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 6, 2012
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 February 6, 2012, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2011. A copy of the press release announcing Comstock's earnings and operating results for the three months and year ended December 31, 2011, 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 February 6, 2012.
|
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: February 6, 2012
|
By:
|
/s/ ROLAND O. BURNS
|
|
Roland O. Burns
|
||
|
Senior Vice President and Chief Financial 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 AND ANNUAL 2011
FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, February 6, 2012 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and year ended December 31, 2011.
Financial Results for the Three Months and Year Ended December 31, 2011
Comstock reported a net loss of $41.1 million or 89¢ per share for the three months ended December 31, 2011 as compared to a net loss of $20.6 million or 45¢ per share for the three months ended December 31, 2010. The fourth quarter 2011 financial results include an impairment charge to write-down proved oil and gas properties of $60.8 million ($39.5 million after tax or 86¢ per share) and a gain realized from the sale of marketable securities of $2.9 million ($1.9 million after tax or 4¢ per share). Financial results for the fourth quarter of 2010 included a loss on disposal of oil and gas properties of $25.8 million ($16.8 million after tax or 37¢ per share) and a gain on sale of marketable securities of $10.8 million ($7.0 million after tax, or 15¢ per share).
Comstock produced 25.5 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2011, an increase of 48% over the 17.3 Bcfe produced in the fourth quarter of 2010. Daily average production increased to 277 million cubic feet of natural gas equivalent ("MMcfe") from 188 MMcfe per day in the fourth quarter of 2010. Crude oil production increased to 8% of total production in the fourth quarter of 2011 as compared to 4% in the third quarter of 2011. Production from the Company's Eagle Ford shale operations increased 123% from the third quarter of 2011, averaging 3,300 barrels of oil equivalent per day in the fourth quarter and accounting for 7% of the Company's total production. Production from the Company's Haynesville shale operations of 184 MMcfe per day in the fourth quarter of 2011 comprised 66% of the Company's total production.
Comstock's average realized natural gas price decreased 9% to $3.40 per Mcf in the fourth quarter of 2011 as compared to $3.73 per Mcf in the fourth quarter of 2010. The Company's average realized oil price improved by 34% to $100.18 per barrel in the fourth quarter of 2011 as compared to $74.75 per barrel in the fourth quarter of 2010. Oil and gas sales increased by 58% to $114.5 million in the fourth quarter of 2011 as compared to 2010's fourth quarter sales of $72.7 million. Operating cash flow (before changes in working capital accounts) increased 75% to $78.8 million in the fourth quarter of 2011 from $44.9 million in 2010's fourth quarter and EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses in the quarter was up 75% to $89.9 million from $51.3 million in 2010's fourth quarter.
With weak natural gas prices and strong crude oil prices persisting, Comstock is redirecting most of its drilling activity to unconventional oil prospects. In 2012, 92% of the net wells drilled by the Company are expected to be oil wells. Comstock expects to spend 77% of its 2012 capital budget for oil prospects in its Eagle Ford shale properties in South Texas and its Permian basin properties in West Texas. On December 31, 2011, 16% of the Company's production (based on a six Mcf to one barrel conversion) is attributable to oil and approximately 2% is attributable to natural gas liquids. At the beginning of 2011 only 4% of the Company's production was oil.
Comstock reported a net loss of $33.5 million or 73¢ per share for the year ended December 31, 2011 as compared to a net loss of $19.6 million or 43¢ per share for the year ended December 31, 2010. The financial results for the year ended December 31, 2011 include impairment charges of $70.6 million ($45.9 million after tax or $1.00 per share), a gain realized from the sale of marketable securities of $35.1 million ($22.8 million after tax or 50¢ per share), and a loss on early retirement of debt of $1.1 million ($0.7 million after taxes or 2¢ per share). The net loss for the year ended December 31, 2010 included a loss on disposal of oil and gas properties of $25.8 million ($16.8 million after tax or 37¢ per share) and a gain realized from sale of marketable securities of $16.5 million ($10.7 million after tax or 24¢ per share).
