0000950170-24-014590.txt : 20240213 0000950170-24-014590.hdr.sgml : 20240213 20240213161956 ACCESSION NUMBER: 0000950170-24-014590 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMSTOCK RESOURCES INC CENTRAL INDEX KEY: 0000023194 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 941667468 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03262 FILM NUMBER: 24626279 BUSINESS ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 BUSINESS PHONE: 9726688800 MAIL ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 FORMER COMPANY: FORMER CONFORMED NAME: COMSTOCK TUNNEL & DRAINAGE CO DATE OF NAME CHANGE: 19880121 8-K 1 crk-20240213.htm 8-K 8-K
false0000023194COMSTOCK RESOURCES INC00000231942024-02-132024-02-13

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 13, 2024

 

 

COMSTOCK RESOURCES, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Nevada

001-03262

94-1667468

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

5300 Town and Country Blvd.

Suite 500

 

Frisco, Texas

 

75034

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (972) 668-8800

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.50 (per share)

 

CRK

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On February 13, 2024, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the quarter and year ended December 31, 2023. A copy of the press release announcing Comstock's earnings and operating results for these periods and other matters is attached hereto as Exhibit 99.1.

The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release dated February 13, 2024

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

COMSTOCK RESOURCES, INC.

 

 

 

 

Date:

February 13, 2024

By:

/s/ ROLAND O. BURNS

 

 

 

Roland O. Burns
President and Chief Financial Officer

 

 EX-99.1 2 crk-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img15376905_0.jpg 

5300 Town and Country Blvd., Suite 500

Frisco, Texas 75034

Telephone: (972) 668-8834

Contact: Ron Mills

VP of Finance and Investor Relations

Web Site: www.comstockresources.com

 

NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. REPORTS

FOURTH QUARTER 2023 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 13, 2024 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2023.

Highlights of 2023's Fourth Quarter

•
Continued weak natural gas prices weighed heavily on the fourth quarter results.
•
Natural gas and oil sales, including realized hedging gains, were $354 million.
•
Adjusted EBITDAX for the quarter was $244 million.
•
Operating cash flow was $207 million or $0.75 per share.
•
Solid results from the Haynesville shale drilling program with 22 (16.5 net) operated wells turned to sales since the Company's last update with an average initial production rate of 24 MMcf per day.
•
Added 23,000 net acres in the Western Haynesville, increasing our acreage in the play to over 250,000 net acres.
•
Latest Western Haynesville successful well is currently producing at a rate of 31 MMcf per day.

Financial Results for the Three Months Ended December 31, 2023

Comstock's natural gas and oil sales in the fourth quarter of 2023 totaled $353.5 million (including realized hedging gains of $4.1 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2023 was $206.9 million, and net income available to common stockholders for the fourth quarter was $108.4 million or $0.39 per share. Net income in the quarter included a pre-tax $107.3 million unrealized gain on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2023 was $27.9 million, or $0.10 per share.

Comstock's production cost per Mcfe in the fourth quarter averaged $0.81 per Mcfe, which was comprised of $0.33 for gathering and transportation costs, $0.23 for lease operating costs, $0.23 for production and other taxes and $0.02 for cash general and administrative expenses. Comstock's unhedged operating margin was 67% in the fourth quarter of 2023 and 68% after hedging.

 

 

Financial Results for the Year Ended December 31, 2023

Natural gas and oil sales for the year ended December 31, 2023 totaled $1.3 billion (including realized hedging gains of $80.3 million). Operating cash flow (excluding changes in working capital) generated during the year was $774.5 million, and net income available to common stockholders was $211.9 million or $0.76 per share. Adjusted net income excluding unrealized gain on hedging contracts for the year ended December 31, 2023 was $132.7 million or $0.47 per share.

