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
2, 2009
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 2, 2009,
Comstock Resources, Inc. ("Comstock") announced financial results for the three
months and nine months ended September 30, 2009. A copy of the press
release announcing Comstock's earnings and operating results for the three
months and nine months ended September 30, 2009 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 2, 2009.
|
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
2, 2009
|
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 2009 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, November 2,
2009 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK)
today reported financial and operating results for the three months and nine
months ended September 30, 2009. Reported results for the three
months and nine months ended September 30, 2008 reflect the Company's offshore
operations, which were sold during 2008, as discontinued
operations.
Financial
Results for the Three Months and Nine Months Ended September 30,
2009
Comstock
reported a net loss of $12.6 million or 28¢ per share for the third quarter of
2009 as compared to 2008's third quarter net income from continuing operations
of $54.8 million or $1.18 per diluted share. The loss in the third
quarter is primarily attributable to lower oil and natural gas prices in
2009. Comstock averaged $3.63 per Mcf for sales of its natural gas
production in the third quarter of 2009, 64% lower than the $10.16 per Mcf
realized in 2008's third quarter. Realized oil prices in the third
quarter of 2009 averaged $57.96 per barrel, 45% lower than the $105.15 per
barrel in 2008's third quarter.
Comstock's
production in the third quarter of 2009 increased 13% to 17.0 billion cubic feet
equivalent of natural gas ("Bcfe") as compared to production of 15.0 Bcfe in the
third quarter of 2008. The 2009 third quarter average daily
production rate of 184.3 million cubic feet of natural gas equivalent ("MMcfe")
increased 9% from the 2009 second quarter production rate of 168.6 MMcfe per
day.
The lower
oil and natural gas prices caused the third quarter of 2009's oil and gas sales
to decrease 59% to $67.4 million as compared to 2008's third quarter sales of
$163.9 million. Comstock's operating cash flow (before changes in
working capital accounts) in the third quarter of 2009 of $70.0 million
decreased 47% from 2008's third quarter operating cash flow from continuing
operations of $133.0 million. EBITDAX, or earnings before interest,
taxes, depreciation, depletion, amortization, exploration expense and other
noncash expenses, decreased 66% to $46.8 million in 2009's third quarter from
2008's third quarter EBITDAX from continuing operations of $138.9
million.
Comstock
reported a net loss of $29.7 million or 66¢ per share for the first nine months
of 2009 as compared to net income from continuing operations of $154.6 million
or $3.36 per diluted share in the first nine months of 2008. The loss
for the first nine months of 2009 is also primarily attributable to the
substantial decline in oil and natural gas prices. Comstock averaged
$4.05 per Mcf for sales of its natural gas production in the first nine months
of 2009, 58% lower than the $9.65 per Mcf realized in the first nine months of
2008. Realized oil prices in the first nine months of 2009 averaged
$46.42 per barrel, 53% lower than the $97.74 per barrel in the first nine months
of 2008. Comstock's production in the first nine months of 2009
increased 8% to 46.4 Bcfe as compared to pro forma production of 43.1 Bcfe in
the first nine months of 2008, which excludes production from properties sold
during 2008.
Oil and
gas sales for the first nine months of 2009 decreased 57% to $200.7 million from
$463.6 million in the first nine months of 2008. Operating cash flow
(before changes in working capital accounts) generated by Comstock in the first
nine months of 2009 of $156.9 million decreased 56% from operating cash flow
from continuing operations of $358.8 million in the first nine months of
2008. EBITDAX decreased 65% to $134.3 million in the first nine
months of 2009 from EBITDAX from continuing operations of $387.2 million in the
first nine months of 2008.
2009 Drilling Results
During
the first nine months of 2009, Comstock drilled 38 wells (28.2 net), all of
which were successful. Thirty-one of the 38 wells drilled were
horizontal wells. The
Company's drilling program this year is primarily focused on developing its
Haynesville shale properties in East Texas and North
Louisiana. Through the end of the third quarter, the Company has
drilled 28 horizontal wells (20.8 net) in the Haynesville or Bossier shale in
2009, 25 of which are currently producing. The remaining three are in
the process of being completed. As of September 30, 2009,
Comstock was drilling six horizontal wells and was also participating in
the drilling of a non-operated horizontal well. All of these wells
are targeting the Haynesville shale.
