Sign Up for FREE Daily Energy News
CDN NEWS  |   US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
BREAKING NEWS:

Propell
H2Sweet
Hazloc Heaters
Propell
H2Sweet
Hazloc Heaters

COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2019 FINANCIAL AND OPERATING RESULTS


crk_logo.jpg
Source: Comstock Resources, Inc.

FRISCO, TX, Feb. 26, 2020 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2019.  On July 16, 2019, Comstock completed the acquisition of Covey Park Energy LLC (“Covey Park”). The Company’s annual financial results include the results of operations of Covey Park beginning on July 16, 2019. On August 14, 2018, the Company completed transactions in which entities controlled by Dallas businessman Jerry Jones contributed Bakken Shale properties to the Company in exchange for a controlling interest in the Company (the “Jones Contribution”). The 2019 results and the period from August 14, 2018 through December 31, 2018 reflect the Jones Contribution, while results for the period from January 1, 2018 through August 13, 2018 reflect the historical results of Comstock for that period (the “Predecessor”).

Financial Results for the Three Months Ended December 31, 2019

For the fourth quarter of 2019, Comstock reported net income available to common stockholders of $40.8 million or $0.19 per diluted share. Net income available to common stockholders as adjusted to exclude certain items not related to normal operating activities for the fourth quarter of 2019 was $49.1 million or $0.22 per diluted share. These items included $4.1 million in non-cash interest amortization resulting from adjusting debt assumed in the Covey Park acquisition to fair value; $4.6 million of non-cash accretion resulting from adjusting the preferred stock issued in connection with the Covey Park acquisition to fair value; and $0.4 million in unrealized hedging gains.

Comstock produced 121.5 billion cubic feet (“Bcf”) of natural gas and 576,665 barrels of oil or 125.0 billion cubic feet of natural gas equivalent (“Bcfe”) in the fourth quarter of 2019. Natural gas production averaged 1,321 million cubic feet (“MMcf”) per day, an increase of 293% over natural gas production in the fourth quarter of 2018. The growth in natural gas production was primarily attributable to the acquisition of Covey Park and the successful results from Comstock’s Haynesville shale drilling activities in 2019. Oil production in the fourth quarter of 2019 decreased to 6,268 barrels of oil per day from 9,155 barrels per day produced in the fourth quarter of 2018 due primarily to expected production declines from the Bakken Shale properties acquired in the Jones Contribution.

Comstock’s average realized natural gas price in the fourth quarter of 2019, including hedging, decreased to $2.30 per Mcf as compared to $3.28 per Mcf realized in the fourth quarter of 2018.  The Company’s average realized oil price in the fourth quarter of 2019, including hedging, decreased to $50.36 per barrel as compared to $54.96 per barrel in the fourth quarter of 2018.  Oil and gas sales were $308.6 million (including realized hedging gains) in the fourth quarter of 2019 as compared to sales of $147.7 million in the fourth quarter of 2018. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $234.8 million in the fourth quarter of 2019 increased by 109% over EBITDAX of $112.5 million for the fourth quarter of 2018.  The Company’s operating cash flow generated in the fourth quarter of 2019 of $187.9 million increased 97% over operating cash flow of $95.6 million in the fourth quarter of 2018.

Financial Results for the Year Ended December 31, 2019

For the year ended December 31, 2019, Comstock reported a net income available to common stockholders of $74.5 million or $0.52 per diluted share.  Net income available to common stockholders as adjusted to exclude certain items not related to normal operating activities primarily due to the closing of the Covey Park acquisition for the year ended December 31, 2019 was $122.3 million or $0.77 per diluted share. These items included $31.9 million of advisory and legal fees, severance costs and other change of control payments; $7.1 million in non-cash interest amortization resulting from adjusting debt assumed in the Covey Park acquisition to fair value; $3.5 million of hedging settlements related to July production that were received prior to closing the Covey Park acquisition; $4.6 million of non-cash accretion resulting from adjusting the preferred stock issued in connection with the Covey Park acquisition to fair value; and $0.7 million in unrealized hedging gains.

