,063 |
|
|
|
129,485 |
|
| Total revenues |
|
288,211 |
|
|
|
946,254 |
|
|
|
777,789 |
|
|
|
1,515,668 |
|
| Operating expenses: |
|
|
|
|
|
|
|
| Production and ad valorem taxes |
|
19,599 |
|
|
|
21,729 |
|
|
|
34,505 |
|
|
|
35,549 |
|
| Gathering and transportation |
|
45,395 |
|
|
|
36,964 |
|
|
|
90,969 |
|
|
|
69,057 |
|
| Lease operating |
|
34,031 |
|
|
|
25,079 |
|
|
|
68,861 |
|
|
|
51,265 |
|
| Exploration |
|
— |
|
|
|
2,342 |
|
|
|
1,775 |
|
|
|
3,363 |
|
| Depreciation, depletion and amortization |
|
140,177 |
|
|
|
119,201 |
|
|
|
274,160 |
|
|
|
225,929 |
|
| Gas services |
|
55,390 |
|
|
|
82,778 |
|
|
|
156,685 |
|
|
|
123,453 |
|
| General and administrative |
|
10,038 |
|
|
|
9,063 |
|
|
|
22,406 |
|
|
|
17,286 |
|
| Loss (gain) on sale of assets |
|
648 |
|
|
|
(19 |
) |
|
|
(125 |
) |
|
|
(21 |
) |
| Total operating expenses |
|
305,278 |
|
|
|
297,137 |
|
|
|
649,236 |
|
|
|
525,881 |
|
| Operating income (loss) |
|
(17,067 |
) |
|
|
649,117 |
|
|
|
128,553 |
|
|
|
989,787 |
|
| Other income (expenses): |
|
|
|
|
|
|
|
| Gain (loss) from derivative financial instruments |
|
(4,495 |
) |
|
|
(72,826 |
) |
|
|
61,914 |
|
|
|
(510,319 |
) |
| Other income |
|
598 |
|
|
|
182 |
|
|
|
1,058 |
|
|
|
450 |
|
| Interest expense |
|
(39,188 |
) |
|
|
(44,320 |
) |
|
|
(77,458 |
) |
|
|
(90,811 |
) |
| Loss on early retirement of debt |
|
— |
|
|
|
(46,840 |
) |
|
|
— |
|
|
|
(46,840 |
) |
| Total other expenses |
|
(43,085 |
) |
|
|
(163,804 |
) |
|
|
(14,486 |
) |
|
|
(647,520 |
) |
| Income (loss) before income taxes |
|
(60,152 |
) |
|
|
485,313 |
|
|
|
114,067 |
|
|
|
342,267 |
|
| (Provision for) benefit from income taxes |
|
14,446 |
|
|
|
(108,422 |
) |
|
|
(25,270 |
) |
|
|
(76,800 |
) |
| Net income (loss) |
|
(45,706 |
) |
|
|
376,891 |
|
|
|
88,797 |
|
|
|
265,467 |
|
| Preferred stock dividends |
|
— |
|
|
|
(4,363 |
) |
|
|
— |
|
|
|
(8,678 |
) |
| Net income (loss) available to common stockholders |
$ |
(45,706 |
) |
|
$ |
372,528 |
|
|
$ |
88,797 |
|
|
$ |
256,789 |
|
|
|
|
|
|
|
|
|
| Net income (loss) per share: |
|
|
|
|
|
|
|
| Basic |
$ |
(0.17 |
) |
|
$ |
1.60 |
|
|
$ |
0.32 |
|
|
$ |
1.10 |
|
| Diluted |
$ |
(0.17 |
) |
|
$ |
1.36 |
|
|
$ |
0.32 |
|
|
$ |
0.96 |
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
| Basic |
|
276,669 |
|
|
|
232,045 |
|
|
|
276,610 |
|
|
|
232,011 |
|
| Diluted |
|
276,669 |
|
|
|
277,614 |
|
|
|
276,610 |
|
|
|
277,485 |
|
| Dividends per share |
$ |
0.125 |
|
|
$ |
— |
|
|
$ |
0.25 |
|
|
$ |
— |
|
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Natural gas production (MMcf) |
|
126,307 |
|
|
|
123,950 |
|
|
|
253,374 |
|
|
|
238,856 |
|
| Oil production (Mbbls) |
|
13 |
|
|
|
24 |
|
|
|
40 |
|
|
|
45 |
|
| Total production (MMcfe) |
|
126,386 |
|
|
|
124,092 |
|
|
|
253,612 |
|
|
|
239,127 |
|
|
|
|
|
|
|
|
|
| Natural gas sales |
$ |
228,892 |
|
|
$ |
858,838 |
|
|
$ |
606,924 |
|
|
$ |
1,381,795 |
|
| Natural gas hedging settlements (1) |
|
55,494 |
|
|
|
(257,363 |
) |
|
|
65,877 |
|
|
|
(374,549 |
) |
| Total natural gas including hedging |
|
284,386 |
|
|
|
601,475 |
|
|
|
672,801 |
|
|
|
1,007,246 |
|
| Oil sales |
|
860 |
