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Document and Entity Information - USD ($) $ in Billions	3 Months Ended
Document and Entity Information - USD ($) $ in Billions	Mar. 31, 2011	May 04, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Document Type	10-Q
Document Period End Date	Mar. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		47,625,226

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2010
ASSETS
Cash and Cash Equivalents	$ 4,196	$ 1,732
Accounts Receivable:
Oil and gas sales	34,190	28,705
Joint interest operations	15,796	15,982
Marketable Securities	80,956	84,637
Other Current Assets	5,796	4,675
Total current assets	140,934	135,731
Property and Equipment:
Unevaluated oil and gas properties	182,415	225,884
Oil and gas properties, successful efforts method	2,766,978	2,574,717
Other	17,905	18,156
Accumulated depreciation, depletion and amortization	(1,062,480)	(1,002,509)
Net property and equipment	1,904,818	1,816,248
Other Assets	17,481	12,235
Total Assets	2,063,233	1,964,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	123,806	123,275
Deferred Income Taxes Payable	16,014	10,339
Accrued Expenses	21,758	21,450
Total current liabilities	161,578	155,064
Long-term Debt	596,506	513,372
Deferred Income Taxes Payable	216,381	217,993
Reserve for Future Abandonment Costs	6,820	6,674
Other Non-Current Liabilities	2,540	2,580
Total liabilities	$ 983,825	$ 895,683
Commitments and Contingencies
Stockholders' Equity:
Common stock- $0.50 par, 75,000,000 shares authorized, 47,625,226 and 47,706,101 shares outstanding at March 31, 2011 and December 31, 2010, respectively	$ 23,813	$ 23,853
Additional paid-in capital	457,214	454,499
Retained earnings	560,253	557,849
Accumulated other comprehensive income	38,128	32,330
Total stockholders' equity	1,079,408	1,068,531
Total liabilities and stockholders' equity	$ 2,063,233	$ 1,964,214

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Revenues:
Oil and gas sales	$ 88,038	$ 106,089
Operating expenses:
Production taxes	726	1,675
Gathering and transportation	5,628	4,528
Lease operating	11,548	14,160
Exploration	9,537	1,169
Depreciation, depletion and amortization	60,325	59,409
Impairment of oil and gas properties		159
Loss on sale of properties	109
General and administrative, net	8,428	9,801
Total operating expenses	96,301	90,901
Operating income (loss)	(8,263)	15,188
Other income (expenses):
Interest income	0	139
Other income	310	20
Interest expense	(10,284)	(7,844)
Gain on sale of marketable securities	21,249
Total other income (expenses)	11,275	(7,685)
Income before income taxes	3,012	7,503
Provision for income taxes	(608)	(161)
Net income	$ 2,404	$ 7,342
Net income per share:
Basic	$ 0.05	$ 0.16
Diluted	$ 0.05	$ 0.16
Weighted average shares outstanding:
Basic	45,974	45,408
Diluted	45,974	45,544

Consolidated Statements of Stockholders' Equity and Comprehensive Income (Unaudited) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2011 USD ($) shares
Statement [Line Items]
Beginning Balance	$ 1,068,531
Stock-based compensation	3,162
Excess income taxes from stock-based compensation	(487)
Net income	2,404
Net change in unrealized gains and losses on marketable securities, net of income taxes	5,798
Total comprehensive income	8,202
Ending Balance	1,079,408
Common Stock [Member]
Statement [Line Items]
Beginning Balance	$ 23,853
Beginning Balance, shares \| shares	47,706
Stock-based compensation	$ (40)
Stock-based compensation, shares \| shares	(81)
Ending Balance	$ 23,813
Ending Balance, shares \| shares	47,625
Additional Paid-in Capital [Member]
Statement [Line Items]
Beginning Balance	$ 454,499
Stock-based compensation	3,202
Excess income taxes from stock-based compensation	(487)
Ending Balance	457,214
Retained Earnings [Member]
Statement [Line Items]
Beginning Balance	557,849
Net income	2,404
Ending Balance	560,253
Accumulated Other Comprehensive Income [Member]
Statement [Line Items]
Beginning Balance	32,330
Net change in unrealized gains and losses on marketable securities, net of income taxes	5,798
Ending Balance	$ 38,128

