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): November 3, 2008
COMSTOCK
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
STATE
OF NEVADA
|
001-03262
|
94-1667468
|
|
(State
or other
jurisdiction
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
Number)
|
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:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
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
November 3, 2008, Comstock Resources, Inc. ("Comstock") announced financial
results for the three and nine months ended September 30, 2008. A
copy of the press release announcing Comstock's earnings and operating results
for the three and nine months ended September 30, 2008 and other matters 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 as a common
alternative measure of cash flows. 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.
Item
9.01 Financial Statements
and Exhibits
|
Exhibit 99.1
|
Press
Release dated November 3, 2008.
|
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.
|
COMSTOCK
RESOURCES, INC.
|
||
|
Dated:
November 3, 2008
|
By:
|
/s/
M. JAY ALLISON
|
|
M.
Jay Allison
|
||
|
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
THIRD
QUARTER 2008 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, November 3,
2008 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
today reported financial and operating results for the quarter and nine months
ended September 30, 2008. The sale of Bois d'Arc Energy, Inc. ("Bois
d'Arc") to Stone Energy Corporation ("Stone") (NYSE: SGY), including Comstock's
stake in Bois d'Arc, was completed on August 28, 2008, which resulted in an
after tax gain to Comstock of $158.1 million ($3.45 per diluted share) being
recognized in the quarter. This gain and the operating results of
Bois d'Arc are reflected as discontinued operations in the Company's financial
statements.
Financial
Results for the Three Months and Nine Months Ended September 30,
2008
Comstock
reported record net income of $224.6 million or $4.91 per diluted share for
the third quarter of 2008 as compared to 2007's third quarter net income of
$16.4 million or $0.37 per diluted share. Excluding the gain from the
sale of the Company's interest in Bois d'Arc and the net income attributable to
the Company's ownership in Bois d'Arc, Comstock's income from continuing
operations was $54.8 million or $1.20 per diluted share as compared to income
from continuing operations of $10.1 million or $0.23 per diluted share for the
third quarter of last year.
Third
quarter operating results reflect higher market prices for oil and natural gas
combined with strong production growth from Comstock's onshore
operations. Comstock's production from its continuing onshore
operations in the third quarter of 2008 increased 23% to 15.0 billion cubic feet
equivalent of natural gas ("Bcfe") as compared to production of 12.2 Bcfe in the
third quarter of 2007. The third quarter average daily production
rate of 163 million cubic feet of natural gas equivalent ("Mmcfe") decreased 3%
from the second quarter 2008 production rate of 168 Mmcfe per day mainly due to
the sales of certain non-core oil and gas properties completed in the second and
third quarters of this year. Comstock's realized oil prices in the
third quarter of 2008 averaged $105.15 per barrel, 64% higher than the $64.06
per barrel in 2007's third quarter. Oil prices in the third quarter
of 2008 were comparable with the $105.16 per barrel realized during the second
quarter of 2008. Natural gas prices realized in the third quarter of
2008 averaged $10.16 per Mcf, 62% higher than the $6.26 per Mcf for
2007. Natural gas prices in the third quarter of 2008 were slightly
below the $10.51 per Mcf realized during the second quarter of
2008. The 23% production increase and higher commodity prices caused
third quarter 2008's oil and gas sales to increase 97% to $163.9 million from
2007's third quarter sales of $83.1 million. Operating cash flow
(before changes in working capital accounts) generated by Comstock's continuing
operations in 2008's third quarter of $133.0 million increased 152% over 2007's
third quarter operating cash flow of $52.8 million. EBITDAX, or
earnings before interest, taxes, depreciation, depletion, amortization,
exploration expense and other noncash expenses from continuing operations,
increased 119% to $138.9 million in 2008's third quarter over 2007's third
quarter EBITDAX from continuing operations of $63.3 million.