|
|
|
2,504 |
|
|
|
2,802 |
|
|
|
4,388 |
|
| Total natural gas and oil sales including hedging |
$ |
285,246 |
|
|
$ |
603,979 |
|
|
$ |
675,603 |
|
|
$ |
1,011,634 |
|
|
|
|
|
|
|
|
|
| Average natural gas price (per Mcf) |
$ |
1.81 |
|
|
$ |
6.93 |
|
|
$ |
2.40 |
|
|
$ |
5.79 |
|
| Average natural gas price including hedging (per Mcf) |
$ |
2.25 |
|
|
$ |
4.85 |
|
|
$ |
2.66 |
|
|
$ |
4.22 |
|
| Average oil price (per barrel) |
$ |
66.15 |
|
|
$ |
104.33 |
|
|
$ |
70.05 |
|
|
$ |
97.51 |
|
| Average price (per Mcfe) |
$ |
1.82 |
|
|
$ |
6.94 |
|
|
$ |
2.40 |
|
|
$ |
5.80 |
|
| Average price including hedging (per Mcfe) |
$ |
2.26 |
|
|
$ |
4.87 |
|
|
$ |
2.66 |
|
|
$ |
4.23 |
|
|
|
|
|
|
|
|
|
| Production and ad valorem taxes |
$ |
19,599 |
|
|
$ |
21,729 |
|
|
$ |
34,505 |
|
|
$ |
35,549 |
|
| Gathering and transportation |
|
45,395 |
|
|
|
36,964 |
|
|
|
90,969 |
|
|
|
69,057 |
|
| Lease operating |
|
34,031 |
|
|
|
25,079 |
|
|
|
68,861 |
|
|
|
51,265 |
|
| Cash general and administrative (2) |
|
7,733 |
|
|
|
7,482 |
|
|
|
18,054 |
|
|
|
14,210 |
|
| Total production costs |
$ |
106,758 |
|
|
$ |
91,254 |
|
|
$ |
212,389 |
|
|
$ |
170,081 |
|
|
|
|
|
|
|
|
|
| Production and ad valorem taxes (per Mcfe) |
$ |
0.15 |
|
|
$ |
0.18 |
|
|
$ |
0.14 |
|
|
$ |
0.15 |
|
| Gathering and transportation (per Mcfe) |
|
0.36 |
|
|
|
0.30 |
|
|
|
0.36 |
|
|
|
0.29 |
|
| Lease operating (per Mcfe) |
|
0.27 |
|
|
|
0.20 |
|
|
|
0.27 |
|
|
|
0.21 |
|
| Cash general and administrative (per Mcfe) |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.06 |
|
| Total production costs (per Mcfe) |
$ |
0.84 |
|
|
$ |
0.74 |
|
|
$ |
0.84 |
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
| Unhedged operating margin |
|
54 |
% |
|
|
89 |
% |
|
|
65 |
% |
|
|
88 |
% |
| Hedged operating margin |
|
63 |
% |
|
|
85 |
% |
|
|
69 |
% |
|
|
83 |
% |
|
|
|
|
|
|
|
|
| Gas services revenue |
$ |
58,459 |
|
|
$ |
84,912 |
|
|
$ |
168,063 |
|
|
$ |
129,485 |
|
| Gas services expenses |
|
55,390 |
|
|
|
82,778 |
|
|
|
156,685 |
|
|
|
123,453 |
|
| Gas services margin |
|
3,069 |
|
|
|
2,134 |
|
|
|
11,378 |
|
|
|
6,032 |
|
|
|
|
|
|
|
|
|
| Natural Gas and Oil Capital Expenditures: |
|
|
|
|
|
|
|
| Proved property acquisitions |
$ |
— |
|
|
$ |
(69 |
) |
|
$ |
— |
|
|
$ |
205 |
|
| Unproved property acquisitions |
|
15,953 |
|
|
|
21,551 |
|
|
|
56,648 |
|
|
|
25,182 |
|
| Total natural gas and oil properties acquisitions |
$ |
15,953 |
|
|
$ |
21,482 |
|
|
$ |
56,648 |
|
|
$ |
25,387 |
|
| Exploration and Development: |
|
|
|
|
|
|
|
| Development leasehold |
$ |
4,975 |
|
|
$ |
655 |
|
|
$ |
13,718 |
|
|
$ |
5,287 |
|
| Exploratory drilling and completion |
|
74,622 |
|
|
|
18,840 |
|
|
|
104,312 |
|
|
|
30,397 |
|
| Development drilling and completion |
|
231,038 |
|
|
|
225,371 |
|
|
|
511,214 |
|
|
|
414,419 |
|
| Other development costs |
|
11,353 |
|
|
|
18,325 |
|
|
|
17,450 |
|
|
|
36,937 |
|
| Total exploration and development capital expenditures |
$ |
321,988 |
|
|
$ |
263,191 |
|
|
$ |
646,694 |
|
|
$ |
487,040 |
|
(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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS: |
