COMSTOCK RESOURCES, INC.
REPORTSTHIRD QUARTER 2018 FINANCIAL AND OPERATING
RESULTS
FRISCO, TEXAS, November 8, 2018
– Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE:
CRK) today reported financial and operating results. On August 14,
2018 Arkoma Drilling, L.P. and Williston Drilling, L.P.
(collectively, the "Jones Partnerships") contributed to the Company
certain oil and gas properties producing from the Bakken shale in
exchange for common stock of Comstock representing a controlling
stake in the Company (the "Jones Contribution"). The Jones
Partnerships are wholly owned and controlled by Dallas businessman
Jerry Jones and his children. The Jones Partnerships received
88,571,429 newly issued shares of Comstock common stock
representing an 84% ownership interest in the Company.
Comstock's basis in the Bakken shale properties
is the historical basis of the Jones Partnerships. The change in
control results in a new basis for Comstock's assets and
liabilities. The new basis is pushed down to Comstock for financial
reporting purposes, resulting in Comstock's assets, liabilities and
equity accounts being recognized at fair value upon the closing of
the contribution.
References to "Successor" relate to the
financial position and results of operations of the Company
subsequent to August 13, 2018. References to "Predecessor" relate
to the financial position and results of operations of the Company
on or prior to August 13, 2018. The Company's consolidated
financial statements and related footnotes are being presented with
a black line division which delineates the lack of comparability
between amounts presented before and after August 13, 2018.
Financial Results for the Period August
14, 2018 through September 30, 2018
The financial results for the first period since
closing the Jones Partnerships contribution is for 48 days from
August 14, 2018 through September 30, 2018. During that
period Comstock produced 542,000 barrels of oil and 14.1 billion
cubic feet ("Bcf") of natural gas or 17.4 billion cubic feet of
natural gas equivalent ("Bcfe"). Oil production averaged 11,300
barrels of oil per day and natural gas production averaged 294
million cubic feet ("MMcf") per day. Comstock's average realized
oil price was $62.21 per barrel and the average realized gas price
after hedging was $2.59 per Mcf during this period.
Oil and gas sales for the period were $70.3
million (including realized hedging gains). EBITDAX, or earnings
before interest, taxes, depreciation, depletion, amortization,
exploration expense and other noncash expenses, was $52.9 million
and operating cash flow generated was $38.8 million.
Comstock reported earnings of $13.8 million or
$0.13 per share for the period August 14, 2018 through September
30, 2018. The results for this period included an unrealized loss
from derivative financial instruments of $2.2 million and a gain on
sale of oil and gas properties of $0.1 million. Excluding these
items, the net income would have been $15.9 million or $0.15 per
share.
Financial Results for the Period July 1,
2018 through August 13, 2018
The first 44 days of the third quarter from July
1, 2018 through August 13, 2018 are part of the Predecessor period
before the closing of the Jones Contribution and do not include the
results of the Bakken shale properties. During that period Comstock
produced 7,200 barrels of oil and 11.9 Bcf of natural gas or 11.9
Bcfe. Oil production averaged 163 barrels of oil per day and
natural gas production averaged 270 MMcf per day. Comstock's
average realized oil price was $69.42 per barrel and the average
realized gas price after hedging was $2.73 per Mcf during this
period.
Oil and gas sales were $32.9 million (including
realized hedging gains). EBITDAX was $23.7 million and operating
cash flow generated was $10.2 million.
Comstock reported a net loss of $16.9 million or
$1.09 per share for the period July 1, 2018 through August 13,
2018. The results for this period included transaction costs
related to the Jones Contribution of $2.6 million, $6.0 million of
non-cash interest expense associated with the discounts recognized
and costs incurred on the debt exchange that occurred in 2016, and
an unrealized loss from derivative financial instruments of $0.4
million. Excluding these items, the net loss would have been $7.9
million or $0.51 per share.
Drilling Results
Comstock reported the results to date of its
2018 Haynesville/Bossier shale drilling program. During the
first nine months of 2018, Comstock spent $164.9 million on its
development and exploration activities, including $15.6 million
spent to complete 26 (2.8 net) Bakken shale wells. Comstock drilled
27 Haynesville/Bossier natural gas wells (9.9 net) and had 16 wells
(4.9 net) drilling at September 30, 2018. Comstock also
completed eleven (4.0 net) operated Haynesville wells that were
drilled in 2017. Comstock also spent $57.2 million on acquisitions,
including the previously reported acquisition of Haynesville shale
properties from Enduro Resource Partners and the repurchase of
interests in six Haynesville shale wells that were being drilled
under the strategic drilling venture which was terminated effective
with the closing of the Jones
Contribution.