Comstock
reported net income of $348.3 million or $7.65 per diluted share for the nine
months ended September 30, 2008 as compared to 2007's net income of $47.2
million or $1.05 per diluted share. Income from continuing operations
for this period was $154.6 million or $3.40 per diluted share as compared to
income from continuing operations of $32.5 million or $0.73 per diluted share
for the same period in 2007.
Financial
results for the first three quarters of 2008 also reflect higher oil and natural
gas prices and the Company's strong production growth in
2008. Comstock's continuing onshore production in the first nine
months of 2008 increased 36% to 44.9 Bcfe as compared to production of 33.1 Bcfe
in the first nine months of 2007. Realized oil prices in the first
nine months of 2008 averaged $97.74 per barrel, 74% higher than the $56.15 per
barrel realized in 2007. Natural gas prices in the first nine months
of 2008 averaged $9.65 per Mcf, or 42% higher than the $6.78 per Mcf realized in
2007. Oil and gas sales of $463.6 million for the first nine months
of 2008 increased 96% from 2007's first nine months sales of $236.1
million. Operating cash flow (before changes in working capital
accounts) generated by Comstock's continuing operations in 2008's first nine
months of $358.8 million increased 135% from 2007's first nine months cash flow
from continuing operations of $152.6 million. EBITDAX from continuing
operations was $387.2 million in 2008's first nine months, a 117% increase over
2007's first nine months EBITDAX from continuing operations of $178.5
million.
The operations
of Bois d'Arc are reflected as discontinued operations due to sale of the
Company's stake in Bois d'Arc to Stone, which was completed on August 28,
2008. The Company's income attributable to the discontinued
operations of Bois d'Arc was $11.8 million or 26¢ per diluted share in
the third quarter of 2008 as compared to $6.3 million (14¢ per diluted share) in
the third quarter of 2007. For the nine months ended September 30,
2008, Bois d'Arc contributed $35.7 million or 77¢ per diluted share to net
income as compared to $14.7 million or 32¢ per diluted share for the same period
in 2007. Comstock received $439.9 million in cash and 5,317,069
shares of Stone common stock for its stake in Bois
d'Arc. Comstock reported an after tax gain on the sale in the three
months and nine months ended September 30, 2008 of $158.1 million or $3.45 and
$3.48 per diluted share for the three and nine months ended September 30, 2008,
respectively.
The 2008
third quarter financial results also include a $5.4 million gain ($3.5 million
after tax or 8¢ per diluted share) on the previously announced sales of certain
properties for $16.4 million which closed in August and September
2008. The properties include Comstock's interests in the East White
Point and Markham fields in South Texas. The estimated proved
reserves attributable to the sold properties is 15.3 Bcfe. Production
in 2008 attributable to Comstock's interest in these properties was 0.8 Mmcfe
per day.
Nine
Months 2008 Onshore Drilling Results
Comstock
also announced the results of its 2008 onshore drilling program. In
the first nine months of 2008 Comstock drilled 112 wells (59.7
net). 110 (58.9 net) of the wells drilled were successful and two
(0.8 net) were dry holes.
Comstock
drilled 96 successful wells (49.5 net) in its East Texas / North Louisiana
region which have been tested at an average per well initial production rate of
2.7 Mmcfe per day. Wells drilled in the first nine months of 2008
include 35 wells (10.1 net) drilled in the Hico Knowles – Terryville area of
North Louisiana. Thirty-two of these wells have been completed and
had initial production rates which have averaged 3.7 Mmcfe per
day. Comstock has also drilled 33 wells (26.1 net) in its Logansport
field in North Louisiana. Twenty-nine of these wells have been
completed with initial production rates which averaged 1.5 Mmcfe per
day. Comstock's 2008 drilling program in this region includes four
successful horizontal Cotton Valley wells drilled in its Waskom and Blocker
fields in Harrison County, Texas. These wells have a per well average
initial production rate of 7.5 Mmcfe per day. Comstock's average
working interest in these wells is 83%.
