UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 13, 2006
COMSTOCK RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
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STATE OF NEVADA |
000-16741 |
94-1667468 |
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(State or other |
(Commission File Number) |
(I.R.S. Employer |
5300 Town And Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
(972) 668-8800
(Registrant's Telephone No.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.02. |
Results of Operations and Financial Condition |
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On February 13, 2006, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2005. A copy of the press release announcing Comstock's earnings results for three months and year ended December 31, 2005 is attached hereto as Exhibit 99.1.
The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Operating cash flow is presented in the earnings release because management believes it to be useful to investors. EBITDAX is presented in the earnings release because management believes that EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts. The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.
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Item 9.01. |
Financial Statements and Exhibits |
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Exhibit 99.1 |
Press Release dated February 13, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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COMSTOCK RESOURCES, INC. |
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Dated: February 13, 2006 |
By: |
/s/ M. JAY ALLISON |
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M. Jay Allison |
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President and Chief Executive Officer |
Exhibit 99.1
5300 Town and Country Blvd., Suite 500
Frisco, Texas 75034
Telephone: (972) 668-8800
Contact: Roland O. Burns
Sr. Vice President and Chief Financial Officer
Web Site: www.comstockresources.com
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2005
AND YEAR END 2005 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, February 13, 2006 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2005 which represent a new corporate high record for sales, operating cash flow, net income and earnings per share.
Financial Results for the Three Months and Year Ended December 31, 2005
Comstock reported net income of $41.3 million or 96¢ per diluted share for the three months ended December 31, 2005 as compared to net income of $15.9 million or 43¢ per diluted share in the same quarter of 2004. The fourth quarter 2005 results include a $9.8 million unrealized gain on the Company's derivatives held for price risk management. Without the unrealized gain from derivatives, net income for the fourth quarter of 2005 would have been approximately $35.5 million, or 82¢ per diluted share. Comstock's oil and gas sales were $93.4 million in 2005's fourth quarter, an increase of 31% over 2004's fourth quarter oil and gas sales of $71.2 million. Comstock generated $69.0 million in operating cash flow (before changes in working capital accounts) in 2005's fourth quarter, which represents a 45% increase over 2004's fourth quarter cash flow of $47.5 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $72.8 million for the three months ended December 31, 2005 as compared to 2004's fourth quarter EBITDAX of $54.9 million. On May 10, 2005, Comstock began accounting for its interest in Bois d'Arc Energy, Inc. (NYSE: BDE) ("Bois d'Arc") under the equity method and since that date is no longer including its share of Bois d'Arc's revenues, EBITDAX and cash flow in its consolidated results.
For the year ended December 31, 2005, Comstock's oil and gas sales totaled $303.3 million, as compared to oil and gas sales of $261.6 million for the same period in 2004. Net income for the year ended December 31, 2005 was $60.5 million, or $1.47 per diluted share, as compared to net income of $46.9 million or $1.29 per diluted share in 2004. The 2005 results include the Company's share of a one time provision of $64.6 million for deferred income taxes by Bois d'Arc in connection with its conversion from a limited liability company to a corporation and a gain of $28.8 million recognized by Comstock in connection with Bois d'Arc's initial public offering. The 2005 results also include an $11.1 million unrealized loss on the Company's derivatives held for price risk management. Excluding the one time adjustments to reflect Bois d'Arc's conversion to a corporation and initial public offering and the unrealized loss on derivatives, Comstock's net income for the year ended December 31, 2005 would have been $91.0 million or $2.21 per diluted share. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2005 was $216.3 million, a 23% increase from 2004's cash flow of $176.2 million. For the year ended December 31, 2005 EBITDAX of $240.6 million increased 19% as compared to EBITDAX of $202.6 million for the same period in 2004.
Production from Comstock's onshore properties in the fourth quarter of 2005 increased by 23% to 9.3 Bcf equivalent of natural gas ("Bcfe"), as compared to 2004's fourth quarter onshore production of 7.5 Bcfe. For the year ended 2005, Comstock's onshore production increased 14% to 33.2 Bcfe as compared to onshore production in 2004 of 29.0 Bcfe.
Comstock realized $10.38 per Mcf for its natural gas production in 2005's fourth quarter as compared to $6.66 per Mcf in 2004's fourth quarter. Realized oil prices in the fourth quarter of 2005 averaged $50.17 per barrel as compared to $47.06 per barrel for 2004. For the year ended December 31, 2005, Comstock's realized natural gas price averaged $7.83 per Mcf as compared to 2004's average natural gas price of $5.98 per Mcf and its realized oil price was $49.01 per barrel as compared to $39.86 per barrel in 2004.