Comstock's production cost per Mcfe during the year ended December 31, 2023 averaged $0.83 per Mcfe, which was comprised of $0.35 for gathering and transportation costs, $0.25 for lease operating costs, $0.18 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock's unhedged operating margin was 65% during 2023 and 68% after hedging.

2023 Drilling Results

Comstock drilled 67 (55.5 net) operated horizontal Haynesville/Bossier shale wells in 2023, which had an average lateral length of 10,796 feet. Comstock also turned 74 (55.7 net) operated wells to sales in 2023, which had an average initial production rate of 25 MMcf per day.

Since its last operational update in November, Comstock has turned an additional 22 (16.5 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 24 MMcf per day. The completed lateral length of these wells averaged 11,966 feet. Included in the wells turned to sales since the last operational update was the eighth successful Western Haynesville well – the Neyland MMM #1, which was drilled to a total vertical depth of 16,752 feet with a 10,438 foot completed lateral. The well is currently producing 31 MMcf per day and has not reached its maximum initial production rate.

2023 Proved Oil and Gas Reserves

Comstock also announced that proved natural gas and oil reserves as of December 31, 2023 were estimated at 4.9 trillion cubic feet equivalent ("Tcfe") as compared to 6.7 Tcfe as of December 31, 2022. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 4.9 Tcfe of proved reserves at December 31, 2023 were substantially all natural gas, 56% developed and 98% operated by Comstock. The decrease is the result of lower natural gas prices used in the determination. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value"), was approximately $2.5 billion using the Company's average first of month 2023 prices of $2.39 per thousand cubic feet of natural gas and $72.63 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2023 proved reserve estimates were 56% lower for natural gas and 14% lower for oil as compared to prices used at December 31, 2022. Comstock's proved reserves would have been 6.6 Tcfe with a PV-10 Value of $5.2 billion using NYMEX reference prices of $3.50 per Mcf for natural gas and $75.00 per barrel of oil less the Company's differentials.

The following table reflects the changes in the SEC proved reserve estimates since the end of 2022:

 

Total
(Bcfe)

 

Proved Reserves:

 

 

Proved Reserves at December 31, 2022

 

6,700.9

 

Production

 

(524.9

)

Extensions and discoveries

 

571.4

 

Revisions

 

(1,803.9

)

Proved Reserves at December 31, 2023

 

4,943.5

 

 

 

 

Despite the lower prices used in determining proved reserves, Comstock replaced 109% of its 2023 production excluding revisions, which were related to the lower prices used in the determination.

2024 Budget

In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve. In addition, the Company plans to reduce the number of operating drilling rigs it is running from seven to five. Two of the five drilling rigs will continue to be deployed in the Company's Western Haynesville play. As a result, Comstock plans to spend approximately $750 million to $850 million in 2024 on its development and exploration projects to drill 46 (35.9 net) operated horizontal wells and to turn 44 (38.2 net) operated wells to sales in 2024. Comstock expects to spend $125 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on February 14, 2024, to discuss the fourth 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/BI9aed23e8af74454f89bd226e82af31c9

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/jx7owzgq.

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 February 14, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/jx7owzgq.

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
December 31,

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

348,385

 

 

$

740,320

 

 

$

1,259,450

 

 

$

3,117,094

 

Oil sales

 

 

1,050

 

 

 

1,273

 

 

 

5,161

 

 

 

7,597

 

Total natural gas and oil sales

 

 

349,435

 

 

 

741,593

 

 

 

1,264,611

 

 

 

3,124,691

 

Gas services

 

 

61,148

 

 

 

180,791

 

 

 

300,498

 

 

 

503,366

 

Total revenues

 

 

410,583

 

 

 

922,384

 

 

 

1,565,109

 

 

 

3,628,057

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes

 

 

31,912

 

 

 

17,837

 

 

 

91,803

 

 

 

77,917

 

Gathering and transportation

 

 

46,925

 

 

 

41,882

 

 

 

184,906

 

 

 

155,679

 

Lease operating

 

 

