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 4, 2013
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:
|
¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
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¨
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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
On November 4, 2013, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and nine months ended September 30, 2013. A copy of the press release announcing Comstock's earnings and operating results for the three months and nine months ended September 30, 2013 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.
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.
Item 9.01 Financial Statements and Exhibits
|
Exhibit 99.1
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Press Release dated November 4, 2013.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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COMSTOCK RESOURCES, INC.
|
||
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Dated: November 4, 2013
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By:
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/s/ ROLAND O. BURNS
|
|
Roland O. Burns
|
||
|
President and Chief Financial Officer
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Exhibit 99.1
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5300 Town and Country Blvd., Suite 500
|
|
 |
Frisco, Texas 75034
|
|
Telephone: (972) 668-8834
|
|
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Contact: Gary H. Guyton
|
|
|
Director of Planning and Investor Relations
|
|
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Web Site: www.comstockresources.com
|
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2013 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, November 4, 2013 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2013.
Financial Results for the Three Months and Nine Months Ended September 30, 2013
Comstock reported a net loss of $24.0 million or 52¢ per share for the three months ended September 30, 2013 as compared to a loss from continuing operations of $44.2 million or 95¢ per share for the three months ended September 30, 2012. The third quarter of 2013 results include an unrealized loss from derivative financial instruments of $3.8 million ($2.5 million after tax or 5¢ per share), an impairment of unevaluated leases of $3.0 million ($1.9 million after tax or 4¢ per share), and a loss of $2.2 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the three months ended September 30, 2012 included an unrealized loss from derivative financial instruments of $11.1 million ($7.2 million after tax or 16¢ per share), an impairment of unevaluated leases of $1.4 million ($0.9 million after tax or 2¢ per share), and a loss of $2.8 million ($1.8 million after tax or 4¢ per share) from the sale of oil and gas properties.
Comstock's production in the third quarter of 2013 included 632,000 barrels of oil and 13.6 billion cubic feet of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe"). Oil production in the third quarter averaged 6,870 barrels of oil per day, which increased 14% from the 6,048 barrels per day produced in the second quarter of 2013, and was 30% higher than oil production in the third quarter of 2012 of 5,295 barrels per day. Gas production in the quarter declined 32% from the same period in 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.
Comstock's average realized price for natural gas improved by 37% to $3.33 per Mcf for the third quarter of 2013 as compared to $2.43 per Mcf realized in the third quarter of 2012. The Company's average realized price for oil, after hedging losses, decreased by 7% to $99.20 per barrel for the third quarter of 2013 as compared to $106.10 per barrel for the third quarter of 2012. Oil and gas sales (including realized gains or losses from hedging) of $108.0 million for the third quarter increased by 8% as compared to 2012's third quarter sales from continuing operations of $100.4 million. Operating cash flow (before changes in working capital accounts) was $62.9 million in the third quarter of 2013, which represented a 5% increase as compared to operating cash flow from continuing operations of $59.7 million in the third quarter of 2012. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $81.8 million in the third quarter of 2013, increased 11% over EBITDAX from continuing operations of $73.7 million in the third quarter of 2012.
Comstock reported net income of $78.5 million, or $1.63 per share, for the nine months ended September 30, 2013 as compared to a net loss of $21.9 million or 47¢ per share for the nine months ended September 30, 2012. $148.6 million, or $3.08 per share, is related to the Company's West Texas operations that were sold on May 14, 2013, which resulted in a gain of $230.6 million ($149.9 million after tax). The loss from continuing operations for the first nine months of 2013 was $70.1 million, or $1.45 per share, as compared to a loss from continuing operations of $26.1 million or 56¢ per share for the same period in 2012.
The 2013 operating results include an unrealized loss from derivative financial instruments of $12.0 million ($7.8 million after tax or 17¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, impairments of oil and gas properties and unevaluated leases of $15.6 million ($10.1 million after tax, or 22¢ per share) and a loss of $2.1 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements. Results for the nine months ended September 30, 2012 included an unrealized gain on derivatives of $13.5 million ($8.8 million after tax or 19¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per share) from the sale of oil and gas properties, a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per share), and impairments of oil and gas properties and unevaluated leases of $8.1 million ($5.3 million or 11¢ per share).
