FRISCO, TX, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended September 30, 2022.
Highlights of 2022's Third Quarter
- Generated highest quarterly operating cash flow in the Company's history of $533 million or $1.92 per diluted share.
- Free cash flow from operations was $286 million in the quarter.
- Retired $250 million of debt in the third quarter and reduced leverage to under 1x.
- Adjusted net income to common stockholders for the quarter was $326 million or $1.18 per diluted share.
- Adjusted EBITDAX increased 93% in the quarter to a record high $598 million.
- Oil and gas sales, including realized hedging losses, were $692 million, 76% higher than 2021's third quarter.
- Strong results from Haynesville shale drilling program with 17 (15.2 net) operated wells turned to sales since our last update with an average initial production of 29 MMcf per day.
- Board of directors approved reinstatement of a quarterly common stock dividend to commence in the fourth quarter.
Commenting on the quarter, Jay Allison, the Company's Chief Executive Officer said, "Comstock delivered record cash flow and free cash flow from operations in the third quarter. The record-setting financial results we have had so far this year have repositioned our balance sheet to be a strength of the Company and has allowed us to reinstate our quarterly cash dividend."
Financial Results for the Three Months Ended September 30, 2022
Comstock's revenues in the third quarter of 2022 totaled $692.4 million (after realized hedging losses of $304.5 million). Net cash provided by operating activities (excluding changes in working capital) generated in the third quarter was $532.9 million, and net income available to common stockholders for the third quarter of 2022 was $351.2 million or $1.28 per share. Reported net income in the quarter included a pre-tax $33.2 million unrealized gain on hedging contracts held for risk management. Excluding this item and certain other items, adjusted net income available to common stockholders for the third quarter of 2022 was $325.6 million, or $1.18 per diluted share.
Comstock's production cost per Mcfe in the third quarter averaged $0.82 per Mcfe, which was comprised of $0.35 for gathering and transportation costs, $0.22 for lease operating costs, $0.19 for production and other taxes and $0.06 for cash general and administrative expenses. Production cost was $0.74 per Mcfe in the second quarter of 2022 and $0.65 in the third quarter of 2021. The increase in production cost in the quarter is attributable to the higher natural gas prices realized this year which has resulted in higher production tax and higher gathering and transportation expenses. Comstock's unhedged operating margin was 89% in the third quarter of 2022 and 85% after hedging. Comstock's margin is one of the highest in the industry.
Financial Results for the Nine Months Ended September 30, 2022
Revenues for the nine months ended September 30, 2022 totaled $1.7 billion (after realized hedging losses of $679.0 million). Net cash provided by operating activities (excluding changes in working capital) generated during the first nine months of 2022 was $1.3 billion, and income available to common stockholders was $608.0 million or $2.24 per share. Net income during the first nine months of 2022 included a pre-tax $102.6 million unrealized loss on hedging contracts held for risk management and a $46.8 million loss on early retirement of debt. Excluding these items and certain other items, adjusted net income available to common stockholders for the nine months ended September 30, 2022 was $735.0 million or $2.68 per diluted share.
Comstock's production cost per Mcfe during the nine months ended September 30, 2022 averaged $0.75 per Mcfe, which was comprised of $0.31 for gathering and transportation costs, $0.22 for lease operating costs, $0.16 for production and other taxes and $0.06 for cash general and administrative expenses. Production cost was $0.61 per Mcfe for the nine months ended September 30, 2021. The higher 2022 production costs are attributable to higher 2022 realized natural gas prices. Comstock's unhedged operating margin was 88% during the first nine months of 2022 and 84% after hedging.
Drilling Results
Comstock drilled 21 (14.8 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2022 which had an average lateral length of 10,275 feet. The Company also participated in an additional seven (0.7 net) non-operated Haynesville shale wells in the third quarter of 2022. Comstock turned 17 (15.2 net) operated wells and 18 (0.6 net) non-operated wells to sales in the third quarter of 2022 and currently expects to turn an additional 11 (8.7 net) operated wells to sales in the fourth quarter of 2022.
Since its last operational update in August, Comstock has turned 17 (15.2 net) operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 29 MMcf per day. The completed lateral length of these wells averaged 9,899 feet.
