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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	S-4
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Trading Symbol	CRK
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Entity Filer Category	Accelerated Filer

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and Cash Equivalents	$ 67,412	$ 134,006	$ 2,071
Accounts Receivable:
Oil and gas sales	16,075	15,241	32,849
Joint interest operations	2,387	3,552	16,192
Derivative Financial Instruments		1,446
Assets Held for Sale	42,542
Other Current Assets	2,339	1,993	10,105
Total current assets	130,755	156,238	61,217
Property and Equipment:
Unproved oil and gas properties	76,391	84,144	201,459
Oil and gas properties, successful efforts method	3,768,602	4,332,222	4,282,088
Other	19,532	19,521	19,630
Accumulated depreciation, depletion and amortization	(2,949,175)	(3,397,467)	(2,305,008)
Net property and equipment	915,350	1,038,420	2,198,169
Other Assets	1,121	1,192	5,160
Assets, Total	1,047,226	1,195,850	2,264,546
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts Payable	46,601	57,276	117,329
Accrued Liabilities	40,220	38,444	44,842
Total current liabilities	86,821	95,720	162,171
Long-term Debt	1,145,190	1,249,330	1,060,654
Deferred Income Taxes	6,510	1,965	154,547
Reserve for Future Abandonment Costs	15,972	20,093	14,900
Other Non-Current Liabilities			2,002
Total liabilities	1,254,493	1,367,108	1,394,274
Commitments and Contingencies
Stockholders' Equity (Deficit):
Common stock	6,253	4,772	4,686
Additional paid-in capital	518,905	504,670	499,177
Accumulated earnings (deficit)	(732,425)	(680,700)	366,409
Total stockholders' equity (deficit)	(207,267)	(171,258)	870,272
Total liabilities and stockholders' equity	$ 1,047,226	$ 1,195,850	$ 2,264,546

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized	50,000,000	15,000,000	15,000,000
Common stock, shares issued		9,544,035	9,371,683
Common stock, shares outstanding	12,504,562	9,544,035	9,371,683

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Natural gas sales	$ 25,727	$ 26,188	$ 50,874	$ 46,757	$ 109,753	$ 165,461	$ 188,453
Oil sales	14,988	51,124	26,004	97,077	142,669	389,770	231,837
Total oil and gas sales	40,715	77,312	76,878	143,834	252,422	555,231	420,290
Operating expenses:
Production taxes	1,327	3,807	2,513	6,781	10,286	23,797	14,524
Gathering and transportation	4,025	3,260	8,390	6,113	14,298	12,897	17,245
Lease operating	12,988	17,827	25,948	32,963	64,502	60,283	52,844
Exploration		23,040	7,753	65,269	70,694	19,403	33,423
Depreciation, depletion and amortization	36,029	90,573	74,865	182,462	321,323	378,275	337,134
General and administrative	5,663	7,176	11,238	15,142	23,541	32,379	34,767
Impairment of oil and gas properties	1,742	1,984	24,460	2,387	801,347	60,268	652
Net loss on sales and exchange of oil and gas properties	1,647	111,830	907	111,830	112,085		2,033
Total operating expenses	63,421	259,497	156,074	422,947	1,418,076	587,302	492,622
Operating loss	(22,706)	(182,185)	(79,196)	(279,113)	(1,165,654)	(32,071)	(72,332)
Other income (expenses):
Gain on sale of marketable securities							7,877
Gain (loss) from derivative financial instruments	18	627	674	627	2,676	8,175	(8,388)
Net gain (loss) on extinguishment of debt	56,196	7,267	89,576	4,532	78,741		(17,854)
Other income	314	356	595	643	1,275	727	1,059
Interest expense	(28,882)	(33,807)	(58,826)	(54,561)	(118,592)	(58,631)	(73,242)
Total other income (expenses)	27,646	(25,557)	32,019	(48,759)	(35,900)	(49,729)	(90,548)
Income (loss) from continuing operations before income taxes	4,940	(207,742)	(47,177)	(327,872)	(1,201,554)	(81,800)	(162,880)
(Provision for) benefit from income taxes	(88)	72,674	(4,548)	114,302	154,445	24,689	56,157
Loss from continuing operations					(1,047,109)	(57,111)	(106,723)
Income from discontinued operations, net of income taxes							147,752
Net income (loss)	$ 4,852	$ (135,068)	$ (51,725)	$ (213,570)	$ (1,047,109)	$ (57,111)	$ 41,029
Net income (loss) per share:
Loss from continuing operations, Basic and diluted					$ (113.53)	$ (6.20)	$ (11.09)
Income from discontinued operations, Basic and diluted							15.36
Net income (loss) per share - basic and diluted	$ 0.41	$ (14.64)	$ (4.82)	$ (23.18)	$ (113.53)	(6.20)	4.27
Dividends per common share						$ 2.50	$ 1.88
Weighted average shares outstanding - basic and diluted	11,557	9,224	10,729	9,215	9,223	9,309	9,311

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2012	$ 933,534	$ 4,841	$ 499,958	$ 424,317	$ 4,418
Beginning Balance, Shares at Dec. 31, 2012		9,682,000
Stock-based compensation	12,785	$ 2	12,783
Stock-based compensation, Shares		3,000
Tax withholdings related to stock grants	(1,680)	$ (11)	(1,669)
Tax withholdings related to stock grants, Shares		(22,000)
Excess income taxes from stock-based compensation	(2,016)		(2,016)
Repurchases of common stock	$ (9,232)	$ (64)	(9,168)
Repurchases of common stock, Shares	(126,219)	(127,000)
Net income (loss)	$ 41,029			41,029
Other comprehensive loss	(4,418)				$ (4,418)
Dividends paid	(17,997)			(17,997)
Ending Balance at Dec. 31, 2013	952,005	$ 4,768	499,888	447,349
Ending Balance, Shares at Dec. 31, 2013		9,536,000
Stock-based compensation	10,697	$ 31	10,666
Stock-based compensation, Shares		62,000
Tax withholdings related to stock grants	(2,349)	$ (13)	(2,336)
Tax withholdings related to stock grants, Shares		(26,000)
Excess income taxes from stock-based compensation	(1,055)		(1,055)
Repurchases of common stock	$ (8,086)	$ (100)	(7,986)
Repurchases of common stock, Shares	(200,000)	(200,000)
Net income (loss)	$ (57,111)			(57,111)
Other comprehensive loss	0
Dividends paid	(23,829)			(23,829)
Ending Balance at Dec. 31, 2014	870,272	$ 4,686	499,177	366,409
Ending Balance, Shares at Dec. 31, 2014		9,372,000
Stock-based compensation	8,149	$ 94	8,055
Stock-based compensation, Shares		188,000
Tax withholdings related to stock grants	(526)	$ (8)	(518)
Tax withholdings related to stock grants, Shares		(16,000)
Excess income taxes from stock-based compensation	(2,044)		(2,044)
Net income (loss)	(1,047,109)			(1,047,109)
Other comprehensive loss	0
Ending Balance at Dec. 31, 2015	(171,258)	$ 4,772	504,670	(680,700)
Ending Balance, Shares at Dec. 31, 2015		9,544,000
Stock-based compensation	2,493	$ 116	2,377
Stock-based compensation, Shares		232,000
Tax withholdings related to stock grants	(313)	$ (21)	(292)
Tax withholdings related to stock grants, Shares		(42,000)
Stock issued in exchange for debt	13,536	$ 1,386	12,150
Stock issued in exchange for debt, Shares		2,771,000
Net income (loss)	(51,725)			(51,725)
Ending Balance at Jun. 30, 2016	$ (207,267)	$ 6,253	$ 518,905	$ (732,425)
Ending Balance, Shares at Jun. 30, 2016		12,505,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (51,725)	$ (213,570)	$ (1,047,109)	$ (57,111)	$ 41,029
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Income from discontinued operations					(147,752)
Net loss on sales and exchange of oil and gas properties	907	111,830	112,085		(5,844)
Deferred income taxes	4,519	(114,785)	(155,249)	(24,677)	(56,291)
Leasehold impairments, dry hole costs and other exploration costs	7,753	65,269	70,694	19,003	32,984
Impairment of oil and gas properties	24,460	2,387	801,347	60,268	652
Depreciation, depletion and amortization	74,865	182,462	321,323	378,275	337,134
(Gain) loss on derivative financial instruments	(674)	(627)	(2,676)	(8,175)	8,388
Cash settlements of derivative financial instruments	2,120		1,230	9,145	2,293
Net (gain) loss on extinguishment of debt	(89,576)	(4,532)	(78,741)		17,854
Amortization of debt discount, premium and issuance costs	2,533	2,564	5,144	4,097	6,074
Stock-based compensation	2,493	3,982	8,149	10,697	12,785
Excess income taxes from stock-based compensation		1,903	2,044	1,055	2,016
Decrease (increase) in accounts receivable	331	17,125	30,248	2,221	(12,674)
Decrease (increase) in other current assets	(346)	7,600	8,112	(7,366)	3,459
Increase (decrease) in accounts payable and accrued liabilities	(8,864)	(37,370)	(46,515)	13,552	26,887
Net cash provided by (used for) operating activities	(31,204)	24,238	30,086	400,984	268,994
Net cash used for discontinued operations					(7,715)
Net cash provided by operating activities			30,086	400,984	261,279
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(33,654)	(197,263)	(264,210)	(634,787)	(422,244)
Proceeds from asset sales	2,067		102,485		174
Proceeds from sales of marketable securities					13,392
Net cash used for continuing operations	(31,587)	(197,263)	(161,725)	(634,787)	(408,678)
Cash flow from investing activities of discontinued operations:
Capital expenditures					(101,037)
Proceeds from sale of oil and gas properties					823,072
Net cash provided by discontinued operations					722,035
Net cash provided by (used for) investing activities			(161,725)	(634,787)	313,357
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings		740,000	790,000	370,750	305,000
Payments to retire debt	(3,397)	(420,288)	(507,655)	(100,000)	(835,000)
Costs related to extinguishment of debt					(12,471)
Debt and equity issuance costs	(93)	(16,115)
Debt issuance costs			(16,201)	(2,524)	(2,744)
Tax withholding related to stock grants	(313)	(526)	(526)	(2,349)	(1,680)
Repurchases of common stock			0	(8,086)	(9,232)
Excess income taxes from stock-based compensation		(1,903)	(2,044)	(1,055)	(2,016)
Dividends paid				(23,829)	(17,997)
Net cash provided by (used for) financing activities	(3,803)	301,168
Net cash provided by (used for) financing activities			263,574	232,907	(576,140)
Net increase (decrease) in cash and cash equivalents	(66,594)	128,143	131,935	(896)	(1,504)
Cash and cash equivalents, beginning of period	134,006	2,071	2,071	2,967	4,471
Cash and cash equivalents, end of period	$ 67,412	$ 130,214	$ 134,006	$ 2,071	$ 2,967

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (1,047,109)	$ (57,111)	$ 41,029
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $2,757 in 2013	0	0	(5,120)
Unrealized gains on marketable securities, net of a provision for income taxes of $377 in 2013	0	0	702
Other comprehensive loss	0	0	(4,418)
Total comprehensive income (loss)	$ (1,047,109)	$ (57,111)	$ 36,611

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Statement Of Income And Comprehensive Income [Abstract]
Benefit from income taxes on realized gains on marketable securities reclassified to gain on sale of marketable securities	$ 2,757
Provision for income taxes on unrealized gains on marketable securities	$ 377

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

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 necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries (“Comstock” or the “Company”) as of June 30, 2016, the related results of operations for the three and six months ended June 30, 2016 and 2015, and cash flows for the six months ended June 30, 2016 and 2015. Net loss and comprehensive loss are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

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, 2015 and its current report on Form 8-K dated August 1, 2016.

The results of operations for the three and six months ended June 30, 2016 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.