Comstock's production in 2011 increased by 31% to 95.6 Bcfe as compared to the 73.3 Bcfe produced in 2010. Natural gas prices continued to weaken in 2011. Comstock's average realized natural gas price decreased 10% to $3.91 per Mcf for 2011 as compared to $4.35 per Mcf for 2010. Oil prices continued to be very strong in 2011 and the Company's average realized oil price increased by 40% to $95.73 per barrel as compared to $68.35 per barrel for 2010. The 31% increase in production and stronger oil prices overcame the lower natural gas prices, resulting in Comstock's oil and gas sales increasing by 24% to $434.4 million in 2011 as compared to 2010's sales of $349.1 million. Operating cash flow (before changes in working capital accounts) increased 35% to $297.6 million in 2011 from 2010's operating cash flow of $219.7 million. Higher sales and lower operating cost per Mcfe produced account for the operating cash flow growth. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, also increased 35% to $336.3 million in 2011 from EBITDAX of $249.1 million in 2010.
2011 Drilling Results
Comstock reported on the results of its 2011 drilling program. The Company spent $573.4 million in 2011 on its drilling activities. Also in 2011, Comstock spent $218.7 million to acquire 163.7 Bcfe in proved reserves primarily in the Permian basin in West Texas and $255.7 million to acquire exploratory acreage in the Permian basin, the Eagle Ford shale in South Texas, and the Haynesville shale in North Louisiana. In 2011, Comstock drilled 87 wells (47.7 net) and completed 105 wells (59.8 net). As of December 31, 2011 the Company also had three wells (1.6 net) in the process of being drilled.
In the East Texas/North Louisiana region, Comstock drilled 64 wells (28.3 net) during 2011, sixty-two of which were Haynesville or Bossier shale horizontal wells. During 2011, Comstock completed 84 (42.3 net) Haynesville or Bossier shale horizontal wells, including 33 wells (22.2 net) that were drilled in 2010. Wells drilled and completed in 2011 were put on production at an average per well initial production rate of 10.7 MMcfe per day. As of December 31, 2011, Comstock had 14 (9.8 net) Haynesville or Bossier horizontal wells waiting on completion.
In the South Texas region, the Company drilled 20 (19.2 net) horizontal Eagle Ford shale wells in 2011. Comstock completed 17 wells (17.0 net) including one well that was drilled in 2010. These wells had an average per well initial production rate of 820 barrels of oil equivalent ("BOE") per day. Four wells (3.2 net) were awaiting completion at year end. Since the last update, Comstock has completed four additional wells in its Eagle Ford shale program. The Gloria Wheeler "A" #1H was drilled to a vertical depth of 11,358 feet with a 6,725 foot lateral. This well was tested at an initial rate of 1,070 barrels of oil per day and 1.1 MMcf of natural gas per day or 1,254 BOE per day. The Gloria Wheeler "B" #1H was drilled to a vertical depth of 10,908 feet with a 5,175 foot lateral. This well was tested at an initial rate of 916 barrels of oil per day and 1.0 MMcf of natural gas per day or 1,085 BOE per day. The Donnell "A" #1H was drilled to a vertical depth of 9,404 feet with a 6,481 foot lateral. This well was tested at an initial rate of 646 barrels of oil per day and 0.2 MMcf of natural gas per day or 686 BOE per day. The Cutter Creek #2H was drilled to a vertical depth of 10,013 feet with a 5,541 foot lateral. This well was tested at an initial rate of 471 barrels of oil per day and 0.4 MMcf of natural gas per day or 541 BOE per day. All of the reported well results were obtained while following Comstock's restricted choke program.
During December 2011, production from the wells acquired as part of Comstock's Permian basin acquisition averaged 1,000 barrels of oil and 1.9 MMcf of natural gas per day. At year end 2011 there were three wells (0.8 net) in the process of being drilled and four wells (2.5 net) that were awaiting completion on these West Texas properties.
Comstock has planned a conference call for 2:00 p.m. Eastern Time on February 6, 2012, to discuss the operational and financial results for the fourth quarter of 2011. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-362-5158 (international dial-in use 617-597-5397) and provide access code 53956340 when prompted. A slide presentation on the financial results will be available on Comstock's website at www.comstockresources.com. Click on "Presentations" to view the slides. 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. A replay of the conference call will be available beginning at 5:00 p.m. ET February 6, 2012 and will continue until 11:59 p.m. February 13, 2012. To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US). The conference call ID number is 11275509.