Since the last operational update, Comstock has completed ten
additional operated Haynesville shale wells. The average
initial production rate of these wells was 25 MMcf per day. The ten
operated wells had completed lateral lengths ranging from 4,502
feet to 9,865 feet, with an average completed lateral length of
7,629 feet. Each well was tested at initial production rates of 21
to 28 MMcf per day. Comstock has two (0.8 net) operated
Haynesville shale wells that are in the process of being
completed.
4th Quarter 2018 and 2019 Drilling
Budget
The Company also announced drilling plans for
the fourth quarter of 2018 and 2019. The Company's current plans
are to operate four drilling rigs through 2018 increasing to five
operated rigs in March of 2019. The Company currently plans to
spend $90.0 million in the fourth quarter comprised of $69.3
million to drill 21 Haynesville shale wells (6.6 net) including 12
operated wells (6.3 net) and $20.7 million to complete 30 Bakken
shale wells (4.4 net). The Company's preliminary 2019 planned
capital expenditures for 2019 are estimated at $377.0 million.
Haynesville/Bossier shale drilling and completion activities
comprise $361.3 million of 2019's activity to drill 57 horizontal
wells (38.2 net) including spending $25.2 million to complete wells
drilled in 2018. Comstock expects to spend an additional $15.7
million on its other properties. The drilling budget will be
adjusted upward or downward in response to oil and natural gas
prices as the program is intended to be funded by operating cash
flow.
Other
Comstock has planned a conference call for 10:00
a.m. Central Time on November 8, 2018, to discuss the operational
and financial results for the third quarter of 2018.
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 4688623 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 8, 2018 and will continue until 1:00 p.m. November
15, 2018. To hear the replay, call 855-859-2056 (404-537-3406
if calling from outside the US). The conference call access
code is 4688623.
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 and is engaged in
oil and gas acquisitions, exploration and development primarily in
Texas and Louisiana. 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
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
Transition
Period |
|
|
|
|
|
Transition
Period |
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|
|
August 14 through
September 30, 2018 |
|
|
July 1 through August 13,
2018 |
|
|
2017 |
|
|
August 14 through
September 30, 2018 |
|
|
January 1 through August
13, 2018 |
|
|
2017 |
|
|
|
(In thousands, except per share
amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
sales................................................................................................ |
|
$ |
36,393 |
|
|
$ |
32,089 |
|
|
$ |
56,164 |
|
|
$ |
36,393 |
|
|
$ |
147,897 |
|
|
$ |
147,541 |
|
Oil
sales............................................................................................................. |
|
|
33,730 |
|
|
|
499 |
|
|
|
10,647 |
|
|
|
33,730 |
|
|
|
18,733 |
|
|
|
34,542 |
|
Total oil and gas
sales...................................................................... |
|
|
70,123 |
|
|
|
32,588 |
|
|
|
66,811 |
|
|
|
70,123 |
|
|
|
166,630 |
|
|
|
182,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
taxes................................................................................................ |
|
|
4,051 |
|
|
|
707 |
|
|
|
1,490 |
|
|
|
4,051 |
|
|
|
3,659 |
|
|
|
3,730 |
|
Gathering and
transportation.............................................................................. |
|
|
3,450 |
|
|
|
3,109 |
|
|
|
4,755 |
|
|
|
3,450 |
|
|
|
11,841 |
|
|
|
12,428 |
|
Lease
operating.................................................................................................. |
|
|
7,016 |
|
|
|
3,418 |
|
|
|
9,359 |
|
|
|
7,016 |
|
|
|
21,139 |
|
|
|
28,681 |
|
Depreciation, depletion and
amortization........................................................... |
|
|
17,820 |
|
|
|
14,082 |
|
|
|
32,783 |
|
|
|
17,820 |
|
|
|
68,032 |
|
|
|
93,009 |
|
General and
administrative................................................................................. |
|
|
3,303 |
|
|
|
3,044 |
|
|
|
6,174 |
|
|
|
3,303 |
|
|
|
15,699 |
|
|
|
19,134 |
|
Loss (gain) on sale of oil and gas
properties...................................................... |
|
|
(98 |
) |
|
|
— |
|
|
|
1,060 |
|
|
|
(98 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses.............................................................................. |
|
|
35,542 |
|
|
|
24,360 |
|
|
|
55,621 |
|
|
|
35,542 |
|
|
|
155,808 |
|
|
|
158,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income................................................................................................... |
|
|
34,581 |
|
|
|
8,228 |
|
|
|
11,190 |