Other
activity in the East Texas / North Louisiana region relates to the Company's
emerging Haynesville shale play. Comstock estimates that it now has
85,392 (70,004 net) acres that are prospective for Haynesville shale development
in this region. The Company has four horizontal wells in process to
begin the commercial development of this play. The BSMC LA 7 H #1
well in the Toledo Bend North field has been drilled to a vertical depth of
11,750 feet with a completed lateral length of 4,300 feet. A ten
stage frac is currently underway to complete this well. Comstock has
a 88% working interest in this well. The Bogue A#6 H well has been
drilled in the Waskom field to a vertical depth of 11,400 feet, with plans to
drill and complete a 4,000 foot lateral extension of this well starting in
December, 2008. The Company has a 100% working interest in this
well. The Gamble #24-1 H well in the Logansport field has
reached final vertical depth at 12,100 feet and the rig is preparing to drill a
3,500 foot lateral portion of this well. The Company has a 22%
working interest in this well. The Collins LA #15 H well in
Logansport has also been drilled to total vertical depth of 10,336 feet and
drilling of the 4,000 lateral portion of this well is also in
progress. Comstock has a 100% working interest in this
well.
In South
Texas, Comstock drilled 11 development wells (8.8 net), all but one (0.3 net) of
which were successful, and two (0.9 net) exploratory wells, one (0.4 net) of
which was successful, during the first nine months of 2008. The
successful wells had an average per well initial production rate of 3.8 Mmcfe
per day. Three of the successful wells were in the Las Hermanitas
field in Duval County, Texas, five were in the Javelina Field in Hidalgo County,
two were in the Ball Ranch field, and one was in the Lorenz Ranch
field.
Comstock
also had two (0.3 net) successful wells drilled in the San Juan Basin and one
(0.2 net) successful well drilled in the Anadarko Basin during the first nine
months of this year.
Comstock
spent $309.3 million during the first nine months of 2008 for its acquisition,
exploration and development activities related to its continuing onshore
operations, consisting of $110.9 million for the acquisition of leases, $195.2
million for development drilling and other development activity and $3.2 million
for exploratory drilling. Comstock expects to spend $425.0 million in
2008, including $114.0 million for the acquisition of new leases in the
Haynesville shale. These expenditures are expected to be funded with
operating cash flow.
Comstock
also announced that its bank group led by Bank of Montreal has reaffirmed the
Company's $590.0 million borrowing base as of October 29,
2008. Comstock currently has no borrowings outstanding under its
$850.0 million revolving bank credit facility which matures on December 15,
2011.
Comstock has
planned a conference call for 9:30 a.m. Central Time on Tuesday, November 4,