Since the
Company's last operational update, Comstock has completed three additional
successful operated Haynesville shale horizontal wells in DeSoto Parish in North
Louisiana in addition to the seven reported on in the October 5, 2009
update. Two wells are in its Toledo Bend North field and the
other is in the Logansport field.
In Toledo
Bend North, the BSMC 8 #1H was drilled to a vertical depth of 11,577 feet with a
4,541 foot horizontal lateral. The well was completed with 12 frac
stages and was tested at an initial production rate of 8.9 MMcfe per
day. Comstock has an 88% working interest in this well. The
BSMC 9 #1H was drilled to a vertical depth of 11,610 feet with a 4,401 foot
horizontal lateral. The well was completed with 12 frac stages and
was tested with an initial production rate of 10.4 MMcfe per
day. Comstock has a 77% working interest in this well. In
the Logansport field, the Brown HZ #1 well was drilled to a vertical depth of
11,491 feet with a 4,254 foot horizontal lateral. The well was
completed with 12 frac stages and was tested at an initial production rate of
15.7 MMcfe per day. Comstock has a 76% working interest in this
well. These ten third quarter operated Haynesville shale wells were
tested at an average initial production rate of 14.5 MMcfe per day per
well.
Comstock
expects to spend $355.0 million on its 2009 drilling program. Costs
to drill and complete wells have fallen since the beginning of the year which
will allow Comstock to drill more wells than was anticipated in its original
2009 budget. Comstock now expects to drill 52 (38.4 net) wells in
2009 including 41 (30.6 net) horizontal Haynesville shale wells.
Comstock
has planned a conference call for 9:30 a.m. Central Time on Tuesday, November
3, 2009, to discuss
the operational and financial results for the third quarter of
2009. Investors wishing to participate should visit our website at
www.comstockresources.com for a live web cast or dial 1-800-299-9086 and provide
access code 62422687 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 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,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Oil
and gas sales
|
$
|
67,436
|
$
|
163,852
|
$
|
200,662
|
$
|
463,595
|
||||||||
|
Gain
on sale of assets
|
—
|
5,356
|
—
|
26,560
|
||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Oil
and gas operating
|
16,019
|
21,556
|
50,463
|
66,120
|
||||||||||||
|
Exploration
|
227
|
2,794
|
371
|
5,032
|
||||||||||||
|
Depreciation,
depletion and amortization
|
53,933
|
45,943
|
152,001
|
131,870
|
||||||||||||
|
Impairment
of oil and gas properties
|
115
|
—
|
115
|
—
|
||||||||||||
|
General
and administrative
|
8,689
|
7,242
|
27,559
|
20,328
|
||||||||||||
|
Total
operating expenses
|
78,983
|