|
|
|
34,581 |
|
|
|
10,822 |
|
|
|
24,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from derivative financial
instruments.............................................. |
|
|
(2,015 |
) |
|
|
(83 |
) |
|
|
1,430 |
|
|
|
(2,015 |
) |
|
|
881 |
|
|
|
14,585 |
|
Other
income..................................................................................................... |
|
|
42 |
|
|
|
284 |
|
|
|
170 |
|
|
|
42 |
|
|
|
677 |
|
|
|
398 |
|
Interest
expense................................................................................................. |
|
|
(14,845 |
) |
|
|
(22,140 |
) |
|
|
(37,595 |
) |
|
|
(14,845 |
) |
|
|
(101,203 |
) |
|
|
(107,250 |
) |
Transaction
costs............................................................................................... |
|
|
— |
|
|
|
(2,549 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,866 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
(expenses)..................................................................... |
|
|
(16,818 |
) |
|
|
(24,488 |
) |
|
|
(35,995 |
) |
|
|
(16,818 |
) |
|
|
(102,511 |
) |
|
|
(92,267 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes........................................................................ |
|
|
17,763 |
|
|
|
(16,260 |
) |
|
|
(24,805 |
) |
|
|
17,763 |
|
|
|
(91,689 |
) |
|
|
(68,226 |
) |
Benefit from (provision for) income
taxes............................................................. |
|
|
(3,940 |
) |
|
|
(605 |
) |
|
|
69 |
|
|
|
(3,940 |
) |
|
|
(1,065 |
) |
|
|
(883 |
) |
Net income
(loss)................................................................................................... |
|
$ |
13,823 |
|
|
$ |
(16,865 |
) |
|
$ |
(24,736 |
) |
|
$ |
13,823 |
|
|
$ |
(92,754 |
) |
|
$ |
(69,109 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share – basic and
diluted......................................... |
|
$ |
0.13 |
|
|
$ |
(1.09 |
) |
|
$ |
(1.67 |
) |
|
$ |
0.13 |
|
|
$ |
(6.08 |
) |
|
$ |
(4.74 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding –
Basic......................................................... |
|
|
106,448 |
|
|
|
15,468 |
|
|
|
14,796 |
|
|
|
106,448 |
|
|
|
15,262 |
|
|
|
14,591 |
|
Diluted............................................................................................................... |
|
|
106,463 |
|
|
|
15,468 |
|
|
|
14,796 |
|
|
|
106,463 |
|
|
|
15,262 |
|
|
|
14,591 |
|
(1) Includes $6.0
million and $9.9 million for the period July 1, 2018 through August
13, 2018 and the three months ended September 30, 2017,
respectively, and $29.2 million and $24.8 million for the period
January 1, 2018 through August 13, 2018 and the nine months ended
September 30, 2017, respectively, related to the amortization of
discounts and costs recorded in connection with the debt exchange
completed on September 6, 2016 and $5.0 million and $9.6 million
for the period July 1, 2018 through August 13, 2018 and the three
months ended September 30, 2017, respectively, and $25.0 million
and $28.2 million for the period January 1, 2018 through August 13,
2018 and the nine months ended September 30, 2017, respectively, of
interest paid in-kind related to the Company's convertible
notes.
COMSTOCK RESOURCES, INC. OPERATING
RESULTS (In thousands)
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
Transition
Period |
|
|
|
|
|
Transition
Period |
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|
|
August 14 through
September 30, 2018 |
|
|
July 1 through August 13,
2018 |
|
|
2017 |
|
|
August 14 through
September 30, 2018 |
|
|
January 1 through August
13, 2018 |
|
|
2017 |
|
|
|
|
|
OPERATING CASH FLOW: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)...................................................................................................... |
|
$ |
13,823 |
|
|
$ |
(16,865 |
) |
|
$ |
(24,736 |
) |
|
$ |
13,823 |
|
|
$ |
(92,754 |
) |
|
$ |
(69,109 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes.......................................................................................... |
|
|
3,883 |
|
|
|
626 |
|
|
|
(87 |
) |
|
|
3,883 |
|
|
|
1,052 |
|
|
|
768 |
|
Depreciation, depletion and
amortization.............................................................. |
|
|
17,820 |
|
|
|
14,082 |
|
|
|
32,783 |
|
|
|
17,820 |
|
|
|
68,032 |
|
|
|
93,009 |
|
Unrealized loss (gain) from derivative financial
instruments................................. |
|
|
2,206 |
|
|
|
413 |
|
|
|
2,026 |
|
|
|
2,206 |
|
|
|
1,961 |
|
|
|
(9,233 |
) |
Amortization of debt discount, premium and issuance
costs................................. |
|
|
822 |
|
|
|
6,190 |
|
|
|
9,914 |
|
|
|
822 |
|
|
|
29,457 |
|
|
|
24,914 |
|
Interest paid
in-kind.............................................................................................. |
|
|
— |
|
|
|
4,990 |
|
|
|
9,600 |
|
|
|
— |
|
|
|
25,004 |
|