|
|
|
|
|
|
|
| Net income (loss) available to common stockholders |
$ |
(45,706 |
) |
|
$ |
372,528 |
|
|
$ |
88,797 |
|
|
$ |
256,789 |
|
| Unrealized (gain) loss from derivative financial instruments |
|
59,989 |
|
|
|
(184,537 |
) |
|
|
3,963 |
|
|
|
135,770 |
|
| Loss on early retirement of debt |
|
— |
|
|
|
46,840 |
|
|
|
— |
|
|
|
46,840 |
|
Non-cash interest amortization from adjusting debt assumed in
acquisition to fair value |
|
— |
|
|
|
1,414 |
|
|
|
— |
|
|
|
4,174 |
|
| Exploration expense |
|
— |
|
|
|
2,342 |
|
|
|
1,775 |
|
|
|
3,363 |
|
| Loss (gain) on sale of assets |
|
648 |
|
|
|
(19 |
) |
|
|
(125 |
) |
|
|
(21 |
) |
| Adjustment to (provision for) benefit from income taxes |
|
(13,892 |
) |
|
|
35,050 |
|
|
|
(1,364 |
) |
|
|
(37,539 |
) |
| Adjusted net income available to common stockholders (1) |
$ |
1,039 |
|
|
$ |
273,618 |
|
|
$ |
93,046 |
|
|
$ |
409,376 |
|
|
|
|
|
|
|
|
|
| Adjusted net income available to common stockholders per share (2) |
$ |
— |
|
|
$ |
1.00 |
|
|
$ |
0.33 |
|
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
| Diluted shares outstanding |
|
276,669 |
|
|
|
277,614 |
|
|
|
276,610 |
|
|
|
277,484 |
|
| ADJUSTED EBITDAX: |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
(45,706 |
) |
|
$ |
376,891 |
|
|
$ |
88,797 |
|
|
$ |
265,467 |
|
| Interest expense |
|
39,188 |
|
|
|
44,320 |
|
|
|
77,458 |
|
|
|
90,811 |
|
| Income taxes |
|
(14,446 |
) |
|
|
108,422 |
|
|
|
25,270 |
|
|
|
76,800 |
|
| Depreciation, depletion, and amortization |
|
140,177 |
|
|
|
119,201 |
|
|
|
274,160 |
|
|
|
225,929 |
|
| Exploration |
|
— |
|
|
|
2,342 |
|
|
|
1,775 |
|
|
|
3,363 |
|
| Unrealized (gain) loss from derivative financial instruments |
|
59,989 |
|
|
|
(184,537 |
) |
|
|
3,963 |
|
|
|
135,770 |
|
| Stock-based compensation |
|
2,305 |
|
|
|
1,581 |
|
|
|
4,351 |
|
|
|
3,076 |
|
| Loss on early extinguishment of debt |
|
— |
|
|
|
46,840 |
|
|
|
— |
|
|
|
46,840 |
|
| Loss (gain) on sale of assets |
|
648 |
|
|
|
(19 |
) |
|
|
(125 |
) |
|
|
(21 |
) |
| Total Adjusted EBITDAX (3) |
$ |
182,155 |
|
|
$ |
515,041 |
|
|
$ |
475,649 |
|
|
$ |
848,035 |
|
(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) 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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| OPERATING CASH FLOW(1): |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
(45,706 |
) |
|
$ |
376,891 |
|
|
$ |
88,797 |
|
|
$ |
265,467 |
|
| Reconciling items: |
|
|
|
|
|
|
|
| Unrealized (gain) loss from derivative financial instruments |
|
59,989 |
|
|
|
(184,537 |
) |
|
|
3,963 |
|
|
|
135,770 |
|
| Deferred income taxes (benefit) |
|
(13,910 |
) |
|
|
95,117 |
|
|
|
25,270 |
|
|
|
70,329 |
|
| Depreciation, depletion and amortization |
|
140,177 |
|
|
|
119,201 |
|
|
|
274,160 |
|
|
|
225,929 |
|
| Loss on early retirement of debt |
|
— |
|
|
|
46,840 |
|
|
|
— |
|
|
|
46,840 |
|
| Amortization of debt discount and issuance costs |
|
1,994 |
|
|
|
2,873 |
|
|
|
3,991 |
|
|
|
7,098 |
|
| Stock-based compensation |
|
2,305 |
|
|
|
1,581 |
|
|
|
4,351 |
|
|
|
3,076 |
|
| Loss (gain) on sale of assets |
|
648 |
|
|
|
(19 |
) |
|
|