Comstock produced 292.8 Bcf of natural gas and 2.7 million barrels of oil or 308.9 Bcfe for the year ended December 31, 2019.  Natural gas production averaged 802 MMcf per day and oil production averaged 7,356 barrels of oil per day.  On a proforma basis, assuming the Covey Park acquisition had been completed on January 1, 2019, oil and natural gas production would have been 7,416 barrels per day and 1,190 MMcf per day, respectively. Comstock’s average realized natural gas price after hedging was $2.35 per Mcf and realized oil price after hedging was $49.64 per barrel for the year.  Oil and gas sales for 2019 were $821.4 million (including realized hedging gains and losses), EBITDAX was $613.6 million and operating cash flow generated was $468.3 million.

Drilling Results

Total expenditures in 2019 for drilling and development activities was $510.5 million.  Comstock spent $485.4 million to develop its Haynesville and Bossier shale properties, including $468.5 million on drilling and completing wells and an additional $16.9 million on other development activity.  Comstock drilled 82 (51.1 net) horizontal Haynesville or Bossier shale wells in 2019, which had an average lateral length of approximately 8,100 feet.  Comstock also completed 19 (7.3 net) wells that were drilled in 2018.  Fifty (36.0 net) of the wells drilled in 2019 were also completed in 2019.  The Company currently expects the remaining 32 (15.1 net) wells drilled in 2019 will be completed in 2020, of which 18 (12.6 net) are operated wells. Comstock also spent $25.1 million of development costs on its other properties primarily on completing four (2.2 net) Eagle Ford shale wells during the year.

Since its last operational update, Comstock reported on an additional 20 Haynesville shale wells.  The average initial production rate of these wells was 24 MMcf per day. The wells had completed lateral lengths ranging from 4,337 feet to 10,191 feet, with an average completed lateral length of 6,926 feet.  Each well was tested at initial production rates of 15 to 45 MMcf per day.  Comstock currently has 15 (7.8 net) operated Haynesville shale wells that are in the process of being completed.

2019 Proved Oil & Gas Reserves

Comstock also announced that proved oil and natural gas reserves as of December 31, 2019 were estimated at 5.3 Tcfe of natural gas and 16.7 million barrels of oil, or 5.4 Tcfe as compared to total proved reserves of 2.4 Tcfe as of December 31, 2018. The reserve estimates were determined under the SEC guidelines and were audited by the Company’s independent reserve engineering firms. The 5.4 Tcfe of proved reserves at December 31, 2019 were 36% proved developed and 92% were operated by Comstock. The present value, using a 10% discount rate, or the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”) was approximately $3.3 billion, using average first of month 2019 prices of $2.58 per Mcf of natural gas and $55.69 per barrel for oil. The PV-10 Value increased 85% from the PV-10 Value in 2018 of $1.8 billion. The natural gas and oil prices used in determining the December 31, 2019 proved reserves estimates were 11% lower for natural gas and 9% lower for oil as compared to prices used at December 31, 2018.

The following table reflects the changes in the proved reserve estimates since the end of 2018:

     Oil
(MMBbls)
    Natural
Gas
(Bcf)
    Total
(Bcfe)
 
Proved Reserves:
Proved Reserves at December 31, 2018 23.6 2,282.8 2,424.4
Production (2.7 ) (292.8 ) (308.9 )
Acquisitions 0.2 3,023.1 3,024.5
Extensions and discoveries 0.3 315.3 316.8
Divestitures (0.1 ) (49.5 ) (49.9 )
Revisions:
Price (0.5 ) (228.5 ) (231.5 )
Performance and Other (4.1 ) 291.1 266.6
Proved Reserves at December 31, 2019 16.7 5,341.5 5,442.0

The significant growth in proved reserves was primarily attributable to acquisitions, including the Covey Park acquisition, which added 3.0 Tcfe to proved reserves. The Company also added 583 Bcfe related to its 2019 drilling activities and to performance and other revisions. Lower oil and natural gas prices reduced proved reserves by 232 Bcfe. Based on the 2019 proved reserve additions, Comstock’s “all-in” finding costs were approximately $0.72 per Mcfe excluding price-related revisions ($0.77 per Mcfe including price-related revisions).