77,535
|
230,509
|
223,350
|
||||||||||||
|
Operating
income (loss) from continuing operations
|
(11,547
|
)
|
91,673
|
(29,847
|
)
|
266,805
|
||||||||||
|
Other
income (expenses):
|
||||||||||||||||
|
Interest
income
|
3
|
587
|
35
|
953
|
||||||||||||
|
Other
income
|
23
|
29
|
115
|
87
|
||||||||||||
|
Interest
expense
|
(3,244
|
)
|
(4,751
|
)
|
(8,307
|
)
|
(23,248
|
)
|
||||||||
|
Total
other income (expenses)
|
(3,218
|
)
|
(4,135
|
)
|
(8,157
|
)
|
(22,208
|
)
|
||||||||
|
Income
(loss) from continuing operations
before income taxes |
(14,765
|
)
|
87,538
|
(38,004
|
)
|
244,597
|
||||||||||
|
Benefit
from (provision for) income taxes
|
2,193
|
(32,774
|
)
|
8,300
|
(90,003
|
)
|
||||||||||
|
Income
(loss) from continuing operations
|
(12,572
|
)
|
54,764
|
(29,704
|
)
|
154,594
|
||||||||||
|
Income
from discontinued operations after
income taxes and minority interest |
—
|
169,853
|
—
|
193,745
|
||||||||||||
|
Net
income (loss)
|
$
|
(12,572
|
)
|
$
|
224,617
|
$
|
(29,704
|
)
|
$
|
348,339
|
||||||
|
Basic
net income (loss) per share:
|
||||||||||||||||
|
Continuing
operations
|
$
|
(0.28
|
)
|
$
|
1.19
|
$
|
(0.66
|
)
|
$
|
3.38
|
||||||
|
Discontinued
operations
|
—
|
3.69
|
—
|
4.24
|
||||||||||||
|
$
|
(0.28
|
)
|
$
|
4.88
|
$
|
(0.66
|
)
|
$
|
7.62
|
|||||||
|
Diluted
net income (loss) per share:
|
||||||||||||||||
|
Continuing
operations
|
$
|
(0.28
|
)
|
$
|
1.18
|
$
|
(0.66
|
)
|
$
|
3.36
|
||||||
|
Discontinued
operations
|
—
|
3.67
|
—
|
4.21
|
||||||||||||
|
$
|
(0.28
|
)
|
$
|
4.85
|
$
|
(0.66
|
)
|
$
|
7.57
|
|||||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
|
Basic
|
45,032
|
44,748
|
44,992
|
44,448
|
||||||||||||
|
Diluted(1)
|
45,032
|
44,971
|
44,992
|
44,776
|
||||||||||||
|
(1) In
2009, basic and diluted shares are the same due to the net
loss.
|
|
COMSTOCK
RESOURCES, INC.
OPERATING
RESULTS
(In
thousands)
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
OPERATING
CASH FLOW:
|
||||||||||||||||
|
Net
income (loss) from continuing operations
|
$
|
(12,572
|
)
|
$
|
54,764
|
$
|
(29,704
|
)
|
$
|
154,594
|
||||||
|
Reconciling
items:
|
||||||||||||||||
|
Deferred
income taxes
|
24,302
|
32,667
|
22,318
|
85,171
|
||||||||||||
|
Dry
hole costs and lease impairments
|
—
|
1,875
|
—
|
4,113
|
||||||||||||
|
Depreciation,
depletion and amortization
|
53,933
|
45,943
|
152,001
|
131,870
|
||||||||||||
|
Impairment
of oil and gas properties
|
115
|
—
|
115
|
—
|
||||||||||||
|
Gain
on sale of assets
|
—
|
(5,356
|
)
|
—
|
(26,560
|
) | ||||||||||
|
Debt
issuance cost amortization
|
203
|
203
|
608
|
608
|
||||||||||||
|
Stock-based
compensation
|
4,046
|
3,252
|
11,533
|
8,968
|
||||||||||||
|
Unrealized
loss on derivatives
|
—
|
(359
|
)
|
—
|
—
|
|||||||||||
|
Operating
cash flow
|
70,027