2008 to discuss the operational and financial results for the third quarter of
2008. Anyone wishing to participate should visit our website at
www.comstockresources.com for a live web cast or dial 1-866-578-5801 and provide
access code 30978612 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.
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 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,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Oil
and gas sales
|
$
|
163,852
|
$
|
83,087
|
$
|
463,595
|
$
|
236,094
|
||||||||
|
Gain
on sales of assets
|
5,356
|
—
|
26,560
|
—
|
||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Oil
and gas operating
|
21,556
|
17,030
|
66,120
|
48,709
|
||||||||||||
|
Exploration
|
2,794
|
1,375
|
5,032
|
3,651
|
||||||||||||
|
Depreciation,
depletion and amortization
|
45,943
|
33,413
|
131,870
|
91,021
|
||||||||||||
|
Impairment
|
—
|
482
|
—
|
482
|
||||||||||||
|
General
and administrative
|
7,242
|
5,663
|
20,328
|
17,501
|
||||||||||||
|
Total
operating expenses
|
77,535
|
57,963
|
223,350
|
161,364
|
||||||||||||
|
Operating
income from continuing operations
|
91,673
|
25,124
|
266,805
|
74,730
|
||||||||||||
|
Other
income (expenses):
|
||||||||||||||||
|
Interest
income
|
587
|
256
|
953
|
644
|
||||||||||||
|
Other
income
|
29
|
39
|
87
|
116
|
||||||||||||
|
Interest
expense
|
(4,751
|
)
|
(8,772
|
)
|
(23,248
|
)
|
(22,832
|
)
|
||||||||
|
Total
other income (expenses)
|
(4,135
|
)
|
(8,477
|
)
|
(22,208
|
)
|
(22,072
|
)
|
||||||||
|
Income
from continuing operations before
income taxes
|
87,538
|
16,647
|
244,597
|
52,658
|
||||||||||||
|
Provision
for income taxes
|
(32,774
|
)
|
(6,539
|
)
|
(90,003
|
)
|
(20,180
|
)
|
||||||||
|
Income
from continuing operations
|
54,764
|
10,108
|
154,594
|
32,478
|
||||||||||||
|
Income
from discontinued operations after income
taxes and minority interest
|
169,853
|
6,320
|
193,745
|
14,725
|
||||||||||||
|
Net
income
|
$
|
224,617
|
$
|
16,428
|
$
|
348,339
|
$
|
47,203
|
||||||||
|
Basic
net income per share:
|
||||||||||||||||
|
Continuing
operations
|
$
|
1.22
|
$
|
0.23
|
$
|
3.48
|
$
|
0.75
|
||||||||
|
Discontinued
operations
|
3.80
|
0.15
|
4.36
|
0.34
|
||||||||||||
|
$
|
5.02
|
$
|
0.38
|
$
|
7.84
|
$
|
1.09
|
|||||||||
|
Diluted
net income per share:
|
||||||||||||||||
|
Continuing
operations
|
$
|
1.20
|
$
|
0.23
|
$
|
3.40
|
$
|
0.73
|
||||||||
|
Discontinued
operations
|
3.71
|
0.14
|
4.25
|
0.32
|
||||||||||||
|
$
|
4.91
|
$
|
0.37
|
$
|
7.65
|
$
|
1.05
|
|||||||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
|
Basic
|
44,748
|
43,379
|
44,448
|
43,372
|
||||||||||||
|
Diluted
|
45,759
|
44,434
|
45,419
|
44,345
|
||||||||||||
COMSTOCK
RESOURCES, INC.
OPERATING
RESULTS
(In
thousands)
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
OPERATING
CASH FLOW:
|
||||||||||||||||
|
Net
income from continuing operations
|
$
|
54,764
|
$
|
10,108
|
$
|
154,594
|
$
|
32,478
|
||||||||
|
Reconciling
items:
|
||||||||||||||||
|
Deferred
income taxes
|
32,667