2020 Drilling Budget

The Company also announced its current drilling plans for 2020.  Comstock’s planned capital expenditures for 2020 total $421.0 million and exclusively focused on the Haynesville/Bossier shale. Comstock is currently planning to operate five drilling rigs in 2020 and will drill 46 (34.3 net) operated horizontal wells and complete the 18 (12.6 net) wells drilled in 2019.

Other

Comstock has planned a conference call for 10:00 a.m. Central Time on February 27, 2020, to discuss the 2019 operational and financial results.  Investors wishing to participate should visit the Company’s website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 4754719 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 February 27, 2020 and will continue until 1:00 p.m. March 5, 2020.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 4754719.

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.
OPERATING RESULTS
(In thousands, except per share amounts)

Three Months Ended December 31,   Twelve Months Ended December 31,  
    2019     2018     2019     August 14, 2018
through
December 31, 2018
    January 1, 2018
through
August 13, 2018
 
                                    (Predecessor)  
Natural gas sales $ 260,206 $ 107,843 $ 635,795 $ 144,236 $ 147,897
Oil sales 29,042 45,655 132,894 79,385 18,733
Total oil and gas sales 289,248 153,498 768,689 223,621 166,630
Operating expenses:
Production taxes 10,449 7,104 29,181 11,155 3,659
Gathering and transportation 29,957 7,061 71,303 10,511 11,841
Lease operating 28,835 13,720 87,283 20,736 21,139
Exploration 241
Depreciation, depletion and amortization 111,842 36,124 276,526 53,944 68,032
General and administrative, net 6,484 8,096 29,244 11,399 15,699
Loss (gain) on sale of oil and gas properties (57 ) 25 (155 ) 35,438
Total operating expenses 187,567 72,048 493,803 107,590 155,808
Operating income 101,681 81,450 274,886 116,031 10,822
Other income (expenses):
Gain from derivative financial instruments 19,790 12,480 51,735 10,465 881
Other income 282 131 622 173 677
Transaction costs 90 (41,010 ) (2,866 )
Interest expense (54,107 ) (28,758 ) (161,541 ) (43,603 ) (101,203 )
Total other income (expenses) (33,945 ) (16,147 ) (150,194 ) (32,965 ) (102,511 )
Income (loss) before income taxes 67,736 65,303 124,692 83,066 (91,689 )
Provision for income taxes (12,620 ) (15,004 ) (27,803 ) (18,944 ) (1,065 )
Net income (loss) 55,116 50,299 96,889 64,122 (92,754 )
Preferred stock dividends and accretion (14,287 ) (22,415 )
Net income (loss) available to common stockholders $ 40,829 $ 50,299 $ 74,474 $ 64,122 $ (92,754 )
Net income (loss) per share:
Basic $ 0.22 $ 0.48 $ 0.52 $ 0.61 $ (6.08 )
Diluted $ 0.19 $ 0.48 $ 0.52 $ 0.61 $ (6.08 )
Weighted average shares outstanding:
Basic 187,280 105,457 142,750 105,453 15,262
Diluted 284,100 105,457 187,378 105,459 15,262

                                                                                                                                                                                       

COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

Three Months Ended December 31,   Twelve Months Ended December 31,  
OPERATING CASH FLOW:   2019     2018   2019     August 14, 2018
through
December 31, 2018
  January 1, 2018
through
August 13,  2018
              (Predecessor)  
Net income (loss) $ 55,116 $ 50,299 $ 96,889 $ 64,122 $ (92,754 )
Reconciling items:
Deferred and non-current income taxes 12,821 25,196 28,026 29,079 1,052
Depreciation, depletion and amortization 111,842 36,124 276,526 53,944 68,032
Unrealized loss (gain) from derivative financial instruments (488 ) (18,250 ) 949 (16,044 ) 1,961
Amortization of debt discount, premium and issuance costs 7,068 1,582 16,274 2,404 29,457
Interest paid in-kind 25,004
Stock-based compensation 1,661 665 4,020 994 3,912
Transaction costs (90 ) 41,010
Covey Park July 2019 hedging settlements 4,574
Loss (gain) on sale of oil and gas properties (57 ) 25 (155 ) 35,438
Operating cash flow 187,930 95,559 468,293 134,344 72,102
Transaction costs 90 (41,010 )
Covey Park July 2019 hedging settlements (4,574 )
(Increase) decrease in accounts receivable (45,184 ) (16,164 ) 3,220 (61,048 ) 2,834
(Increase) decrease in other current assets 2,686 (11,201 ) 9,823 (12,527 ) 337
Increase in accounts payable and accrued expenses 22,909 30,499 15,485 41,533 10,462
Net cash provided by operating activities $ 168,431 $ 98,693 $ 451,237 $ 102,302 $ 85,735
EBITDAX:
Net income (loss) $ 55,116 $ 50,299 $ 96,889 $ 64,122 $ (92,754 )
Interest expense 54,107 28,758 161,541 43,603 101,203
Income taxes 12,620 15,004 27,803 18,944 1,065
Depreciation, depletion, and amortization 111,842 36,124 276,526 53,944 68,032
Exploration 241
Unrealized loss (gain) from derivative financial instruments (488 ) (18,250 ) 949 (16,044 ) 1,961
Stock-based compensation 1,661 665 4,020 994 3,912
Transaction costs (90 ) 41,010 2,866
Covey Park July 2019 hedging settlements 4,574
Loss (gain) on sale of oil and gas properties (57 ) 25 (155 ) 35,438
Total EBITDAX $ 234,768 $ 112,543 $ 613,578 $ 165,408 $ 121,723
As of December 31,  
BALANCE SHEET: 2019     2018  
Cash and cash equivalents $ 18,532 $ 23,193
Derivative financial instruments 89,192 15,401
Other current assets 195,849 120,833
Property and equipment, net 4,008,803 1,667,979
Other 344,746 360,434
Total assets $ 4,657,122 $ 2,187,840
Current liabilities $ 392,376 $ 206,853
Derivative financial instruments 4,220
Long-term debt 2,500,132 1,244,363
Deferred income taxes 211,772 161,917
Asset retirement obligation 18,151 5,136
Other non-current liabilities 7,866
Preferred stock 379,583
Stockholders’ equity 1,143,022 569,571
Total liabilities and stockholders’ equity $ 4,657,122 $ 2,187,840