|
132,989
|
156,871
|
358,764
|
||||||||||||
|
Excess
tax benefit from stock-based compensation
|
(50
|
)
|
(173
|
)
|
(974
|
)
|
(8,805
|
)
|
||||||||
|
(Increase)
decrease in accounts receivable
|
(1,767
|
)
|
10,578
|
12,043
|
(14,738
|
)
|
||||||||||
|
Increase
in other current assets
|
(22,724
|
)
|
(7,583
|
)
|
(23,378
|
)
|
(8,758
|
)
|
||||||||
|
Increase
(decrease) in accounts payable and accrued expenses
|
2,919
|
(5,505
|
)
|
(26,712
|
)
|
4,573
|
||||||||||
|
Net
cash provided by operating activities from continuing
operations
|
$
|
48,405
|
$
|
130,306
|
$
|
117,850
|
$
|
331,036
|
||||||||
|
EBITDAX:
|
||||||||||||||||
|
Income
(loss) from continuing operations
|
$
|
(12,572
|
)
|
$
|
54,764
|
$
|
(29,704
|
)
|
$
|
154,594
|
||||||
|
Gain
on sale of assets
|
—
|
(5,356
|
)
|
—
|
(26,560
|
)
|
||||||||||
|
Interest
expense
|
3,244
|
4,751
|
8,307
|
23,248
|
||||||||||||
|
Income
tax expense (benefit)
|
(2,193
|
)
|
32,774
|
(8,300
|
)
|
90,003
|
||||||||||
|
Depreciation,
depletion and amortization
|
53,933
|
45,943
|
152,001
|
131,870
|
||||||||||||
|
Impairment
of oil and gas properties
|
115
|
—
|
115
|
—
|
||||||||||||
|
Stock-based
compensation
|
4,046
|
3,252
|
11,533
|
8,968
|
||||||||||||
|
Exploration
|
227
|
2,794
|
371
|
5,032
|
||||||||||||
|
EBITDAX
from continuing operations
|
$
|
46,800
|
$
|
138,922
|
$
|
134,323
|
$
|
387,155
|
||||||||
|
As
of September 30,
|
||||||||
|
2009
|
2008
|
|||||||
|
Balance
Sheet Data:
|
||||||||
|
Cash
and cash equivalents
|
$
|
3,094
|
$
|
118,357
|
||||
|
Derivative
financial instruments
|
5,264
|
2,932
|
||||||
|
Other
current assets
|
72,325
|
76,178
|
||||||
|
Marketable
securities
|
86,721
|
181,858
|
||||||
|
Property
and equipment, net
|
1,546,745
|
1,381,289
|
||||||
|
Other
|
2,545
|
3,349
|
||||||
|
Total
assets
|
$
|
1,716,694
|
$
|
1,763,963
|
||||
|
Accounts
payable and accrued expenses
|
$
|
93,036
|
$
|
282,247
|
||||
|
Derivative
financial instruments
|
—
|
176
|
||||||
|
Long-term
debt
|
340,000
|
175,000
|
||||||
|
Deferred
income taxes
|
212,327
|
170,553
|
||||||
|
Asset
retirement obligation
|
6,030
|
7,369
|
||||||
|
Stockholders'
equity
|
1,065,301
|
1,128,618
|
||||||
|
Total
liabilities and stockholders' equity
|
$
|
1,716,694
|
$
|
1,763,963
|
||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Three Months Ended September 30, 2009
|
For
the Three Months Ended September 30, 2008
|
||||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
||||||||||||||||||||||||||||||||
|
North
|
South
|
North
|
South
|
||||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Total
|
Louisiana
|
Texas
|
Other
|
Total
|
||||||||||||||||||||||||||
|
Oil production
(thousand barrels)
|
39
|
33
|
91
|
163
|
95
|
38
|
131
|
264
|
|||||||||||||||||||||||||
|
Gas