|
|
28,194 |
|
Stock-based
compensation.................................................................................... |
|
|
329 |
|
|
|
803 |
|
|
|
1,640 |
|
|
|
329 |
|
|
|
3,912 |
|
|
|
4,455 |
|
Loss (gain) on sale of oil and gas
properties......................................................... |
|
|
(98 |
) |
|
|
— |
|
|
|
1,060 |
|
|
|
(98 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
Operating cash
flow.......................................................................................... |
|
|
38,785 |
|
|
|
10,239 |
|
|
|
32,200 |
|
|
|
38,785 |
|
|
|
72,102 |
|
|
|
74,058 |
|
Decrease (increase) in accounts
receivable.................................................. |
|
|
(44,844 |
) |
|
|
3,551 |
|
|
|
(2,295 |
) |
|
|
(44,844 |
) |
|
|
2,834 |
|
|
|
(11,952 |
) |
Decrease (increase) in other current
assets.................................................. |
|
|
(1,326 |
) |
|
|
(304 |
) |
|
|
238 |
|
|
|
(1,326 |
) |
|
|
337 |
|
|
|
(670 |
) |
Increase (decrease) in accounts payable and accrued
expenses................... |
|
|
11,034 |
|
|
|
(14,749 |
) |
|
|
5,105 |
|
|
|
11,034 |
|
|
|
10,462 |
|
|
|
29,327 |
|
Net cash provided by operating
activities.............................................. |
|
$ |
3,609 |
|
|
$ |
(1,263 |
) |
|
$ |
35,248 |
|
|
$ |
3,609 |
|
|
$ |
85,735 |
|
|
$ |
90,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAX: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)...................................................................................................... |
|
$ |
13,823 |
|
|
$ |
(16,865 |
) |
|
$ |
(24,736 |
) |
|
$ |
13,823 |
|
|
$ |
(92,754 |
) |
|
$ |
(69,109 |
) |
Interest
expense........................................................................................................ |
|
|
14,845 |
|
|
|
22,140 |
|
|
|
37,595 |
|
|
|
14,845 |
|
|
|
101,203 |
|
|
|
107,250 |
|
Income
taxes............................................................................................................. |
|
|
3,940 |
|
|
|
605 |
|
|
|
(69 |
) |
|
|
3,940 |
|
|
|
1,065 |
|
|
|
883 |
|
Depreciation, depletion and
amortization.................................................................. |
|
|
17,820 |
|
|
|
14,082 |
|
|
|
32,783 |
|
|
|
17,820 |
|
|
|
68,032 |
|
|
|
93,009 |
|
Unrealized loss (gain) from derivative financial
instruments..................................... |
|
|
2,206 |
|
|
|
413 |
|
|
|
2,026 |
|
|
|
2,206 |
|
|
|
1,961 |
|
|
|
(9,233 |
) |
Stock-based
compensation........................................................................................ |
|
|
329 |
|
|
|
803 |
|
|
|
1,640 |
|
|
|
329 |
|
|
|
3,912 |
|
|
|
4,455 |
|
Transaction
costs...................................................................................................... |
|
|
— |
|
|
|
2,549 |
|
|
|
— |
|
|
|
— |
|
|
|
2,866 |
|
|
|
— |
|
Loss on sale of oil and gas
properties....................................................................... |
|
|
(98 |
) |
|
|
— |
|
|
|
1,060 |
|
|
|
(98 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
Total
EBITDAX.................................................................................... |
|
$ |
52,865 |
|
|
$ |
23,727 |
|
|
$ |
50,299 |
|
|
$ |
52,865 |
|
|
$ |
121,723 |
|
|
$ |
128,315 |
|
|
|
Successor |
|
|
Predecessor |
|
|
|
As of September
30, 2018 |
|
|
As of December 31,
2017 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents........................................................................................................... |
|
$ |
31,780 |
|
|
$ |
61,255 |
|
Assets held for
sale..................................................................................................................... |
|
|
— |
|
|
|
198,615 |
|
Other current
assets..................................................................................................................... |
|
|
99,692 |
|
|
|
42,635 |
|
Property and equipment,
net........................................................................................................ |
|
|
1,593,602 |
|
|
|
607,929 |
|
Other........................................................................................................................................... |
|
|
369,302 |
|
|
|
19,985 |
|
Total
assets........................................................................................................................... |
|
$ |
2,094,376 |
|
|
$ |
930,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities......................................................................................................................... |
|
$ |
180,118 |
|
|
$ |
168,489 |
|
Long-term
debt............................................................................................................................ |
|
|
1,242,844 |
|
|
|
1,110,529 |
|
Deferred income