On July 19, 2016, the Company announced a one-for-five (1:5) reverse split of its issued and outstanding common stock which became effective on July 29, 2016. All amounts disclosed in these financial statements have been adjusted to give effect to the effect of this reverse stock split in all periods.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

At June 30, 2016, the Company reflected certain of its natural gas properties located in South Texas as assets held for sale in the accompanying consolidated balance sheet. The Company engaged financial advisors in February 2016 to sell the properties. At June 30, 2016, these assets were reflected on the balance sheet at $42.5 million, representing their estimated net realizable value on a sale less costs to sell. The Company has recognized an impairment charge of $20.8 million during the six months ended June 30, 2016 to adjust the carrying value of these assets to their net realizable value. The impairment, which is a Level 3 fair value measurement, was computed using a discounted cash flow valuation approach which is consistent with the Company’s methodology for determining impairments of its proved oil and gas properties. The asset retirement obligation related to these properties of $3.4 million is included in accrued liabilities at June 30, 2016. In June 30, 2015, Comstock entered into an agreement to sell certain of its oil and gas properties located in and near Burleson County, Texas to a third party. This sale closed on July 22, 2015 with an effective date of May 1, 2015 and the Company received net proceeds from this sale of $102.5 million in the third quarter of 2015. The Company recognized a loss on this sale of $111.8 million in the three months and six months ended June 30, 2015 operating results.

Results of operations for the properties that were sold or are being held for sale were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	1,728		$	14,208		$	3,528		$	22,755
Total operating expenses⁽¹⁾		(1,712	)		(18,616	)		(3,399	)		(72,977	)

Operating income (loss)	$	16		$	(4,408	)	$	129		$	(50,222	)

(1)	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

In January 2016, the Company exchanged certain oil and gas properties with another operator in a non-monetary exchange. Under the exchange, the Company received 3,637 net acres in DeSoto Parish, Louisiana, prospective for the Haynesville shale, including four producing wells (3.5 net). The Company exchanged 2,547 net acres in Atascosa County, Texas, including seven producing wells (5.3 net) for the Haynesville shale properties. The Company recognized a gain of $0.7 million on this transaction which is included in the net loss on sales and exchange of oil and gas properties for the six months ended June 30, 2016. The Company also sold certain oil and gas properties during the first six months of 2016 for total proceeds of $2.1 million. The Company recognized a loss of $1.6 million on these divestitures.

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. The Company recognized impairment charges in exploration expense and $23.0 million during the three months ended June 30, 2015 and $7.8 million and $63.5 million during the six months ended June 30, 2016 and 2015, respectively, related to certain leases that the Company currently does not plan to develop. No unproved impairments were recognized during the three months ended June 30, 2016.

The Company also assesses the need for an impairment of the capitalized costs for its proved oil and gas properties on a property basis. Reductions to management’s oil and natural gas price outlooks in 2016 and 2015 resulted in indications of impairment of certain of the Company’s properties. Accordingly, the Company recognized additional impairments of its oil and gas properties of $1.7 million and $2 million for the three months ended June 30, 2016 and 2015, respectively, and $3.7 million and $2.4 million for the six months ended June 30, 2016 and 2015, respectively, to reduce the carrying value of these properties to their estimated fair value.

The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk adjusted probable reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management’s outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved reserves and risk-adjusted probable reserves. Management’s oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property’s fair value.

It is reasonably possible that the Company’s estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, or if in the future the Company does not have access to sufficient capital to develop any undrilled reserves used in its assessment, there may be further impairments in the carrying values of these or other properties.

Accrued Liabilities

Accrued liabilities at June 30, 2016 and December 31, 2015 consist of the following:


	As of June 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	26,892	$	29,075
Accrued drilling costs		2,005		5,306
Accrued ad valorem taxes		2,400		—
Asset retirement obligation of assets held for sale		3,442		—
Other accrued liabilities		5,481		4,063

	$	40,220	$	38,444

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 for such obligations during the six months ended June 30, 2016 and 2015:


	Six Months Ended June 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		496			401
New wells placed on production		2			262
Assets held for sale		(3,442	)		(628	)
Liabilities settled and assets disposed of		(1,177	)		—

Future abandonment costs — end of period	$	15,972		$	14,935

Derivative Financial Instruments and Hedging Activities

Comstock periodically uses swaps, floors and collars to hedge oil and natural gas prices and interest rates. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. Generally, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap. All of the Company’s derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. All of Comstock’s derivative financial instruments are with parties that are lenders under its bank credit facility. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company’s derivative financial instruments involve payment or receipt of premiums.

As of June 30, 2016, the Company had no outstanding commodity derivatives. The Company had derivative financial instruments outstanding on June 30, 2015 that hedged production for the subsequent twelve month period. None of the Company’s derivative contracts were designated as cash flow hedges. The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). The Company recognized gains of $18,000 and $0.7 million related to the change in fair value of its natural gas swap agreements during the three months and six months ended June 30, 2016, respectively. The Company recognized a gain of $0.6 million related to the change in fair value of its natural gas swap agreements during the three and six months ended June 30, 2015. Cash settlements on the Company’s natural gas derivative financial instruments were receipts of $1.1 million and $2.1 million for the three months and six months ended June 30, 2016, respectively. The Company had no cash settlements from derivative financial instruments in the first six months of 2015.

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 June 30, 2016 and 2015, the Company recognized $1.2 million and $2.1 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and performance stock units to its employees and directors. For the six months ended June 30, 2016 and 2015, the Company recognized $2.5 million and $4.0 million, respectively, of stock-based compensation expense within general and administrative expenses.

During the six months ended June 30, 2016, the Company granted 229,618 shares of restricted stock with a grant date fair value of $1.3 million, or $5.45 per share, to its employees. The fair value of each restricted share on the date of grant was equal to its market price. As of June 30, 2016, Comstock had 354,974 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $15.25 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $4.4 million as of June 30, 2016 is expected to be recognized over a period of 2.1 years.

During the six months ended June 30, 2016, the Company granted 60,013 performance share units (“PSUs”) with a grant date fair value of $0.4 million, or $7.00 per unit, to its employees. As of June 30, 2016, Comstock had 134,627 PSUs outstanding at a weighted average grant date fair value of $22.09 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company’s stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 269,253 shares of common stock. Total unrecognized compensation cost related to these grants of $1.7 million as of June 30, 2016 is expected to be recognized over a period of 1.7 years.

As of June 30, 2016, Comstock had outstanding options to purchase 11,730 shares of common stock at a weighted average exercise price of $166.10 per share. All of the stock options were exercisable and there were no unrecognized compensation costs related to the stock options as of June 30, 2016. No stock options were granted or exercised during the six months ended June 30, 2016.

Income Taxes

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 deferred tax provision in the first six months of 2016 related to an increase in the Company’s deferred income tax liability resulting from state tax law changes enacted during the period. In recording deferred income tax assets, the Company considers whether it is more likely than not that some portion or all of its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized and, therefore, has recorded an a valuation allowance of $17.9 million and $4.9 million against its net federal deferred tax assets and state deferred tax assets (net of the federal tax benefit), respectively, during the six months ended June 30, 2016. The Company will continue to assess the valuation allowance against deferred tax assets considering all available information obtained in future reporting periods.

The following is an analysis of consolidated income tax expense (benefit):


	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
	(In thousands)
Current provision	$	15	$	420		$	29	$	483
Deferred provision (benefit)		73		(73,094	)		4,519		(114,785	)

Provision for (benefit from) income taxes	$	88	$	(72,674	)	$	4,548	$	(114,302	)

The difference between the Company’s effective tax rate and the 35% federal statutory rate is caused by valuation allowances on deferred taxes and state taxes. The impact of these items varies based upon the Company’s projected full year loss and the jurisdictions that are expected to generate the projected losses. The difference between the Company’s customary rate of 35% and the effective tax rate on the loss before income taxes is due to the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(22.1	)		(3.2	)		(48.5	)		(2.1	)
State income taxes net of federal benefit		(11.8	)		3.4			4.2			2.1
Other		0.7			(0.2	)		(0.3	)		(0.1	)

Effective tax rate		1.8	%		35.0	%		(9.6	)%		34.9	%

The Company’s federal income tax returns for the years subsequent to December 31, 2011, remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination for the year ended December 31, 2008 and for various periods subsequent to December 31, 2010. A state tax return in one state jurisdiction is currently under review. The Company has evaluated the preliminary findings in this jurisdiction and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on the Company’s 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.

Future use of the Company’s federal and state net operating loss carryforwards may be limited in the event that a cumulative change in the ownership of Comstock’s common stock by more than 50% occurs within a three-year period. Such a change in ownership could result in a substantial portion of Comstock’s net operating loss carryforwards being eliminated or becoming restricted, and the Company may need to recognize an additional valuation allowance reflecting the restricted use of these net operating loss carryforwards in the period when such an ownership change occurred. In October 2015, the Company established a rights plan to deter ownership changes that would trigger this limitation.

Fair Value Measurements

The Company holds or has held certain items that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments in the form of oil and natural gas price swap agreements. 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. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — 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.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The Company’s valuation of cash and cash equivalents is a Level 1 measurement. The Company’s natural gas price swap agreements are not traded on a public exchange. Their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements is categorized as a Level 2 measurement. There were no price swap agreements outstanding as of June 30, 2016.

As of June 30, 2016, the Company’s financial assets and liabilities accounted for at fair value consisted of cash and cash equivalents of $67.4 million, a Level 1 measurement. As of June 30, 2016, the Company’s other financial instruments, comprised solely of its fixed rate debt, had a carrying value of $1.1 billion and a fair value of $730.2 million. The fair market value of the Company’s fixed rate debt was based on quoted prices as of June 30, 2016, a Level 2 measurement.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options or PSUs and diluted earnings per share is determined with the effect of outstanding stock options and PSUs 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. PSUs represent the right to receive a number of shares of the Company’s common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs. Basic and diluted income (loss) per share for the three months and six ended June 30, 2016 and 2015 were determined as follows:


	Three Months Ended June 30,
	2016							2015
	Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss)	$	4,852						$	(135,068	)
Income allocable to unvested stock grants		(143	)						—

Basic and diluted net income (loss) attributable to common stock	$	4,709			11,557	$	0.41	$	(135,068	)		9,224	$	(14.64	)


	Six Months Ended June 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)
Basic and Diluted net loss attributable to common stock	$	(51,725	)		10,729	$	(4.82	)	$	(213,570	)		9,215	$	(23.18	)

At June 30, 2016 and December 31, 2015, 354,974 and 314,060 shares of restricted stock, respectively, 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 on matters submitted to the Company’s stockholders. Weighted average shares of unvested restricted stock outstanding during the three months and six months ended June 30, 2016 and 2015 were as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

2016

2015

2016

2015

(In thousands)

Unvested restricted stock

350

309

332

271

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		22
Weighted average exercise price per share	$	166.10	$	164.75	$	166.10	$	164.75
Weighted average performance share units		135		134		138		122
Weighted average grant date fair value per unit	$	22.10	$	45.65	$	22.10	$	45.65

For the three and six months ended June 30, 2016 and 2015, the excluded options that were anti-dilutive were at exercise prices in excess of the average stock price. Except for the three months ended June 30, 2016, all unvested PSUs were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share in the periods presented due to the net loss in those periods.

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.

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


	Six Months Ended June 30,
	2016		2015
	(In thousands)
Interest payments	$	58,476	$	31,836
Income tax payments	$	—	$	11

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. No interest was capitalized during the six months ended June 30, 2016. The Company capitalized interest of $0.9 million for the six months ended June 30, 2015 which reduced interest expense.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under existing generally accepted accounting principles. This new standard is based upon the principal that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted beginning with periods after December 15, 2016 and entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company has elected to not adopt ASU 2014-15 early and does not expect adoption of ASU 2014-15 to have any impact on its consolidated financial condition or results of operations.