Oil production related to Comstock's continuing operations for the nine months ended September 30, 2013 increased 17% to 1,615,000 barrels as compared to 1,379,000 barrels for the same period in 2012. Gas production decreased 32% to 43.4 Bcf for the first nine months of 2013 as compared to 64.1 Bcf for the same period of 2012. Comstock's average realized price for natural gas increased 44% to $3.39 per Mcf for the first nine months of 2013 as compared to $2.35 per Mcf for the first nine months of 2012. The Company's average realized price for oil for the first nine months of 2013 of $104.49 per barrel, including hedging gains, was 1% below the average realized price of $105.37 per barrel for the first nine months of 2012. Oil and gas sales related to continuing operations increased by 7% to $316.1 million in the first nine months of 2013 as compared to the sales in the first nine months of 2012 of $295.9 million. Operating cash flow related to continuing operations (before changes in working capital accounts) of $185.2 million in the first nine months of 2013 increased 6% from operating cash flow of $174.7 million for 2012's first nine months. EBITDAX related to continuing operations increased 12% to $238.2 million for the first nine months of 2013 from $212.1 million for the first nine months of 2012.
2013 Drilling Results
Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas. During the first nine months of 2013, Comstock spent $234.1 million on its continuing development and exploration activities and $14.5 million on acreage acquisition costs. Comstock drilled 47 horizontal oil wells (31.6 net) and two horizontal natural gas wells (2.0 net) and had 11 oil wells (8.3 net) in various stages of drilling at September 30, 2013. For all of 2013 Comstock expects to spend $345 million to drill 78 horizontal wells (51.6 net). Comstock is also budgeting to spend $140 million in 2013 to acquire additional acreage including bolt-on acreage to its successful Eagle Ford shale play in South Texas as well as exploratory acreage in several emerging oil plays.
Since the beginning of 2013, the Company has completed 42 (26.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012. The 42 Eagle Ford shale wells that were completed had an average per well initial production rate of 793 barrels of oil equivalent ("BOE") per day. Comstock completed 17 Eagle Ford shale wells in the third quarter. The four third quarter wells with the highest initial production rates were the Swenson C #4H, Forrest Wheeler D #1H and the Swenson #7H and #8H which are all located in McMullen County, Texas. These wells had initial production rates of 1,033, 1,128, 1,021 and 1,190 BOE per day, respectively.
Comstock has planned a conference call for 10 a.m. Central Time on November 5, 2013, to discuss the operational and financial results for the third quarter of 2013. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-877-280-4957 (international dial-in use 857-244-7314) and provide access code 96651078 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. A replay of the conference call will be available beginning at 2:00 p.m. Central Time November 5, 2013 and will continue until 11:59 p.m. November 12, 2013. To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US). The conference call ID number is 47625311.
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,
|
||||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||
|
Revenues:
|
|||||||||||||||||
|
Oil and gas sales
|
$
|
111,590
|
$
|
97,141
|
$
|
314,430
|
$
|
291,242
|
|||||||||
|
Operating expenses:
|
|||||||||||||||||
|
Production taxes
|
4,168
|
3,098
|
10,172
|
9,206
|
|||||||||||||
|
Gathering and transportation
|
4,478
|
6,033
|
13,034
|
20,854
|
|||||||||||||
|
Lease operating
|
12,955
|
12,962
|
39,123
|
38,613
|
|||||||||||||
|
Exploration(1)
|
2,995
|
1,407
|
15,342
|
2,797
|
|||||||||||||
|
Depreciation, depletion and amortization
|
85,762
|
91,536
|
255,973
|
254,522
|
|||||||||||||
|
General and administrative
|
8,153
|
8,142
|
25,996
|
25,973
|
|||||||||||||
|
(Gain) loss on sale of oil and gas properties
|
2,165
|
2,794
|
2,084
|
(24,271
|
)
|
||||||||||||
|
Impairment of oil and gas properties
|
—
|
—
|
652
|
5,350
|
|||||||||||||
|
Total operating expenses
|
120,676
|
125,972
|
362,376
|
333,044
|
|||||||||||||
|
Operating loss
|
(9,086
|
)
|
(28,831
|
)
|