production (million cubic feet – Mmcf)
|
10,486
|
4,831
|
659
|
15,976
|
7,441
|
5,163
|
791
|
13,395
|
|||||||||||||||||||||||||
|
Total production
(Mmcfe)
|
10,715
|
5,029
|
1,211
|
16,955
|
8,012
|
5,388
|
1,577
|
14,977
|
|||||||||||||||||||||||||
|
Oil sales
|
$
|
2,502
|
$
|
2,117
|
$
|
4,836
|
$
|
9,455
|
$
|
11,164
|
$
|
4,504
|
$
|
12,053
|
$
|
27,721
|
|||||||||||||||||
|
Gas sales
|
31,434
|
17,183
|
2,058
|
50,675
|
77,978
|
54,018
|
6,865
|
138,861
|
|||||||||||||||||||||||||
|
Gas hedging gains
(losses)
|
—
|
7,306
|
—
|
7,306
|
—
|
(2,730
|
)
|
—
|
(2,730
|
)
|
|||||||||||||||||||||||
|
Total gas sales
|
31,434
|
24,489
|
2,058
|
57,981
|
77,978
|
51,288
|
6,865
|
136,131
|
|||||||||||||||||||||||||
|
Total oil and gas
sales
|
$
|
33,936
|
$
|
26,606
|
$
|
6,894
|
$
|
67,436
|
$
|
89,142
|
$
|
55,792
|
$
|
18,918
|
$
|
163,852
|
|||||||||||||||||
|
Average oil price
(per barrel)
|
$
|
64.15
|
$
|
64.15
|
$
|
53.14
|
$
|
57.96
|
$
|
117.52
|
$
|
118.53
|
$
|
92.01
|
$
|
105.15
|
|||||||||||||||||
|
Average
gas price (per thousand cubic feet – Mcf)
|
$
|
3.00
|
$
|
3.56
|
$
|
3.12
|
$
|
3.17
|
$
|
10.48
|
$
|
10.46
|
$
|
8.68
|
$
|
10.37
|
|||||||||||||||||
|
Average
gas price including hedging (per Mcf)
|
$
|
3.00
|
$
|
5.07
|
$
|
3.12
|
$
|
3.63
|
$
|
10.48
|
$
|
9.93
|
$
|
8.68
|
$
|
10.16
|
|||||||||||||||||
|
Average price (per
Mcf equivalent)
|
$
|
3.17
|
$
|
3.84
|
$
|
5.69
|
$
|
3.55
|
$
|
11.13
|
$
|
10.86
|
$
|
12.00
|
$
|
11.12
|
|||||||||||||||||
|
Average
price including hedging (per Mcf equivalent)
|
$
|
3.17
|
$
|
5.29
|
$
|
5.69
|
$
|
3.98
|
$
|
11.13
|
$
|
10.35
|
$
|
12.00
|
$
|
10.94
|
|||||||||||||||||
| Lifting cost(1) | $ | 7,637 | $ | 4,834 | $ | 3,548 | $ | 16,019 |
(1)
|
$ | 9,485 | $ | 7,224 | $ | 4,847 | $ | 21,556 |
(1)
|
|||||||||||||||
|
Lifting cost (per Mcf
equivalent)
|
$
|
0.71
|
$
|
0.96
|
$
|
2.93
|
$
|
0.94
|
$
|
1.18
|
$
|
1.34
|
$
|
3.07
|
$
|
1.44
|
|||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
|||||||||||||||||||||||||||||||||
|
Leasehold costs
|
$
|
2,376
|
$
|
313
|
$
|
52
|
$
|
2,741
|
$
|
89,213
|
$
|
206
|
$
|
47
|
$
|
89,466
|
|||||||||||||||||
|
Exploratory
drilling
|
22,416
|
39
|
—
|
22,455
|
—
|
426
|
44
|
470
|
|||||||||||||||||||||||||
|
Development
drilling
|
49,335
|
2,647
|
10
|
51,992
|
54,784
|
16,769
|
460
|
72,013
|
|||||||||||||||||||||||||
|
Other
development
|
824
|
954
|
30
|
1,808
|
166
|
1,032
|
328
|
1,526
|
|||||||||||||||||||||||||
|
Total
|
$
|
74,951
|
$
|
3,953
|
$
|
92
|
$
|
78,996
|
$
|
144,163
|
$
|
18,433
|
$
|
879
|
$
|
163,475
|
|||||||||||||||||
|
(1) Includes
production taxes of $1,849 and $6,114 for the three months ended September
30, 2009 and 2008, respectively.
|
||||||||||||||||||||||||||||||||
COMSTOCK
RESOURCES, INC.