In February 2016, the FASB issued ASU No. 2016-02, Leases, (“ASU 2016-02”). ASU 2016-02 requires lessees to put most leases on their balance sheets, but recognize lease costs in their financial statements in a manner similar to accounting for leases prior to ASC 2016-02. ASU 2016-02 is effective for annual periods ending after December 15, 2018 and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, (“ASU 2016-09”). ASU 2016-09 will change how companies account for certain aspects of share-based payments, including recognizing the income tax effects of awards in the income statement when the awards vest or are settled. ASC 2016-09 revises guidance on employers’ accounting for employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and the treatment of forfeitures. ASU 2016-09 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted, but all guidance must be adopted in the same period. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption.

(1) Summary of Significant Accounting Policies

Accounting policies used by Comstock Resources, Inc. and subsidiaries reflect oil and natural gas industry practices and conform to accounting principles generally accepted in the United States of America.

Basis of Presentation and Principles of Consolidation

Comstock Resources, Inc. and its subsidiaries are engaged in oil and natural gas exploration, development and production, and the acquisition of producing oil and natural gas properties. The Company’s operations are primarily focused in Texas, Louisiana and Mississippi. The consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly owned or controlled subsidiaries (collectively, “Comstock” or the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in oil and gas properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements.

The Company’s Board of Directors has authorized a one-for-five (1:5) reverse split of its issued and outstanding common stock which became effective on July 29, 2016. All amounts disclosed in these financial statements have been adjusted to give effect to the effect of this reverse stock split in all periods.

Reclassifications

Certain reclassifications have been made to prior periods’ financial statements, consisting primarily of reclassifications of the presentation of debt issuance costs as a reduction in long term debt and presentation of current deferred income taxes as non-current due to the early adoption of new accounting standards.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analyses could have a significant impact on the future results of operations.

Concentration of Credit Risk and Accounts Receivable

Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative financial instruments. The Company places its cash with high credit quality financial institutions and its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. Substantially all of the Company’s accounts receivable are due from either purchasers of oil and gas or participants in oil and gas wells for which the Company serves as the operator. Generally, operators of oil and gas wells have the right to offset future revenues against unpaid charges related to operated wells. Oil and gas sales are generally unsecured. The Company’s policy is to assess the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been provided.

Marketable Securities

During 2013, the Company sold 600,000 shares of Stone Energy Corporation common stock for proceeds of $13.4 million. Realized gains before income taxes of $7.9 million on these sales during 2013 are included in gain on sale of marketable securities in the consolidated statements of operations.

Other Current Assets

Other current assets at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Settlements receivable on derivative financial instruments	$	7,890	$	—
Pipe and oil field equipment inventory		1,379		1,198
Other		836		795

	$	10,105	$	1,993

Fair Value Measurements

Certain accounts within the Company’s consolidated balance sheets are required to be measured at fair value on a recurring basis. These include cash equivalents held in bank accounts and derivative financial instruments in the form of oil and natural gas price swap agreements. 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. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 – 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.

Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The Company’s cash and cash equivalents valuation is based on Level 1 measurements. The Company’s oil and natural gas price swap agreements were not traded on a public exchange, and their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements is categorized as a Level 2 measurement.

The following table summarizes financial assets accounted for at fair value as of December 31, 2015:


	Carrying Value Measured at Fair Value at December 31, 2015		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash and cash equivalents	$	134,006	$	134,006	$	—
Derivative financial instruments		1,446		—		1,446

Total assets	$	135,452	$	134,006	$	1,446

At December 31, 2015, the Company had natural gas price swap agreements covering approximately 1.8 Bcf of natural gas to be produced in 2016 with a fair value of $1.4 million. The Company has recognized an asset for this amount and has recognized a corresponding gain representing the change in fair value of its natural gas swaps as a component of other income (expense). The Company had no derivative financial instruments outstanding at December 31, 2014.

The following table presents the carrying amounts and estimated fair value of the Company’s long-term debt as of December 31, 2014 and 2015:


	2014			2015
	(In thousands)
Fixed rate debt:
Principal amount	$	700,000		$	1,270,457
Discount or premium		(4,555	)		(1,457	)

Carrying value	$	695,445		$	1,269,000

Fair Value	$	453,000		$	428,767

Variable rate debt:
Carrying value	$	375,000		$	—

Fair value	$	375,000		$	—

The fair market value of the Company’s fixed rate debt was based on quoted prices as of December 31, 2014 and 2015, a Level 2 measurement. The fair value of the floating rate debt outstanding at December 31, 2014 approximated its carrying value, a Level 2 measurement.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. Acquisition costs for proved oil and gas properties, costs of drilling and equipping productive wells, and costs of unsuccessful development wells are capitalized and amortized on an equivalent unit-of-production basis over the life of the remaining related oil and gas reserves. Equivalent units are determined by converting oil to natural gas at the ratio of one barrel of oil for six thousand cubic feet of natural gas. This conversion ratio is not based on the price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas. Amortization is calculated at the field level. The estimated future costs of dismantlement, restoration, plugging and abandonment of oil and gas properties and related facilities disposal are capitalized when asset retirement obligations are incurred and amortized as part of depreciation, depletion and amortization expense. The costs of unproved properties which are determined to be productive are transferred to proved oil and gas properties and amortized on an equivalent unit-of-production basis. Exploratory expenses, including geological and geophysical expenses and delay rentals for unevaluated oil and gas properties, are charged to expense as incurred. Unproved oil and gas properties are periodically assessed for impairment on a property by property basis, and any impairment in value is charged to exploration expense. During 2013, 2014 and 2015, impairment charges of $33.0 million, $0.5 million and $68.9 million, respectively, were recognized in exploration expense related to certain leases that the Company no longer expects to drill on. Exploratory drilling costs are initially capitalized as unproved property but charged to expense if and when the well is determined not to have found commercial quantities of proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling.

The Company periodically assesses the need for an impairment of the costs capitalized for its evaluated oil and gas properties on a property or cost center basis. If impairment is indicated based on undiscounted expected future cash flows attributable to the property, then a provision for impairment is recognized to the extent that net capitalized costs exceed the estimated fair value of the property. The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk-adjusted probable reserves. Undrilled acreage is valued based on sales transactions in comparable areas. At December 31, 2015, the Company excluded probable undeveloped reserves from its impairment analysis given the Company’s limited capital resources available for future drilling activities. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management’s outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved reserves and risk-adjusted probable reserves. Management’s oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property’s fair value. The oil and natural gas prices used for determining asset impairments will generally differ from those used in the standardized measure of discounted future net cash flows because the standardized measure requires the use of an average price based on the first day of each month of the preceding year and is limited to proved reserves.

In 2015, reductions to management’s oil and natural gas price outlook resulted in indications of impairment of the Company’s oil properties in South Texas and Mississippi, and certain of its natural gas properties in Texas and Louisiana. The following table presents the fair value and impairments recorded by the Company in the third quarter and fourth quarter of 2015, as well as the average oil price per barrel and gas price per thousand cubic feet over the life of the properties and the applicable discount rates utilized in the Company’s assessments:


	Fair Value		Impairment		Management’s Price Outlook				Annual Discount Rate
	Fair Value		Impairment		Oil		Gas		Annual Discount Rate
	(In thousands)				(Per barrel)		(Per Mcf)
Impairments recorded at September 30, 2015:
Oil properties	$	330,257	$	405,308	$	73.70	$	4.04	10%-20%
Natural gas properties	$	61,625	$	139,406	$	75.91	$	3.91	10%-20%

Impairments recorded at December 31, 2015:
Oil properties	$	3,030	$	16,036	$	73.48			10%-20%
Natural gas properties	$	123,926	$	238,210	$	70.76	$	3.74	10%-20%

In the aggregate we recognized impairments of $801.3 million related to our evaluated oil and gas properties in 2015. In 2014, the Company recognized impairment charges of $60.3 million on certain of its oil and gas properties which had a fair value of $18.0 million.

It is reasonably possible that the Company’s estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable and possible oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, there may be further impairments in the carrying values of these or other properties. Specifically, as part of the impairment review performed at December 31, 2015, the Company observed that a decline in excess of 30% in its future cash flow estimates for its Eagleville field in South Texas could result in an additional impairment being recorded in an amount that could be at least $130.0 million.

Other property and equipment consists primarily of gas gathering systems, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 31¹⁄₂ years on a straight-line basis. In January 2015, the Company purchased a 20% interest in an airplane that previously had been owned 80% by the Company and 20% by two executive officers of the Company. The purchase price for the 20% interest of $1.7 million was based on the then fair market value of the airplane determined by a third party. This related party transaction was approved by the Company’s audit committee and board of directors.

Other Assets

Other assets primarily consist of deferred costs associated with the Company’s bank credit facility. These costs are amortized over the life of the bank credit facility on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method.

Accrued Expenses

Accrued expenses at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Accrued drilling costs	$	26,269	$	5,306
Accrued interest payable		9,011		29,075
Accrued rig termination fees		2,600		—
Other		6,962		4,063

	$	44,842	$	38,444

Reserve for Future Abandonment Costs

The Company’s asset retirement obligations relate to future plugging and abandonment costs of its oil and gas properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations.

The following table summarizes the changes in the Company’s total estimated liability:


	2014			2015
	(In thousands)
Reserve for Future Abandonment Costs at beginning of the year	$	14,534		$	14,900
New wells placed on production		1,480			310
Changes in estimates and timing		(1,796	)		4,927
Liabilities settled and assets disposed of		(153	)		(717	)
Accretion expense		835			673

Reserve for Future Abandonment Costs at end of the year	$	14,900		$	20,093

Stock-based Compensation

The Company has stock-based employee compensation plans under which stock awards, comprised of restricted stock and performance share units, are issued to employees and non-employee directors. The Company follows the fair value based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the award vesting period. Excess taxes on stock-based compensation are recognized as an adjustment to additional paid-in capital and as a part of cash flows from financing activities.

Segment Reporting

The Company presently operates in one business segment, the exploration and production of oil and natural gas.

Derivative Financial Instruments and Hedging Activities

The Company accounts for derivative financial instruments (including certain derivative instruments embedded in other contracts) as either an asset or liability measured at its fair value. Changes in the fair value of derivatives are recognized currently in earnings unless specific hedge accounting criteria are met. The Company estimates fair value based on a discounted cash flow model. The fair value of derivative contracts that expire in less than one year are recognized as current assets or liabilities. Those that expire in more than one year are recognized as long-term assets or liabilities. If the derivative is designated as a cash flow hedge, changes in fair value are recognized in other comprehensive income until the hedged item is recognized in earnings.

Major Purchasers

The Company has one major purchaser of its oil production that represented 36%, 35% and 25% of its total oil and gas sales in 2013, 2014 and 2015, respectively. The Company also has one major purchaser of its natural gas production that represented 51%, 53% and 52% of its total oil and gas sales in 2013, 2014 and 2015, respectively. The loss of any of these purchasers would not have a material adverse effect on the Company as there is an available market for its oil and natural gas production from other purchasers.

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. 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 December 31, 2014 or 2015. Sales of oil and natural gas generally occur at the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as operating expenses.

General and Administrative Expenses

General and administrative expenses are reported net of reimbursements of overhead costs that are received from working interest owners of the oil and gas properties operated by the Company of $11.9 million, $13.2 million and $13.9 million in 2013, 2014 and 2015, respectively.

Income Taxes

The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as the future tax consequences attributable to the future utilization of existing tax net operating loss and other types of carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change in rate is enacted.

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 included in the computation of basic and diluted earnings per share pursuant to the two-class method. Performance share units (“PSUs”) represent the right to receive a number of shares of the Company’s common stock that may range from zero to up to three times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs.

