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Comstock Resources, Inc. (CRK)

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Previous Close4.7700
Open4.7700
Bid4.5900 x 800
Ask4.6000 x 3100
Day's Range4.5050 - 4.7760
52 Week Range4.0500 - 8.5000
Volume3,257,417
Avg. Volume2,705,944
Market Cap1.059B
Beta (5Y Monthly)2.21
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateDec 03, 2014
1y Target EstN/A
  • COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2020 FINANCIAL AND OPERATING RESULTS
    GlobeNewswire

    COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2020 FINANCIAL AND OPERATING RESULTS

    FRISCO, TX, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended September 30, 2020.Financial Results for the Three Months Ended September 30, 2020For the third quarter of 2020, Comstock reported a net loss available to common stockholders of $130.9 million or $0.57 per share. The loss was primarily related to a $155.6 million unrealized loss on the mark-to-market value of the Company's derivative financial instruments that are held to hedge oil and natural gas prices as future natural gas prices have improved substantially since the end of the second quarter of 2020. The adjusted net loss available to common stockholders excluding the unrealized loss on the hedge contracts and other non-recurring items for the third quarter of 2020 was $13.8 million or $0.06 per diluted share.Comstock produced 102.6 billion cubic feet ("Bcf") of natural gas and 0.4 million barrels of oil or 104.7 billion cubic feet of natural gas equivalent ("Bcfe") in the third quarter of 2020. Natural gas production averaged 1,115 million cubic feet ("MMcf") per day, an increase of 5% over natural gas production in the third quarter of 2019. Oil production in the third quarter of 2020 decreased to 3,851 barrels of oil per day from 6,563 barrels per day produced in the third quarter of 2019. 12% of the Company's net oil production was shut in or curtailed during the third quarter of 2020 and 7% of the natural gas production was shut-in due to offset completion activity or due to curtailments related to storm activity or pipeline constraints.Comstock's average realized natural gas price in the third quarter of 2020, including realized hedging gains, decreased to $1.95 per Mcf as compared to $2.26 per Mcf realized in the third quarter of 2019. The Company's average realized oil price in the third quarter of 2020, including realized hedging gains, decreased to $33.52 per barrel as compared to $51.27 per barrel in the third quarter of 2019. Oil and gas sales were $212.2 million (including realized hedging gains) in the third quarter of 2020 as compared to $250.5 million in the third quarter of 2019. The lower oil and gas prices realized caused adjusted EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $147.7 million in the third quarter of 2020 to decrease by 22% over adjusted EBITDAX of $188.6 million for the third quarter of 2019. The Company's operating cash flow generated in the third quarter of 2020 of $93.2 million decreased 35% over operating cash flow of $143.3 million in the third quarter of 2019.Financial Results for the Nine Months Ended September 30, 2020For the first nine months of 2020, Comstock reported a net loss available to common stockholders of $160.9 million or $0.77 per share. Adjusted net income available to common stockholders excluding the $204.7 million unrealized loss on derivative financial instruments and other non-recurring items for the first nine months of 2020 was $12.9 million or $0.06 per diluted share.Comstock produced 341.8 Bcf of natural gas and 1.2 million barrels of oil or 348.8 Bcfe in the first nine months of 2020. Natural gas production averaged 1,248 MMcf per day, an increase of 99% over natural gas production in the first nine months of 2019 due to the acquisition of Covey Park Energy LLC, which was completed in July 2019. Oil production in the first nine months of 2020 decreased to 4,263 barrels of oil per day from 7,723 barrels per day produced in first nine months of 2019.Comstock's average realized natural gas price in the first nine months of 2020, including realized hedging gains, decreased to $1.96 per Mcf as