|
4,794
|
85,171
|
16,640
|
||||||||||||
|
Dry
hole costs and lease impairments
|
1,875
|
1,182
|
4,113
|
3,458
|
||||||||||||
|
Depreciation,
depletion and amortization
|
45,943
|
33,413
|
131,870
|
91,021
|
||||||||||||
|
Gain
on sale of assets
|
(5,356
|
)
|
—
|
(26,560
|
)
|
—
|
||||||||||
|
Impairment
|
—
|
482
|
—
|
482
|
||||||||||||
|
Debt
issuance cost amortization
|
203
|
203
|
608
|
608
|
||||||||||||
|
Stock-based
compensation
|
3,252
|
2,644
|
8,968
|
7,905
|
||||||||||||
|
Unrealized
loss on derivatives
|
(359
|
)
|
—
|
—
|
—
|
|||||||||||
|
Operating
cash flow
|
132,989
|
52,826
|
358,764
|
152,592
|
||||||||||||
|
Excess
tax benefit from stock-based compensation
|
(173
|
)
|
(2
|
)
|
(8,805
|
)
|
(602
|
)
|
||||||||
|
(Increase)
decrease in accounts receivable
|
10,578
|
5,090
|
(14,738
|
)
|
(5,749
|
)
|
||||||||||
|
Decrease
in other current assets
|
(7,583
|
)
|
(2,814
|
)
|
(8,758
|
)
|
(2,757
|
)
|
||||||||
|
Increase
(decrease) in accounts payable and accrued expenses
|
(5,505
|
)
|
(23,312
|
)
|
4,573
|
5,375
|
||||||||||
|
Net
cash provided by operating activities
from continuing operations |
$
|
130,306
|
$
|
31,788
|
$
|
331,036
|
$
|
148,859
|
||||||||
|
EBITDAX:
|
||||||||||||||||
|
Income
from continuing operations
|
$
|
54,764
|
$
|
10,108
|
$
|
154,594
|
$
|
32,478
|
||||||||
|
Gain
on sales of assets
|
(5,356
|
)
|
—
|
(26,560
|
)
|
—
|
||||||||||
|
Interest
expense
|
4,751
|
8,772
|
23,248
|
22,832
|
||||||||||||
|
Income
tax expense
|
32,774
|
6,539
|
90,003
|
20,180
|
||||||||||||
|
Depreciation,
depletion and amortization
|
45,943
|
33,413
|
131,870
|
91,021
|
||||||||||||
|
Impairment
|
—
|
482
|
—
|
482
|
||||||||||||
|
Stock-based
compensation
|
3,252
|
2,644
|
8,968
|
7,905
|
||||||||||||
|
Exploration
|
2,794
|
1,375
|
5,032
|
3,651
|
||||||||||||
|
EBITDAX
from continuing operations
|
$
|
138,922
|
$
|
63,333
|
$
|
387,155
|
$
|
178,549
|
||||||||
|
As
of September 30,
|
||||||||
|
2008
|
2007
|
|||||||
|
Balance
Sheet Data:
|
||||||||
|
Cash
and cash equivalents
|
$
|
118,357
|
$
|
2,286
|
||||
|
Other
current assets
|
79,110
|
49,307
|
||||||
|
Marketable
securities
|
181,858
|
—
|
||||||
|
Property
and equipment, net
|
1,381,289
|
1,110,706
|
||||||
|
Assets
of discontinued operations
|
—
|
969,912
|
||||||
|
Other
|
3,349
|
4,148
|
||||||
|
Total
assets
|
$
|
1,763,963
|
$
|
2,136,359
|
||||
|
Accounts
payable and accrued expenses
|
$
|
282,247
|
$
|
85,958
|
||||
|
Long-term
debt
|
175,000
|
497,000
|
||||||
|
Deferred
income taxes
|
170,553
|
89,106
|
||||||
|
Deferred
unrealized hedging losses
|
176
|
—
|
||||||
|
Asset
retirement obligation
|
7,369
|
9,307
|
||||||
|
Liabilities
and minority interest of discontinued operations
|
—
|
716,436
|
||||||
|
Stockholders'
equity
|
1,128,618
|
738,552
|
||||||
|
Total
liabilities and stockholders' equity
|
$
|
1,763,963
|
$
|
2,136,359
|
||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Three Months Ended September 30, 2008
|
For