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 December 31,
|
Year Ended December 31,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Oil and gas sales
|
$
|
114,456
|
$
|
72,650
|
$
|
434,367
|
$
|
349,141
|
||||||||
|
Operating expenses:
|
||||||||||||||||
|
Production taxes
|
1,440
|
351
|
3,670
|
9,894
|
||||||||||||
|
Gathering and transportation
|
8,151
|
4,948
|
28,491
|
17,256
|
||||||||||||
|
Lease operating
|
10,040
|
12,375
|
46,552
|
53,525
|
||||||||||||
|
Exploration
|
82
|
99
|
10,148
|
2,605
|
||||||||||||
|
Depreciation, depletion and amortization
|
78,244
|
50,206
|
290,776
|
213,809
|
||||||||||||
|
Impairment of oil and gas properties
|
60,817
|
11
|
60,817
|
224
|
||||||||||||
|
Loss on sale of properties
|
—
|
25,835
|
57
|
26,632
|
||||||||||||
|
General and administrative
|
9,199
|
8,235
|
35,172
|
37,200
|
||||||||||||
|
Total operating expenses
|
167,973
|
102,060
|
475,683
|
361,145
|
||||||||||||
|
Operating loss
|
(53,517
|
)
|
(29,410
|
)
|
(41,316
|
)
|
(12,004
|
)
|
||||||||
|
Other income (expenses):
|
||||||||||||||||
|
Interest and other income
|
210
|
91
|
790
|
499
|
||||||||||||
|
Interest expense
|
(12,006
|
)
|
(6,905
|
)
|
(42,688
|
)
|
(29,456
|
)
|
||||||||
|
Gain on sale of marketable securities
|
2,905
|
10,837
|
35,118
|
16,529
|
||||||||||||
|
Total other income (expenses)
|
(8,891
|
)
|
4,023
|
(6,780
|
)
|
(12,428
|
)
|
|||||||||
|
Loss before income taxes
|
(62,408
|
)
|
(25,387
|
)
|
(48,096
|
)
|
(24,432
|
)
|
||||||||
|
Benefit from income taxes
|
21,274
|
4,778
|
14,624
|
4,846
|
||||||||||||
|
Net loss
|
$
|
(41,134
|
)
|
$
|
(20,609
|
)
|
$
|
(33,472
|
)
|
$
|
(19,586
|
)
|
||||
|
Net loss per share:
|
||||||||||||||||
|
Basic
|
$
|
(0.89
|
) |
$
|
(0.45
|
)
|
$
|
(0.73
|
)
|
$
|
(0.43
|
)
|
||||
|
Diluted
|
$
|
(0.89
|
) |
$
|
(0.45
|
)
|
$
|
(0.73
|
)
|
$
|
(0.43
|
)
|
||||
|
Weighted average shares outstanding:
|
||||||||||||||||
|
Basic
|
46,011
|
45,631
|
45,997
|
45,561
|
||||||||||||
|
Diluted
|
46,011
|
45,631
|
45,997
|
45,561
|
||||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING CASH FLOW:
|
||||||||||||||||
|
Net loss
|
$
|
(41,134
|
)
|
$
|
(20,609
|
)
|
$
|
(33,472
|
)
|
$
|
(19,586
|
)
|
||||
|
Reconciling items:
|
||||||||||||||||
|
Deferred income taxes
|
(21,245
|
)
|
(4,748
|
)
|
(14,652
|
)
|
(4,617
|
)
|
||||||||
|
Depreciation, depletion and amortization
|
78,244
|
50,206
|
290,776
|
213,809
|
||||||||||||
|
Dry hole costs and lease impairments
|
—
|
—
|
9,819
|
—
|
||||||||||||
|
Impairment of oil and gas properties
|
60,817
|
11
|
60,817
|
224
|
||||||||||||
|
(Gain) loss on sale of assets
|
(2,905
|
)
|
14,998
|
(35,061
|
)
|
10,103
|
||||||||||
|
Debt issuance costs and discount amortization
|
949
|
602
|
4,300
|
2,436
|
||||||||||||
|
Stock-based compensation
|
4,074
|
4,447
|
15,032
|
17,377
|
||||||||||||
|
Operating cash flow
|
78,800
|