compared to $2.39 per Mcf realized in the first nine months of 2019. The Company's average realized oil price in the first nine months of 2020, including realized hedging gains, decreased to $39.84 per barrel as compared to $49.44 per barrel in the first nine months of 2019. Oil and gas sales were $716.3 million, including realized hedging gains, in the first nine months of 2020 as compared to sales of $512.8 million in the first nine months of 2019. Adjusted EBITDAX of $511.4 million in the first nine months of 2020 increased by 35% over adjusted EBITDAX of $378.8 million for the first nine months of 2019. The Company's operating cash flow generated in the first nine months of 2020 of $366.6 million increased 31% over operating cash flow of $280.4 million in the first nine months of 2019.Drilling ResultsComstock spent $315.7 million during the first nine months of 2020 for drilling and development activities. $308.6 million was spent to develop its Haynesville and Bossier shale properties, comprised of $280.4 million on drilling and completing wells and an additional $28.2 million on other development activity. In response to the higher anticipated natural gas prices, Comstock restarted completion activity and added two operating drilling rigs in the third quarter and currently has three completion crews working through the backlog of drilled but uncompleted wells.  The ramp-up of activity will allow new wells to come on line late in the fourth quarter of 2020 and early in 2021 to coincide with the expected continued improvement of future natural gas prices.  Comstock drilled 36 (28.6) horizontal operated Haynesville shale wells during the first nine months of 2020, which had an average lateral length of 9,143 feet. Comstock also participated in 18 (1.3 net) non-operated Haynesville shale wells in the first nine months of 2020. During the first nine months of 2020, Comstock turned 33 (24.6 net) Haynesville shale wells to sales and currently expects to turn an additional 22 (17.6 net) wells to sales in the fourth quarter of 2020.Since its last operational update, Comstock turned 15 (11.7 net) Haynesville shale wells into sales.  The average initial production rate of these wells was 26 MMcf per day and had an average completed lateral length of 9,088 feet.2021 Drilling BudgetThe Company currently plans to spend approximately $525.0 to $575.0 million in 2021 on drilling and completion activities primarily focused in the Haynesville/Bossier shale. Comstock is currently planning to operate six rigs for the first half of 2021 and seven rigs for the remainder of the year and expects to drill 70 (56.5 net) and complete 65 (56.6 net) operated horizontal wells. Other MattersComstock has planned a conference call for 10:00 a.m. Central Time on November 5, 2020, to discuss the third quarter of 2020 operational and financial results. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live webcast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 1275655 when prompted. If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com. The web replay will be available for approximately one week. A replay of the conference call will be available beginning at 1:00 p.m. CT November 5, 2020 and will continue until 1:00 p.m. November 12, 2020. To hear the replay, call 855-859-2056 (404-537-3406) if calling from outside the US). The conference call access code is 1275655.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.Comstock Resources, Inc. is an independent energy company based in Frisco, Texas engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota. 