(47,946
|
)
|
(41,802
|
)
|
|||||||||
|
Other income (expenses):
|
|||||||||||||||||
|
Gain on sale of marketable securities
|
—
|
—
|
7,877
|
26,621
|
|||||||||||||
|
Realized gain (loss) from derivatives
|
(3,560
|
)
|
3,293
|
1,641
|
4,658
|
||||||||||||
|
Unrealized gain (loss) from derivatives
|
(3,835
|
)
|
(11,112
|
)
|
(11,962
|
)
|
13,498
|
||||||||||
|
Interest and other income
|
423
|
153
|
864
|
675
|
|||||||||||||
|
Interest expense(2)
|
(20,530
|
)
|
(15,527
|
)
|
(57,348
|
)
|
(41,181
|
)
|
|||||||||
|
Total other income (expenses)
|
(27,502
|
)
|
(23,193
|
)
|
(58,928
|
)
|
4,271
|
||||||||||
|
Loss before income taxes
|
(36,588
|
)
|
(52,024
|
)
|
(106,874
|
)
|
(37,531
|
)
|
|||||||||
|
Benefit from income taxes
|
12,554
|
7,812
|
36,792
|
11,446
|
|||||||||||||
|
Loss from continuing operations
|
(24,034
|
)
|
(44,212
|
)
|
(70,082
|
)
|
(26,085
|
)
|
|||||||||
|
Income from discontinued operations, net of income taxes
|
—
|
13,763
|
148,609
|
4,176
|
|||||||||||||
|
Net income (loss)
|
$
|
(24,034
|
)
|
$
|
(30,449
|
)
|
$
|
78,527
|
$
|
(21,909
|
)
|
||||||
|
Net income (loss) per share:
|
|||||||||||||||||
| Basic |
— loss from continuing operations
|
$
|
(0.52
|
)
|
$
|
(0.95
|
)
|
$
|
(1.45
|
)
|
$
|
(0.56
|
)
|
||||
|
— income from discontinued operations
|
—
|
0.29
|
3.08
|
0.09
|
|||||||||||||
|
— net income (loss)
|
$
|
(0.52
|
)
|
$
|
(0.66
|
)
|
$
|
1.63
|
$
|
(0.47
|
)
|
||||||
| Diluted |
— loss from continuing operations
|
$
|
(0.52
|
)
|
$
|
(0.95
|
)
|
$
|
(1.45
|
)
|
$
|
(0.56
|
)
|
||||
|
— income from discontinued operations
|
—
|
0.29
|
3.08
|
0.09
|
|||||||||||||
|
— net income (loss)
|
$
|
(0.52
|
)
|
$
|
(0.66
|
)
|
$
|
1.63
|
$
|
(0.47
|
)
|
||||||
|
Dividends per common share
|
$
|
0.125
|
$
|
—
|
$
|
0.25
|
$
|
—
|
|||||||||
|
Weighted average shares outstanding:
|
|||||||||||||||||
|
Basic
|
46,570
|
46,443
|
46,684
|
46,414
|
|||||||||||||
|
Diluted
|
46,570
|
46,443
|
46,684
|
46,414
|
|||||||||||||
(1) Includes impairments of unevaluated leases of $3.0 million, $1.4 million, $14.9 million and $2.7 million in the three months and nine months ended September 30, 2013 and 2012, respectively.
(2) $0.7 million, $3.3 million, $2.4 million and $9.4 million of interest expense was capitalized for the three months and nine months ended September 30, 2013 and 2012, respectively.
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||
|
OPERATING CASH FLOW:
|
|||||||||||||||||
|
Net income (loss)
|
$
|
(24,034
|
)
|
$
|
(30,449
|
)
|
$
|
78,527
|
$
|
(21,909
|
)
|
||||||
|
Reconciling items:
|
|||||||||||||||||
|
Income from discontinued operations
|
—
|
(13,763
|
)
|
(148,609
|
)
|
(4,176
|
)
|
||||||||||
|
Deferred income taxes
|
(12,554
|
)
|
(7,800
|
)
|
(36,792
|
)
|
(11,235
|
)
|
|||||||||
|
Depreciation, depletion and amortization
|
85,762
|
91,536
|
255,973
|
254,522
|
|||||||||||||
|
Impairment of oil and gas properties
|
—
|
—
|
652
|
5,350
|
|||||||||||||
|
Dry hole costs and lease impairments
|
2,995
|
1,370
|
14,903
|
2,685
|
|||||||||||||
|
(Gain) loss on sale of assets
|
2,165
|
2,794
|
(5,793
|
)
|
(50,892
|
)
|
|||||||||||
|
Unrealized (gain) loss on derivatives
|
3,835
|
11,112
|
11,962
|
(13,498
|
)
|
||||||||||||
|
Debt issuance cost and discount amortization
|
1,584
|
1,586
|
4,802
|
3,689
|
|||||||||||||
|
Stock-based compensation
|
3,121
|
3,329
|
9,561
|
10,189
|
|||||||||||||
|
Operating cash flow from continuing operations
|
62,874
|
59,715
|
185,186
|
174,725
|
|||||||||||||
|
Excess income taxes from stock-based compensation
|
1
|
11
|
2,016
|
1,681
|
|||||||||||||
|
Decrease (increase) in accounts receivable
|
(27,425
|
)
|
(5,454
|
)
|
(48,185
|
)
|
12,426
|
||||||||||
|
Decrease (increase) in other current assets
|
1,893
|
1,176
|
2,136
|
(1,713
|
)
|
||||||||||||
|
Increase in accounts payable and accrued expenses
|
60,222
|
21,361
|
72,139
|
7,078
|
|||||||||||||
|
Net cash provided by continuing operations
|
97,565
|
76,809
|
213,292
|
194,197
|
|||||||||||||
|
Net cash provided by (used for) discontinued operations(1)
|
(15
|
)
|
6,991
|
(7,730
|
)
|
31,501
|
|||||||||||
|
Net cash provided by operating activities
|
$
|
97,550
|
$
|
83,800
|
$
|
205,562
|
$
|
225,698
|
|||||||||
|
(1) $10.1 million, $6.7 million and $21.9 million for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, respectively, excluding working capital changes.