44,907
|
297,559
|
219,746
|
||||||||||||
|
Excess income taxes from stock-based compensation
|
—
|
12
|
612
|
(1,491
|
)
|
|||||||||||
|
Increase in accounts receivable
|
(4,088
|
)
|
(12,528
|
)
|
(9,046
|
)
|
(4,432
|
)
|
||||||||
|
Decrease (increase) in other current assets
|
1,036
|
(1,358
|
)
|
3,311
|
48,070
|
|||||||||||
|
Increase (decrease) in accounts payable and accrued expenses
|
(8,393
|
)
|
31,393
|
(7,532
|
)
|
49,769
|
||||||||||
|
Net cash provided by operating activities
|
$
|
67,355
|
$
|
62,426
|
$
|
284,904
|
$
|
311,662
|
||||||||
|
EBITDAX:
|
||||||||||||||||
|
Net loss
|
$
|
(41,134
|
)
|
$
|
(20,609
|
)
|
$
|
(33,472
|
)
|
$
|
(19,586
|
)
|
||||
|
Interest expense
|
12,006
|
6,905
|
42,688
|
29,456
|
||||||||||||
|
Income tax benefit
|
(21,274
|
)
|
(4,778
|
)
|
(14,624
|
)
|
(4,846
|
)
|
||||||||
|
Depreciation, depletion and amortization
|
78,244
|
50,206
|
290,776
|
213,809
|
||||||||||||
|
Exploration
|
82
|
99
|
10,148
|
2,605
|
||||||||||||
|
Impairment of oil and gas properties
|
60,817
|
11
|
60,817
|
224
|
||||||||||||
|
(Gain) loss on sale of assets
|
(2,905
|
)
|
14,998
|
(35,061
|
)
|
10,103
|
||||||||||
|
Stock-based compensation
|
4,074
|
4,447
|
15,032
|
17,377
|
||||||||||||
|
EBITDAX
|
$
|
89,910
|
$
|
51,279
|
$
|
336,304
|
$
|
249,142
|
||||||||
|
As of December 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
BALANCE SHEET DATA:
|
||||||||
|
Cash and cash equivalents
|
$
|
8,460
|
$
|
1,732
|
||||
|
Marketable securities
|
47,642
|
84,637
|
||||||
|
Other current assets
|
56, 988
|
49,362
|
||||||
|
Property and equipment, net
|
2,509,845
|
1,816,248
|
||||||
|
Other
|
16,949
|
12,235
|
||||||
|
Total assets
|
$
|
2,639,884
|
$
|
1,964,214
|
||||
|
Current liabilities
|
$
|
187,207
|
$
|
155,064
|
||||
|
Long-term debt
|
1,196,908
|
513,372
|
||||||
|
Deferred income taxes
|
201,705
|
217,993
|
||||||
|
Other non-current liabilities
|
16,439
|
9,254
|
||||||
|
Stockholders' equity
|
1,037,625
|
1,068,531
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
2,639,884
|
$
|
1,964,214
|
||||
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Three Months Ended December 31, 2011
|
For the Three Months Ended December 31, 2010
|
|||||||||||||||||||||||||||||||||||
|
East Texas/
North
Louisiana
|
South
Texas
|
West
Texas
|
Other
|
Total
|
East Texas/
North
Louisiana
|
South
Texas
|
Other
|
Total
|
||||||||||||||||||||||||||||
|
Oil production (thousand barrels)
|
28
|
312
|
6
|
346
|
33
|
43
|
82
|
158
|
||||||||||||||||||||||||||||
|
Gas production (MMcf)
|
20,177
|
2,659
|
595
|
23,431
|
12,637
|
3,130
|
549
|
16,316
|
||||||||||||||||||||||||||||
|
Total production (MMcfe)
|
20,348
|
4,537
|
624
|
25,509
|
12,835
|
3,383
|
1,042
|
17,260
|
||||||||||||||||||||||||||||
|
Oil sales
|
$
|
2,614
|
$
|
31,638
|
$
|
453
|
$
|
34,705
|
$
|
2,667
|
$
|
3,517
|
$
|
5,573
|
$
|
11,757
|
||||||||||||||||||||