In addition to achieving substantial growth of its onshore reserves and production in 2005, Comstock was able to significantly improve its balance sheet. Comstock reduced its outstanding debt from $403.0 million at the end of 2004 to $243.0 million at December 31, 2005 and increased its stockholders equity from $355.9 million at the end of 2004 to $582.9 million at December 31, 2005. Debt as a percent of total book capitalization fell from 53% at the end of 2004 to 29% at December 31, 2005.
2005 Drilling Results
Comstock has spent $201.8 million on acquisitions in 2005 and $122.2 million for exploration and development activities on its onshore properties in 2005. Onshore, Comstock drilled 75 wells (49.8 net) in 2005. Seventy-two (48.4 net) of the wells drilled were development wells and three (1.4 net) were exploratory. All of the development wells were successful and one (.2 net) of the exploratory wells was successful. The unsuccessful exploratory wells were a shallow test well drilled in West Texas and an unsuccessful exploratory well drilled to test the "Big Sandy" prospect in Polk County, Texas.
Comstock drilled 52 successful wells (40.2 net) in its East Texas/North Louisiana region. These wells have been tested at a per well average rate of 1.6 million cubic feet of gas equivalent ("Mmcfe") per day. In 2006, Comstock plans to drill 96 (74.2 net) development wells in this region and currently has seven drilling rigs under contract for this program.
In its South Texas region, Comstock drilled ten (3.5 net) successful wells. These wells have been tested at a per well average rate of 6.3 Mmcfe per day. In 2006, Comstock plans to drill 21 (6.5 net) wells in this region.
Comstock drilled eleven successful wells (5.0 net) in its other regions during 2005. Six (1.0 net) of the wells drilled were successful coal bed methane wells in the San Juan Basin in New Mexico. Comstock drilled two (1.9 net) successful wells in its Laurel field in South Mississippi. The remaining three (2.1 net) successful wells were drilled in Arkansas and Oklahoma. In 2006, Comstock plans to drill 16 (15.4 net) wells in South Mississippi, two wells (.6 net) in its Double A Wells field in Southeast Texas and 14 (5.8 net) wells in certain of its other fields.
Comstock's offshore operations are conducted exclusively through its 48% ownership of Bois d'Arc. In 2005, Bois d'Arc drilled 19 (16.1 net) successful wells out of a total of 22 (18.7 net) wells drilled with three (2.6 net) dry holes. The discoveries at Ship Shoal block 111, which proved up the "Laker" prospect, the South Timbalier block 75 discovery, which tested the "Doc Holiday" prospect, the Ship Shoal block 56 discovery and the Ship Shoal block 92 "Paddlefish" well were the larger reserve discoveries in 2005.
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 a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Louisiana and Texas and in the Gulf of Mexico through its ownership in Bois d'Arc Energy, Inc. (NYSE: BDE). 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)
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Three Months ended December 31, |
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Year ended December 31, |
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2005 |
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2004 |
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2005 |
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2004 |
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Oil and gas sales |
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$ |
93,366 |
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$ |
71,176 |
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$ |
303,336 |
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$ |
261,647 |
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Operating expenses: |
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Oil and gas operating |
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14,097 |
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14,480 |
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50,966 |
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52,068 |
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Exploration |
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16 |
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3,703 |
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19,725 |
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15,610 |
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Depreciation, depletion and amortization |
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15,970 |
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16,741 |
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63,338 |
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63,879 |
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Impairment |
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— |
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1,648 |
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3,400 |
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1,648 |
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General and administrative |
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5,518 |
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5,253 |
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16,533 |
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14,569 |
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Total operating expenses |
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35,601 |
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41,825 |
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153,962 |
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147,774 |
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Income from operations |
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57,765 |
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29,351 |
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149,374 |
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113,873 |
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Other income (expenses): |
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Other income |
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36 |
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37 |
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209 |
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166 |
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Interest income |
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155 |
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678 |
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1,604 |
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1,207 |
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Interest expense |
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(4,773 |
) |
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(5,588 |
) |
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(20,272 |
) |
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(21,182 |
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Equity in earnings of Bois d'Arc Energy |
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5,005 |
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— |
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(49,862 |
) |
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— |
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Gain on sale of Bois d'Arc Energy shares |
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— |
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— |
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28,797 |
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— |
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Gain (loss) on derivatives |
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7,489 |
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398 |
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(13,556 |
) |
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(155 |
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Loss on early extinguishment of debt |
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— |
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— |
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— |
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(19,599 |
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Formation Costs of Bois d'Arc Energy |
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— |
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(119 |
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— |
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(1,101 |
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Total other income (expenses) |
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7,912 |
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(4,594 |
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(53,080 |
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(40,664 |
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Income before income taxes |
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65,677 |
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24,757 |
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96,294 |
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73,209 |
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Provision for income taxes |
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(24,346 |
) |
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(8,899 |
) |
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(35,815 |
) |
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(26,342 |
) | ||||||