|
|||||||||||||||||
|
EBITDAX:
|
|||||||||||||||||
|
Net loss from continuing operations
|
$
|
(24,034
|
)
|
$
|
(44,212
|
)
|
$
|
(70,082
|
)
|
$
|
(26,085
|
)
|
|||||
|
Interest expense
|
20,530
|
15,527
|
57,348
|
41,181
|
|||||||||||||
|
Benefit from income taxes
|
(12,554
|
)
|
(7,812
|
)
|
(36,792
|
)
|
(11,446
|
)
|
|||||||||
|
Depreciation, depletion and amortization
|
85,762
|
91,536
|
255,973
|
254,522
|
|||||||||||||
|
Exploration
|
2,995
|
1,407
|
15,342
|
2,797
|
|||||||||||||
|
Impairments of oil and gas properties
|
—
|
—
|
652
|
5,350
|
|||||||||||||
|
(Gain) loss on sale of assets
|
2,165
|
2,794
|
(5,793
|
)
|
(50,892
|
)
|
|||||||||||
|
Unrealized (gain) loss from derivatives
|
3,835
|
11,112
|
11,962
|
(13,498
|
)
|
||||||||||||
|
Stock-based compensation
|
3,121
|
3,329
|
9,561
|
10,189
|
|||||||||||||
|
EBITDAX from continuing operations
|
81,820
|
73,681
|
238,171
|
212,118
|
|||||||||||||
|
EBITDAX from discontinued operations
|
—
|
12,106
|
13,651
|
26,066
|
|||||||||||||
|
Total EBITDAX
|
$
|
81,820
|
$
|
85,787
|
$
|
251,822
|
$
|
238,184
|
|||||||||
|
As of
|
||||||||
|
September 30, 2013
|
December 31, 2012
|
|||||||
|
BALANCE SHEET DATA:
|
||||||||
|
Cash and cash equivalents
|
$
|
228,353
|
$
|
4,471
|
||||
|
Marketable securities
|
—
|
12,312
|
||||||
| Other current assets | 96,827 | 46,652 | ||||||
|
Derivative financial instruments
|
1,820
|
11,651
|
||||||
|
Assets of discontinued operations
|
—
|
518,934
|
||||||
|
Property and equipment, net
|
1,936,813
|
1,958,687
|
||||||
|
Other
|
13,576
|
19,944
|
||||||
|
Total assets
|
$
|
2,277,389
|
$
|
2,572,651
|
||||
|
Current liabilities (1)
|
$
|
378,618
|
(1)
|
$
|
112,893
|
|||
|
Liabilities of discontinued operations
|
—
|
33,280
|
||||||
|
Long-term debt
|
688,260
|
1,324,383
|
||||||
|
Deferred income taxes
|
198,942
|
149,901
|
||||||
|
Other non-current liabilities
|
19,330
|
18,660
|
||||||
|
Stockholders' equity
|
992,239
|
933,534
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
2,277,389
|
$
|
2,572,651
|
||||
|
(1) Includes $195.6 million of debt classified as short-term due to early redemption of senior notes.