Basic and diluted earnings per share for 2013, 2014 and 2015 were determined as follows:


	2013								2014								2015
	Income (Loss)			Shares		Per Share			Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands except per share data)
Net Loss From Continuing Operations	$	(106,723	)						$	(57,111	)						$	(1,047,109	)
Loss (Income) Allocable to Unvested Stock Grants		3,424								(595	)							—

Basic and Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(103,299	)		9,311	$	(11.09	)	$	(57,706	)		9,309	$	(6.20	)	$	(1,047,109	)		9,223	$	(113.53	)

Net Income From Discontinued Operations	$	147,752
Income Allocable to Unvested Stock Grants		(4,742	)

Basic and Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,010			9,311	$	15.36

Basic and diluted per share amounts are the same for each of the years ended December 31, 2013, 2014, and 2015 due to the net loss from continuing operations reported during each of those years.

At December 31, 2013, 2014 and 2015, 303,178, 241,505 and 314,060 shares of unvested restricted stock, respectively, 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 included in common stock outstanding were as follows:

2013

2014

2015

(In thousands)

Unvested restricted stock

309

238

293

All stock options and PSUs were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss from continuing operations in each period.

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


	2013	2014	2015
	(In thousands except per share data)
Weighted average anti-dilutive stock options	26	23	20
Weighted average exercise price	$164.50	$164.50	$164.75
Weighted average performance share units	51	100	136
Weighted average grant date fair value per unit	$104.60	$99.40	$35.35

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.

Cash payments made for interest and income taxes for the years ended December 31, 2013, 2014 and 2015, respectively, were as follows:


	2013		2014		2015
	(In thousands)
Cash Payments:
Interest payments	$	83,560	$	62,812	$	94,177
Income tax payments	$	769	$	682	$	77

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. The Company capitalized interest of $4.7 million, $10.2 million and $0.9 million in 2013, 2014 and 2015, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties.

Discontinued West Texas Operations

In May 2013, the Company sold its oil and gas properties in the Delaware Basin located in Reeves County in West Texas which it acquired in December 2011 and certain other undeveloped leases in West Texas (the “West Texas Properties”) to a third party. The Company received proceeds of $823.1 million and realized a gain of $230.0 million which is reflected as a component of income from discontinued operations in 2013. As a result of this divestiture, the consolidated financial statements and the related notes thereto present the results of the Company’s West Texas Properties as discontinued operations. No general and administrative cost incurred by Comstock was allocated to discontinued operations during the periods presented. Unless indicated otherwise, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company’s continuing operations.

Income from discontinued operations is comprised of the following:


	Year Ended December 31, 2013
	(In thousands)
Revenues:
Oil and gas sales	$	25,125

Costs and expenses:
Production taxes		1,120
Gathering and transportation		501
Lease operating		9,853
Depletion, depreciation and amortization		8,649
Interest expense⁽¹⁾		6,346

Total costs and expenses		26,469

Gain on sale		230,008

Income from discontinued operations before income taxes		228,664

Income tax expense:
Current		(2,218	)
Deferred		(78,694	)

Total income tax expense		(80,912	)

Net income from discontinued operations	$	147,752

(1)	Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,010 for the year ended December 31, 2013.

Recent accounting pronouncements

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of ASU 2014-15 to have any impact on its consolidated financial condition, results of operations or cash flows.

In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual periods beginning after December 15, 2015 and interim periods thereafter. Early adoption is permitted. The Company has elected to early adopt ASU 2015-03 and accordingly $9.8 million of debt issuance costs have been reclassified from long term assets to long term debt in our consolidated balance sheet as of December 31, 2014.

In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires that all deferred tax assets and liabilities be classified as non-current. ASU 2015-17 also discontinues allocation of valuation allowances between current and noncurrent tax assets. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company has elected to retrospectively early adopt ASU 2015-17. The effect of this change did not have a material impact on the Company’s consolidated financial condition.

Subsequent Events

In January 2016, the Company completed an acreage swap with another operator which increased its Haynesville shale acreage by 3,637 net acres in DeSoto Parish, Louisiana including four producing wells (3.5 net). The Company exchanged 2,547 net acres in Atascosa County, Texas including seven producing wells (5.3 net) for the Haynesville shale properties. The swap was an equal value exchange that required no cash outlays.

In February 2016, the Company issued approximately 0.9 million shares of common stock in exchange for $40.0 million in principal amount of the Company’s 7³⁄₄% Senior Notes due 2019.

Stockholders' Equity	6 Months Ended	12 Months Ended
Stockholders' Equity	Jun. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	(2) STOCKHOLDERS’ EQUITY — On March 24, 2016, the Company received a notification from the New York Stock Exchange (the “NYSE”) notifying the Company that it was not in compliance with the NYSE’s continued listing standards. The Company is considered below criteria established by the NYSE as a result of the Company’s average stock price trading below $1.00 per share and its average market capitalization being less than $50.0 million, in each case over a consecutive 30 trading-day period. The Company has submitted and the NYSE has accepted a business plan to regain compliance with the NYSE’s continued listing standards. Comstock may regain compliance with the NYSE’s stock price standard at any time during a six-month cure period commencing on receipt of the NYSE notification if its common stock has a closing stock price of at least $1.00 and an average closing stock price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or the last trading day of the cure period. The Company must regain compliance with respect to its market capitalization within eighteen months of receipt of the NYSE notification. Failure to regain compliance with the NYSE’s continued listing standards within the applicable time periods will result in the commencement of suspension and delisting procedures. On July 29, 2016, Comstock completed a one-for-five (1:5) reverse split of its common stock to address the minimum stock price requirement. At the Company’s 2016 annual meeting of stockholders, the stockholders approved an amendment to the Company’s restated articles of incorporation to increase the authorized shares of common stock to 50 million shares (such number adjusted for the one-for-five (1:5) reverse stock split).	(6) Stockholders’ Equity The authorized capital stock of Comstock consists of 15 million shares of common stock, $0.50 par value per share, and 5 million shares of preferred stock, $10.00 par value per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors. There were no shares of preferred stock outstanding at December 31, 2014 or 2015. The Company paid dividends to its common stockholders of $18.0 million and $23.8 million in 2013 and 2014, respectively. During 2013, the Board of Directors also approved an open market share repurchase plan to repurchase up to $100.0 million of its common stock on the open market. The Company made open market purchases of 126,219 shares and 200,000 shares with an aggregate cost of $9.2 million and $8.1 million in 2013 and 2014, respectively. The Company did not purchase any shares of its common stock in 2015. On October 1, 2015, the Company entered into a net operating loss carryforwards (“NOLs”) rights plan (the “Rights Plan”) with American Stock Transfer & Trust Company, LLC, as rights agent. In connection with the adoption of the Rights Plan, the board of directors of the Company declared a dividend of one preferred share purchase right (“Right”) for each outstanding share of the Company’s common stock. The dividend was payable on October 16, 2015 to stockholders of record as of the close of business on October 12, 2015. In addition, one Right automatically attached to each share of common stock issued between the record date and the date when the Rights become exercisable. The Rights Plan was adopted in an effort to prevent potential significant limitations under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), on Comstock’s ability to utilize its current NOLs to reduce its future tax liabilities. If Comstock experiences an “ownership change,” as defined in Section 382 of the Code, the Company’s ability to fully utilize its NOLs on an annual basis will be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, which could accordingly significantly impair the value of those benefits. The Rights Plan works by imposing a significant penalty upon any person or group that acquires 4.9% or more of the Company’s outstanding common stock without the approval of the board of directors (an “Acquiring Person”). The Rights Plan also gives discretion to the Board to determine that someone is an Acquiring Person even if they do not own 4.9% or more of the outstanding common stock but do own 4.9% or more in value of the Company’s outstanding stock, as determined pursuant to Section 382 of the Code and the regulations promulgated thereunder. Stockholders who currently own 4.9% or more of the Company’s common stock will not trigger the Rights unless they acquire additional shares, subject to certain exceptions set forth in the Rights Plan. In addition, the Board has established procedures to consider requests to exempt certain acquisitions of the Company’s securities from the Rights Plan if the board of directors determines that doing so would not limit or impair the availability of the NOLs or is otherwise in the best interests of the Company.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Long-Term Debt

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

(3) LONG-TERM DEBT —

At June 30, 2016, long-term debt was comprised of:


	(In thousands)
7³⁄₄ % Senior Notes due 2019:
Principal	$	288,516
Premium, net of amortization		2,325
Debt issue costs, net of amortization		(2,464	)
9¹⁄₂ % Senior Notes due 2020:
Principal		174,607
Discount, net of amortization		(4,008	)
Debt issue costs, net of amortization		(1,913	)
10% Senior Secured Notes due 2020:
Principal		700,000
Debt issue costs, net of amortization		(11,873	)

	$	1,145,190

In March 2015, Comstock issued $700.0 million of 10% senior secured notes (the “Secured Notes”) which are due on March 15, 2020. Interest on the Secured Notes is payable semi-annually on each March 15 and September 15. Net proceeds from the issuance of the Secured Notes of $683.8 million were used to retire the Company’s bank credit facility and for general corporate purposes. Comstock also has outstanding (i) $288.5 million of 7³⁄₄% senior notes (the “2019 Notes”) which are due on April 1, 2019 and bear interest which is payable semi-annually on each April 1 and October 1 and (ii) $174.6 million of 9¹⁄₂% senior notes (the “2020 Notes”) which are due on June 15, 2020 and bear interest which is payable semi-annually on each June 15 and December 15. The Secured Notes are secured on a first-priority basis equally and ratably with the Company’s revolving credit facility described below, subject to payment priorities in favor of the revolving credit facility by the collateral securing the revolving credit facility, which consists of, among other things, at least 80% of the Company’s and its subsidiaries’ oil and gas properties. The Secured Notes, the 2019 Notes and the 2020 Notes are general obligations of Comstock and are guaranteed by all of Comstock’s subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans. As of June 30, 2016, Comstock had no material assets or operations which are independent of its subsidiaries.

During the six months ended June 30, 2016, Comstock has retired $87.5 million in principal amount of the 2019 Notes and $19.8 million of the 2020 Notes in exchange in the aggregate for the issuance of 2,748,403 shares of common stock and $3.5 million in cash. A gain of $89.6 million was recognized on the exchanges and purchases of the 2019 Notes and the 2020 Notes during the six months ended June 30, 2016 for the difference between the market value of the stock on the closing date of the exchanges and sales and the net carrying value of the debt and the related net premium and net debt issuance costs. The gain is included in the net gain on extinguishment of debt, which is reported as a component of other income (loss). During the six months ended June 30, 2015, the Company purchased $16.8 million in principal amount of the 2020 Notes for $7.8 million. The gain of $8.2 million recognized on the purchase of the 2020 Notes and the loss resulting from the write-off of deferred loan costs associated with the Company’s bank credit facility of $3.7 million are included in the net gain on extinguishment of debt.

Comstock has a $50.0 million revolving credit facility with Bank of Montreal and Bank of America, N.A. The revolving credit facility is a four year credit commitment that matures on March 4, 2019. Indebtedness under the revolving credit facility is guaranteed by all of the Company’s subsidiaries and is secured by substantially all of Comstock’s and its subsidiaries’ assets. Borrowings under the revolving credit facility bear interest, at Comstock’s option, at either (1) LIBOR plus 2.5% 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 1.5%. A commitment fee of 0.5% per annum is payable quarterly on the unused credit line. The revolving credit facility contains covenants that, among other things, restrict the payment of cash dividends and repurchases of common stock, limit the amount of additional debt that Comstock may incur and limit the Company’s ability to make certain loans, investments and divestitures. The only financial covenants are the maintenance of a current ratio of at least 1.0 to 1.0 and the maintenance of an asset coverage ratio of proved developed reserves to total debt outstanding under the revolving credit facility of at least 2.5 to 1.0. The Company was in compliance with these covenants as of June 30, 2016.

(4) Long-term Debt

Long-term debt is comprised of the following:


	As of December 31,
	2014			2015
	(In thousands)

Bank credit facility	$	375,000		$	—
7³⁄₄% senior notes due 2019:
Principal		400,000			376,090
Premium, net of amortization		4,984			3,583
Debt issuance costs, net of amortization		(5,266	)		(3,787	)
9¹⁄₂% senior notes due 2020:
Principal		300,000			194,367
Discount, net of amortization		(9,539	)		(5,040	)
Debt issuance costs, net of amortization		(4,525	)		(2,396	)
10% senior secured notes due 2020:
Principal		—			700,000
Debt issuance costs, net of amortization		—			(13,487	)

	$	1,060,654		$	1,249,330

The premium and discount on the senior notes are being amortized over the life of the senior notes using the effective interest rate method. Issuance costs are amortized over the life of the senior notes on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method.

