Comstock Resources Inc

Latest Results (07.08.2024):

Revenue and Sales

Comstock Resources Inc. reported natural gas and oil sales totaling $336.0 million for the first quarter of 2024. This figure includes realized hedging gains of $48.0 million. The company's unhedged operating margin was 63% for the quarter, which increased to 68% after accounting for hedging.

Operating Cash Flow

For the first quarter of 2024, Comstock Resources Inc. generated an operating cash flow of $182.0 million, excluding changes in working capital. This translates to $0.65 per diluted share, reflecting the company's ability to generate cash from its operations despite challenging market conditions.

Net Loss

Comstock Resources Inc. reported a net loss available to common stockholders of $14.5 million, or $0.05 per share, for the first quarter of 2024. This net loss includes a pre-tax $8.7 million unrealized loss on hedging contracts held for risk management. Excluding this item, the adjusted net loss was $8.5 million, or $0.03 per share.

Drilling and Production

During the first quarter of 2024, Comstock Resources Inc. drilled 16 (14.3 net) operated horizontal Haynesville/Bossier shale wells with an average lateral length of 9,845 feet. The company turned 18 (16.3 net) operated wells to sales, with initial daily production rates averaging 25 MMcf per day. Notably, four Western Haynesville wells had initial production rates between 35 to 38 MMcf per day.

Liquidity and Capital Expenditures

Comstock Resources Inc. added $100.5 million of liquidity through a private placement equity offering to its majority stockholder. Additionally, the company’s bank group reaffirmed the $2.0 billion borrowing base under its $1.5 billion revolving credit facility on April 30, 2024. Capital expenditures for exploration and development in the first quarter totaled $256.2 million.