|
||||||||
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Three Months Ended September 30, 2013
|
||||||||||||||||||||||||
|
East Texas/ North
Louisiana
|
South Texas
|
Other
|
Continuing Operations
|
Discontinued Operations
|
Total
|
|||||||||||||||||||
|
Oil production (Mbbls)
|
17
|
611
|
4
|
632
|
—
|
632
|
||||||||||||||||||
|
Gas production (MMcf)
|
11,364
|
1,833
|
415
|
13,612
|
—
|
13,612
|
||||||||||||||||||
|
Total production (MMcfe)
|
11,467
|
5,499
|
438
|
17,404
|
—
|
17,404
|
||||||||||||||||||
|
Oil sales
|
$
|
1,824
|
$
|
64,015
|
$
|
421
|
$
|
66,260
|
$
|
—
|
$
|
66,260
|
||||||||||||
|
Oil hedging losses(1)
|
—
|
—
|
—
|
(3,560
|
)
|
—
|
(3,560
|
)
|
||||||||||||||||
|
Total oil sales including hedging
|
1,824
|
64,015
|
421
|
62,700
|
—
|
62,700
|
||||||||||||||||||
|
Natural gas sales
|
36,484
|
7,301
|
1,545
|
45,330
|
—
|
45,330
|
||||||||||||||||||
|
Total oil and gas sales and realized losses from derivatives
|
$
|
38,308
|
$
|
71,316
|
$
|
1,966
|
$
|
108,030
|
$
|
—
|
$
|
108,030
|
||||||||||||
|
Average oil price (per barrel)
|
$
|
105.60
|
$
|
104.77
|
$
|
111.61
|
$
|
104.83
|
$
|
—
|
$
|
104.83
|
||||||||||||
|
Average oil price including hedging
(per barrel) |
$
|
105.60
|
$
|
104.77
|
$
|
111.61
|
$
|
99.20
|
$
|
—
|
$
|
99.20
|
||||||||||||
|
Average gas price (per Mcf)
|
$
|
3.21
|
$
|
3.98
|
$
|
3.72
|
$
|
3.33
|
$
|
—
|
$
|
3.33
|
||||||||||||
|
Average price (per Mcfe)
|
$
|
3.34
|
$
|
12.97
|
$
|
4.49
|
$
|
6.41
|
$
|
—
|
$
|
6.41
|
||||||||||||
|
Average price including hedging (per Mcfe)
|
$
|
3.34
|
$
|
12.97
|
$
|
4.49
|
$
|
6.21
|
$
|
—
|
$
|
6.21
|
||||||||||||
|
Production taxes
|
$
|
771
|
$
|
3,269
|
$
|
128
|
$
|
4,168
|
$
|
—
|
$
|
4,168
|
||||||||||||
|
Gathering and transportation
|
$
|
3,508
|
$
|
869
|
$
|
101
|
$
|
4,478
|
$
|
—
|
$
|
4,478
|
||||||||||||
|
Lease operating
|
$
|
6,683
|
$
|
5,647
|
$
|
625
|
$
|
12,955
|
$
|
—
|
$
|
12,955
|
||||||||||||
|
Production taxes (per Mcfe)
|
$
|
0.07
|
$
|
0.59
|
$
|
0.29
|
$
|
0.24
|
$
|
—
|
$
|
0.24
|
||||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.31
|
$
|
0.16
|
$
|
0.23
|
$
|
0.26
|
$
|
—
|
$
|
0.26
|
||||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.58
|
$
|
1.03
|
$
|
1.43
|
$
|
0.74
|
$
|
—
|
$
|
0.74
|
||||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||
|
Exploratory leasehold
|
$
|
—
|
$
|
9,575
|
$
|
—
|
$
|
9,575
|
$
|
—
|
$
|
9,575
|
||||||||||||
|
Development leasehold
|
2
|
81
|
—
|
83
|
—
|
83
|
||||||||||||||||||
|
Development drilling
|
4,167
|
100,019
|
—
|
104,186
|
—
|
104,186
|
||||||||||||||||||
|
Other development
|
833
|
420
|
5
|
1,258
|
—
|
1,258
|
||||||||||||||||||
|
Total
|
$
|
5,002
|
$
|
110,095
|
(2)
|
$
|
5
|
$
|
115,102
|
$
|
—
|
$
|
115,102
|
|||||||||||
|
|
|
(1)
|
Reported as realized loss from derivatives in operating results.
|
|
(2)
|
Net of acreage and facility reimbursements received of $13.4 million from joint venture partner.