31,678

 

 

 

31,261

 

 

 

132,203

 

 

 

111,134

 

Exploration

 

 

—

 

 

 

4,924

 

 

 

1,775

 

 

 

8,287

 

Depreciation, depletion and amortization

 

 

185,558

 

 

 

134,456

 

 

 

607,908

 

 

 

489,450

 

Gas services

 

 

57,733

 

 

 

159,773

 

 

 

282,050

 

 

 

465,044

 

General and administrative

 

 

6,000

 

 

 

11,954

 

 

 

37,992

 

 

 

39,405

 

Gain on sale of assets

 

 

—

 

 

 

(319

)

 

 

(125

)

 

 

(340

)

Total operating expenses

 

 

359,806

 

 

 

401,768

 

 

 

1,338,512

 

 

 

1,346,576

 

Operating income

 

 

50,777

 

 

 

520,616

 

 

 

226,597

 

 

 

2,281,481

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) from derivative financial instruments

 

 

111,449

 

 

 

119,132

 

 

 

187,639

 

 

 

(662,522

)

Other income

 

 

304

 

 

 

410

 

 

 

1,771

 

 

 

916

 

Interest expense

 

 

(47,936

)

 

 

(38,888

)

 

 

(169,018

)

 

 

(171,092

)

Loss on early retirement of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(46,840

)

Total other income (expenses)

 

 

63,817

 

 

 

80,654

 

 

 

20,392

 

 

 

(879,538

)

Income before income taxes

 

 

114,594

 

 

 

601,270

 

 

 

246,989

 

 

 

1,401,943

 

Provision for income taxes

 

 

(6,217

)

 

 

(81,451

)

 

 

(35,095

)

 

 

(261,061

)

Net income

 

 

108,377

 

 

 

519,819

 

 

 

211,894

 

 

 

1,140,882

 

Preferred stock dividends

 

 

—

 

 

 

(2,925

)

 

 

—

 

 

 

(16,014

)

Net income available to common stockholders

 

 

108,377

 

 

 

516,894

 

 

 

211,894

 

 

 

1,124,868

 

Net income attributable to noncontrolling interest

 

 

(777

)

 

 

—

 

 

 

(777

)

 

 

—

 

Net income attributable to Comstock

 

$

107,600

 

 

$

516,894

 

 

$

211,117

 

 

$

1,124,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.39

 

 

$

2.08

 

 

$

0.76

 

 

$

4.75

 

Diluted

 

$

0.39

 

 

$

1.87

 

 

$

0.76

 

 

$

4.11

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

276,999

 

 

 

247,543

 

 

 

276,806

 

 

 

236,045

 

Diluted

 

 

276,999

 

 

 

277,032

 

 

 

276,806

 

 

 

277,465

 

Dividends per share

 

$

0.125

 

 

$

0.125

 

 

$

0.50

 

 

$

0.125

 

 

 

 

COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands, except per unit amounts)

 

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Natural gas production (MMcf)

 

 

140,565

 

 

 

132,858

 

 

 

524,467

 

 

 

500,616

 

Oil production (Mbbls)

 

 

13

 

 

 

16

 

 

 

70

 

 

 

82

 

Total production (MMcfe)

 

 

140,649

 

 

 

132,955

 

 

 

524,890

 

 

 

501,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

348,385

 

 

$

740,320

 

 

$

1,259,450

 

 

$

3,117,094

 

Natural gas hedging settlements (1)

 

 

4,107

 

 

 

(183,677

)

 

 

80,328

 

 

 

(862,715

)

Total natural gas including hedging

 

 

352,492

 

 

 

556,643

 

 

 

1,339,778

 

 

 

2,254,379

 

Oil sales

 

 

1,050

 

 

 

1,273

 

 

 

5,161

 

 

 

7,597

 

Total natural gas and oil sales including hedging

 

$

353,542

 

 

$

557,916

 

 