taxes................................................................................................................. |
|
|
145,565 |
|
|
|
10,266 |
|
Asset retirement
obligation.......................................................................................................... |
|
|
4,738 |
|
|
|
10,407 |
|
Stockholders' equity
(deficit)....................................................................................................... |
|
|
521,111 |
|
|
|
(369,272 |
) |
Total liabilities and stockholders' equity
(deficit)................................................................. |
|
$ |
2,094,376 |
|
|
$ |
930,419 |
|
COMSTOCK RESOURCES, INC. REGIONAL
OPERATING RESULTS (In thousands, except per unit
amounts)
|
|
Successor |
|
|
For the Period August
14, 2018 through September 30, 2018 |
|
|
Haynesville / Cotton
Valley |
|
|
Bakken |
|
|
Other |
|
|
Total |
|
Gas production
(MMcf)............................................................................ |
|
|
12,773 |
|
|
|
1,272 |
|
|
|
53 |
|
|
|
14,098 |
|
Oil production
(Mbbls)......................................................................... |
|
|
5 |
|
|
|
536 |
|
|
|
1 |
|
|
|
542 |
|
Total production
(MMcfe)........................................................................ |
|
|
12,803 |
|
|
|
4,487 |
|
|
|
61 |
|
|
|
17,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
sales................................................................................. |
|
$ |
34,765 |
|
|
$ |
1,466 |
|
|
$ |
162 |
|
|
$ |
36,393 |
|
Natural gas hedging
settlements(1).................................................................... |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
191 |
|
Total natural gas including
hedging.................................................................. |
|
|
34,765 |
|
|
|
1,466 |
|
|
|
162 |
|
|
|
36,584 |
|
Oil
sales................................................................................. |
|
|
320 |
|
|
|
33,240 |
|
|
|
170 |
|
|
|
33,730 |
|
Total oil and gas sales including
hedging.................................................................. |
|
$ |
35,085 |
|
|
$ |
34,706 |
|
|
$ |
332 |
|
|
$ |
70,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per
Mcf)............................................................................... |
|
$ |
2.72 |
|
|
$ |
1.15 |
|
|
$ |
3.07 |
|
|
$ |
2.58 |
|
Average gas price including hedging (per
Mcf)............................................................................... |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.59 |
|
Average oil price (per
barrel)............................................................................ |
|
$ |
64.00 |
|
|
$ |
62.01 |
|
|
$ |
140.66 |
|
|
$ |
62.21 |
|
Average price (per
Mcfe)............................................................................. |
|
$ |
2.74 |
|
|
$ |
7.73 |
|
|
$ |
5.44 |
|
|
$ |
4.04 |
|
Average price including hedging (per
Mcfe)............................................................................. |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
taxes................................................................................. |
|
$ |
813 |
|
|
$ |
3,214 |
|
|
$ |
24 |
|
|
$ |
4,051 |
|
Gathering and
transportation................................................................. |
|
$ |
3,420 |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
3,450 |
|
Lease
operating.......................................................................... |
|
$ |
3,615 |
|
|
$ |
3,250 |
|
|
$ |
151 |
|
|
$ |
7,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per
Mcfe)............................................................................. |
|
$ |
0.06 |
|
|
$ |
0.72 |
|
|
$ |
0.40 |
|
|
$ |
0.23 |
|
Gathering and transportation (per
Mcfe)............................................................................ |
|
$ |
0.27 |
|
|
$ |
— |
|
|
$ |
0.50 |
|
|
$ |
0.20 |
|
Lease operating (per
Mcfe)............................................................................. |
|
$ |
0.28 |
|
|
$ |
0.72 |
|
|
$ |
2.46 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions................................................................. |
|
$ |
17,905 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
17,905 |
|
Development
leasehold.................................................................... |
|
|
475 |
|
|
|
— |
|
|
|
— |
|
|
|
475 |
|
Development
drilling....................................................................... |
|
|
33,404 |
|
|
|
15,615 |
|
|
|
— |
|
|
|
49,019 |
|
Other
development................................................................. |
|
|
7,810 |
|
|
|
— |
|
|
|
— |
|
|
|
7,810 |
|
Total........................................................................... |
|
$ |
59,594 |
|
|
$ |
15,615 |
|
|
$ |
— |
|
|
$ |
75,209 |
|
(1) Included in gain from derivative financial
instruments in operating
results.