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,404	$ 7,342
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of assets	(21,140)
Deferred income taxes	449	(55)
Impairments	9,454	159
Depreciation, depletion and amortization	60,325	59,409
Debt issuance cost and discount amortization	1,465	602
Stock-based compensation	3,162	4,233
Excess income taxes from stock-based compensation	487	(1,490)
Increase in accounts receivable	(5,299)	(4,786)
(Increase) decrease in other current assets	(1,116)	45,817
Increase in accounts payable and accrued expenses	736	13,505
Net cash provided by operating activities	50,927	124,736
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(158,140)	(95,446)
Proceeds from asset sales	33,741
Net cash used for investing activities	(124,399)	(95,446)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings	370,000
Principal payments on debt	(287,000)
Debt issuance costs	(6,577)
Proceeds from issuance of common stock		945
Excess income taxes from stock-based compensation	(487)	1,490
Net cash provided by financing activities	75,936	2,435
Net increase in cash and cash equivalents	2,464	31,725
Cash and cash equivalents, beginning of period	1,732	90,472
Cash and cash equivalents, end of period	$ 4,196	$ 122,197

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2011

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —

Basis of Presentation

In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries (“Comstock” or the “Company”) as of March 31, 2011 and the related results of operations and cash flows for the three months ended March 31, 2011 and 2010.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock’s Annual Report on Form 10-K for the year ended December 31, 2010.

The results of operations for the three months ended March 31, 2011 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Marketable Securities

As of March 31, 2011 the Company held 2,426,000 shares of Stone Energy Corporation common stock which was reflected in the consolidated balance sheets as marketable securities. As of March 31, 2011, the cost basis of the marketable securities was $22.3 million and the estimated fair value was $81.0 million, after recognizing an unrealized gain after income taxes of $38.1 million. The Company does not exert influence over the operating and financial policies of Stone Energy Corporation, and has classified its investment in these shares as an available-for-sale security in the consolidated balance sheets. Available-for-sale securities are accounted for at fair value, with any unrealized gains and unrealized losses not determined to be other than temporary reported in the consolidated balance sheet within accumulated other comprehensive income as a separate component of stockholders’ equity. The Company utilizes the specific identification method to determine the cost of any securities sold. During the three months ended March 31, 2011 the Company sold 1,371,000 shares of Stone Energy Corporation and received proceeds of $33.8 million. Comstock realized a gain before income taxes on this sale of $21.2 million which is included in other income in the consolidated statements of operations.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. Unproved oil and gas properties are periodically assessed and any impairment in value is charged to exploration expense. The costs of unproved properties which are determined to be productive are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis. During the three months ended March 31, 2011, the Company’s assessment of its unevaluated acreage indicated that certain leases were expected to expire prior to the Company conducting drilling operations. Accordingly, an impairment charge for these unevaluated properties of $9.5 million was recognized in exploration expense during the three months ended March 31, 2011.

The Company also assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. The Company recognized impairment charges related to its oil and gas properties of $0.2 million during the three months ended March 31, 2010. There were no impairment charges related to oil and gas properties recognized during the three months ended March 31, 2011.

Reserve for Future Abandonment Costs

Comstock’s asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock’s total estimated liability during the three months ended March 31, 2011 and 2010:


	Three Months Ended
	March 31,
	2011			2010
	(In thousands)
Beginning future abandonment costs	$	6,674		$	6,561
Accretion expense		92			94
New wells placed on production and changes in estimates		72			78
Liabilities settled		(18	)		(17	)

Future abandonment costs — end of period	$	6,820		$	6,716

Revenue Recognition and Gas Balancing

Comstock utilizes the sales method of accounting for oil and natural gas revenues whereby revenues are recognized at the time of delivery based on the amount of oil or natural gas sold to purchasers. Revenue is typically recorded in the month of production based on an estimate of the Company’s share of volumes produced and prices realized. Revisions to such estimates are recorded as actual results are known. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at March 31, 2011 or December 31, 2010.

Derivative Financial Instruments

The Company did not have any derivative financial instruments outstanding during the three months ended March 31, 2011 or March 31, 2010.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. During the three months ended March 31, 2011 and 2010, the Company recognized $3.2 million and $4.2 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock or stock options to its employees and directors.

As of March 31, 2011, Comstock had 1,650,950 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $35.36 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $31.3 million as of March 31, 2011 is expected to be recognized over a period of 2.5 years.

As of March 31, 2011, Comstock had outstanding options to purchase 233,150 shares of common stock at a weighted average exercise price of $36.10 per share. All of the stock options were exercisable and there were no unrecognized costs related to the options as of March 31, 2011. The Company received $0.9 million in cash proceeds from the exercise of stock options during the three months ended March 31, 2010. No stock options were exercised during the three months ended March 31, 2011.