The following table summarizes Comstock’s principal amount of debt as of December 31, 2015 by year of maturity:


	2016		2017		2018		2019		2020		Thereafter		Total
	(In thousands)
Bank credit facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
7³⁄₄% senior notes		—		—		—		376,090		—		—		376,090
9¹⁄₂% senior notes		—		—		—		—		194,367		—		194,367
10% senior secured notes		—		—		—		—		700,000		—		700,000

	$	—	$	—	$	—	$	376,090	$	894,367	$	—	$	1,270,457

In March 2015, Comstock issued $700.0 million of 10% senior secured notes (the “Secured Notes”) which are due on March 15, 2020. Interest on the Secured Notes is payable semi-annually on each March 15 and September 15. Net proceeds from the issuance of the Secured Notes of $683.8 million were used to retire the Company’s bank credit facility and for general corporate purposes. Comstock also has outstanding (i) $376.1 million of 7³⁄₄% senior notes (the “2019 Notes”) which are due on April 1, 2019 and bear interest which is payable semi-annually on each April 1 and October 1 and (ii) $194.4 million of 9¹⁄₂% senior notes (the “2020 Notes”) which are due on June 15, 2020 and bear interest which is payable semi-annually on each June 15 and December 15. The Secured Notes are secured on a first priority basis equally and ratably with the Company’s revolving credit facility described below, subject to payment priorities in favor of the revolving credit facility by the collateral securing the revolving credit facility, which consists of, among other things, at least 80% of the Company’s and its subsidiaries’ oil and gas properties. The Secured Notes, the 2019 Notes and 2020 Notes are general obligations of Comstock and are guaranteed by all of Comstock’s subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the Company’s ability to obtain funds from its subsidiaries through dividends or loans. As of December 31, 2015, the Company had no material assets or operations which are independent of its subsidiaries.

During 2015, Comstock purchased $23.9 million in principal amount of the 2019 Notes and $105.6 million in principal amount of the 2020 Notes for an aggregate purchase price of $42.7 million. The gain of $82.4 million recognized on the purchase of the 2019 Notes and 2020 Notes and the loss resulting from the write-off of deferred loan costs associated with Comstock’s prior bank credit facility of $3.7 million are included in the net gain on extinguishment of debt, which is reported as a component of other income (expense).

In connection with the issuance of the Secured Notes, Comstock entered into a $50.0 million revolving credit facility with Bank of Montreal and Bank of America, N.A. The revolving credit facility is a four year commitment that matures on March 4, 2019. Indebtedness under the revolving credit facility is secured by substantially all of the Company’s and its subsidiaries’ assets and is guaranteed by all of its subsidiaries. Borrowings under the revolving credit facility bear interest at Comstock’s option at either (1) LIBOR plus 2.5% 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 1.5%. A commitment fee of 0.5% per annum is payable quarterly on the unused credit line. The revolving credit facility contains covenants that, among other things, restrict the payment of cash dividends and repurchases of common stock, limit the amount of consolidated debt that we may incur and limit the Company’s ability to make certain loans, investments and divestitures. The only financial covenants are the maintenance of a current ratio of at least 1.0 to 1.0 and the maintenance of an asset coverage ratio of proved developed reserves to debt outstanding under the revolving credit facility of at least 2.5 to 1.0. The Company was in compliance with these covenants as of December 31, 2015.

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(4) 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.

The Company has entered into natural gas transportation and treating agreements through July 2019. Maximum commitments under these transportation agreements as of June 30, 2016 totaled $5.3 million.

(5) Commitments and Contingencies

Commitments

The Company rents office space and other facilities under noncancelable operating leases. Rent expense for the years ended December 31, 2013, 2014 and 2015 was $1.4 million, $1.5 million and $1.5 million, respectively. Minimum future payments under the leases at December 31, 2015 are as follows:


	(In thousands)
2016		1,994
2017		2,021
2018		2,060
2019		1,560
2020		1,560
Thereafter		1,560

	$	10,755

As of December 31, 2015, the Company had commitments for contracted drilling rigs of $1.6 million through May 2016.

The Company has entered into natural gas transportation and treating agreements through July 2019. Maximum commitments under these transportation agreements as of December 31, 2015 totaled $6.4 million.

Contingencies

From time to time, the Company 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, results of operations or cash flows and no material amounts are accrued relative to these matters at December 31, 2014 or 2015.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	(5) SUBSEQUENT EVENTS — On August 1, 2016 the Company filed with the Securities and Exchange Commission a registration statement on Form S-4 and commenced an exchange offer (the “Exchange Offer”) of new secured notes, and in certain instances warrants, in exchange for all of the Company’s Secured Notes, 2019 Notes and 2020 Notes. The Company is offering to exchange (i) new senior secured notes and warrants for the $700.0 million principal amount of the Secured Notes and (ii) second lien convertible notes for $463.1 million principal amount of the 2019 Notes and 2020 Notes. The new notes would contain the same interest rates and maturity dates as the existing notes but would in certain circumstances and terms allow the Company to pay the interest in-kind and with respect to the new second lien notes, subject to the Company obtaining stockholder approval, be convertible into shares of the Company’s common stock.

Acquisitions and Dispositions of Oil and Gas Properties

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisitions and Dispositions of Oil and Gas Properties

(2) Acquisitions and Dispositions of Oil and Gas Properties

During 2013, the Company acquired oil and gas leases in Burleson County, Texas for $67.4 million. The Burleson County, Texas acquisition included one producing well and approximately 21,000 net acres which are prospective for oil in the Eagle Ford shale formation. During 2014, the Company commenced drilling operations on these properties and acquired additional interests in certain leases in Burleson County, Texas for approximately $33.9 million. The acquisition included approximately 9,000 net undeveloped acres and an additional 30% working interest in one producing well. Prior to the sale, during 2015, the Company acquired additional acreage, drilled an additional four wells and completed a total of 8 wells on this acreage at a cost of $77.0 million. In 2015, the Company completed the sale of these properties for net proceeds of $102.5 million and recognized a net loss on sale of $112.1 million. Results of operations for these properties were as follows:


	Year Ended December 31,
	2014			2015
	(In thousands)
Total oil and gas sales	$	10,542		$	18,036
Total operating expenses⁽¹⁾		(23,260	)		(66,251	)

Operating loss	$	(12,718	)	$	(48,215	)

(1)	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense and general and administrative expenses.

During 2013, the Company acquired oil and gas leases in Mississippi and Louisiana for $53.3 million. The Mississippi and Louisiana acquisition included approximately 51,000 net acres that are prospective for oil in the Tuscaloosa Marine shale formation.

In 2012, the Company entered into a participation agreement with Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, “KKR”) providing for the participation of KKR in Comstock’s future development of certain of its Eagle Ford shale properties in South Texas. Under the terms of the participation agreement, KKR has the right to participate for one-third of Comstock’s working interest in wells drilled on the Company’s acreage comprising its Eagleville field in exchange for KKR paying $25,000 per acre for the net acreage being acquired and one-third of the wells costs. Each well that KKR participates in is intended to earn KKR approximately one-third of the Company’s working interest in approximately 80 acres. The Company received $51.5 million and $28.7 million for acreage and facility costs for new wells drilled subsequent to the closing in 2013 and 2014, respectively. There were no wells drilled under the joint venture in 2015.

In connection with acquisitions of producing oil and gas properties, the Company estimates the value of proved properties based on estimated future net cash flows and discounts them using a market-based rate that the Company determined appropriate at the acquisition date for the various proved reserve categories. Due to the unobservable nature of the inputs, the fair values of the proved oil and gas properties are considered Level 3 fair value measurements.

Oil and Gas Producing Activities

12 Months Ended

Dec. 31, 2015

Oil And Gas Exploration And Production Industries Disclosures [Abstract]

Oil and Gas Producing Activities

(3) Oil and Gas Producing Activities

Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisition, development and exploration activities:

Capitalized Costs


	As of December 31,
	2014			2015
	(In thousands)
Unproved properties	$	201,459		$	84,144
Proved properties:
Leasehold costs		1,006,839			982,915
Wells and related equipment and facilities		3,275,249			3,349,307
Accumulated depreciation depletion and amortization		(2,298,450	)		(3,389,786	)

	$	2,185,097		$	1,026,580

Costs Incurred


	For the Years Ended December 31,
	2013		2014		2015
	(In thousands)
Property Acquisitions:
Unproved property acquisitions	$	130,113	$	91,960	$	12,972
Proved property acquisitions		6,471		2,400		—
Development costs		341,970		440,848		221,265
Exploration costs		439		52,080		12,265

	$	478,993	$	587,288	$	246,502

Stock-based Compensation

12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

(7) Stock-based Compensation

The Company grants restricted shares of common stock and performance share units to key employees and directors as part of their compensation under the 2009 Long-term Incentive Plan. Future awards of stock options, restricted stock grants or other equity awards under the 2009 Long-term Incentive Plan are available with up to 191,569 shares of common stock.

During 2013, 2014 and 2015, the Company had $12.8 million, $10.7 million and $8.1 million, respectively, in stock-based compensation expense which is included in general and administrative expenses. The excess income taxes associated with stock-based compensation recognized in additional paid in capital were $2.0 million, $1.1 million and $2.0 million for the years ended December 31, 2013, 2014 and 2015, respectively.

Stock Options

At December 31, 2015, the Company had options outstanding to purchase 11,730 shares of common stock at $166.10 per share. The stock options have a weighted average life of 1 year.

The following table summarizes information related to stock option activity under the Company’s incentive plans for the year ended December 31, 2015:


	Number of Options			Weighted Average Exercise Price
Outstanding at January 1, 2015		23,030		$	164.50
Expired or forfeited		(11,300	)	$	162.90

Outstanding at December 31, 2015		11,730		$	166.10

Exercisable at December 31, 2015		11,730		$	166.10

There were no stock option exercises in 2013, 2014 or 2015. No stock option has been granted since 2008 and all compensation cost related to stock options has been recognized. Stock options outstanding at December 31, 2014 and 2015 had no intrinsic value based on the closing price for the Company’s common stock at those dates.

Restricted Stock

The fair value of restricted stock grants is amortized over the vesting period, generally one to four years, using the straight-line method. Total compensation expense recognized for restricted stock grants was $9.8 million, $7.3 million and $6.0 million for the years ended December 31, 2013, 2014 and 2015, respectively. The fair value of each restricted share on the date of grant is equal to the fair market price of a share of the Company’s stock.

A summary of restricted stock activity for the year ended December 31, 2015 is presented below:


	Number of Restricted Shares			Weighted Average Grant Price
Outstanding at January 1, 2015		241,505		$	99.55
Granted		202,074		$	26.70
Vested		(115,349	)	$	111.15
Forfeitures		(14,170	)	$	74.25

Outstanding at December 31, 2015		314,060		$	49.55

The per share weighted average fair value of restricted stock grants in 2013, 2014 and 2015 was $82.20, $101.20 and $26.70, respectively. Total unrecognized compensation cost related to unvested restricted stock of $5.1 million as of December 31, 2015 is expected to be recognized over a period of 1.8 years. The fair value of restricted stock which vested in 2013, 2014 and 2015 was $7.0 million, $10.0 million and $3.7 million, respectively.

Performance Share Units

The Company issues PSUs as part of its long-term equity incentive compensation. PSU awards can result in the issuance of common stock to the holder if certain performance criteria is met during a performance period. The performance periods consist of one year, two years and three years, respectively. The performance criteria for the PSUs are based on the Company’s annualized total stockholder return (“TSR”) for the performance period as compared with the TSR of certain peer companies for the performance period. The costs associated with PSUs are recognized as general and administrative expense over the performance periods of the awards.