COMSTOCK RESOURCES, INC. REGIONAL
OPERATING RESULTS (In thousands, except per unit
amounts)
|
|
Predecessor |
|
|
|
For the Period July 1,
2018 through August 13, 2018 |
|
|
|
Haynesville / Cotton
Valley |
|
|
Other |
|
|
Total |
|
Gas production
(MMcf)............................................................................ |
|
|
11,806 |
|
|
|
70 |
|
|
|
11,876 |
|
Oil production
(Mbbls)......................................................................... |
|
|
5 |
|
|
|
2 |
|
|
|
7 |
|
Total production
(MMcfe)........................................................................ |
|
|
11,840 |
|
|
|
79 |
|
|
|
11,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
sales................................................................................. |
|
$ |
31,834 |
|
|
$ |
255 |
|
|
$ |
32,089 |
|
Natural gas hedging
settlements(1).................................................................... |
|
|
— |
|
|
|
— |
|
|
|
330 |
|
Total natural gas including
hedging.................................................................. |
|
|
31,834 |
|
|
|
255 |
|
|
|
32,419 |
|
Oil
sales................................................................................. |
|
|
386 |
|
|
|
113 |
|
|
|
499 |
|
Total oil and gas sales including
hedging.................................................................. |
|
$ |
32,220 |
|
|
$ |
368 |
|
|
$ |
32,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per
Mcf)............................................................................... |
|
$ |
2.70 |
|
|
$ |
3.64 |
|
|
$ |
2.70 |
|
Average gas price including hedging (per
Mcf)............................................................................... |
|
|
|
|
|
|
|
|
|
$ |
2.73 |
|
Average oil price (per
barrel)............................................................................ |
|
$ |
68.87 |
|
|
$ |
71.37 |
|
|
$ |
69.42 |
|
Average price (per
Mcfe)............................................................................. |
|
$ |
2.72 |
|
|
$ |
4.66 |
|
|
$ |
2.73 |
|
Average price including hedging (per
Mcfe)............................................................................. |
|
|
|
|
|
|
|
|
|
$ |
2.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
taxes................................................................................. |
|
$ |
684 |
|
|
$ |
23 |
|
|
$ |
707 |
|
Gathering and
transportation................................................................. |
|
$ |
3,082 |
|
|
$ |
27 |
|
|
$ |
3,109 |
|
Lease
operating.......................................................................... |
|
$ |
3,244 |
|
|
$ |
174 |
|
|
$ |
3,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per
Mcfe)............................................................................. |
|
$ |
0.06 |
|
|
$ |
0.29 |
|
|
$ |
0.06 |
|
Gathering and transportation (per
Mcfe)............................................................................ |
|
$ |
0.26 |
|
|
$ |
0.34 |
|
|
$ |
0.26 |
|
Lease operating (per
Mcfe)............................................................................. |
|
$ |
0.27 |
|
|
$ |
2.21 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions................................................................. |
|
$ |
39,323 |
|
|
$ |
— |
|
|
$ |
39,323 |
|
Development
leasehold.................................................................... |
|
|
504 |
|
|
|
— |
|
|
|
504 |
|
Development
drilling....................................................................... |
|
|
14,211 |
|
|
|
— |
|
|
|
14,211 |
|
Other
development................................................................. |
|
|
2,958 |
|
|
|
— |
|
|
|
2,958 |
|
Total........................................................................... |
|
$ |
56,996 |
|
|
$ |
— |
|
|
$ |
56,996 |
|
(1) Included in gain from derivative financial
instruments in operating results.
COMSTOCK RESOURCES, INC. REGIONAL
OPERATING RESULTS (In thousands, except per unit
amounts)
|
|
Predecessor |
|
|
|
For the Three Months
Ended September 30, 2017 |
|
|
|
Haynesville / Cotton
Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
Gas production (MMcf)................................... |
|
|
19,590 |
|
|
|
318 |
|
|
|
79 |
|
|
|
19,987 |
|
Oil production (Mbbls).................................... |
|
|
12 |
|
|
|
211 |
|
|
|
6 |
|
|
|
229 |
|
Total production (MMcfe)................................ |
|
|
19,660 |
|
|
|
1,582 |
|
|
|
120 |
|
|
|
21,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
sales............................................... |
|
$ |
54,673 |
|
|
$ |
1,282 |
|
|
$ |
209 |
|
|
$ |
56,164 |
|
Natural gas hedging settlements(1).................... |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,456 |
|
Total natural gas including
hedging............ |
|
|
54,673 |
|
|
|
1,282 |
|
|
|
209 |
|
|
|
59,620 |
|
Oil
sales............................................................ |
|
|
537 |
|
|
|
9,791 |
|
|
|
319 |
|
|
|
10,647 |
|
Total oil and gas sales including
hedging.................................................. |
|
$ |
55,210 |
|
|
$ |
11,073 |
|
|
$ |
528 |
|
|
$ |
70,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf)............................ |
|
$ |
2.79 |
|
|
$ |
4.03 |
|
|
$ |
2.65 |
|
|
$ |
2.81 |