Reinstatement of Quarterly Dividend
Comstock's Board of Directors approved the reinstatement of the Company's quarterly cash dividend, with the first dividend to be paid in the fourth quarter of 2022, at an annual dividend rate of $0.50 per share ($0.125 per quarter). Comstock last paid a common dividend in 2014. The fourth quarter dividend will be payable on December 15, 2022 to stockholders of record at the close of business on December 1, 2022.
Earnings Call Information
Comstock has planned a conference call for 9:00 a.m. Central Time on November 2, 2022, to discuss the third quarter 2022 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at https://register.vevent.com/register/BI39ce5cb8026c4144ae9a888f217e28ae. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/uhgfab48.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 12:00 p.m. CT on November 2, 2022. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/uhgfab48.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues: | |||||||||||||||
| Natural gas sales | $ | 994,979 | $ | 488,303 | $ | 2,376,774 | $ | 1,133,783 | |||||||
| Oil sales | 1,936 | 22,873 | 6,324 | 61,571 | |||||||||||
| Total oil and gas sales | 996,915 | 511,176 | 2,383,098 | 1,195,354 | |||||||||||
| Gas services | 193,090 | — | 322,575 | — | |||||||||||
| Total revenues | 1,190,005 | 511,176 | 2,705,673 | 1,195,354 | |||||||||||
| Operating expenses: | |||||||||||||||
| Production and ad valorem taxes | 24,531 | 16,675 | 60,080 | 36,468 | |||||||||||
| Gathering and transportation | 44,740 | 35,402 | 113,797 | 96,596 | |||||||||||
| Lease operating | 28,608 | 26,576 | 79,873 | 77,150 | |||||||||||
| Exploration | — | — | 3,363 | — | |||||||||||
| Depreciation, depletion and amortization | 129,065 | 128,739 | 354,994 | 359,313 | |||||||||||
| Gas services | 181,818 | — | 305,271 | — | |||||||||||
| General and administrative | 10,165 | 8,052 | 27,451 | 23,952 | |||||||||||
| Gain on sale of assets | — | (14 | ) | (21 | ) | (93 | ) | ||||||||
| Total operating expenses | 418,927 | 215,430 | 944,808 | 593,386 | |||||||||||
| Operating income | 771,078 | 295,746 | 1,760,865 | 601,968 | |||||||||||
| Other income (expenses): | |||||||||||||||
| Loss from derivative financial instruments | (271,335 | ) | (510,319 | ) | (781,654 | ) | (756,026 | ) | |||||||
| Other income | 56 | 197 | 506 | 1,008 | |||||||||||
| Interest expense | (41,393 | ) | (49,954 | ) | (132,204 | ) | (170,645 | ) | |||||||
| Loss on early retirement of debt | — | — | (46,840 | ) | (352,599 | ) | |||||||||
| Total other expenses | (312,672 | ) | (560,076 | ) | (960,192 | ) | (1,278,262 | ) | |||||||
| Income (loss) before income taxes | 458,406 | (264,330 | ) | 800,673 | (676,294 | ) | |||||||||
| (Provision for) benefit from income taxes | (102,810 | ) | (23,976 | ) | (179,610 | ) | 74,168 | ||||||||
| Net income (loss) | 355,596 | (288,306 | ) | 621,063 | (602,126 | ) | |||||||||
| Preferred stock dividends | (4,411 | ) | (4,411 | ) | (13,089 | ) | (13,089 | ) | |||||||
| Net income (loss) available to common stockholders | $ | 351,185 | $ | (292,717 | ) | $ | 607,974 | $ | (615,215 | ) | |||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | 1.50 | $ | (1.26 | ) | $ | 2.61 | $ | (2.66 | ) | |||||
| Diluted | $ | 1.28 | $ | (1.26 | ) | $ | 2.24 | $ | (2.66 | ) | |||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 232,482 | 231,747 | 232,170 | 231,519 | |||||||||||
| Diluted | 277,715 | 231,747 | 277,605 | 231,519 | |||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2021 | 2021 | ||||||||||||||||||||||
| 2022 | Pro Forma (3) | As Reported | 2022 | Pro Forma (3) | As Reported | ||||||||||||||||||
| Gas production (MMcf) | 128,902 | 127,121 | 128,896 | 367,758 | 361,248 | 366,272 | |||||||||||||||||
| Oil production (Mbbls) | 21 | 29 | 346 | 66 | 75 | 1,034 | |||||||||||||||||
| Total production (MMcfe) | 129,025 | 127,296 | 130,968 | 368,152 | 361,700 | 372,474 | |||||||||||||||||