$

1,344,939

 

 

$

2,261,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average natural gas price (per Mcf)

 

$

2.48

 

 

$

5.57

 

 

$

2.40

 

 

$

6.23

 

Average natural gas price including hedging (per Mcf)

 

$

2.51

 

 

$

4.19

 

 

$

2.55

 

 

$

4.50

 

Average oil price (per barrel)

 

$

80.77

 

 

$

79.56

 

 

$

73.73

 

 

$

92.65

 

Average price (per Mcfe)

 

$

2.48

 

 

$

5.58

 

 

$

2.41

 

 

$

6.24

 

Average price including hedging (per Mcfe)

 

$

2.51

 

 

$

4.20

 

 

$

2.56

 

 

$

4.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes

 

$

31,912

 

 

$

17,837

 

 

$

91,803

 

 

$

77,917

 

Gathering and transportation

 

 

46,925

 

 

 

41,882

 

 

 

184,906

 

 

 

155,679

 

Lease operating

 

 

31,678

 

 

 

31,261

 

 

 

132,203

 

 

 

111,134

 

Cash general and administrative (2)

 

 

3,141

 

 

 

10,262

 

 

 

28,125

 

 

 

32,795

 

Total production costs

 

$

113,656

 

 

$

101,242

 

 

$

437,037

 

 

$

377,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes (per Mcfe)

 

$

0.23

 

 

$

0.12

 

 

$

0.18

 

 

$

0.16

 

Gathering and transportation (per Mcfe)

 

 

0.33

 

 

 

0.32

 

 

 

0.35

 

 

 

0.31

 

Lease operating (per Mcfe)

 

 

0.23

 

 

 

0.24

 

 

 

0.25

 

 

 

0.22

 

Cash general and administrative (per Mcfe)

 

 

0.02

 

 

 

0.08

 

 

 

0.05

 

 

 

0.07

 

Total production costs (per Mcfe)

 

$

0.81

 

 

$

0.76

 

 

$

0.83

 

 

$

0.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unhedged operating margin

 

 

67

%

 

 

86

%

 

 

65

%

 

 

88

%

Hedged operating margin

 

 

68

%

 

 

82

%

 

 

68

%

 

 

83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas services revenues

 

$

61,148

 

 

$

180,791

 

 

$

300,498

 

 

$

503,366

 

Gas services expenses

 

 

57,733

 

 

 

159,773

 

 

 

282,050

 

 

 

465,044

 

Gas services margin

 

$

3,415

 

 

$

21,018

 

 

$

18,448

 

 

$

38,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas and Oil Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Proved property acquisitions

 

$

—

 

 

$

295

 

 

$

—

 

 

$

500

 

Unproved property acquisitions

 

 

21,907

 

 

 

16,724

 

 

 

98,553

 

 

 

54,120

 

Total natural gas and oil properties acquisitions

 

$

21,907

 

 

$

17,019

 

 

$

98,553

 

 

$

54,620

 

Exploration and Development:

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

8,818

 

 

$

5,429

 

 

$

27,905

 

 

$

13,727

 

Exploratory drilling and completion

 

 

65,079

 

 

 

14,517

 

 

 

244,129

 

 

 

63,520

 

Development drilling and completion

 

 

233,856

 

 

 

281,653

 

 

 

974,664

 

 

 

901,026

 

Other development costs

 

 

6,262

 

 

 

1,193

 

 

 

25,130

 

 

 

53,693

 

Total exploration and development capital expenditures

 

$

314,015

 

 

$

302,792

 

 

$

1,271,828

 

 

$

1,031,966

 

 

(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
December 31,

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

ADJUSTED NET INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

108,377

 

 

$

516,894

 

 

$

211,894

 

 

$

1,124,868

 

Unrealized gain from derivative financial instruments

 

 

(107,342

)

 

 

(302,809

)

 

 

(107,311

)

 

 

(200,193

)