|
Gas sales
|
65,959
|
11,331
|
2,461
|
79,751
|
45,356
|
13,278
|
2,259
|
60,893
|
||||||||||||||||||||||||||||
|
Total oil and gas sales
|
$
|
68,573
|
$
|
42,969
|
$
|
2,914
|
$
|
114,456
|
$
|
48,023
|
$
|
16,795
|
$
|
7,832
|
$
|
72,650
|
||||||||||||||||||||
|
Average oil price (per barrel)
|
$
|
92.25
|
$
|
101.10
|
$
|
88.26
|
$
|
100.18
|
$
|
80.63
|
$
|
83.16
|
$
|
68.03
|
$
|
74.75
|
||||||||||||||||||||
|
Average gas price (per Mcf)
|
$
|
3.27
|
$
|
4.26
|
$
|
4.14
|
$
|
3.40
|
$
|
3.59
|
$
|
4.24
|
$
|
4.11
|
$
|
3.73
|
||||||||||||||||||||
|
Average price (per Mcfe)
|
$
|
3.37
|
$
|
9.47
|
$
|
4.67
|
$
|
4.49
|
$
|
3.74
|
$
|
4.96
|
$
|
7.52
|
$
|
4.21
|
||||||||||||||||||||
|
Production taxes
|
$
|
(949
|
)
|
$
|
2,228
|
$
|
161
|
$
|
1,440
|
$
|
(781
|
)
|
$
|
682
|
$
|
450
|
$
|
351
|
||||||||||||||||||
|
Gathering and transportation
|
$
|
7,741
|
$
|
294
|
$
|
116
|
$
|
8,151
|
$
|
4,189
|
$
|
643
|
$
|
116
|
$
|
4,948
|
||||||||||||||||||||
|
Lease operating
|
$
|
7,236
|
$
|
1,992
|
$
|
812
|
$
|
10,040
|
$
|
6,162
|
$
|
3,667
|
$
|
2,546
|
$
|
12,375
|
||||||||||||||||||||
|
Production taxes (per Mcfe)
|
$
|
(0.05
|
)
|
$
|
0.49
|
$
|
0.26
|
$
|
0.06
|
$
|
(0.06
|
)
|
$
|
0.20
|
$
|
0.43
|
$
|
0.02
|
||||||||||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.38
|
$
|
0.06
|
$
|
0.19
|
$
|
0.32
|
$
|
0.33
|
$
|
0.19
|
$
|
0.11
|
$
|
0.29
|
||||||||||||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.36
|
$
|
0.44
|
$
|
1.30
|
$
|
0.39
|
$
|
0.48
|
$
|
1.09
|
$
|
2.45
|
$
|
0.71
|
||||||||||||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
16,879
|
$
|
—
|
$
|
201,782
|
$
|
—
|
$
|
218,661
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||||
|
Exploratory leasehold
|
12,064
|
43,860
|
147,532
|
—
|
203,456
|
4,310
|
2,073
|
—
|
6,383
|
|||||||||||||||||||||||||||
|
Development leasehold
|
420
|
—
|
—
|
—
|
420
|
1,077
|
27
|
15
|
1,119
|
|||||||||||||||||||||||||||
|
Exploratory drilling
|
2,290
|
2,131
|
—
|
—
|
4,421
|
9,718
|
19,185
|
—
|
28,903
|
|||||||||||||||||||||||||||
|
Development drilling
|
46,713
|
76,726
|
—
|
160
|
123,599
|
96,913
|
7,441
|
101
|
104,455
|
|||||||||||||||||||||||||||
|
Other development
|
532
|
345
|
—
|
92
|
969
|
34
|
210
|
78
|
322
|
|||||||||||||||||||||||||||
|
Total
|
$
|
78,898
|
$
|
123,062
|
$
|
349,314
|
$
|
252
|
$
|
551,526
|
$
|
112,052
|
$
|
28,936
|
$
|
194
|
$
|
141,182
|
||||||||||||||||||
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Year Ended December 31, 2011
|
For the Year Ended December 31, 2010
|
|||||||||||||||||||||||||||||||||||
|
East Texas/
North
Louisiana
|
South
Texas
|
West
Texas
|
Other
|
Total
|
East Texas/
North
Louisiana
|
South
Texas
|
Other
|
Total
|
||||||||||||||||||||||||||||
|
Oil production (thousand barrels)
|
117
|
697
|
24
|
838
|
147
|
157
|
411
|
715
|
||||||||||||||||||||||||||||
|
Gas production (MMcf)