Income Taxes

The following is an analysis of consolidated income tax expense:


	Three Months Ended
	March 31,
	2011		2010
	(In thousands)
Current provision	$	159	$	216
Deferred provision (benefit)		449		(55	)

Provision for income taxes	$	608	$	161

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company’s customary rate of 35% and the effective tax rate on income before income taxes is due to the following:


	Three Months Ended
	March 31,
	2011			2010
Tax at statutory rate		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		(15.7	%)		(26.7	%)
State income taxes, net of federal benefit		0.7	%		(1.0	%)
Net operating loss carryback adjustments		—	%		(4.9	%)
Other		0.2	%		(0.3	%)

Effective tax rate		20.2	%		2.1	%

The Company’s non-deductible stock-based compensation has the effect of increasing the Company’s annualized effective tax rate in the case of an income tax provision or decreasing the effective tax rate in the case of an income tax benefit. The effective tax rate for the three months ended March 31, 2011 reflects the benefit from a decrease in non-deductible compensation which resulted from the early retirement of one of the Company’s executives. The 2010 effective tax rate was based on an expected income tax benefit for the full year and reflects a benefit from adjustments related to refund claims resulting from net operating loss carrybacks.

The Company’s income tax returns in major state income tax jurisdictions remain subject to examination from various periods subsequent to December 31, 2005. State tax returns in two state jurisdictions are currently under review. The Company has evaluated the preliminary findings in these jurisdictions and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on its financial statements. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

As of March 31, 2011, the Company held certain items that are required to be measured at fair value. These included cash equivalents held in money market funds and marketable securities comprised of shares of Stone Energy Corporation common stock. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The estimated fair value for the items in the Company’s financial statement were based on Level 1 inputs where the inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

The following table summarizes financial assets and liabilities accounted for at fair value as of March 31, 2011:


	Carrying
	Value
	Measured at
	Fair Value
	(In thousands)
Items measured at fair value on a recurring basis:
Cash equivalents — money market funds	$	4,196
Marketable securities		80,956

Total assets	$	85,152

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments as of March 31, 2011 and December 31, 2010:


	As of March 31, 2011				As of December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
	(In thousands)
Long-term debt, including current portion	$	596,506	$	612,000	$	513,372	$	518,930

The fair market value of the Company’s fixed rate debt was based on their market prices as of March 31, 2011 and December 31, 2010. The fair value of the floating rate debt outstanding at December 31, 2010 approximated its carrying value.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and are included in the computation of basic and diluted earnings per share pursuant to the two-class method. Basic and diluted earnings per share for the three months ended March 31, 2011 and 2010, respectively, were determined as follows:


	Three Months Ended March 31,
	2011							2010
						Per							Per
	Income			Shares		Share		Income			Shares		Share
	(In thousands, except per share amounts)
Net Income	$	2,404						$	7,342
Income Allocable to Unvested Stock Grants		(87	)						(265	)

Basic Net Income Attributable to Common Stock	$	2,317			45,974	$	0.05	$	7,077			45,408	$	0.16

Effect of Dilutive Securities:
Stock Options		—			—				—			136

Diluted Net Income Attributable to Common Stock	$	2,317			45,974	$	0.05	$	7,077			45,544	$	0.16

At March 31, 2011 and December 31, 2010, 1,650,950 and 2,069,275 shares of restricted stock are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock were as follows:


	Three Months Ended
	March 31,
	2011		2010
	(In thousands)
Unvested restricted stock		1,717		1,699

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share as follows:


	Three Months Ended
	March 31,
	2011		2010
	(In thousands except per share data)
Weighted average anti-dilutive stock options		236		40
Weighted average exercise price per share	$	36.05	$	54.36

The excluded options that were anti-dilutive were at exercise prices in excess of the average stock price for each of the periods presented.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At March 31, 2011 and December 31, 2010 the Company’s cash investments consisted of prime shares held in institutional preferred money market funds.

The following is a summary of cash payments made for interest and income taxes:


	Three Months Ended March 31,
	2011		2010
	(In thousands)
Cash Payments:
Interest payments	$	7,174	$	6,641
Income tax payments (refunds)	$	—	$	(48,816	)

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. For the three months ended March 31, 2011 and 2010, the Company capitalized interest of $3.1 million and $2.6 million, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties.