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Net income |
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$ |
41,331 |
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$ |
15,858 |
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$ |
60,479 |
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$ |
46,867 |
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Net income per share: |
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Basic |
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$ |
0.99 |
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$ |
0.46 |
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$ |
1.54 |
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$ |
1.37 |
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Diluted |
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$ |
0.96 |
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$ |
0.43 |
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$ |
1.47 |
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$ |
1.29 |
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Weighted average common and common stock equivalent shares outstanding: |
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Basic |
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41,652 |
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34,475 |
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39,216 |
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34,187 |
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Diluted |
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43,114 |
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36,780 |
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41,154 |
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|
36,252 |
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COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
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Three Months ended December 31, |
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Year ended December 31, |
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2005 |
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2004 |
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2005 |
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2004 |
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Cash flow from operations: |
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Net cash provided by operating activities |
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$ |
62,700 |
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$ |
52,598 |
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$ |
217,954 |
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$ |
171,351 |
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Increase (decrease) in accounts receivable |
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8,289 |
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5,192 |
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13,030 |
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(5,584 |
) |
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Increase (decrease) in other current assets |
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1,043 |
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933 |
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(616 |
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1,735 |
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Decrease (increase) in accounts payable and |
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(2,994 |
) |
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(11,252 |
) |
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(14,079 |
) |
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8,714 |
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Cash flow from operations |
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$ |
69,038 |
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$ |
47,471 |
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$ |
216,289 |
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$ |
176,216 |
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EBITDAX: |
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Net income |
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$ |
41,331 |
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$ |
15,858 |
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$ |
60,479 |
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$ |
46,867 |
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Interest expense |
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|
4,773 |
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|
5,588 |
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|
20,272 |
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|
21,182 |
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Income tax expense |
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|
24,346 |
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|
8,899 |
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|
35,815 |
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|
26,342 |
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Depreciation, depletion and amortization |
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|
15,970 |
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|
|
16,741 |
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|
63,338 |
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|
63,879 |
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Impairment |
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— |
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|
1,648 |
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|
3,400 |
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|
1,648 |
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Equity in earnings of Bois d'Arc Energy |
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(5,005 |
) |
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— |
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|
49,862 |
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|
— |
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Gain on sale of shares by Bois d'Arc Energy |
|
|
— |
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|
— |
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(28,797 |
) |
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— |
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Formation Costs of Bois d'Arc Energy |
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— |
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|
119 |
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— |
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|
1,101 |
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Unrealized (gain) loss on derivatives |
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|
(9,818 |
) |
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(398 |
) |
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11,087 |
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|
155 |
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Loss from early extinguishment of debt |
|
|
— |
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|
— |
|
|
|
— |
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|
19,599 |
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Stock-based compensation |
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|
1,224 |
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|
2,714 |
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|
5,419 |
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|
6,208 |
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Exploration expense |
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|
16 |
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|
3,703 |
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|
19,725 |
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|
15,610 |
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EBITDAX |
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$ |
72,837 |
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$ |
54,872 |
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$ |
240,600 |
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$ |
202,591 |
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As of December 31, |
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2005 |
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2004 |
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Balance Sheet Data: |
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Current assets |
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$ |
52,770 |
|
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$ |
48,215 |
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Property and equipment, net |
|
|
706,928 |
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|
827,761 |
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Investment in Bois d'Arc Energy |
|
|
252,134 |
|
|
|
— |
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Other |
|
|
4,831 |
|
|
|
65,500 |
|
|
Total assets |
|
$ |
1,016,663 |
|
|
$ |
941,476 |
|
|
|
|
|
|
|
|
|
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Current liabilities |
|
$ |
68,117 |
|
|
$ |
63,924 |
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Long-term debt |
|
|
243,000 |
|
|
|
403,000 |
|
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Other |
|
|
122,687 |
|
|
|
118,699 |
|
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Stockholders' equity |
|
|
582,859 |
|
|
|
355,853 |
|
|
Total liabilities and stockholders' equity |
|
$ |
1,016,663 |
|
|
$ |
941,476 |
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COMSTOCK RESOURCES, INC.