the Three Months Ended September 30, 2007
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
North
|
South
|
|||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Total
|
Louisiana
|
Texas
|
Other
|
Total
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
95
|
38
|
131
|
264
|
37
|
51
|
172
|
260
|
||||||||||||||||||||||||
|
Gas
production (million cubic
feet –
Mmcf)
|
7,441
|
5,163
|
791
|
13,395
|
6,395
|
3,426
|
791
|
10,612
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
8,012
|
5,388
|
1,577
|
14,977
|
6,616
|
3,735
|
1,819
|
12,170
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
11,164
|
$
|
4,504
|
$
|
12,053
|
$
|
27,721
|
$
|
2,610
|
$
|
3,820
|
$
|
10,198
|
$
|
16,628
|
||||||||||||||||
|
Gas
sales
|
77,978
|
54,018
|
6,865
|
138,861
|
38,802
|
22,919
|
4,738
|
66,459
|
||||||||||||||||||||||||
|
Gas
hedging losses
|
—
|
(2,730
|
)
|
—
|
(2,730
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||
|
Total
gas sales
|
77,978
|
51,288
|
6,865
|
136,131
|
38,802
|
22,919
|
4,738
|
66,459
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
89,142
|
$
|
55,792
|
$
|
18,918
|
$
|
163,852
|
$
|
41,412
|
$
|
26,739
|
$
|
14,936
|
$
|
83,087
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
117.52
|
$
|
118.53
|
$
|
92.01
|
$
|
105.15
|
$
|
70.54
|
$
|
74.90
|
$
|
59.29
|
$
|
64.06
|
||||||||||||||||
|
Average
gas price (per thousand cubic
feet – Mcf)
|
$
|
10.48
|
$
|
10.46
|
$
|
8.68
|
$
|
10.37
|
$
|
6.07
|
$
|
6.69
|
$
|
5.99
|
$
|
6.26
|
||||||||||||||||
|
Average
gas price including hedging (per Mcf)
|
$
|
10.48
|
$
|
9.93
|
$
|
8.68
|
$
|
10.16
|
$
|
6.07
|
$
|
6.69
|
$
|
5.99
|
$
|
6.26
|
||||||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
11.13
|
$
|
10.86
|
$
|
12.00
|
$
|
11.12
|
$
|
6.26
|
$
|
7.16
|
$
|
8.21
|
$
|
6.83
|
||||||||||||||||
|
Average
price including hedging (per Mcf equivalent)
|
$
|
11.13
|
$
|
10.35
|
$
|
12.00
|
$
|
10.94
|
$
|
6.26
|
$
|
7.16
|
$
|
8.21
|
$
|
6.83
|
||||||||||||||||
|
Lifting cost(1)
|
$
|
9,485
|
$
|
7,224
|
$
|
4,847
|
$
|
21,556
|
(1)
|
$
|
7,822
|
$
|
4,276
|
$
|
4,932
|
$
|
17,030
|
(1)
|
||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.18
|
$
|
1.34
|
$
|
3.07
|
$
|
1.44
|
$
|
1.18
|
$
|
1.14
|
$
|
2.71
|
$
|
1.40
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(776
|
)
|
$
|
—
|
$
|
(776
|
)
|
||||||||||||||
|
Leasehold
costs
|
89,213
|
206
|
47
|
89,466
|
2,266
|
460
|
75
|
2,801
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
426
|
44
|
470
|
—
|
2,607
|
229
|
2,836
|
||||||||||||||||||||||||
|
Development
drilling
|
54,784
|
16,769
|
460
|
72,013
|
48,045
|
22,333
|
6,971
|
77,349
|
||||||||||||||||||||||||
|
Other
development
|
166
|
1,032
|
328
|
1,526
|
808
|
642
|
1,009
|
2,459
|
||||||||||||||||||||||||
|
Total
|
$
|
144,163
|
$
|
18,433
|
$
|
879
|
$
|
163,475
|
$
|
51,119
|
$
|
25,266
|
$
|
8,284
|
$
|
84,669
|
||||||||||||||||
|
(1) Includes
production taxes of $6,114 and $4,009 for the three months ended September
30, 2008 and 2007, respectively.