| Natural gas sales | $ | 994,979 | $ | 484,012 | $ | 488,303 | $ | 2,376,774 | $ | 1,123,967 | $ | 1,133,783 | |||||||||||
| Natural gas hedging settlements (1) | (304,489 | ) | (114,538 | ) | (114,538 | ) | (679,038 | ) | (138,907 | ) | (138,907 | ) | |||||||||||
| Total natural gas including hedging | 690,490 | 369,474 | 373,765 | 1,697,736 | 985,060 | 994,876 | |||||||||||||||||
| Oil sales | 1,936 | 1,941 | 22,873 | 6,324 | 4,684 | 61,571 | |||||||||||||||||
| Oil hedging settlements (1) | — | — | (2,606 | ) | — | — | (5,489 | ) | |||||||||||||||
| Total oil including hedging | 1,936 | 1,941 | 20,267 | 6,324 | 4,684 | 56,082 | |||||||||||||||||
| Total oil and gas sales including hedging | $ | 692,426 | $ | 371,415 | $ | 394,032 | $ | 1,704,060 | $ | 989,744 | $ | 1,050,958 | |||||||||||
| Average gas price (per Mcf) | $ | 7.72 | $ | 3.81 | $ | 3.79 | $ | 6.46 | $ | 3.11 | $ | 3.10 | |||||||||||
| Average gas price including hedging (per Mcf) | $ | 5.36 | $ | 2.91 | $ | 2.90 | $ | 4.62 | $ | 2.73 | $ | 2.72 | |||||||||||
| Average oil price (per barrel) | $ | 92.19 | $ | 66.93 | $ | 66.11 | $ | 95.82 | $ | 62.45 | $ | 59.55 | |||||||||||
| Average oil price including hedging (per barrel) | $ | 92.19 | $ | 66.93 | $ | 58.58 | $ | 95.82 | $ | 62.45 | $ | 54.24 | |||||||||||
| Average price (per Mcfe) | $ | 7.73 | $ | 3.82 | $ | 3.90 | $ | 6.47 | $ | 3.12 | $ | 3.21 | |||||||||||
| Average price including hedging (per Mcfe) | $ | 5.37 | $ | 2.92 | $ | 3.01 | $ | 4.63 | $ | 2.74 | $ | 2.82 | |||||||||||
| Production and ad valorem taxes | $ | 24,531 | $ | 14,508 | $ | 16,675 | $ | 60,080 | $ | 30,589 | $ | 36,468 | |||||||||||
| Gathering and transportation | 44,740 | 35,349 | 35,402 | 113,797 | 96,543 | 96,596 | |||||||||||||||||
| Lease operating | 28,608 | 23,747 | 26,576 | 79,873 | 67,613 | 77,150 | |||||||||||||||||
| Cash general and administrative (2) | 8,323 | 6,250 | 6,250 | 22,533 | 18,661 | 18,661 | |||||||||||||||||
| Total production costs | $ | 106,202 | $ | 79,854 | $ | 84,903 | $ | 276,283 | $ | 213,406 | $ | 228,875 | |||||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.19 | $ | 0.11 | $ | 0.13 | $ | 0.16 | $ | 0.08 | $ | 0.09 | |||||||||||
| Gathering and transportation (per Mcfe) | 0.35 | 0.28 | 0.27 | 0.31 | 0.27 | 0.26 | |||||||||||||||||
| Lease operating (per Mcfe) | 0.22 | 0.19 | 0.20 | 0.22 | 0.19 | 0.21 | |||||||||||||||||
| Cash general and administrative (per Mcfe) | 0.06 | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | |||||||||||||||||
| Total production costs (per Mcfe) | $ | 0.82 | $ | 0.63 | $ | 0.65 | $ | 0.75 | $ | 0.59 | $ | 0.61 | |||||||||||
| Unhedged operating margin | 89 | % | 84 | % | 83 | % | 88 | % | 81 | % | 81 | % | |||||||||||
| Hedged operating margin | 85 | % | 79 | % | 78 | % | 84 | % | 78 | % | 78 | % | |||||||||||
| Oil and gas capital expenditures: | |||||||||||||||||||||||
| Proved property acquisitions | $ | — | $ | — | $ | — | $ | 205 | $ | — | $ | — | |||||||||||
| Unproved property acquisitions | 12,214 | 5,248 | 5,248 | 37,396 | 18,649 | 18,649 | |||||||||||||||||
| Total oil and gas properties acquisitions | $ | 12,214 | $ | 5,248 | $ | 5,248 | $ | 37,601 | $ | 18,649 | $ | 18,649 | |||||||||||
| Exploration and development: | |||||||||||||||||||||||
| Development leasehold | $ | 3,011 | $ | 721 | $ | 733 | $ | 8,298 | $ | 6,759 | $ | 6,794 | |||||||||||
| Exploratory drilling and completion | 18,606 | — | — | 49,003 | — | — | |||||||||||||||||
| Development drilling and completion | 204,954 | 141,637 | 141,637 | 619,373 | 454,524 | 454,524 | |||||||||||||||||
| Other development costs | 15,563 | 17,171 | 18,719 | 52,500 | 22,511 | 26,795 | |||||||||||||||||
| Total exploration and development capital expenditures | $ | 242,134 | $ | 159,529 | $ | 161,089 | $ | 729,174 | $ | 483,794 | $ | 488,113 | |||||||||||
(1) Included in gain (loss) from derivative financial instruments in operating results.