Loss on early retirement of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

46,840

 

Non-cash interest amortization from adjusting debt assumed in acquisition to fair value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,174

 

Exploration expense

 

 

—

 

 

 

4,924

 

 

 

1,775

 

 

 

8,287

 

Gain on sale of assets

 

 

—

 

 

 

(319

)

 

 

(125

)

 

 

(340

)

Adjustment to income taxes

 

 

26,868

 

 

 

68,970

 

 

 

26,450

 

 

 

39,011

 

Adjusted net income (1)

 

$

27,903

 

 

$

287,660

 

 

$

132,683

 

 

$

1,022,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share (2)

 

$

0.10

 

 

$

1.05

 

 

$

0.47

 

 

$

3.73

 

Diluted shares outstanding

 

 

276,999

 

 

 

277,032

 

 

 

276,806

 

 

 

277,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDAX:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

108,377

 

 

$

519,819

 

 

$

211,894

 

 

$

1,140,882

 

Interest expense

 

 

47,936

 

 

 

38,888

 

 

 

169,018

 

 

 

171,092

 

Income taxes

 

 

6,217

 

 

 

81,451

 

 

 

35,095

 

 

 

261,061

 

Depreciation, depletion, and amortization

 

 

185,558

 

 

 

134,456

 

 

 

607,908

 

 

 

489,450

 

Exploration

 

 

—

 

 

 

4,924

 

 

 

1,775

 

 

 

8,287

 

Unrealized gain from derivative financial instruments

 

 

(107,342

)

 

 

(302,809

)

 

 

(107,311

)

 

 

(200,193

)

Stock-based compensation

 

 

2,861

 

 

 

1,692

 

 

 

9,867

 

 

 

6,610

 

Loss on early extinguishment of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

46,840

 

Gain on sale of assets

 

 

—

 

 

 

(319

)

 

 

(125

)

 

 

(340

)

Total Adjusted EBITDAX (3)

 

$

243,607

 

 

$

478,102

 

 

$

928,121

 

 

$

1,923,689

 

 

(1)
Adjusted net income 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 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
December 31,

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

OPERATING CASH FLOW (1):

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

108,377

 

 

$

519,819

 

 

$

211,894

 

 

$

1,140,882

 

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain from derivative financial instruments

 

 

(107,342

)

 

 

(302,809

)

 

 

(107,311

)

 

 

(200,193

)

Deferred income taxes

 

 

15,423

 

 

 

79,928

 

 

 

44,301

 

 

 

228,317

 

Depreciation, depletion and amortization

 

 

185,558

 

 

 

134,456

 

 

 

607,908

 

 

 

489,450

 

Loss on early retirement of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

46,840

 

Amortization of debt discount and issuance costs

 

 

1,984

 

 

 

1,713

 

 

 

7,964

 

 

 

10,255

 

Stock-based compensation

 

 

2,861

 

 

 

1,692

 

 

 

9,867

 

 

 

6,610

 

Gain on sale of assets

 

 

—

 

 

 

(319

)

 

 

(125

)

 

 

(340

)

Operating cash flow

 

$

206,861

 

 

$

434,480

 

 

$

774,498

 

 

$

1,721,821

 

(Increase) decrease in accounts receivable

 

 

(16,626

)

 

 

117,211

 

 

 

278,697

 

 

 

(242,389

)

(Increase) decrease in other current assets

 

 

1,369

 

 

 

(10,655

)

 

 

745

 

 

 

(10,296

)

Increase (decrease) in accounts payable and other accrued expenses

 

 

36,603

 

 

 

(72,704

)

 

 

(37,094

)

 

 

229,252

 

Net cash provided by operating activities

 

$

228,207

 

 

$

468,332

 

 

$

1,016,846

 

 

$

1,698,388

 

 

 

 

 

Three Months Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

FREE CASH FLOW (2):

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow

 

$

206,861

 

 