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     For the Three Months Ended December 31, 2019  
    Haynesville     Bakken     Eagle Ford  and Other     Total  
Gas production (Mmcf) 115,332 1,529 4,660 121,521
Oil production (Mbbls) 3 478 96 577
Total Production (Mmcfe) 115,351 4,394 5,235 124,980
Natural gas sales $ 250,671 $ (881 ) $ 10,416 $ 260,206
Natural gas hedging settlements (a) 19,302
Total natural gas including hedging 250,671 (881 ) 10,416 279,508
Oil sales 164 23,419 5,459 29,042
Oil hedging settlements (a)
Total oil including hedging 164 23,419 5,459 29,042
Total oil and gas sales including hedging $ 250,835 $ 22,538 $ 15,875 $ 308,550
Average gas price (per Mcf) $ 2.17 $ (0.58 ) $ 2.24 $ 2.14
Average gas price including hedging (per Mcf) $ 2.30
Average oil price (per barrel) $ 53.12 $ 49.03 $ 56.86 $ 50.36
Average oil price including hedging (per barrel) $ 50.36
Average price (per Mcfe) $ 2.17 $ 5.13 $ 3.03 $ 2.31
Average price including hedging (per Mcfe) $ 2.47
Production taxes $ 7,165 $ 2,650 $ 634 $ 10,449
Gathering and transportation $ 28,144 $ $ 1,813 $ 29,957
Lease operating $ 18,639 $ 4,803 $ 5,393 $ 28,835
Production taxes (per Mcfe) $ 0.06 $ 0.60 $ 0.12 $ 0.08
Gathering and transportation (per Mcfe) $ 0.24 $ $ 0.35 $ 0.24
Lease operating (per Mcfe) $ 0.17 $ 1.10 $ 1.03 $ 0.23
Oil and Gas Capital Expenditures:
Acquisitions $ 41,828 $ $ $ 41,828
Development leasehold 888 2 890
Development drilling and completion 145,215 2,359 3,386 150,960
Other development 3,121 3,121
Total $ 191,052 $ 2,359 $ 3,388 $ 196,799

                                                                                               

(a)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     For the Three Months Ended December 31, 2018  
    Haynesville     Bakken     Eagle Ford  and Other     Total  
Gas production (Mmcf) 27,176 2,583 1,174 30,933
Oil production (Mbbls) 828 15 843
Total Production (Mmcfe) 27,176 7,550 1,261 35,987
Natural gas sales $ 96,029 $ 7,447 $ 4,367 $ 107,843
Natural gas hedging settlements (a) (6,402 )
Total natural gas including hedging 96,029 7,447 4,367 101,441
Oil sales 44,810 845 45,655
Oil hedging settlements (a) 632
Total oil including hedging 44,810 845 46,287
Total oil and gas sales including hedging $ 96,029 $ 52,257 $ 5,212 $ 147,728
Average gas price (per Mcf) $ 3.53 $ 2.88 $ 3.72 $ 3.49
Average gas price including hedging (per Mcf) $ 3.28
Average oil price (per barrel) $ $ 54.13 $ 56.33 $ 54.21
Average oil price including hedging (per barrel) $ 54.96
Average price (per Mcfe) $ 3.53 $ 6.92 $ 4.13 $ 4.27
Average price including hedging (per Mcfe) $ 4.11
Production taxes $ 1,976 $ 5,001 $ 127 $ 7,104
Gathering and transportation $ 6,722 $ $ 339 $ 7,061
Lease operating $ 4,130 $ 5,820 $ 3,771 $ 13,721
Production taxes (per Mcfe) $ 0.07 $ 0.66 $ 0.10 $ 0.20
Gathering and transportation (per Mcfe) $ 0.25 $ $ 0.27 $ 0.20
Lease operating (per Mcfe) $ 0.15 $ 0.77 $ 2.99 $ 0.37
Oil and Gas Capital Expenditures:
Acquisitions $ 3,108 $ $ $ 3,108
Development leasehold 1,240 1,240
Development drilling and completion 72,962 26,764 99,726
Other development 5,802 5,802
Total $ 83,112 $ 26,764 $ $ 109,876

                                                                                               