|
Average gas price including hedging (per
Mcf)........................................................ |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.98 |
|
Average oil price (per barrel)........................... |
|
$ |
46.33 |
|
|
$ |
46.46 |
|
|
$ |
46.17 |
|
|
$ |
46.45 |
|
Average price (per Mcfe)................................. |
|
$ |
2.81 |
|
|
$ |
7.00 |
|
|
$ |
4.40 |
|
|
$ |
3.13 |
|
Average price including hedging (per
Mcfe)...................................................... |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
taxes............................................... |
|
$ |
934 |
|
|
$ |
514 |
|
|
$ |
42 |
|
|
$ |
1,490 |
|
Gathering and transportation............................ |
|
$ |
4,258 |
|
|
$ |
374 |
|
|
$ |
123 |
|
|
$ |
4,755 |
|
Lease
operating................................................. |
|
$ |
5,749 |
|
|
$ |
3,410 |
|
|
$ |
200 |
|
|
$ |
9,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe)............................. |
|
$ |
0.05 |
|
|
$ |
0.32 |
|
|
$ |
0.35 |
|
|
$ |
0.07 |
|
Gathering and transportation (per Mcfe).......... |
|
$ |
0.22 |
|
|
$ |
0.24 |
|
|
$ |
1.03 |
|
|
$ |
0.22 |
|
Lease operating (per Mcfe)............................... |
|
$ |
0.29 |
|
|
$ |
2.16 |
|
|
$ |
1.66 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
leasehold................................ |
|
$ |
867 |
|
|
$ |
16 |
|
|
$ |
— |
|
|
$ |
883 |
|
Development
drilling.................................... |
|
|
40,017 |
|
|
|
— |
|
|
|
— |
|
|
|
40,017 |
|
Other
development....................................... |
|
|
1,798 |
|
|
|
188 |
|
|
|
312 |
|
|
|
2,298 |
|
Total........................................................... |
|
$ |
42,682 |
|
|
$ |
204 |
|
$ |
312 |
|
|
$ |
43,198 |
|
(1) Included in gain from derivative financial
instruments in operating
results.
COMSTOCK RESOURCES, INC. REGIONAL
OPERATING RESULTS (In thousands, except per unit
amounts)
|
|
Predecessor |
|
|
|
For the Period January
1, 2018 through August 13, 2018 |
|
|
|
Haynesville / Cotton
Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
Gas production (MMcf)................................... |
|
|
54,386 |
|
|
|
379 |
|
|
|
475 |
|
|
|
55,240 |
|
Oil production (Mbbls).................................... |
|
|
27 |
|
|
|
247 |
|
|
|
13 |
|
|
|
287 |
|
Total production (MMcfe)................................ |
|
|
54,549 |
|
|
|
1,860 |
|
|
|
554 |
|
|
|
56,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
sales............................................... |
|
$ |
144,918 |
|
|
$ |
1,590 |
|
|
$ |
1,389 |
|
|
$ |
147,897 |
|
Natural gas hedging settlements(1).................... |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,842 |
|
Total natural gas including
hedging............ |
|
|
144,918 |
|
|
|
1,590 |
|
|
|
1,389 |
|
|
|
150,739 |
|
Oil
sales............................................................ |
|
|
1,760 |
|
|
|
16,157 |
|
|
|
816 |
|
|
|
18,733 |
|
Total oil and gas sales including
hedging.................................................. |
|
$ |
146,678 |
|
|
$ |
17,747 |
|
|
$ |
2,205 |
|
|
$ |
169,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf)............................ |
|
$ |
2.66 |
|
|
$ |
4.20 |
|
|
$ |
2.92 |
|
|
$ |
2.68 |
|
Average gas price including hedging (per
Mcf)........................................................ |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.73 |
|
Average oil price (per barrel)........................... |
|
$ |
64.71 |
|
|
$ |
65.46 |
|
|
$ |
62.00 |
|
|
$ |
65.23 |
|
Average price (per Mcfe)................................. |
|
$ |
2.69 |
|
|
$ |
9.54 |
|
|
$ |
3.98 |
|
|
$ |
2.93 |
|
Average price including hedging (per
Mcfe)...................................................... |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
taxes............................................... |
|
$ |
2,680 |
|
|
$ |
831 |
|
|
$ |
148 |
|
|
$ |
3,659 |
|
Gathering and transportation............................ |
|
$ |
11,211 |
|
|
$ |
463 |
|
|
$ |
167 |
|
|
$ |
11,841 |
|
Lease
operating................................................. |
|
$ |
15,610 |
|
|
$ |
4,829 |
|
|
$ |
700 |
|
|
$ |
21,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe)............................. |
|
$ |
0.05 |
|
|
$ |
0.45 |
|
|
$ |
0.27 |
|
|
$ |
0.06 |
|
Gathering and transportation (per Mcfe).......... |
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.21 |
|
Lease operating (per Mcfe)............................... |
|
$ |
0.28 |
|
|
$ |
2.59 |
|
|
$ |
1.26 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions................................................. |
|
$ |
39,323 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39,323 |
|
Development
leasehold................................ |
|
|
2,848 |
|
|
|
— |
|
|
|
— |
|
|
|
2,848 |
|
Development
drilling.................................... |
|
|
90,840 |
|
|
|
— |
|
|
|
— |
|
|
|
90,840 |
|
Other
development....................................... |
|
|
13,205 |
|
|
|
393 |
|
|
|
273 |
|
|
|
13,871 |
|
Total........................................................... |
|
$ |
146,216 |
|
|
$ |
393 |
|
$ |
273 |
|
|
$ |
146,882 |
|
(1) Included in gain from derivative financial
instruments in operating results.