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,  2020 2019 2020 2019 Revenues:        Natural gas sales$168,374    $193,506    $547,975    $375,589    Oil sales9,637    30,938    35,449    103,852    Total oil and gas sales178,011    224,444    583,424    479,441    Operating expenses:        Production and ad valorem taxes9,798    9,381    27,768    22,703    Gathering and transportation22,422    23,414    77,423    41,346    Lease operating25,412    26,696    79,110    54,477    Exploration—    241    27    241    Depreciation, depletion and amortization99,056    80,247    312,828    164,684    General and administrative8,974    8,105    25,991    22,760    (Gain) loss on sale of assets(16)  —    (16)  25    Total operating expenses165,646    148,084    523,131    306,236    Operating income12,365    76,360    60,293    173,205    Other income (expenses):        Gain (loss) from derivative financial instruments(121,579)  24,858    (71,978)  31,945    Other income489    92    793    340    Transaction costs—    (39,657)  —    (41,100)  Interest expense(63,890)  (51,015)  (168,764)  (107,434)  Loss on early extinguishment of debt—    —    (861)  —    Total other income (expenses)(184,980)  (65,722)  (240,810)  (116,249)  Income (loss) before income taxes(172,615)  10,638    (180,517)  56,956    Benefit from (provision for) income taxes46,123    (3,847)  46,177    (15,183)  Net income (loss)(126,492)  6,791    (134,340)  41,773    Preferred stock dividends and accretion(4,398)  (8,128)  (26,596)  (8,128)  Net income (loss) available to common stockholders$(130,890)  $(1,337)  $(160,936)  $33,645             Net income (loss) per share:        Basic$(0.57)  $(0.01)  $(0.77)  $0.26    Diluted$(0.57)  $(0.01)  $(0.77)  $0.26    Weighted average shares outstanding:        Basic231,223    171,487    209,760    127,709    Diluted231,223    171,487    209,760    127,709             COMSTOCK RESOURCES, INC. CONSOLIDATED BALANCE SHEETS (In thousands) As of  September 30, 2020 December 31, 2019 ASSETS    Cash and cash equivalents$28,268  $18,532 Accounts receivable100,959  180,341 Derivative financial instruments8,830  75,304 Income taxes receivable—  5,109 Other current assets11,773  10,399 Total current assets149,830  289,685 Property and equipment, net4,012,348  4,008,803 Goodwill335,897  335,897 Income taxes receivable—  5,109 Derivative financial instruments1,185  13,888 Operating lease right-of-use assets3,554  3,509 Other assets40  231  $4,502,854  $4,657,122      LIABILITIES AND STOCKHOLDERS' EQUITY    Accounts payable$202,174  $252,994 Accrued costs112,695  137,166 Operating leases2,318  1,994 Derivative financial instruments63,595  222 Total current liabilities380,782  392,376 Long-term debt2,507,669  2,500,132 Deferred income taxes163,550  211,772 Derivative financial instruments66,373  4,220 Long-term operating leases1,236  1,515 Asset retirement obligation19,402  18,151 Other non-current liabilities1,162  6,351 Total liabilities3,140,174  3,134,517 Mezzanine Equity:    Preferred stock175,000  379,583 Stockholders' Equity:    Common stock116,210  95,003 Additional paid-in capital1,093,811  909,423 Accumulated earnings (deficit)(22,341) 138,596 Total stockholders' equity1,187,680  1,143,022  $4,502,854  $4,657,122 COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands, except per unit amounts) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Gas production (MMcf)102,560   97,236   341,823   171,313   Oil production (Mbbls)354   603   1,168   2,108   Total production (MMcfe)104,687   100,859   348,831   183,964            Natural gas sales$168,374   $193,506   $547,975   $375,589   Natural gas hedging settlements (1)32,000   26,030   121,796   32,995   Total natural gas including hedging200,374   219,536   669,771   408,584   Oil sales9,637   30,938   35,449   103,852   Oil hedging settlements (1)2,238   17   11,082   387   Total oil including hedging11,875   30,955   46,531   104,239   Total oil and gas sales including hedging$212,249   $250,491   $716,302   $512,823            Average gas price (per Mcf)$1.64   $1.99   $1.60   $2.19   Average gas price including hedging (per Mcf)$1.95   $2.26   $1.96   $2.39   Average oil price (per barrel)$27.20   $51.24   $30.35   $49.26   Average oil price including hedging (per barrel)$33.52   $51.27   $39.84   $49.44   Average price (per Mcfe)$1.70   $2.23   $1.67   $2.61   Average price including hedging (per Mcfe)$2.03   $2.48   $2.05   $2.79            Production and ad valorem taxes$9,798   $9,381   $27,768   $22,703   Gathering and transportation$22,422   $23,414   $77,423   $41,346   Lease operating$25,412   $26,696   $79,110   $54,477            Production and ad valorem taxes (per Mcfe)$0.09   $0.09   $0.08   $0.12   Gathering and transportation (per Mcfe)$0.21   $0.23   $0.22   $0.22   Lease operating (per Mcfe)$0.25   $0.27   $0.23   $0.30            Oil and Gas Capital Expenditures:        Acquisitions$—   $2,055,623   $—   $2,055,623   Exploratory leasehold1,457   —   1,457   —   Development leasehold1,027   2,407   7,363   6,713   Development drilling and completion96,903   169,747   280,383   342,665   Other development11,045   1,502   26,463   6,218   Total$110,432   $2,229,279   $315,666   $2,411,219   (1)        Included in gain (loss) from derivative financial instruments in operating results.COMSTOCK RESOURCES, INC. NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 ADJUSTED NET INCOME (LOSS) TO COMMON STOCKHOLDERS:        Net income (loss) available to common stockholders$(130,890)  $(1,337)  $(160,936)  $33,645    (Gain) loss on sale of oil and gas properties(16)  —    (16)  25    Unrealized loss on derivative financial instruments155,601    1,189    204,703    1,437    Loss on early extinguishment of debt—    —    861    —    Non-cash interest amortization from adjusting debt assumed in acquisition to fair value5,621    4,078    16,301    4,078    Non-cash accretion from adjusting preferred stock issued in acquisition to fair value—    —    5,417    —    Impairment of unevaluated oil and gas properties—    —    27    —    Transaction costs—    39,657    —    41,100    Covey Park July 2019 hedging settlements—    4,574    —    4,574    Adjusted provision for income taxes(44,122)  (13,833)  (53,430)  (13,652)  Adjusted net income (loss) available to common stockholders (1)$(13,806)  $34,328    $12,927    $71,207    Diluted shares outstanding231,223    252,177    209,760    154,856    Adjusted net income (loss) available to common stockholders per share$(0.06)  $0.17    $0.06    $0.51    ADJUSTED EBITDAX:        Net income (loss)$(126,492)  $6,791   $(134,340)  $41,773   Interest expense63,890    51,015   168,764    107,434   Income taxes(46,123)  3,847   (46,177)  15,183   Depreciation, depletion, and amortization99,056    80,247   312,828    164,684   Unrealized loss from derivative financial instruments155,601    1,189   204,703    1,437   Exploration—    241   27    241   Stock-based compensation1,752    1,088   4,734    2,359   Loss on early extinguishment of debt—    —   861    —   Transaction costs—    39,657   —    41,100   Covey Park July 2019 hedging settlements—    4,574   —    4,574   (Gain) loss on sale of assets(16)  —   (16)  25   Total Adjusted EBITDAX (2)$147,668    $188,649   $511,384    $378,810   (1)        Adjusted net income (loss) available to common stockholders is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments and other unusual items.(2)        Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.COMSTOCK RESOURCES, INC. NON-GAAP FINANCIAL MEASURES (In thousands) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 OPERATING CASH FLOW:        Net income (loss)$(126,492)  $6,791    $(134,340)  $41,773    Reconciling items:        Deferred income taxes(46,237)  3,775    (46,443)  15,205    Depreciation, depletion and amortization99,056    80,247    312,828    164,684    Unrealized loss from derivative financial instruments155,601    1,189    204,703    1,437    Amortization of debt discount and issuance costs9,505    6,009    24,231    9,206    Stock-based compensation1,752    1,088    4,734    2,359    Loss on early extinguishment of debt—    —    861    —    Transaction costs—    39,657    —    41,100    Covey Park July 2019 hedging settlements—    4,574    —    4,574    Exploration—    —    27    —    (Gain) loss on sale of assets(16)  —    (16)  25    Operating cash flow (1)93,169    143,330    366,585    280,363    Transaction costs—    (39,657)  —    (41,100)  Covey Park July 2019 hedging settlements—    (4,574)  —    (4,574)  Decrease (increase) in accounts receivable(3,790)  27,670    79,382    48,404    Decrease in other current assets11,093    5,545    8,291    7,137    Increase (decrease) in accounts payable and accrued expenses23,392    (22,534)  (64,303)  (7,424)  Net cash provided by operating activities$123,864    $109,780    $389,955    $282,806             (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. CONTACT: Ronald Mills VP - Finance & Investor Relations 972-668-8834 rmills@comstockresources.com