Comprehensive Income

Comprehensive income consists of the following:


	Three Months Ended March 31,
	2011			2010
	(In thousands)
Net income	$	2,404		$	7,342
Other comprehensive income:
Realized gain on marketable securities, net of income tax expense of ($7,437) reclassified to earnings		(13,812	)		—
Unrealized gain (loss) on marketable securities, net of income tax (expense) benefit of ($10,559) and $558		19,610			(1,036	)

Total comprehensive income	$	8,202		$	6,306

Accumulated other comprehensive income for the three months ended March 31, 2011, which is related solely to changes in the fair value of our marketable securities, is comprised of the following:


	Three Months
	Ended
	March 31, 2011
	(In thousands)
Balance as of January 1, 2011	$	32,330
Realized gain on sale of marketable securities, net of income taxes, reclassified to earnings		(13,812	)
Changes in the value of marketable securities, net of income taxes		19,610

Balance as of March 31, 2011	$	38,128

Subsequent Events

Subsequent events were evaluated through the issuance date of these consolidated financial statements.

Long-term Debt

3 Months Ended

Mar. 31, 2011

Long-term Debt [Abstract]

LONG-TERM DEBT

(2) LONG-TERM DEBT —

At March 31, 2011, long-term debt was comprised of:


	(In thousands)
8³/₈% Senior Notes due 2017	$	296,506
7³/4% Senior Notes due 2019		300,000

	$	596,506

The Company has a $850.0 million bank credit facility with Bank of Montreal, as the administrative agent. The credit facility is a five-year revolving credit commitment that matures on November 30, 2015. Indebtedness under the credit facility is secured by substantially all of Comstock’s assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks’ estimates of the Company’s future net cash flows of oil and natural gas properties. The borrowing base may be affected by the performance of Comstock’s properties and changes in oil and natural gas prices. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. As of March 31, 2011, the borrowing base was $468.8 million, all of which was available. Effective April 28, 2011 the borrowing base was increased to $500.0 million. Borrowings under the credit facility bear interest, based on the utilization of the borrowing base, at Comstock’s option at either (1) LIBOR plus 1.75% to 2.75% or (2) the base rate (which is the higher of the administrative agent’s prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.75% to 1.75%. A commitment fee of 0.5% is payable annually on the unused borrowing base. The credit facility contains covenants that, among other things, restrict the payment of cash dividends in excess of $50.0 million, limit the amount of consolidated debt that Comstock may incur and limit the Company’s ability to make certain loans and investments. The only financial covenants are the maintenance of a ratio of current assets, including availability under the bank credit facility, to current liabilities of at least one-to-one and maintenance of a minimum tangible net worth. The Company was in compliance with these covenants as of March 31, 2011.

On March 14, 2011, Comstock issued $300.0 million of senior notes (the “2019 Notes”) pursuant to an underwritten public offering. The 2019 Notes are due on April 1, 2019 and bear interest at 7³/4%, which is payable semiannually on each April 1 and October 1. The 2019 Notes are unsecured obligations of Comstock and are guaranteed by all of the Company’s material subsidiaries. Comstock also has $300.0 million of 8⅜% senior notes outstanding which mature on October 15, 2017 (the “2017 Notes”). Interest on the 2017 Notes is payable semiannually on each April 15 and October 15. The 2017 Notes are also unsecured obligations of Comstock and are guaranteed by all of Comstock’s material subsidiaries. The subsidiary guarantors are 100% owned and all of the guarantees are full and conditional and joint and several. As of March 31, 2011, Comstock had no material assets or operations which are independent of its subsidiaries. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans.

On January 1, 2011, Comstock had $172.0 million in principal amount of 6⅞% senior notes outstanding due on March 1, 2012 (the “2012 Notes”). During the three months ended March 31, 2011, Comstock redeemed all of the 2012 Notes for $172.4 million. The early extinguishment of the 2012 Notes resulted in a loss of $1.1 million which is included in interest expense in the consolidated financial statements. This loss is comprised of the premium paid for the redemption of the 2012 Notes, the costs incurred related to the tender offer, and the write-off of unamortized debt issuance costs related to the 2012 Notes.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2011
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	(3) COMMITMENTS AND CONTINGENCIES — From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company’s financial position or results of operations. In connection with its exploration and development activities, the Company contracts for drilling rigs under terms of up to three years. As of March 31, 2011, the Company had commitments for contracted drilling services of $42.2 million. The Company has also entered into agreements for well completion services through December 31, 2011 which require minimum future payments totaling $55.4 million. The Company has entered into natural gas transportation agreements to support its production operations in North Louisiana through July 2019. Maximum commitments under these transportation agreements as of March 31, 2011 totaled $42.1 million.

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2011	Dec. 31, 2010
Stockholders' Equity:
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares outstanding	47,625,226	47,706,101