|
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Three Months Ended September 30, 2012
|
||||||||||||||||||||||||
|
East Texas/ North
Louisiana
|
South Texas
|
Other
|
Continuing Operations
|
Discontinued Operations
|
Total
|
|||||||||||||||||||
|
Oil production (Mbbls)
|
22
|
457
|
8
|
487
|
172
|
659
|
||||||||||||||||||
|
Gas production (MMcf)
|
17,633
|
1,937
|
480
|
20,050
|
202
|
20,252
|
||||||||||||||||||
|
Total production (MMcfe)
|
17,770
|
4,677
|
526
|
22,973
|
1,235
|
24,208
|
||||||||||||||||||
|
Oil sales
|
$
|
2,103
|
$
|
45,514
|
$
|
777
|
$
|
48,394
|
$
|
14,678
|
$
|
63,072
|
||||||||||||
|
Oil hedging gains(1)
|
—
|
—
|
—
|
3,293
|
—
|
3,293
|
||||||||||||||||||
|
Total oil sales including hedging
|
2,103
|
45,514
|
777
|
51,687
|
14,678
|
66,365
|
||||||||||||||||||
|
Natural gas sales
|
41,342
|
5,680
|
1,725
|
48,747
|
1,076
|
49,823
|
||||||||||||||||||
|
Total oil and gas sales and realized gains from derivatives
|
$
|
43,445
|
$
|
51,194
|
$
|
2,502
|
$
|
100,434
|
$
|
15,754
|
$
|
116,188
|
||||||||||||
|
Average oil price (per barrel)
|
$
|
92.33
|
$
|
99.69
|
$
|
99.77
|
$
|
99.34
|
$
|
85.24
|
$
|
95.66
|
||||||||||||
|
Average oil price including hedging
(per barrel) |
$
|
92.33
|
$
|
99.69
|
$
|
99.77
|
$
|
106.10
|
$
|
85.24
|
$
|
100.65
|
||||||||||||
|
Average gas price (per Mcf)
|
$
|
2.34
|
$
|
2.93
|
$
|
3.59
|
$
|
2.43
|
$
|
5.33
|
$
|
2.46
|
||||||||||||
|
Average price (per Mcfe)
|
$
|
2.44
|
$
|
10.95
|
$
|
4.76
|
$
|
4.23
|
$
|
12.76
|
$
|
4.66
|
||||||||||||
|
Average price including hedging (per Mcfe)
|
$
|
2.44
|
$
|
10.95
|
$
|
4.76
|
$
|
4.37
|
$
|
12.76
|
$
|
4.80
|
||||||||||||
|
Production taxes
|
$
|
699
|
$
|
2,243
|
$
|
156
|
$
|
3,098
|
$
|
758
|
$
|
3,856
|
||||||||||||
|
Gathering and transportation
|
$
|
5,503
|
$
|
432
|
$
|
98
|
$
|
6,033
|
$
|
349
|
$
|
6,382
|
||||||||||||
|
Lease operating
|
$
|
8,341
|
$
|
3,658
|
$
|
963
|
$
|
12,962
|
$
|
2,541
|
$
|
15,503
|
||||||||||||
|
Production taxes (per Mcfe)
|
$
|
0.04
|
$
|
0.48
|
$
|
0.30
|
$
|
0.13
|
$
|
0.61
|
$
|
0.16
|
||||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.31
|
$
|
0.09
|
$
|
0.19
|
$
|
0.26
|
$
|
0.28
|
$
|
0.26
|
||||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.47
|
$
|
0.78
|
$
|
1.82
|
$
|
0.57
|
$
|
2.06
|
$
|
0.64
|
||||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||
|
Exploratory leasehold
|
$
|
1,895
|
$
|
1,787
|
$
|
—
|
$
|
3,682
|
$
|
4,135
|
$
|
7,817
|
||||||||||||
|
Development leasehold
|
120
|
116
|
—
|
236
|
—
|
236
|
||||||||||||||||||
|
Exploratory drilling
|
408
|
497
|
—
|
905
|
—
|
905
|
||||||||||||||||||
|
Development drilling
|
9,418
|
21,706
|
—
|
31,124
|
58,410
|
89,534
|
||||||||||||||||||
|
Other development
|
257
|
166
|
64
|
487
|
—
|
487
|
||||||||||||||||||
|
Total
|
$
|
12,098
|
$
|
24,272
|
(2)
|
$
|
64
|
$
|
36,434
|
$
|
62,545
|
$
|
98,979
|
|||||||||||
|
|
|
(1)
|
Reported as realized gain from derivatives in operating results.
|
|
(2)
|
Net of pre-formation cost reimbursements of $23.8 million under the Company's Eagle Ford shale joint venture.