SELECTED OPERATING AND FINANCIAL RESULTS
(In thousands, except as noted and per unit amounts)
For the Three Months ended December 31, 2005
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Comstock Resources(1) |
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Bois d'Arc(2) |
|
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Equity Method Adjustments |
|
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Total(3) |
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|
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Oil production (thousand barrels) |
|
|
234 |
|
|
|
96 |
|
|
|
(96 |
) |
|
|
234 |
| ||
|
Gas production (million cubic feet – Mmcf) |
|
|
7,868 |
|
|
|
1,523 |
|
|
|
(1,523 |
) |
|
|
7,868 |
| ||
|
Total production (Mmcfe) |
|
|
9,270 |
|
|
|
2,095 |
|
|
|
(2,095 |
) |
|
|
9,270 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Oil sales |
|
$ |
11,725 |
|
|
$ |
5,644 |
|
|
$ |
(5,644 |
) |
|
$ |
11,725 |
| ||
|
Gas sales |
|
|
81,641 |
|
|
|
17,776 |
|
|
|
(17,776 |
) |
|
|
81,641 |
| ||
|
Total oil and gas sales |
|
$ |
93,366 |
|
|
$ |
23,420 |
|
|
|
(23,420 |
) |
|
|
93,366 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Average oil price (per barrel) |
|
$ |
50.17 |
|
|
$ |
59.29 |
|
|
|
|
|
|
$ |
50.17 |
| ||
|
Average gas price (per thousand cubic feet – Mcf) |
|
$ |
10.38 |
|
|
$ |
11.67 |
|
|
|
|
|
|
$ |
10.38 |
| ||
|
Average price (per Mcf equivalent) |
|
$ |
10.07 |
|
|
$ |
11.18 |
|
|
|
|
|
|
$ |
10.07 |
| ||
|
Lifting cost |
|
$ |
14,097 |
|
|
$ |
6,121 |
|
|
$ |
(6,121 |
) |
|
$ |
14,097 |
| ||
|
Lifting cost (per Mcf equivalent) |
|
$ |
1.52 |
|
|
$ |
2.92 |
|
|
|
|
|
|
$ |
1.52 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
For the Year ended December 31, 2005
|
|
|
Comstock Resources(1) |
|
|
Bois d'Arc (2) |
|
|
Equity Method Adjustments |
|
|
Total (3) |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Oil production (thousand barrels) |
|
|
735 |
|
|
|
615 |
|
|
|
(313 |
) |
|
|
1,037 |
| ||
|
Gas production (million cubic feet – Mmcf) |
|
|
28,742 |
|
|
|
7,849 |
|
|
|
(4,342 |
) |
|
|
32,249 |
| ||
|
Total production (Mmcfe) |
|
|
33,151 |
|
|
|
11,537 |
|
|
|
(6,219 |
) |
|
|
38,469 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Oil sales |
|
$ |
36,259 |
|
|
$ |
32,211 |
|
|
$ |
(17,665 |
) |
|
$ |
50,805 |
| ||
|
Gas sales |
|
|
228,547 |
|
|
|
63,992 |
|
|
|
(40,008 |
) |
|
|
252,531 |
| ||
|
Total oil and gas sales |
|
$ |
264,806 |
|
|
$ |
96,203 |
|
|
$ |
(57,673 |
) |
|
$ |
303,336 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Average oil price (per barrel) |
|
$ |
49.34 |
|
|
$ |
52.42 |
|
|
|
|
|
|
$ |
49.01 |
| ||
|
Average gas price (per thousand cubic feet – Mcf) |
|
$ |
7.95 |
|
|
$ |
8.15 |
|
|
|
|
|
|
$ |
7.83 |
| ||
|
Average price (per Mcf equivalent) |
|
$ |
7.99 |
|
|
$ |
8.34 |
|
|
|
|
|
|
$ |
7.89 |
| ||
|
Lifting cost |
|
$ |
44,268 |
|
|
$ |
19,134 |
|
|
$ |
(12,436 |
) |
|
$ |
50,966 |
| ||
|
Lifting cost (per Mcf equivalent) |
|
$ |
1.34 |
|
|
$ |
1.66 |
|
|
|
|
|
|
$ |
1.32 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(1) |
Excludes Bois d'Arc Energy. |
| |
|
(2) |
Comstock owned 60% of Bois d'Arc Energy through May 10, 2005, 48% thereafter. |
| |
|
(3) |
Includes Comstock's proportionate share of Bois d'Arc Energy's results through May 10, 2005. | ||
COMSTOCK RESOURCES, INC.