|
76,883
|
11,153
|
2,557
|
90,593
|
52,038
|
14,437
|
2,498
|
68,973
|
||||||||||||||||||||||||||||
|
Total production (MMcfe)
|
77,585
|
15,338
|
2,699
|
95,622
|
52,920
|
15,376
|
4,966
|
73,262
|
||||||||||||||||||||||||||||
|
Oil sales
|
$
|
10,614
|
$
|
67,523
|
$
|
2,107
|
$
|
80,244
|
$
|
11,237
|
$
|
12,088
|
$
|
25,524
|
$
|
48,849
|
||||||||||||||||||||
|
Gas sales
|
290,028
|
51,789
|
12,306
|
354,123
|
219,387
|
68,915
|
11,990
|
300,292
|
||||||||||||||||||||||||||||
|
Total oil and gas sales
|
$
|
300,642
|
$
|
119,312
|
$
|
14,413
|
$
|
434,367
|
$
|
230,624
|
$
|
81,003
|
$
|
37,514
|
$
|
349,141
|
||||||||||||||||||||
|
Average oil price (per barrel)
|
$
|
90.74
|
$
|
96.81
|
$
|
88.63
|
$
|
95.73
|
$
|
76.37
|
$
|
77.21
|
$
|
62.10
|
$
|
68.35
|
||||||||||||||||||||
|
Average gas price (per Mcf)
|
$
|
3.77
|
$
|
4.64
|
$
|
4.81
|
$
|
3.91
|
$
|
4.22
|
$
|
4.77
|
$
|
4.80
|
$
|
4.35
|
||||||||||||||||||||
|
Average price (per Mcfe)
|
$
|
3.87
|
$
|
7.78
|
$
|
5.34
|
$
|
4.54
|
$
|
4.36
|
$
|
5.27
|
$
|
7.55
|
$
|
4.77
|
||||||||||||||||||||
|
Production taxes
|
$
|
(1,958
|
)
|
$
|
4,881
|
$
|
747
|
$
|
3,670
|
$
|
5,837
|
$
|
1,990
|
$
|
2,067
|
$
|
9,894
|
|||||||||||||||||||
|
Gathering and transportation
|
$
|
26,581
|
$
|
1,476
|
$
|
434
|
$
|
28,491
|
$
|
14,762
|
$
|
2,086
|
$
|
408
|
$
|
17,256
|
||||||||||||||||||||
|
Lease operating
|
$
|
30,419
|
$
|
12,443
|
$
|
3,690
|
$
|
46,552
|
$
|
28,000
|
$
|
14,027
|
$
|
11,498
|
$
|
53,525
|
||||||||||||||||||||
|
Production taxes (per Mcfe)
|
$
|
(0.03
|
)
|
$
|
0.32
|
$
|
0.28
|
$
|
0.04
|
$
|
0.11
|
$
|
0.13
|
$
|
0.42
|
$
|
0.14
|
|||||||||||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.34
|
$
|
0.10
|
$
|
0.16
|
$
|
0.30
|
$
|
0.28
|
$
|
0.14
|
$
|
0.08
|
$
|
0.24
|
||||||||||||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.40
|
$
|
0.81
|
$
|
1.37
|
$
|
0.48
|
$
|
0.53
|
$
|
0.91
|
$
|
2.31
|
$
|
0.72
|
||||||||||||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||||||||||||||
|
Acquisitions
|
$
|
16,879
|
$
|
—
|
$
|
201,782
|
$
|
—
|
$
|
218,661
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||||
|
Exploratory leasehold
|
37,682
|
66,263
|
151,754
|
—
|
255,699
|
53,288
|
81,440
|
—
|
134,728
|
|||||||||||||||||||||||||||
|
Development leasehold
|
695
|
103
|
—
|
—
|
798
|
2,500
|
535
|
173
|
3,208
|
|||||||||||||||||||||||||||
|
Exploratory drilling
|
33,381
|
48,647
|
—
|
—
|
82,028
|
59,579
|
25,561
|
—
|
85,140
|
|||||||||||||||||||||||||||
|
Development drilling
|
330,090
|
152,036
|
—
|
1,690
|
483,816
|
294,399
|
9,506
|
1,505
|
305,410
|
|||||||||||||||||||||||||||
|
Other development
|
4,089
|
1,966
|
—
|
461
|
6,516
|
2,251
|
2,559
|
838
|
5,648
|
|||||||||||||||||||||||||||
|
Total
|
$
|
422,816
|
$
|
269,015
|
$
|
353,536
|
$
|
2,151
|
$
|
1,047,518
|
$
|
412,017
|
$
|
119,601
|
$
|
2,516
|
$
|
534,134
|
||||||||||||||||||