|
||||||||||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Nine Months Ended September 30, 2008
|
For
the Nine Months Ended September 30, 2007
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
North
|
South
|
|||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Total
|
Louisiana
|
Texas
|
Other
|
Total
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
226
|
142
|
407
|
775
|
122
|
158
|
486
|
766
|
||||||||||||||||||||||||
|
Gas
production (million cubic
feet –
Mmcf)
|
21,395
|
16,633
|
2,179
|
40,207
|
17,848
|
8,426
|
2,188
|
28,462
|
||||||||||||||||||||||||
|
Total
production (Mmcfe)
|
22,752
|
17,485
|
4,618
|
44,855
|
18,578
|
9,375
|
5,103
|
33,056
|
||||||||||||||||||||||||
|
Oil
sales
|
$
|
25,213
|
$
|
16,012
|
$
|
34,494
|
$
|
75,719
|
$
|
7,500
|
$
|
10,121
|
$
|
25,372
|
$
|
42,993
|
||||||||||||||||
|
Gas
sales
|
212,455
|
162,993
|
19,786
|
395,234
|
118,793
|
60,310
|
13,998
|
193,101
|
||||||||||||||||||||||||
|
Gas
hedging losses
|
—
|
(7,358
|
)
|
—
|
(7,358
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||
|
Total
gas sales
|
212,455
|
155,635
|
19,786
|
387,876
|
118,793
|
60,310
|
13,998
|
193,101
|
||||||||||||||||||||||||
|
Total
oil and gas sales
|
$
|
237,668
|
$
|
171,647
|
$
|
54,280
|
$
|
463,595
|
$
|
126,293
|
$
|
70,431
|
$
|
39,370
|
$
|
236,094
|
||||||||||||||||
|
Average
oil price (per barrel)
|
$
|
111.56
|
$
|
112.76
|
$
|
84.75
|
$
|
97.74
|
$
|
61.48
|
$
|
64.06
|
$
|
52.21
|
$
|
56.15
|
||||||||||||||||
|
Average
gas price (per thousand cubic
feet – Mcf)
|
$
|
9.93
|
$
|
9.80
|
$
|
9.08
|
$
|
9.83
|
$
|
6.66
|
$
|
7.16
|
$
|
6.40
|
$
|
6.78
|
||||||||||||||||
|
Average
gas price including hedging (per Mcf)
|
$
|
9.93
|
$
|
9.36
|
$
|
9.08
|
$
|
9.65
|
$
|
6.66
|
$
|
7.16
|
$
|
6.40
|
$
|
6.78
|
||||||||||||||||
|
Average
price (per Mcf equivalent)
|
$
|
10.45
|
$
|
10.24
|
$
|
11.75
|
$
|
10.50
|
$
|
6.80
|
$
|
7.51
|
$
|
7.72
|
$
|
7.14
|
||||||||||||||||
|
Average
price including hedging (per Mcf equivalent)
|
$
|
10.45
|
$
|
9.82
|
$
|
11.75
|
$
|
10.34
|
$
|
6.80
|
$
|
7.51
|
$
|
7.72
|
$
|
7.14
|
||||||||||||||||
|
Lifting cost(2)
|
$
|
28,133
|
$
|
22,312
|
$
|
15,675
|
$
|
66,120
|
(2)
|
$
|
22,817
|
$
|
12,060
|
$
|
13,832
|
$
|
48,709
|
(2)
|
||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
1.24
|
$
|
1.28
|
$
|
3.39
|
$
|
1.47
|
$
|
1.23
|
$
|
1.29
|
$
|
2.71
|
$
|
1.47
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
31,189
|
$
|
—
|
$
|
31,189
|
||||||||||||||||
|
Leasehold
costs
|
109,220
|
1,612
|
108
|
110,940
|
2,801
|
1,965
|
2,780
|
7,546
|
||||||||||||||||||||||||
|
Exploratory
drilling
|
—
|
2,783
|
395
|
3,178
|
—
|
7,994
|
2,430
|
10,424
|
||||||||||||||||||||||||
|
Development
drilling
|
137,343
|
43,033
|
2,006
|
182,382
|
159,139
|
49,818
|
22,913
|
231,870
|
||||||||||||||||||||||||
|
Other
development
|
1,451
|
8,068
|
3,309
|
12,828
|
1,822
|
1,627
|
2,326
|
5,775
|
||||||||||||||||||||||||
|
Total
|
$
|
248,014
|
$
|
55,496
|
$
|
5,818
|
$
|
309,328
|
$
|
163,762
|
$
|
92,593
|
$
|
30,449
|
$
|
286,804
|
||||||||||||||||
|
(2) Includes
production taxes of $18,892 and $10,511 for the nine months ended
September 30, 2008 and 2007, respectively.
|
||||||||||||||||||||||||||||||||