The fair value of PSUs was measured at the grant date using a stochastic process method utilizing the Geometric Brownian Motion Model (“GBM Model”). A stochastic process is a mathematically defined equation that can create a series of outcomes over time. These outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Company’s PSUs, the Company cannot predict with certainty the path its stock price or the stock prices of its peers will take over the future performance periods. By using a stochastic simulation, the Company can create multiple prospective total return pathways, statistically analyze these simulations, and ultimately make inferences to the most likely path the total return will take. As such, because future stock returns are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the GBM Model, is deemed an appropriate method by which to determine the fair value of the PSUs. Significant assumptions used in this simulation include the Company’s expected volatility and a risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods, as well as the volatilities for each of the Company’s peers. Assumptions regarding volatility included the historical volatility of each company’s stock and the implied volatilities of publicly traded stock options. For the PSUs granted in 2014, the valuation inputs included a risk free interest rate of 0.6% and a range of volatilities of 38% to 70%. For the PSUs granted in 2015, the valuation inputs included a risk free rate of 1.1% and a range of volatilities of 37% to 65%.

In 2014, the Company granted 37,792 PSUs with a grant date fair value of $3.7 million, or $99.05 per unit. In 2015, the Company granted 94,250 PSUs with a grant date fair value of $0.7 million, or $7.30 per unit. No PSUs were awarded in 2013. The fair value of PSUs is amortized over the vesting period of one to three years, using the straight-line method. Total compensation expense recognized for PSUs was $3.0 million, $3.4 million and $2.1 million for the years ended December 31, 2013, 2014 and 2015, respectively.

A summary of PSU activity for the year ended December 31, 2015 is presented below:


	Number of PSUs			Weighted Average Grant Price
Outstanding at January 1, 2015		74,614		$	99.40
Granted		94,250		$	7.30
Unearned or forfeited		(34,943	)	$	96.35

Outstanding at December 31, 2015		133,921		$	35.35

The number of awards assumes a one multiplier. The final number of shares of common stock issued may vary depending upon the performance multiplier, and can result in the issuance of zero to 280,035 shares of common stock based on the achieved performance ranges from zero to two. As of December 31, 2015, there was $2.0 million of total unrecognized expense related to PSUs, which is being amortized through December 31, 2017.

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	(8) Retirement Plan The Company has a 401(k) profit sharing plan which covers all of its employees. At its discretion, Comstock may match the employees’ contributions to the plan. Matching contributions to the plan were $702,000, $834,000 and $888,000 for the years ended December 31, 2013, 2014 and 2015, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

(9) Income Taxes

The following is an analysis of the consolidated income tax benefit from continuing operations:


	2013			2014			2015
	(In thousands)
Current	$	134		$	(12	)	$	804
Deferred		(56,291	)		(24,677	)		(155,249	)

	$	(56,157	)	$	(24,689	)	$	(154,445	)

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 effective tax rate and the 35% federal statutory rate is caused by non-deductible stock compensation, state taxes and the establishment of a valuation allowance on deferred taxes. The impact of these items varies based upon the Company’s full year loss and the jurisdictions that are expected to generate the projected losses.

In recording deferred income tax assets, the Company considers whether it is more likely than not that some portion or all of its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, in 2015 the Company established an additional valuation allowance of $775.3 million, with a tax effect of $271.4 million for its estimated U.S. federal net operating loss carryforwards and other U.S. federal tax assets and an additional valuation allowance of $215.5 million, with a tax effect of $11.2 million, for its estimated Louisiana state net operating loss carryforwards that are not expected be utilized due to uncertainty of generating taxable income prior to the expiration of the respective U.S. federal and Louisiana state carry-over periods.

The difference between the Company’s customary rate of 35% and the effective tax rate on income from continuing operations is due to the following:


	2013			2014			2015
	(In thousands)
Tax benefit at statutory rate	$	(57,008	)	$	(28,630	)	$	(420,544	)
Tax effect of:
Nondeductible compensation		1,545			756			539
State taxes, net of federal tax benefit		(10,902	)		(5,108	)		(17,502	)
Valuation allowance on deferred tax assets		10,103			8,086			282,869
Other		105			207			193

Total	$	(56,157	)	$	(24,689	)	$	(154,445	)


	2013			2014			2015
Statutory rate		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible compensation		(0.9	)		(0.9	)		—
State taxes, net of federal tax benefit		6.7			6.2			1.4
Valuation allowance on deferred tax assets		(6.2	)		(9.9	)		(23.5	)
Other		(0.1	)		(0.2	)		—

Effective tax rate		34.5	%		30.2	%		12.9	%

The tax effects of significant temporary differences representing the net deferred tax liability at December 31, 2014 and 2015 were as follows:


	2014			2015
	(In thousands)
Deferred tax assets:
Property and equipment	$	—		$	49,116
Net operating loss carryforwards		126,026			255,231
Alternative minimum tax carryforward		20,435			20,435
Other		7,854			8,201

		154,315			332,983
Valuation allowance on deferred tax assets		(46,639	)		(329,508	)

Deferred tax assets		107,676			3,475

Deferred tax liabilities:
Property and equipment		(259,222	)		—
Unrealized hedging income		—			(506	)
Other		(3,001	)		(4,934	)

Deferred tax liabilities		(262,223	)		(5,440	)

Net deferred tax liability	$	(154,547	)	$	(1,965	)

At December 31, 2015, Comstock had the following carryforwards available to reduce future income taxes:


Types of Carryforward	Years of Expiration Carryforward		Amount
			(In thousands)
Net operating loss—U.S. federal		2017 – 2035	$	558,718
Net operating loss—Louisiana		2020 – 2035	$	1,147,689
Alternative minimum tax credits		Unlimited	$	20,435

As of December 31, 2015, the Company had $558.7 million in U.S. federal net operating loss carryforwards. The utilization of $34.7 million of the U.S. federal net operating loss carryforward is limited to approximately $1.1 million per year pursuant to a prior change of control of an acquired company. Accordingly, as of December 31, 2014, a valuation allowance of $23.0 million, with a tax effect of $8.0 million, has been established for the estimated U.S. federal net operating loss carryforwards that will not be utilized as a result of the change in control. As of December 31, 2015, the Company had also established a valuation allowance of $775.3 million, with a tax effect of $271.4 million, against its other U.S. federal net operating loss carryforwards that are not subject to a change in control and other U.S. federal tax assets due to the uncertainty of generating future taxable income prior to the expiration of the carry-over period. In addition, as of December 31, 2015, the Company established a valuation allowance of $957.7 million, with a tax effect of $49.8 million, against its Louisiana state net deferred tax assets due to the uncertainty of generating taxable income in the state of Louisiana prior to the expiration of the carry-over period. As of December 31, 2014, the Company had a valuation allowance of $742.2 million, with a tax effect of $38.6 million, against its Louisiana state deferred tax assets.

Future use of the Company’s federal and state net operating loss carryforwards may be limited in the event that a cumulative change in the ownership of Comstock’s common stock by more than 50% occurs within a three-year period. Such a change in ownership could result in a substantial portion of Comstock’s net operating loss carryforwards being eliminated or becoming restricted, and the Company may need to recognize an additional valuation allowance reflecting the restricted use of the net operating loss carryforwards in the period when such an ownership change occurred. The Company established a rights plan on October 1, 2015 to deter ownership changes that would trigger this limitation.

The Company’s federal income tax returns for the years subsequent to December 31, 2011 remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination for the year ended December 31, 2008 and various periods subsequent to December 31, 2010. State tax returns in one state jurisdiction are currently under review. The Company currently believes that resolution of these matters will not have a material impact on its financial statements. The Company currently believes that its significant filing positions are highly certain and that all of its other significant income tax filing positions and deductions would be sustained upon 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. Interest and penalties resulting from audits by tax authorities have been immaterial and are included in the provision for income taxes in the consolidated statements of operations.

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

(10) Derivative Financial Instruments and Hedging Activities

All of the Company’s derivative financial instruments are used for risk management purposes and by policy none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. All of Comstock’s derivative financial instruments are with parties that are lenders under its bank credit facility. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company’s derivative financial instruments involve payment or receipt of premiums.

During 2013 and 2014, the Company hedged 2,160,000 barrels and 2,438,000 barrels, respectively, of its oil production at an average NYMEX West Texas Intermediate oil price of $98.67 per barrel and $96.56 per barrel, respectively. During 2015, the Company hedged 1,800,000 Mmbtu of its gas production at an average NYMEX Henry Hub natural gas price of $3.20 per Mmbtu.

As of December 31, 2015, the Company had the following outstanding commodity derivatives:

Commodity and Derivative Type

Weighted-Average
Contract Price

Contract Volume
(Mmbtu)

Contract Period

Natural Gas Swap Agreements

3.20 per Mmbtu

1,800,000

Jan. 2016 – June 2016

None of the derivative contracts were designated as cash flow hedges. The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses).

The gain (loss) on derivative financial instruments was a loss of $8.4 million, a gain of $8.2 million and a gain of $2.7 million for the years ended December 31, 2013, 2014 and 2015, respectively. Cash settlements received on derivative financial instruments were $2.3 million, $9.1 million and $1.2 million for the years ended December 31, 2013, 2014 and 2015, respectively. The estimated fair value of the Company’s derivative financial instruments, which equaled their carrying value, was an asset of $1.4 million as of December 31, 2015 which was reflected as a current asset based on estimated settlement dates.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Supplementary Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Supplementary Quarterly Financial Data (Unaudited)

(11) Supplementary Quarterly Financial Data (Unaudited)


	2014
	First			Second			Third			Fourth			Total
	(In thousands, except per share data)
Total oil and gas sales	$	141,909		$	155,723		$	144,983		$	112,616		$	555,231
Operating income (loss)	$	20,228		$	27,729		$	263		$	(80,291	)	$	(32,071	)
Net income (loss)	$	1,165		$	1,898		$	(1,903	)	$	(58,271	)	$	(57,111	)

Income (loss) per share:
Basic and diluted	$	0.11		$	0.19		$	(0.22	)	$	(6.31	)	$	(6.20	)

	2015
	First			Second			Third			Fourth			Total
	(In thousands, except per share data)
Total oil and gas sales	$	66,522		$	77,312		$	61,360		$	47,228		$	252,422
Operating loss	$	(96,928	)	$	(182,185	)	$	(596,026	)	$	(290,515	)	$	(1,165,654	)
Net income (loss)	$	(78,502	)	$	(135,068	)	$	(544,996	)	$	(288,543	)	$	(1,047,109	)

Income (loss) per share:
Basic and diluted	$	(8.53	)	$	(14.64	)	$	(59.05	)	$	(31.26	)	$	(113.53	)

Basic and diluted per share amounts are the same for each of the quarters and for the years ended where a net loss was reported.