COMSTOCK RESOURCES, INC. REGIONAL
OPERATING RESULTS (In thousands, except per unit
amounts)
|
|
Predecessor |
|
|
|
For the Nine Months
Ended September 30, 2017 |
|
|
|
Haynesville / Cotton
Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
Gas production (MMcf).............................. |
|
|
49,800 |
|
|
|
1,071 |
|
|
|
436 |
|
|
|
51,307 |
|
Oil production (Mbbls)............................... |
|
|
39 |
|
|
|
682 |
|
|
|
16 |
|
|
|
737 |
|
Total production (MMcfe).......................... |
|
|
50,034 |
|
|
|
5,162 |
|
|
|
534 |
|
|
|
55,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales......................................... |
|
$ |
142,217 |
|
|
$ |
4,150 |
|
|
$ |
1,174 |
|
|
$ |
147,541 |
|
Natural gas hedging settlements(1)............... |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,352 |
|
Total natural gas including hedging...... |
|
|
142,217 |
|
|
|
4,150 |
|
|
|
1,174 |
|
|
|
152,893 |
|
Oil
sales...................................................... |
|
|
1,820 |
|
|
|
31,953 |
|
|
|
769 |
|
|
|
34,542 |
|
Total oil and gas sales including
hedging............................................. |
|
$ |
144,037 |
|
|
$ |
36,103 |
|
|
$ |
1,943 |
|
|
$ |
187,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf)....................... |
|
$ |
2.86 |
|
|
$ |
3.87 |
|
|
$ |
2.69 |
|
|
$ |
2.88 |
|
Average gas price including hedging (per
Mcf).................................................. |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.98 |
|
Average oil price (per barrel)...................... |
|
$ |
46.67 |
|
|
$ |
46.87 |
|
|
$ |
46.90 |
|
|
$ |
46.86 |
|
Average price (per Mcfe)............................ |
|
$ |
2.88 |
|
|
$ |
6.99 |
|
|
$ |
3.64 |
|
|
$ |
3.27 |
|
Average price including hedging (per
Mcfe)................................................. |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes.......................................... |
|
$ |
1,928 |
|
|
$ |
1,664 |
|
|
$ |
138 |
|
|
$ |
3,730 |
|
Gathering and transportation....................... |
|
$ |
10,962 |
|
|
$ |
1,279 |
|
|
$ |
187 |
|
|
$ |
12,428 |
|
Lease operating........................................... |
|
$ |
16,748 |
|
|
$ |
10,956 |
|
|
$ |
977 |
|
|
$ |
28,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe)....................... |
|
$ |
0.04 |
|
|
$ |
0.32 |
|
|
$ |
0.26 |
|
|
$ |
0.07 |
|
Gathering and transportation (per Mcfe)..... |
|
$ |
0.22 |
|
|
$ |
0.25 |
|
|
$ |
0.35 |
|
|
$ |
0.22 |
|
Lease operating (per Mcfe)......................... |
|
$ |
0.33 |
|
|
$ |
2.12 |
|
|
$ |
1.83 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
leasehold........................... |
|
$ |
1,426 |
|
|
$ |
521 |
|
|
$ |
— |
|
|
$ |
1,947 |
|
Development
drilling.............................. |
|
|
120,856 |
|
|
|
705 |
|
|
|
— |
|
|
|
121,561 |
|
Other
development.................................. |
|
|
4,382 |
|
|
|
1,485 |
|
|
|
435 |
|
|
|
6,302 |
|
Total...................................................... |
|
$ |
126,664 |
|
|
$ |
2,711 |
|
$ |
435 |
|
|
$ |
129,810 |
|
(1) Included in gain from derivative financial
instruments in operating results.
Comstock Resources
Gary H. Guyton
Director of Planning and Investor Relations
(972) 668-8834
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