  • COMSTOCK RESOURCES, INC. ANNOUNCES THIRD QUARTER 2020 EARNINGS DATE AND  CONFERENCE CALL INFORMATION
    GlobeNewswire

    COMSTOCK RESOURCES, INC. ANNOUNCES THIRD QUARTER 2020 EARNINGS DATE AND CONFERENCE CALL INFORMATION

    FRISCO, TX, Oct. 23, 2020 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) announces its plan to release third quarter 2020 results on November 4, 2020 after the market closes and host its quarterly conference call at 10:00 a.m. CT on November 5, 2020.  Please dial in at least 15 minutes in advance to ensure a timely connection to the call.Dial-In:  844-776-7840 International Dial-In:  661-378-9538 Conference ID:  1275655~~~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/9f3iapbw~~~A replay of the conference call will be available beginning at 1:00 p.m. CT November 5, 2020 and will continue until 1:00 p.m. CT November 12, 2020.Replay Dial-In:  855-859-2056 International Dial-In:  404-537-3406 Conference ID:  1275655About Comstock Resources:Comstock Resources, Inc. is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties.  The Company's assets are located in Texas, Louisiana and North Dakota.A slide show presentation on the financial results will be available on Comstock's website at www.comstockresources.com. Click on “Quarterly Results” to view the slide show. CONTACT: Ron Mills VP of Finance & Investor Relations 972-668-8834 rmills@comstockresources.com

  • GlobeNewswire

    COMSTOCK RESOURCES, INC. ANNOUNCES PRICING OF ADD-ON OFFERING OF SENIOR NOTES

    FRISCO, TX, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) (“Comstock” or the “Company”) announced today that it has priced its public offering of $300 million of its 9.75% Senior Notes due 2026 (the “Notes”).  The Notes were priced at 100.5% of par.  The size of the offering was increased from the previously announced $200 million to $300 million.The offering is expected to close on August 19, 2020, subject to customary closing conditions.  The net proceeds from the offering will be approximately $296 million, after deducting underwriting discounts and commissions and estimated offering expenses.  The Company intends to use the net proceeds from the offering to repay a portion of the indebtedness outstanding under the Company’s bank credit facility. The Notes are a further issuance of the 9.75% senior unsecured notes due 2026, of which $500 million aggregate principal amount was issued on June 23, 2020 (the “Existing Notes”).  The Notes will be treated as a single series with the Existing Notes under the indenture governing the Existing Notes and will have the same terms as the Existing Notes (other than the initial offering price and the issue date).  The Notes will have the same CUSIP number and will trade interchangeably with the Existing Notes.  The Company expects the Notes and the Existing Notes to be fungible for U.S. federal income tax purposes.BofA Securities, BMO Capital Markets and Wells Fargo Securities are acting as joint lead book-running managers for the offering.  Fifth Third Securities, Mizuho Securities, Capital One Securities and SOCIETE GENERALE are acting as joint book-running managers for the offering.  Regions Securities LLC and KeyBanc Capital Markets are acting as joint lead managers for the offering.  Credit Agricole CIB, Citizens Capital Markets, Barclays, CIT Capital Securities and Goldman Sachs & Co. LLC are acting as co-managers for the offering.The offering is being made pursuant to an effective shelf registration statement on Form S-3, as amended (Registration No. 333-238113) previously filed by the Company with the Securities and Exchange Commission.  The offering may be made only by means of a prospectus supplement and the accompanying base prospectus.  Copies of the prospectus supplement for the offering and the accompanying base prospectus may be obtained, when available, by sending a request to:BofA Securities NC1-004-03-43 200 North College Street, 3rd Floor Charlotte, NC 28255-0001 Attn: Prospectus Department 1-800-294-1322 dg.prospectus_requests@bofa.comBMO Capital Markets 3 Times Square New York, NY 10036 Attn: Sherman Lee sherman1.lee@bmo.comWells Fargo Securities 550 S. Tryon Street, 5th Floor Charlotte, NC 28202 IBCMDCMLSHYLeveragedSyndicate@wellsfargo.com Fax: (704) 410-4874 (with such fax to be confirmed by telephone to (704) 410-4885) Attention: Leveraged SyndicateThis press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  Any offer or sale of these securities will be made only by means of a prospectus, including a prospectus supplement, forming part of the related registration statement.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.  The Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss important risk factors that could affect the Company’s business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date.  Comstock does not undertake any obligation to revise or update publicly any forward-looking statement.Comstock Resources, Inc. is an independent energy company based in Frisco, Texas engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK. CONTACT: Ron Mills VP of Finance and Investor Relations 972-668-8834 rmills@comstockresources.com