Results of operations include the following non-routine items of income (expense), which are presented before the effect of income taxes:


	2014
	First			Second			Third			Fourth			Total
	(In thousands)
Impairments of unproved oil and gas properties	$	—		$	—		$	—		$	(487	)	$	(487	)
Impairments of proved oil and gas properties	$	—		$	(256	)	$	(15	)	$	(59,997	)	$	(60,268	)

	2015
	First			Second			Third			Fourth			Total
	(In thousands)
Gain (loss) on sale of oil and gas properties	$	—		$	(111,830	)	$	52		$	(307	)	$	(112,085	)
Net gain (loss) on extinguishment of debt	$	(2,735	)	$	7,267		$	51,054		$	23,155		$	78,741
Impairments of unproved oil and gas properties	$	(40,432	)	$	(23,040	)	$	(5,090	)	$	(385	)	$	(68,947	)
Impairments of proved oil and gas properties	$	(403	)	$	(1,984	)	$	(544,714	)	$	(254,246	)	$	(801,347	)

Oil and Gas Reserves Information (Unaudited)

12 Months Ended

Dec. 31, 2015

Extractive Industries [Abstract]

Oil and Gas Reserves Information (Unaudited)

(12) Oil and Gas Reserves Information (Unaudited)

Set forth below is a summary of the changes in Comstock’s net quantities of oil and natural gas reserves for its continuing operations for each of the three years in the period ended December 31, 2015:


	2013						2014						2015
	Oil (MBbls)			Natural Gas (MMcf)			Oil (MBbls)			Natural Gas (MMcf)			Oil (MBbls)			Natural Gas (MMcf)
Proved Reserves:
Beginning of year		18,899			437,445			21,976			452,653			20,854			495,266
Revisions of previous estimates		28			23,321			(2,182	)		3,998			(5,096	)		(41,437	)
Extensions and discoveries		5,363			47,581			5,373			78,383			231			168,539
Sales of minerals in place		—			—			—			—			(3,671	)		(5,096	)
Production		(2,314	)		(55,694	)		(4,313	)		(39,768	)		(3,089	)		(47,676	)

End of year		21,976			452,653			20,854			495,266			9,229			569,596

Proved Developed Reserves:
Beginning of year		8,389			362,426			13,914			344,278			16,247			324,598

End of year		13,914			344,278			16,247			324,598			9,229			311,130

The downward revisions in 2015 were primarily related to the decline in oil and natural gas prices. In 2015 price-related revisions were downward revisions of 4,958 MBbls of oil and 77,659 MMcf of natural gas.

The proved oil and gas reserves utilized in the preparation of the financial statements were estimated by Lee Keeling and Associates, independent petroleum consultants, in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company’s reserves are located onshore in the continental United States of America.

The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2014 and 2015:


	2014			2015
	(In thousands)
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$	3,891,953		$	1,763,146
Future Costs:
Production		(1,260,580	)		(705,146	)
Development and Abandonment		(571,200	)		(362,874	)
Future Income Taxes		(192,600	)		(1,231	)

Future Net Cash Flows		1,867,573			693,895
10% Discount Factor		(776,913	)		(321,756	)

Standardized Measure of Discounted Future Net Cash Flows	$	1,090,660		$	372,139

The standardized measure of discounted future net cash flows at the end of 2014 and 2015 was determined based on the simple average of the first of month market prices for oil and natural gas for each year. Prices were $92.55 per barrel of oil and $3.96 per Mcf of natural gas for 2014 and $46.88 per barrel of oil and $2.34 per Mcf of natural gas for 2015. Prices used in determining quantities of oil and natural gas reserves and future cash inflows from oil and natural gas reserves represent prices received at the Company’s sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved oil and gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate statutory tax rates to the future pre-tax net cash flows relating to proved reserves, net of the tax basis of the properties involved. The future income tax expenses give effect to permanent differences and tax credits, but do not reflect the impact of future operations.

The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2013, 2014 and 2015:


	2013			2014			2015
	(In thousands)
Standardized Measure, Beginning of Year	$	641,325		$	807,217		$	1,090,660
Net change in sales price, net of production costs		43,117			5,911			(751,774	)
Development costs incurred during the year which were previously estimated		187,643			344,590			157,390
Revisions of quantity estimates		48,411			(40,993	)		(111,454	)
Accretion of discount		81,434			105,400			114,427
Changes in future development and abandonment costs		(157,207	)		(10,909	)		14,901
Changes in timing and other		80,348			(19,028	)		(44,439	)
Extensions and discoveries		291,582			163,559			56,216
Sales of minerals in place		—			—			(43,694	)
Sales, net of production costs		(335,677	)		(458,254	)		(163,336	)
Net changes in income taxes		(73,759	)		193,167			53,242

Standardized Measure, End of Year	$	807,217		$	1,090,660		$	372,139

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The results of operations for the three and six months ended June 30, 2016 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.

Property and Equipment

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Results of operations for the properties that were sold or are being held for sale were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	1,728		$	14,208		$	3,528		$	22,755
Total operating expenses⁽¹⁾		(1,712	)		(18,616	)		(3,399	)		(72,977	)

Operating income (loss)	$	16		$	(4,408	)	$	129		$	(50,222	)

(1)	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

Property and Equipment


	Fair Value		Impairment		Management’s Price Outlook				Annual Discount Rate
	Fair Value		Impairment		Oil		Gas		Annual Discount Rate
	(In thousands)				(Per barrel)		(Per Mcf)
Impairments recorded at September 30, 2015:
Oil properties	$	330,257	$	405,308	$	73.70	$	4.04	10%-20%
Natural gas properties	$	61,625	$	139,406	$	75.91	$	3.91	10%-20%

Impairments recorded at December 31, 2015:
Oil properties	$	3,030	$	16,036	$	73.48			10%-20%
Natural gas properties	$	123,926	$	238,210	$	70.76	$	3.74	10%-20%

It is reasonably possible that the Company’s estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable and possible oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, there may be further impairments in the carrying values of these or other properties. Specifically, as part of the impairment review performed at December 31, 2015, the Company observed that a decline in excess of 30% in its future cash flow estimates for its Eagleville field in South Texas could result in an additional impairment being recorded in an amount that could be at least $130.0 million.

Accrued Liabilities

Accrued Liabilities

Accrued liabilities at June 30, 2016 and December 31, 2015 consist of the following:


	As of June 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	26,892	$	29,075
Accrued drilling costs		2,005		5,306
Accrued ad valorem taxes		2,400		—
Asset retirement obligation of assets held for sale		3,442		—
Other accrued liabilities		5,481		4,063

	$	40,220	$	38,444

Reserve for Future Abandonment Costs

Reserve for Future Abandonment Costs


	Six Months Ended June 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		496			401
New wells placed on production		2			262
Assets held for sale		(3,442	)		(628	)
Liabilities settled and assets disposed of		(1,177	)		—

Future abandonment costs — end of period	$	15,972		$	14,935

Reserve for Future Abandonment Costs

The following table summarizes the changes in the Company’s total estimated liability:


	2014			2015
	(In thousands)
Reserve for Future Abandonment Costs at beginning of the year	$	14,534		$	14,900
New wells placed on production		1,480			310
Changes in estimates and timing		(1,796	)		4,927
Liabilities settled and assets disposed of		(153	)		(717	)
Accretion expense		835			673

Reserve for Future Abandonment Costs at end of the year	$	14,900		$	20,093

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments and Hedging Activities

Stock-Based Compensation

Stock-Based Compensation

Stock-based Compensation

Income Taxes

Income Taxes

The following is an analysis of consolidated income tax expense (benefit):


	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
	(In thousands)
Current provision	$	15	$	420		$	29	$	483
Deferred provision (benefit)		73		(73,094	)		4,519		(114,785	)

Provision for (benefit from) income taxes	$	88	$	(72,674	)	$	4,548	$	(114,302	)


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(22.1	)		(3.2	)		(48.5	)		(2.1	)
State income taxes net of federal benefit		(11.8	)		3.4			4.2			2.1
Other		0.7			(0.2	)		(0.3	)		(0.1	)

Effective tax rate		1.8	%		35.0	%		(9.6	)%		34.9	%

Income Taxes

Fair Value Measurements

Fair Value Measurements

Level 1 — 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.

Fair Value Measurements

Level 1 – 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 accounted for at fair value as of December 31, 2015:


	Carrying Value Measured at Fair Value at December 31, 2015		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash and cash equivalents	$	134,006	$	134,006	$	—
Derivative financial instruments		1,446		—		1,446

Total assets	$	135,452	$	134,006	$	1,446

The following table presents the carrying amounts and estimated fair value of the Company’s long-term debt as of December 31, 2014 and 2015:


	2014			2015
	(In thousands)
Fixed rate debt:
Principal amount	$	700,000		$	1,270,457
Discount or premium		(4,555	)		(1,457	)

Carrying value	$	695,445		$	1,269,000

Fair Value	$	453,000		$	428,767

Variable rate debt:
Carrying value	$	375,000		$	—

Fair value	$	375,000		$	—

Earnings Per Share

Earnings Per Share


	Three Months Ended June 30,
	2016							2015
	Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss)	$	4,852						$	(135,068	)
Income allocable to unvested stock grants		(143	)						—

Basic and diluted net income (loss) attributable to common stock	$	4,709			11,557	$	0.41	$	(135,068	)		9,224	$	(14.64	)


	Six Months Ended June 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)
Basic and Diluted net loss attributable to common stock	$	(51,725	)		10,729	$	(4.82	)	$	(213,570	)		9,215	$	(23.18	)

Three Months Ended
June 30,

Six Months Ended
June 30,

2016

2015

2016

2015

(In thousands)

Unvested restricted stock

350

309

332

271

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		22
Weighted average exercise price per share	$	166.10	$	164.75	$	166.10	$	164.75
Weighted average performance share units		135		134		138		122
Weighted average grant date fair value per unit	$	22.10	$	45.65	$	22.10	$	45.65

Earnings Per Share

Basic and diluted earnings per share for 2013, 2014 and 2015 were determined as follows:


	2013								2014								2015
	Income (Loss)			Shares		Per Share			Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands except per share data)
Net Loss From Continuing Operations	$	(106,723	)						$	(57,111	)						$	(1,047,109	)
Loss (Income) Allocable to Unvested Stock Grants		3,424								(595	)							—

Basic and Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(103,299	)		9,311	$	(11.09	)	$	(57,706	)		9,309	$	(6.20	)	$	(1,047,109	)		9,223	$	(113.53	)

Net Income From Discontinued Operations	$	147,752
Income Allocable to Unvested Stock Grants		(4,742	)

Basic and Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,010			9,311	$	15.36

Basic and diluted per share amounts are the same for each of the years ended December 31, 2013, 2014, and 2015 due to the net loss from continuing operations reported during each of those years.

2013

2014

2015

(In thousands)

Unvested restricted stock

309

238

293

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


	2013	2014	2015
	(In thousands except per share data)
Weighted average anti-dilutive stock options	26	23	20
Weighted average exercise price	$164.50	$164.50	$164.75
Weighted average performance share units	51	100	136
Weighted average grant date fair value per unit	$104.60	$99.40	$35.35

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

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.

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


	Six Months Ended June 30,
	2016		2015
	(In thousands)
Interest payments	$	58,476	$	31,836
Income tax payments	$	—	$	11

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.

Cash payments made for interest and income taxes for the years ended December 31, 2013, 2014 and 2015, respectively, were as follows:


	2013		2014		2015
	(In thousands)
Cash Payments:
Interest payments	$	83,560	$	62,812	$	94,177
Income tax payments	$	769	$	682	$	77

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recent accounting pronouncements

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of ASU 2014-15 to have any impact on its consolidated financial condition, results of operations or cash flows.

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Reclassifications

Reclassifications

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

Concentration Of Credit Risk And Accounts Receivable

Concentration of Credit Risk and Accounts Receivable

Marketable Securities

Marketable Securities

Other Current Assets

Other Current Assets

Other current assets at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Settlements receivable on derivative financial instruments	$	7,890	$	—
Pipe and oil field equipment inventory		1,379		1,198
Other		836		795

	$	10,105	$	1,993

Other Assets

Other Assets

Accrued Expenses

Accrued Expenses

Accrued expenses at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Accrued drilling costs	$	26,269	$	5,306
Accrued interest payable		9,011		29,075
Accrued rig termination fees		2,600		—
Other		6,962		4,063

	$	44,842	$	38,444

Segment Reporting

Segment Reporting

The Company presently operates in one business segment, the exploration and production of oil and natural gas.