REGIONAL
OPERATING RESULTS
(In
thousands, except per unit amounts)
|
For
the Nine Months Ended September 30, 2009
|
For
the Nine Months Ended September 30, 2008
|
|||||||||||||||||||||||||||||||
|
East
Texas/
|
East
Texas/
|
|||||||||||||||||||||||||||||||
|
North
|
South
|
North
|
South
|
|||||||||||||||||||||||||||||
|
Louisiana
|
Texas
|
Other
|
Total
|
Louisiana
|
Texas
|
Other
|
Total
|
|||||||||||||||||||||||||
|
Oil
production (thousand barrels)
|
167
|
122
|
295
|
584
|
226
|
142
|
407
|
775
|
||||||||||||||||||||||||
|
Gas
production (million cubic
feet – Mmcf)
|
26,278
|
14,565
|
2,034
|
42,877
|
21,395
|
16,633
|
2,179
|
40,207
|
||||||||||||||||||||||||
|
Total production
(Mmcfe)
|
27,278
|
15,299
|
3,803
|
46,380
|
22,752
|
17,485
|
4,618
|
44,855
|
||||||||||||||||||||||||
|
Oil sales
|
$
|
8,185
|
$
|
6,310
|
$
|
12,603
|
$
|
27,098
|
$
|
25,213
|
$
|
16,012
|
$
|
34,494
|
$
|
75,719
|
||||||||||||||||
|
Gas sales
|
91,009
|
55,293
|
6,930
|
153,232
|
212,455
|
162,993
|
19,786
|
395,234
|
||||||||||||||||||||||||
|
Gas hedging gains
(losses)
|
—
|
20,332
|
—
|
20,332
|
—
|
(7,358
|
)
|
—
|
(7,358
|
)
|
||||||||||||||||||||||
|
Total gas sales
|
91,009
|
75,625
|
6,930
|
173,564
|
212,455
|
155,635
|
19,786
|
387,876
|
||||||||||||||||||||||||
|
Total oil and gas
sales
|
$
|
99,194
|
$
|
81,935
|
$
|
19,533
|
$
|
200,662
|
$
|
237,668
|
$
|
171,647
|
$
|
54,280
|
$
|
463,595
|
||||||||||||||||
|
Average oil price
(per barrel)
|
$
|
49.01
|
$
|
51.72
|
$
|
42.72
|
$
|
46.42
|
$
|
111.56
|
$
|
112.76
|
$
|
84.75
|
$
|
97.74
|
||||||||||||||||
|
Average
gas price (per thousand
cubic feet – Mcf) |
$
|
3.46
|
$
|
3.80
|
$
|
3.41
|
$
|
3.57
|
$
|
9.93
|
$
|
9.80
|
$
|
9.08
|
$
|
9.83
|
||||||||||||||||
|
Average
gas price including hedging (per Mcf)
|
$
|
3.46
|
$
|
5.19
|
$
|
3.41
|
$
|
4.05
|
$
|
9.93
|
$
|
9.36
|
$
|
9.08
|
$
|
9.65
|
||||||||||||||||
|
Average
price (per Mcf
equivalent) |
$
|
3.64
|
$
|
4.03
|
$
|
5.14
|
$
|
3.89
|
$
|
10.45
|
$
|
10.24
|
$
|
11.75
|
$
|
10.50
|
||||||||||||||||
|
Average
price including hedging (per Mcf equivalent)
|
$
|
3.64
|
$
|
5.36
|
$
|
5.14
|
$
|
4.33
|
$
|
10.45
|
$
|
9.82
|
$
|
11.75
|
$
|
10.34
|
||||||||||||||||
|
Lifting cost(2)
|
$
|
23,889
|
$
|
15,614
|
$
|
10,960
|
$
|
50,463
|
(2)
|
$
|
28,133
|
$
|
22,312
|
$
|
15,675
|
$
|
66,120
|
(2)
|
||||||||||||||
|
Lifting
cost (per Mcf equivalent)
|
$
|
0.88
|
$
|
1.02
|
$
|
2.88
|
$
|
1.09
|
$
|
1.24
|
$
|
1.28
|
$
|
3.39
|
$
|
1.47
|
||||||||||||||||
|
Oil
and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||
|
Leasehold costs
|
$
|
9,544
|
$
|
644
|
$
|
155
|
$
|
10,343
|
$
|
109,220
|
$
|
1,612
|
$
|
108
|
$
|
110,940
|
||||||||||||||||
|
Exploratory
drilling
|
88,917
|
1,932
|
—
|
90,849
|
—
|
2,783
|
395
|
3,178
|
||||||||||||||||||||||||
|
Development
drilling
|
117,187
|
26,433
|
121
|
143,741
|
137,343
|
43,033
|
2,006
|
182,382
|
||||||||||||||||||||||||
|
Other
development
|
4,036
|
4,232
|
326
|
8,594
|
1,451
|
8,068
|
3,309
|
12,828
|
||||||||||||||||||||||||
|
Total
|
$
|
219,684
|
$
|
33,241
|
$
|
602
|
$
|
253,527
|
$
|
248,014
|
$
|
55,496
|
$
|
5,818
|
$
|
309,328
|
||||||||||||||||
|
(2) Includes
production taxes of $5,486 and $18,892 for the nine months ended September
30, 2009 and 2008, respectively.
|
||||||||||||||||||||||||||||||||