(2) Excludes stock-based compensation.
(3) Excludes results of the Company's Bakken shale assets, which were sold in October 2021.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS: | |||||||||||||||
| Net income (loss) available to common stockholders | $ | 351,185 | $ | (292,717 | ) | $ | 607,974 | $ | (615,215 | ) | |||||
| Unrealized (gain) loss from derivative financial instruments | (33,154 | ) | 392,870 | 102,616 | 610,764 | ||||||||||
| Loss on early retirement of debt | — | — | 46,840 | 352,599 | |||||||||||
| Non-cash interest amortization from adjusting debt assumed in acquisition to fair value | — | 2,565 | 4,174 | 9,962 | |||||||||||
| Exploration expense | — | — | 3,363 | — | |||||||||||
| Gain on sale of assets | — | (14 | ) | (21 | ) | (93 | ) | ||||||||
| Adjustment to (provision for) benefit from income taxes | 7,580 | (11,169 | ) | (29,959 | ) | (153,777 | ) | ||||||||
| Adjusted net income available to common stockholders (1) | $ | 325,611 | $ | 91,535 | $ | 734,987 | $ | 204,240 | |||||||
| Adjusted net income available to common stockholders per share (2) | $ | 1.18 | $ | 0.35 | $ | 2.68 | $ | 0.79 | |||||||
| Diluted shares outstanding | 277,715 | 276,886 | 277,605 | 276,368 | |||||||||||
| ADJUSTED EBITDAX: | |||||||||||||||
| Net income (loss) | $ | 355,596 | $ | (288,306 | ) | $ | 621,063 | $ | (602,126 | ) | |||||
| Interest expense (3) | 41,393 | 50,259 | 132,204 | 171,511 | |||||||||||
| Income taxes | 102,810 | 23,976 | 179,610 | (74,168 | ) | ||||||||||
| Depreciation, depletion, and amortization | 129,065 | 128,739 | 354,994 | 359,313 | |||||||||||
| Exploration | — | — | 3,363 | — | |||||||||||
| Unrealized (gain) loss from derivative financial instruments | (33,154 | ) | 392,870 | 102,616 | 610,764 | ||||||||||
| Stock-based compensation | 1,842 | 1,802 | 4,918 | 5,291 | |||||||||||
| Loss on early extinguishment of debt | — | — | 46,840 | 352,599 | |||||||||||
| Gain on sale of assets | — | (14 | ) | (21 | ) | (93 | ) | ||||||||
| Total Adjusted EBITDAX (4) | $ | 597,552 | $ | 309,326 | $ | 1,445,587 | $ | 823,091 | |||||||
(1) Adjusted net income available to common stockholders is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding loss on early retirement of debt, non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.
(2) Adjusted net income available to common stockholders per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.
(3) Includes realized gains or losses from interest rate derivative financial instruments.
