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's Second
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 EndedJune 30, |
|
Six Months EndedJune 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 EndedJune 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 EndedJune 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 EndedJune 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
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