$

434,480

 

 

$

774,498

 

 

$

1,721,821

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Exploration and development capital expenditures

 

 

(314,015

)

 

 

(302,792

)

 

 

(1,271,828

)

 

 

(1,031,966

)

Midstream capital expenditures

 

 

(14,098

)

 

 

—

 

 

 

(35,694

)

 

 

—

 

Other capital expenditures

 

 

(11

)

 

 

(147

)

 

 

(491

)

 

 

(803

)

Preferred stock dividends

 

 

—

 

 

 

(2,925

)

 

 

—

 

 

 

(16,014

)

Contributions from midstream partnership

 

 

24,000

 

 

 

—

 

 

 

24,000

 

 

 

—

 

Free cash flow (deficit) from operations

 

$

(97,263

)

 

$

128,616

 

 

$

(509,515

)

 

$

673,038

 

Acquisitions

 

 

(21,907

)

 

 

(18,044

)

 

 

(98,553

)

 

 

(72,593

)

Proceeds from divestitures

 

 

—

 

 

 

4,093

 

 

 

41,295

 

 

 

4,186

 

Free cash flow (deficit) after acquisition and divestiture activity

 

$

(119,170

)

 

$

114,665

 

 

$

(566,773

)

 

$

604,631

 

 

(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, midstream and other capital expenditures, preferred dividend payments, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

 

 

 

COMSTOCK RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

December 31,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,669

 

 

$

54,652

 

Accounts receivable

 

 

231,430

 

 

 

510,127

 

Derivative financial instruments

 

 

126,775

 

 

 

23,884

 

Other current assets

 

 

86,619

 

 

 

56,324

 

Total current assets

 

 

461,493

 

 

 

644,987

 

Property and equipment, net

 

 

5,384,771

 

 

 

4,622,655

 

Goodwill

 

 

335,897

 

 

 

335,897

 

Operating lease right-of-use assets

 

 

71,462

 

 

 

90,716

 

 

 

$

6,253,623

 

 

$

5,694,255

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable

 

$

523,260

 

 

$

530,195

 

Accrued costs

 

 

134,466

 

 

 

183,111

 

Operating leases

 

 

23,765

 

 

 

38,411

 

Derivative financial instruments

 

 

—

 

 

 

4,420

 

Total current liabilities

 

 

681,491

 

 

 

756,137

 

Long-term debt

 

 

2,640,391

 

 

 

2,152,571

 

Deferred income taxes

 

 

470,035

 

 

 

425,734

 

Derivative financial instruments

 

 

—

 

 

 

—

 

Long-term operating leases

 

 

47,742

 

 

 

52,385

 

Asset retirement obligation

 

 

30,773

 

 

 

29,114

 

Total liabilities

 

 

3,870,432

 

 

 

3,415,941

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock

 

 

139,214

 

 

 

138,759

 

Additional paid-in capital

 

 

1,260,930

 

 

 

1,253,417

 

Accumulated earnings

 

 

958,270

 

 

 

886,138

 

Total stockholders' equity attributable to Comstock

 

 

2,358,414

 

 

 

2,278,314

 

Noncontrolling interest

 

 

24,777

 

 

 

—

 

Total stockholders' equity

 

 

2,383,191

 

 

 

2,278,314

 

 

 

$

6,253,623

 

 

$

5,694,255

 

 

 

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Document And Entity Information
Feb. 13, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 13, 2024
Entity Registrant Name COMSTOCK RESOURCES INC
Entity Central Index Key 0000023194
Entity Emerging Growth Company false
Entity File Number 001-03262
Entity Incorporation, State or Country Code NV
Entity Tax Identification Number 94-1667468
Entity Address, Address Line One 5300 Town and Country Blvd.
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Frisco
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75034
City Area Code (972)
Local Phone Number 668-8800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.50 (per share)
Trading Symbol CRK
Security Exchange Name NYSE
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