(4) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including loss on early retirement of debt, depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| OPERATING CASH FLOW(1): | |||||||||||||||
| Net income (loss) | $ | 355,596 | $ | (288,306 | ) | $ | 621,063 | $ | (602,126 | ) | |||||
| Reconciling items: | |||||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (33,154 | ) | 392,870 | 102,616 | 610,764 | ||||||||||
| Deferred income taxes (benefit) | 78,060 | 16,339 | 148,389 | (84,942 | ) | ||||||||||
| Depreciation, depletion and amortization | 129,065 | 128,739 | 354,994 | 359,313 | |||||||||||
| Loss on early retirement of debt | — | — | 46,840 | 352,599 | |||||||||||
| Amortization of debt discount and issuance costs | 1,444 | 4,012 | 8,542 | 17,587 | |||||||||||
| Stock-based compensation | 1,842 | 1,802 | 4,918 | 5,291 | |||||||||||
| Gain on sale of assets | — | (14 | ) | (21 | ) | (93 | ) | ||||||||
| Operating cash flow | $ | 532,853 | $ | 255,442 | $ | 1,287,341 | $ | 658,393 | |||||||
| Increase in accounts receivable | (155,682 | ) | (57,189 | ) | (359,600 | ) | (97,379 | ) | |||||||
| (Increase) decrease in other current assets | (15,494 | ) | (4,678 | ) | (25,214 | ) | 850 | ||||||||
| Increase in accounts payable and accrued expenses | 156,873 | 39,395 | 301,956 | 56,689 | |||||||||||
| Net cash provided by operating activities | $ | 518,550 | $ | 232,970 | $ | 1,204,483 | $ | 618,553 | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| FREE CASH FLOW(2): | |||||||||||||||
| Operating cash flow | $ | 532,853 | $ | 255,442 | $ | 1,287,341 | $ | 658,393 | |||||||
| Less: | |||||||||||||||
| Exploration and development capital expenditures | (242,134 | ) | (161,089 | ) | (729,174 | ) | (488,113 | ) | |||||||
| Other capital expenditures | (603 | ) | (23 | ) | (713 | ) | (69 | ) | |||||||
| Preferred dividends | (4,411 | ) | (4,411 | ) | (13,089 | ) | (13,089 | ) | |||||||
| Free cash flow from operations | $ | 285,705 | $ | 89,919 | $ | 544,365 | $ | 157,122 | |||||||
| Acquisitions | (12,347 | ) | (5,248 | ) | (54,492 | ) | (18,649 | ) | |||||||
| Proceeds from divestitures | — | 50 | 93 | 261 | |||||||||||
| Free cash flow after acquisition and divestiture activity | $ | 273,358 | $ | 84,721 | $ | 489,966 | $ | 138,734 | |||||||
(1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.
(2) Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, preferred dividend payments, proved and unproved property acquisitions, and proceeds from divestiture of oil and gas properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| September 30, 2022 | December 31, 2021 | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 38,648 | $ | 30,663 | ||
| Accounts receivable | 627,338 | 267,738 | ||||
| Derivative financial instruments | 2,368 | 5,258 | ||||
| Other current assets | 40,470 | 15,077 | ||||
| Total current assets | 708,824 | 318,736 | ||||
| Property and equipment, net | 4,440,022 | 4,007,146 | ||||
| Goodwill | 335,897 | 335,897 | ||||
| Operating lease right-of-use assets | 99,622 | 6,450 | ||||
| $ | 5,584,365 | $ | 4,668,229 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Accounts payable | $ | 617,463 | $ | 314,569 | ||
| Accrued costs | 150,327 | 135,026 | ||||
| Operating leases | 38,024 | 2,444 | ||||
| Derivative financial instruments | 285,713 | 181,945 | ||||
| Total current liabilities | 1,091,527 | 633,984 | ||||
| Long-term debt | 2,261,697 | 2,615,235 | ||||
| Deferred income taxes | 345,806 | 197,417 | ||||
| Derivative financial instruments | — | 4,042 | ||||
| Long-term operating leases | 61,676 | 4,075 | ||||
| Asset retirement obligation | 29,235 | 25,673 | ||||
| Other non-current liabilities | 8 | 24 | ||||
| Total liabilities | 3,789,949 | 3,480,450 | ||||
| Mezzanine Equity: | ||||||
| Preferred stock | 175,000 | 175,000 | ||||
| Stockholders' Equity: | ||||||
| Common stock | 116,879 | 116,462 | ||||
| Additional paid-in capital | 1,098,605 | 1,100,359 | ||||
| Accumulated earnings (deficit) | 403,932 | (204,042 | ) | |||
| Total stockholders' equity | 1,619,416 | 1,012,779 | ||||
| $ | 5,584,365 | $ | 4,668,229 | |||
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