(a)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     For the Year Ended December 31, 2019  
    Haynesville     Bakken     Eagle Ford  and Other     Total  
Gas production (Mmcf) 275,832 6,106 10,896 292,834
Oil production (Mbbls) 6 2,465 214 2,685
Total Production (Mmcfe) 275,869 20,896 12,179 308,944
Natural gas sales $ 609,680 $ 1,958 $ 24,157 $ 635,795
Natural gas hedging settlements (a) 52,297
Total natural gas including hedging 609,680 1,958 24,157 688,092
Oil sales 387 120,633 11,874 132,894
Oil hedging settlements (a) 387
Total oil including hedging 387 120,633 11,874 133,281
Total oil and gas sales including hedging $ 610,067 $ 122,591 $ 36,031 $ 821,373
Average gas price (per Mcf) $ 2.21 $ 0.32 $ 2.22 $ 2.17
Average gas price including hedging (per Mcf) $ 2.35
Average oil price (per barrel) $ 62.38 $ 48.94 $ 55.49 $ 49.49
Average oil price including hedging (per barrel) $ 49.64
Average price (per Mcfe) $ 2.21 $ 5.87 $ 2.96 $ 2.49
Average price including hedging (per Mcfe) $ 2.66
Production taxes $ 14,594 $ 13,176 $ 1,411 $ 29,181
Gathering and transportation $ 67,124 $ $ 4,179 $ 71,303
Lease operating $ 45,381 $ 23,468 $ 18,434 $ 87,283
Production taxes (per Mcfe) $ 0.05 $ 0.63 $ 0.12 $ 0.09
Gathering and transportation (per Mcfe) $ 0.24 $ $ 0.34 $ 0.23
Lease operating (per Mcfe) $ 0.17 $ 1.12 $ 1.51 $ 0.29
Oil and Gas Capital Expenditures:
Acquisitions $ 2,097,451 $ $ $ 2,097,451
Development leasehold 7,586 17 7,603
Development drilling and completion 468,513 5,480 19,632 493,625
Other development 9,339 9,339
Total $ 2,582,889 $ 5,480 $ 19,649 $ 2,608,018

                                                                                               

(a)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     For the Period August 14, 2018 through December 31, 2018  
    Haynesville     Bakken     Eagle Ford  and Other     Total  
Gas production (Mmcf) 39,413 3,855 1,763 45,031
Oil production (Mbbls) 1,364 21 1,385
Total Production (Mmcfe) 39,413 12,037 1,888 53,338
Natural gas sales $ 129,024 $ 8,913 $ 6,299 $ 144,236
Natural gas hedging settlements (a) (6,211 )
Total natural gas including hedging 129,024 8,913 6,299 138,025
Oil sales 78,050 1,335 79,385
Oil hedging settlements (a) 632
Total oil including hedging 78,050 1,335 80,017
Total oil and gas sales including hedging $ 129,024 $ 86,963 $ 7,634 $ 218,042
Average gas price (per Mcf) $ 3.27 $ 2.31 $ 3.57 $ 3.20
Average gas price including hedging (per Mcf) $ 3.07
Average oil price (per barrel) $ $ 57.24 $ 63.57 $ 57.34
Average oil price including hedging (per barrel) $ 57.80
Average price (per Mcfe) $ 3.27 $ 7.22 $ 4.04 $ 4.19
Average price including hedging (per Mcfe) $ 4.09
Production taxes $ 2,752 $ 8,215 $ 188 $ 11,155
Gathering and transportation $ 9,953 $ $ 558 $ 10,511
Lease operating $ 6,118 $ 9,070 $ 5,548 $ 20,736
Production taxes (per Mcfe) $ 0.07 $ 0.68 $ 0.10 $ 0.21
Gathering and transportation (per Mcfe) $ 0.25 $ $ 0.30 $ 0.20
Lease operating (per Mcfe) $ 0.16 $ 0.76 $ 2.94 $ 0.38
Oil and Gas Capital Expenditures:
Acquisitions $ 21,013 $ $ $ 21,013
Development leasehold 1,715 1,715
Development drilling and completion 106,366 42,379 148,745
Other development 13,612 13,612
Total $ 142,706 $ 42,379 $ $ 185,085

                                                                                               