|
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Nine Months Ended September 30, 2013
|
||||||||||||||||||||||||
|
East Texas/ North
Louisiana
|
South Texas
|
Other
|
Continuing Operations
|
Discontinued Operations
|
Total
|
|||||||||||||||||||
|
Oil production (Mbbls)
|
49
|
1,551
|
15
|
1,615
|
270
|
1,885
|
||||||||||||||||||
|
Gas production (MMcf)
|
36,801
|
5,396
|
1,249
|
43,446
|
410
|
43,856
|
||||||||||||||||||
|
Total production (MMcfe)
|
37,094
|
14,703
|
1,337
|
53,134
|
2,031
|
55,165
|
||||||||||||||||||
|
Oil sales
|
$
|
4,781
|
$
|
160,689
|
$
|
1,603
|
$
|
167,073
|
$
|
22,777
|
$
|
189,850
|
||||||||||||
|
Oil hedging gains(1)
|
—
|
—
|
—
|
1,641
|
—
|
1,641
|
||||||||||||||||||
|
Total oil sales including hedging
|
4,781
|
160,689
|
1,603
|
168,714
|
22,777
|
191,491
|
||||||||||||||||||
|
Natural gas sales
|
120,786
|
21,741
|
4,830
|
147,357
|
2,348
|
149,705
|
||||||||||||||||||
|
Total oil and gas sales and realized gains from derivatives
|
$
|
125,567
|
$
|
182,430
|
$
|
6,433
|
$
|
316,071
|
$
|
25,125
|
$
|
341,196
|
||||||||||||
|
Average oil price (per barrel)
|
$
|
97.97
|
$
|
103.59
|
$
|
109.09
|
$
|
103.47
|
$
|
84.30
|
$
|
100.72
|
||||||||||||
|
Average oil price including hedging
(per barrel) |
$
|
97.97
|
$
|
103.59
|
$
|
109.09
|
$
|
104.49
|
$
|
84.30
|
$
|
101.59
|
||||||||||||
|
Average gas price (per Mcf)
|
$
|
3.28
|
$
|
4.03
|
$
|
3.87
|
$
|
3.39
|
$
|
5.73
|
$
|
3.41
|
||||||||||||
|
Average price (per Mcfe)
|
$
|
3.39
|
$
|
12.41
|
$
|
4.81
|
$
|
5.92
|
$
|
12.37
|
$
|
6.16
|
||||||||||||
|
Average price including hedging (per Mcfe)
|
$
|
3.39
|
$
|
12.41
|
$
|
4.81
|
$
|
5.95
|
$
|
12.37
|
$
|
6.19
|
||||||||||||
|
Production taxes
|
$
|
1,469
|
$
|
8,299
|
$
|
404
|
$
|
10,172
|
$
|
1,120
|
$
|
11,292
|
||||||||||||
|
Gathering and transportation
|
$
|
10,544
|
$
|
2,263
|
$
|
227
|
$
|
13,034
|
$
|
501
|
$
|
13,535
|
||||||||||||
|
Lease operating
|
$
|
20,931
|
$
|
15,841
|
$
|
2,351
|
$
|
39,123
|
$
|
9,853
|
$
|
48,976
|
||||||||||||
|
Production taxes (per Mcfe)
|
$
|
0.04
|
$
|
0.56
|
$
|
0.30
|
$
|
0.19
|
$
|
0.55
|
$
|
0.20
|
||||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.28
|
$
|
0.15
|
$
|
0.17
|
$
|
0.25
|
$
|
0.25
|
$
|
0.25
|
||||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.57
|
$
|
1.09
|
$
|
1.76
|
$
|
0.73
|
$
|
4.85
|
$
|
0.89
|
||||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||
|
Exploratory leasehold
|
$
|
—
|
$
|
14,114
|
$
|
—
|
$
|
14,114
|
$
|
8,856
|
$
|
22,970
|
||||||||||||
|
Development leasehold
|
51
|
315
|
—
|
366
|
—
|
366
|
||||||||||||||||||
|
Development drilling
|
16,473
|
213,221
|
—
|
229,694
|
81,735
|
311,429
|
||||||||||||||||||
|
Other development
|
2,105
|
2,249
|
69
|
4,423
|
880
|
5,303
|
||||||||||||||||||
|
Total
|
$
|
18,629
|
$
|
229,899
|
(2)
|
$
|
69
|
$
|
248,597
|
$
|
91,471
|
$
|
340,068
|
|||||||||||
|
|
|
(1)
(2)
|
Reported as realized gain from derivatives in operating results.