(125 |
) |
|
|
(21 |
) |
| Operating cash flow |
$ |
145,497 |
|
|
$ |
457,947 |
|
|
$ |
400,407 |
|
|
$ |
754,488 |
|
| (Increase) decrease in accounts receivable |
|
60,218 |
|
|
|
(232,043 |
) |
|
|
316,210 |
|
|
|
(203,918 |
) |
| (Increase) decrease in other current assets |
|
2,715 |
|
|
|
(2,104 |
) |
|
|
1,201 |
|
|
|
881 |
|
| Increase in accounts payable and accrued expenses |
|
123,080 |
|
|
|
187,116 |
|
|
|
56 |
|
|
|
145,083 |
|
| Net cash provided by operating activities |
$ |
331,510 |
|
|
$ |
410,916 |
|
|
$ |
717,874 |
|
|
$ |
696,534 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| FREE CASH FLOW(2): |
|
|
|
|
|
|
|
| Operating cash flow |
$ |
145,497 |
|
|
$ |
457,947 |
|
|
$ |
400,407 |
|
|
$ |
754,488 |
|
| Less: |
|
|
|
|
|
|
|
| Exploration and development capital expenditures |
|
(321,988 |
) |
|
|
(263,191 |
) |
|
|
(646,694 |
) |
|
|
(487,040 |
) |
| Other capital expenditures |
|
(6,970 |
) |
|
|
(18,057 |
) |
|
|
(11,513 |
) |
|
|
(18,079 |
) |
| Preferred stock dividends |
|
— |
|
|
|
(4,363 |
) |
|
|
— |
|
|
|
(8,678 |
) |
| Free cash flow (deficit) from operations |
$ |
(183,461 |
) |
|
$ |
172,336 |
|
|
$ |
(257,800 |
) |
|
$ |
240,691 |
|
| Acquisitions of natural gas and oil properties |
|
(15,953 |
) |
|
|
(21,482 |
) |
|
|
(56,648 |
) |
|
|
(25,387 |
) |
| Proceeds from divestitures |
|
41,165 |
|
|
|
48 |
|
|
|
41,295 |
|
|
|
93 |
|
| Free cash flow (deficit) after acquisition and divestiture activity |
$ |
(158,249 |
) |
|
$ |
150,902 |
|
|
$ |
(273,153 |
) |
|
$ |
215,397 |
|
|
|
|
|
|
|
|
|
(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 natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
|
June 30,
2023 |
|
December 31,
2022 |
| ASSETS |
|
|
|
| Cash and cash equivalents |
$ |
9,919 |
|
$ |
54,652 |
| Accounts receivable |
|
193,917 |
|
|
510,127 |
| Derivative financial instruments |
|
17,553 |
|
|
23,884 |
| Other current assets |
|
60,777 |
|
|
56,324 |
| Total current assets |
|
282,166 |
|
|
644,987 |
| Property and equipment, net |
|
5,026,001 |
|
|
4,622,655 |
| Goodwill |
|
335,897 |
|
|
335,897 |
| Operating lease right-of-use assets |
|
192,670 |
|
|
90,716 |
|
$ |
5,836,734 |
|
$ |
5,694,255 |
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
| Accounts payable |
$ |
552,315 |
|
$ |
530,195 |
| Accrued costs |
|
132,057 |
|
|
183,111 |
| Operating leases |
|
77,690 |
|
|
38,411 |
| Derivative financial instruments |
|
— |
|
|
4,420 |
| Total current liabilities |
|
762,062 |
|
|
756,137 |
| Long-term debt |
|
2,176,418 |
|
|
2,152,571 |
| Deferred income taxes |
|
451,004 |
|
|
425,734 |
| Derivative financial instruments |
|
2,052 |
|
|
— |
| Long-term operating leases |
|
115,048 |
|
|
52,385 |
| Asset retirement obligation |
|
29,964 |
|
|
29,114 |
| Total liabilities |
|
3,536,548 |
|
|
3,415,941 |
| Stockholders' Equity: |
|
|
|
| Common stock |
|
139,246 |
|
|
138,759 |
| Additional paid-in capital |
|
1,255,382 |
|
|
1,253,417 |
| Accumulated earnings |
|
905,558 |
|
|
886,138 |
| Total stockholders' equity |
|
2,300,186 |
|
|
2,278,314 |
|
$ |
5,836,734 |
|
$ |
5,694,255 |
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