(a)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

For the Period January 1, 2018 through August 13, 2018 (Predecessor)  
    Haynesville     Bakken     Eagle Ford  and Other     Total  
Gas production (Mmcf) 52,021 3,219 55,240
Oil production (Mbbls) 287 287
Total Production (Mmcfe) 52,021 4,942 56,963
Natural gas sales $ 138,391 $ $ 9,506 $ 147,897
Natural gas hedging settlements (a) 2,842
Total natural gas including hedging 138,391 9,506 150,739
Oil sales 18,733 18,733
Oil hedging settlements (a)
Total oil including hedging 18,733 18,733
Total oil and gas sales including hedging $ 138,391 $ $ 28,239 $ 169,472
Average gas price (per Mcf) $ 2.66 $ $ 2.95 $ 2.68
Average gas price including hedging (per Mcf) $ 2.73
Average oil price (per barrel) $ $ $ 65.23 $ 65.23
Average oil price including hedging (per barrel) $ 65.23
Average price (per Mcfe) $ 2.66 $ $ 5.71 $ 2.93
Average price including hedging (per Mcfe) $ 2.98
Production taxes $ 2,556 $ $ 1,103 $ 3,659
Gathering and transportation $ 10,728 $ $ 1,113 $ 11,841
Lease operating $ 7,675 $ $ 13,464 $ 21,139
Production taxes (per Mcfe) $ 0.05 $ $ 0.22 $ 0.06
Gathering and transportation (per Mcfe) $ 0.21 $ $ 0.23 $ 0.21
Lease operating (per Mcfe) $ 0.15 $ $ 2.72 $ 0.37
Oil and Gas Capital Expenditures:
Acquisitions $ 39,323 $ $ $ 39,323
Development leasehold 2,848 2,848
Development drilling and completion 90,840 90,840
Other development 13,205 666 13,871
Total $ 146,216 $ $ 666 $ 146,882

                                                                                               

(a)    Included in gain from derivative financial instruments in operating results.

COMSTOCK RESOURCES, INC.
PRO FORMA OPERATING RESULTS
(In thousands, except per unit amounts)

     For the Twelve Months Ended December 31, 2019  
    Comstock     Covey Park (b)   Pro Forma Combined  
Gas production (Mmcf) 292,834 141,610 434,444
Oil production (Mbbls) 2,685 22 2,707
Total Production (Mmcfe) 308,944 141,742 450,686
Natural gas sales $ 635,795 $ 377,368 $ 1,013,163
Natural gas hedging settlements (a) 52,297 12,687 64,984
Total natural gas including hedging 688,092 390,055 1,078,147
Oil sales 132,894 1,233 134,127
Oil hedging settlements (a) 387 387
Total oil including hedging 133,281 1,233 134,514
Total oil and gas sales including hedging $ 821,373 $ 391,288 $ 1,212,661
Average gas price (per Mcf) $ 2.17 $ 2.66 $ 2.33
Average gas price including hedging (per Mcf) $ 2.35 $ 2.75 $ 2.48
Average oil price (per barrel) $ 49.49 $ 56.05 $ 49.55
Average oil price including hedging (per barrel) $ 49.64 $ 56.05 $ 49.69
Average price (per Mcfe) $ 2.49 $ 2.67 $ 2.55
Average price including hedging (per Mcfe) $ 2.66 $ 2.76 $ 2.69
Production taxes $ 29,181 $ 8,868 $ 38,049
Gathering and transportation $ 71,303 $ 35,188 $ 106,491
Lease operating $ 87,283 $ 37,043 $ 124,326
Production taxes (per Mcfe) $ 0.09 $ 0.06 $ 0.08
Gathering and transportation (per Mcfe) $ 0.23 $ 0.25 $ 0.24
Lease operating (per Mcfe) $ 0.28 $ 0.26 $ 0.28

                                                                                             

  1. Included in gain from derivative financial instruments in operating results.
  2. Pro forma for an acquisition which completed on March 5, 2019.
Ron Mills
VP of Finance and Investor Relations
972-668-8834 (Direct)
[email protected]


Share This:



More News Articles


New SHOWCASE Directory Companies

 

T.A. Cook
Gardner Denver
Presto GeoSystems
STEP Energy Services