Net of acreage and facility reimbursements received of $34.9 million from joint venture partner.
|
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
For the Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||
|
East Texas/ North
Louisiana
|
South Texas
|
Other
|
Continuing Operations
|
Discontinued Operations
|
Total
|
|||||||||||||||||||
|
Oil production (Mbbls)
|
69
|
1,285
|
25
|
1,379
|
369
|
1,748
|
||||||||||||||||||
|
Gas production (MMcf)
|
55,745
|
6,807
|
1,541
|
64,093
|
474
|
64,567
|
||||||||||||||||||
|
Total production (MMcfe)
|
56,162
|
14,514
|
1,693
|
72,369
|
2,686
|
75,055
|
||||||||||||||||||
|
Oil sales
|
$
|
6,714
|
$
|
131,373
|
$
|
2,582
|
$
|
140,669
|
$
|
31,311
|
|
$ |
171,980
|
|||||||||||
|
Oil hedging gains(1)
|
—
|
—
|
—
|
4,658
|
—
|
4,658
|
||||||||||||||||||
|
Total oil sales including hedging
|
6,714
|
131,373
|
2,582
|
145,327
|
31,311
|
176,638
|
||||||||||||||||||
|
Natural gas sales
|
125,438
|
20,472
|
4,663
|
150,573
|
2,767
|
153,340
|
||||||||||||||||||
|
Total oil and gas sales and realized gains from derivatives
|
$
|
132,152
|
$
|
151,845
|
$
|
7,245
|
$
|
295,900
|
$
|
34,078
|
|
$ |
329,978
|
|||||||||||
|
Average oil price (per barrel)
|
$
|
96.75
|
$
|
102.27
|
$
|
102.07
|
$
|
101.99
|
$
|
84.91
|
|
$ |
98.39
|
|||||||||||
|
Average oil price including hedging
(per barrel) |
$
|
96.75
|
$
|
102.27
|
$
|
102.07
|
$
|
105.37
|
$
|
84.91
|
|
$ |
101.05
|
|||||||||||
|
Average gas price (per Mcf)
|
$
|
2.25
|
$
|
3.01
|
$
|
3.03
|
$
|
2.35
|
$
|
5.84
|
|
$ |
2.37
|
|||||||||||
|
Average price (per Mcfe)
|
$
|
2.35
|
$
|
10.46
|
$
|
4.28
|
$
|
4.02
|
$
|
12.69
|
|
$ |
4.33
|
|||||||||||
|
Average price including hedging (per Mcfe)
|
$
|
2.35
|
$
|
10.46
|
$
|
4.28
|
$
|
4.09
|
$
|
12.69
|
|
$ |
4.40
|
|||||||||||
|
Production taxes
|
$
|
2,106
|
$
|
6,526
|
$
|
574
|
$
|
9,206
|
$
|
1,667
|
|
$ |
10,873
|
|||||||||||
|
Gathering and transportation
|
$
|
18,580
|
$
|
1,939
|
$
|
335
|
$
|
20,854
|
$
|
758
|
|
$ |
21,612
|
|||||||||||
|
Lease operating
|
$
|
24,979
|
$
|
10,512
|
$
|
3,122
|
$
|
38,613
|
$
|
5,587
|
|
$ |
44,200
|
|||||||||||
|
Production taxes (per Mcfe)
|
$
|
0.04
|
$
|
0.45
|
$
|
0.34
|
$
|
0.13
|
$
|
0.62
|
|
$ |
0.14
|
|||||||||||
|
Gathering and transportation (per Mcfe)
|
$
|
0.33
|
$
|
0.13
|
$
|
0.20
|
$
|
0.29
|
$
|
0.28
|
|
$ |
0.29
|
|||||||||||
|
Lease operating (per Mcfe)
|
$
|
0.44
|
$
|
0.73
|
$
|
1.84
|
$
|
0.53
|
$
|
2.08
|
|
$ |
0.59
|
|||||||||||
|
Oil and Gas Capital Expenditures:
|
||||||||||||||||||||||||
|
Acquisitions
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
3,235
|
|
$ |
3,235
|
|||||||||||
|
Exploratory leasehold
|
5,264
|
4,886
|
—
|
10,150
|
12,149
|
22,299
|
||||||||||||||||||
|
Development leasehold
|
549
|
1,332
|
—
|
1,881
|
—
|
1,881
|
||||||||||||||||||
|
Exploratory drilling
|
976
|
2,825
|
—
|
3,801
|
—
|
3,801
|
||||||||||||||||||
|
Development drilling
|
99,962
|
158,268
|
—
|
258,230
|
137,467
|
395,697
|
||||||||||||||||||
|
Other development
|
1,241
|
991
|
195
|
2,427
|
—
|
2,427
|
||||||||||||||||||
|
Total
|
$
|
107,992
|
$
|
168,302
|
(2)
|
$
|
195
|
$
|
276,489
|
$
|
152,851
|
|
$ |
429,340
|
||||||||||
|
|
|
(1)
|
Reported as realized gain from derivatives in operating results.
|
|
(2)
|
Net of pre-formation cost reimbursements of $23.8 million under the Company's Eagle Ford shale joint venture.
|