SELECTED OPERATING AND FINANCIAL RESULTS
(In thousands, except as noted and per unit amounts)
For the Three Months ended December 31, 2005
|
|
|
East Texas/ North Louisiana |
|
|
Southeast Texas |
|
|
Other |
|
|
Total Onshore |
| ||||
|
Oil production (thousand barrels) |
|
|
34 |
|
|
|
42 |
|
|
|
158 |
|
|
|
234 |
|
|
Gas production (million cubic feet – Mmcf) |
|
|
4,276 |
|
|
|
1,477 |
|
|
|
2,115 |
|
|
|
7,868 |
|
|
Total production (Mmcfe) |
|
|
4,478 |
|
|
|
1,729 |
|
|
|
3,063 |
|
|
|
9,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales |
|
$ |
2,060 |
|
|
$ |
2,475 |
|
|
$ |
7,190 |
|
|
$ |
11,725 |
|
|
Gas sales |
|
|
45,013 |
|
|
|
15,532 |
|
|
|
21,096 |
|
|
|
81,641 |
|
|
Total oil and gas sales |
|
$ |
47,073 |
|
|
$ |
18,007 |
|
|
$ |
28,286 |
|
|
$ |
93,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average oil price (per barrel) |
|
$ |
60.59 |
|
|
$ |
58.93 |
|
|
$ |
45.51 |
|
|
$ |
50.17 |
|
|
Average gas price (per thousand cubic feet – Mcf) |
|
$ |
10.53 |
|
|
$ |
10.52 |
|
|
$ |
9.97 |
|
|
$ |
10.38 |
|
|
Average price (per Mcf equivalent) |
|
$ |
10.51 |
|
|
$ |
10.41 |
|
|
$ |
9.23 |
|
|
$ |
10.07 |
|
|
Lifting cost |
|
$ |
6,123 |
|
|
$ |
3,039 |
|
|
$ |
4,935 |
|
|
$ |
14,097 |
|
|
Lifting cost (per Mcf equivalent) |
|
$ |
1.37 |
|
|
$ |
1.76 |
|
|
$ |
1.61 |
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, development and exploration expenditures |
|
$ |
21,996 |
|
|
$ |
376 |
|
|
$ |
5,184 |
|
|
$ |
27,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year ended December 31, 2005
|
|
|
East Texas/ North Louisiana |
|
|
Southeast Texas |
|
|
Other |
|
|
Total Onshore |
| ||||
|
Oil production (thousand barrels) |
|
|
97 |
|
|
|
164 |
|
|
|
474 |
|
|
|
735 |
|
|
Gas production (million cubic feet – Mmcf) |
|
|
14,130 |
|
|
|
6,401 |
|
|
|
8,211 |
|
|
|
28,742 |
|
|
Total production (Mmcfe) |
|
|
14,710 |
|
|
|
7,383 |
|
|
|
11,058 |
|
|
|
33,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales |
|
$ |
5,243 |
|
|
$ |
8,864 |
|
|
$ |
22,152 |
|
|
$ |
36,259 |
|
|
Gas sales |
|
|
114,186 |
|
|
|
50,710 |
|
|
|
63,651 |
|
|
|
228,547 |
|
|
Total oil and gas sales |
|
$ |
119,429 |
|
|
$ |
59,574 |
|
|
$ |
85,803 |
|
|
$ |
264,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average oil price (per barrel) |
|
$ |
54.05 |
|
|
$ |
54.05 |
|
|
$ |
46.73 |
|
|
$ |
49.34 |
|
|
Average gas price (per thousand cubic feet – Mcf) |
|
$ |
8.08 |
|
|
$ |
7.92 |
|
|
$ |
7.75 |
|
|
$ |
7.95 |
|
|
Average price (per Mcf equivalent) |
|
$ |
8.12 |
|
|
$ |
8.07 |
|
|
$ |
7.76 |
|
|
$ |
7.99 |
|
|
Lifting cost |
|
$ |
17,823 |
|
|
$ |
9,333 |
|
|
$ |
17,112 |
|
|
$ |
44,268 |
|
|
Lifting cost (per Mcf equivalent) |
|
$ |
1.21 |
|
|
$ |
1.26 |
|
|
$ |
1.55 |
|
|
$ |
1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition, development and exploration expenditures |
|
$ |
209,837 |
|
|
$ |
16,030 |
|
|
$ |
98,086 |
|
|
$ |
323,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|