Major Purchasers

Major Purchasers

Revenue Recognition and Gas Balancing

Revenue Recognition and Gas Balancing

General and Administrative Expenses

General and Administrative Expenses

Discontinued West Texas Operations

Discontinued West Texas Operations

Income from discontinued operations is comprised of the following:


	Year Ended December 31, 2013
	(In thousands)
Revenues:
Oil and gas sales	$	25,125

Costs and expenses:
Production taxes		1,120
Gathering and transportation		501
Lease operating		9,853
Depletion, depreciation and amortization		8,649
Interest expense⁽¹⁾		6,346

Total costs and expenses		26,469

Gain on sale		230,008

Income from discontinued operations before income taxes		228,664

Income tax expense:
Current		(2,218	)
Deferred		(78,694	)

Total income tax expense		(80,912	)

Net income from discontinued operations	$	147,752

(1)	Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,010 for the year ended December 31, 2013.

Subsequent Events

Subsequent Events

In February 2016, the Company issued approximately 0.9 million shares of common stock in exchange for $40.0 million in principal amount of the Company’s 7³⁄₄% Senior Notes due 2019.

Acquisitions and Dispositions of Oil and Gas Properties (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Business Combinations [Abstract]

Results of Operations for Properties

Results of operations for the properties that were sold or are being held for sale were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Total oil and gas sales	$	1,728		$	14,208		$	3,528		$	22,755
Total operating expenses⁽¹⁾		(1,712	)		(18,616	)		(3,399	)		(72,977	)

Operating income (loss)	$	16		$	(4,408	)	$	129		$	(50,222	)

(1)	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

$102.5 million and recognized a net loss on sale of $112.1 million. Results of operations for these properties were as follows:


	Year Ended December 31,
	2014			2015
	(In thousands)
Total oil and gas sales	$	10,542		$	18,036
Total operating expenses⁽¹⁾		(23,260	)		(66,251	)

Operating loss	$	(12,718	)	$	(48,215	)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Accrued Liabilities

Accrued liabilities at June 30, 2016 and December 31, 2015 consist of the following:


	As of June 30, 2016		As of December 31, 2015
	(In thousands)
Accrued interest	$	26,892	$	29,075
Accrued drilling costs		2,005		5,306
Accrued ad valorem taxes		2,400		—
Asset retirement obligation of assets held for sale		3,442		—
Other accrued liabilities		5,481		4,063

	$	40,220	$	38,444

Accrued expenses at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Accrued drilling costs	$	26,269	$	5,306
Accrued interest payable		9,011		29,075
Accrued rig termination fees		2,600		—
Other		6,962		4,063

	$	44,842	$	38,444

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock’s total estimated liability for such obligations during the six months ended June 30, 2016 and 2015:


	Six Months Ended June 30,
	2016			2015
	(In thousands)
Future abandonment costs — beginning of period	$	20,093		$	14,900
Accretion expense		496			401
New wells placed on production		2			262
Assets held for sale		(3,442	)		(628	)
Liabilities settled and assets disposed of		(1,177	)		—

Future abandonment costs — end of period	$	15,972		$	14,935

The following table summarizes the changes in the Company’s total estimated liability:


	2014			2015
	(In thousands)
Reserve for Future Abandonment Costs at beginning of the year	$	14,534		$	14,900
New wells placed on production		1,480			310
Changes in estimates and timing		(1,796	)		4,927
Liabilities settled and assets disposed of		(153	)		(717	)
Accretion expense		835			673

Reserve for Future Abandonment Costs at end of the year	$	14,900		$	20,093

Basic and Diluted (Losses) Earnings Per Share

The treasury stock method is used to measure the dilutive effect of PSUs. Basic and diluted income (loss) per share for the three months and six ended June 30, 2016 and 2015 were determined as follows:


	Three Months Ended June 30,
	2016							2015
	Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss)	$	4,852						$	(135,068	)
Income allocable to unvested stock grants		(143	)						—

Basic and diluted net income (loss) attributable to common stock	$	4,709			11,557	$	0.41	$	(135,068	)		9,224	$	(14.64	)


	Six Months Ended June 30,
	2016								2015
	Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands, except per share amounts)
Basic and Diluted net loss attributable to common stock	$	(51,725	)		10,729	$	(4.82	)	$	(213,570	)		9,215	$	(23.18	)

Basic and diluted earnings per share for 2013, 2014 and 2015 were determined as follows:


	2013								2014								2015
	Income (Loss)			Shares		Per Share			Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands except per share data)
Net Loss From Continuing Operations	$	(106,723	)						$	(57,111	)						$	(1,047,109	)
Loss (Income) Allocable to Unvested Stock Grants		3,424								(595	)							—

Basic and Diluted Net Loss From Continuing Operations Attributable to Common Stock	$	(103,299	)		9,311	$	(11.09	)	$	(57,706	)		9,309	$	(6.20	)	$	(1,047,109	)		9,223	$	(113.53	)

Net Income From Discontinued Operations	$	147,752
Income Allocable to Unvested Stock Grants		(4,742	)

Basic and Diluted Net Income From Discontinued Operations Attributable to Common Stock	$	143,010			9,311	$	15.36

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding during the three months and six months ended June 30, 2016 and 2015 were as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

2016

2015

2016

2015

(In thousands)

Unvested restricted stock

350

309

332

271

Weighted average shares of unvested restricted stock included in common stock outstanding were as follows:

2013

2014

2015

(In thousands)

Unvested restricted stock

309

238

293

Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(In thousands except per share/unit data)
Weighted average stock options		12		21		12		22
Weighted average exercise price per share	$	166.10	$	164.75	$	166.10	$	164.75
Weighted average performance share units		135		134		138		122
Weighted average grant date fair value per unit	$	22.10	$	45.65	$	22.10	$	45.65

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


	2013	2014	2015
	(In thousands except per share data)
Weighted average anti-dilutive stock options	26	23	20
Weighted average exercise price	$164.50	$164.50	$164.75
Weighted average performance share units	51	100	136
Weighted average grant date fair value per unit	$104.60	$99.40	$35.35

Summary of Other Current Assets

Other current assets at December 31, 2014 and 2015 consist of the following:


	As of December 31,
	2014		2015
	(In thousands)
Settlements receivable on derivative financial instruments	$	7,890	$	—
Pipe and oil field equipment inventory		1,379		1,198
Other		836		795

	$	10,105	$	1,993

Summary of Financial Assets and Liabilities at Fair Value

The following table summarizes financial assets accounted for at fair value as of December 31, 2015:


	Carrying Value Measured at Fair Value at December 31, 2015		Level 1		Level 2
	(In thousands)
Assets measured at fair value on a recurring basis:
Cash and cash equivalents	$	134,006	$	134,006	$	—
Derivative financial instruments		1,446		—		1,446

Total assets	$	135,452	$	134,006	$	1,446

Carrying Amounts and Estimated Fair Value of Long-term Debt

The following table presents the carrying amounts and estimated fair value of the Company’s long-term debt as of December 31, 2014 and 2015:


	2014			2015
	(In thousands)
Fixed rate debt:
Principal amount	$	700,000		$	1,270,457
Discount or premium		(4,555	)		(1,457	)

Carrying value	$	695,445		$	1,269,000

Fair Value	$	453,000		$	428,767

Variable rate debt:
Carrying value	$	375,000		$	—

Fair value	$	375,000		$	—

Schedule of Fair Value Impairments, Average Prices of Oil and Gas Properties And Applicable Discount Rates

Louisiana. The following table presents the fair value and impairments recorded by the Company in the third quarter and fourth quarter of 2015, as well as the average oil price per barrel and gas price per thousand cubic feet over the life of the properties and the applicable discount rates utilized in the Company’s assessments:


	Fair Value		Impairment		Management’s Price Outlook				Annual Discount Rate
	Fair Value		Impairment		Oil		Gas		Annual Discount Rate
	(In thousands)				(Per barrel)		(Per Mcf)
Impairments recorded at September 30, 2015:
Oil properties	$	330,257	$	405,308	$	73.70	$	4.04	10%-20%
Natural gas properties	$	61,625	$	139,406	$	75.91	$	3.91	10%-20%

Impairments recorded at December 31, 2015:
Oil properties	$	3,030	$	16,036	$	73.48			10%-20%
Natural gas properties	$	123,926	$	238,210	$	70.76	$	3.74	10%-20%

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes for the years ended December 31, 2013, 2014 and 2015, respectively, were as follows:


	2013		2014		2015
	(In thousands)
Cash Payments:
Interest payments	$	83,560	$	62,812	$	94,177
Income tax payments	$	769	$	682	$	77

Summary of Income from Discontinued Operations

Income from discontinued operations is comprised of the following:


	Year Ended December 31, 2013
	(In thousands)
Revenues:
Oil and gas sales	$	25,125

Costs and expenses:
Production taxes		1,120
Gathering and transportation		501
Lease operating		9,853
Depletion, depreciation and amortization		8,649
Interest expense⁽¹⁾		6,346

Total costs and expenses		26,469

Gain on sale		230,008

Income from discontinued operations before income taxes		228,664

Income tax expense:
Current		(2,218	)
Deferred		(78,694	)

Total income tax expense		(80,912	)

Net income from discontinued operations	$	147,752

(1)	Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,010 for the year ended December 31, 2013.

Income Taxes (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Benefit from Continuing Operations

The following is an analysis of consolidated income tax expense (benefit):


	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016		2015
	(In thousands)
Current provision	$	15	$	420		$	29	$	483
Deferred provision (benefit)		73		(73,094	)		4,519		(114,785	)

Provision for (benefit from) income taxes	$	88	$	(72,674	)	$	4,548	$	(114,302	)

The following is an analysis of the consolidated income tax benefit from continuing operations:


	2013			2014			2015
	(In thousands)
Current	$	134		$	(12	)	$	804
Deferred		(56,291	)		(24,677	)		(155,249	)

	$	(56,157	)	$	(24,689	)	$	(154,445	)

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

The difference between the Company’s customary rate of 35% and the effective tax rate on the loss before income taxes is due to the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In thousands)
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Valuation allowance on deferred tax assets		(22.1	)		(3.2	)		(48.5	)		(2.1	)
State income taxes net of federal benefit		(11.8	)		3.4			4.2			2.1
Other		0.7			(0.2	)		(0.3	)		(0.1	)

Effective tax rate		1.8	%		35.0	%		(9.6	)%		34.9	%


	2013			2014			2015
Statutory rate		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible compensation		(0.9	)		(0.9	)		—
State taxes, net of federal tax benefit		6.7			6.2			1.4
Valuation allowance on deferred tax assets		(6.2	)		(9.9	)		(23.5	)
Other		(0.1	)		(0.2	)		—

Effective tax rate		34.5	%		30.2	%		12.9	%

Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation

The difference between the Company’s customary rate of 35% and the effective tax rate on income from continuing operations is due to the following:


	2013			2014			2015
	(In thousands)
Tax benefit at statutory rate	$	(57,008	)	$	(28,630	)	$	(420,544	)
Tax effect of:
Nondeductible compensation		1,545			756			539
State taxes, net of federal tax benefit		(10,902	)		(5,108	)		(17,502	)
Valuation allowance on deferred tax assets		10,103			8,086			282,869
Other		105			207			193

Total	$	(56,157	)	$	(24,689	)	$	(154,445	)

Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability

The tax effects of significant temporary differences representing the net deferred tax liability at December 31, 2014 and 2015 were as follows:


	2014			2015
	(In thousands)
Deferred tax assets:
Property and equipment	$	—		$	49,116
Net operating loss carryforwards		126,026			255,231
Alternative minimum tax carryforward		20,435			20,435
Other		7,854			8,201

		154,315			332,983
Valuation allowance on deferred tax assets		(46,639	)		(329,508	)

Deferred tax assets		107,676			3,475

Deferred tax liabilities:
Property and equipment		(259,222	)		—
Unrealized hedging income		—			(506	)
Other		(3,001	)		(4,934	)

Deferred tax liabilities		(262,223	)		(5,440	)

Net deferred tax liability	$	(154,547	)	$	(1,965	)

Carryforwards Available to Reduce Future Income Taxes

At December 31, 2015, Comstock had the following carryforwards available to reduce future income taxes:


Types of Carryforward	Years of Expiration Carryforward		Amount
			(In thousands)
Net operating loss—U.S. federal		2017 – 2035	$	558,718
Net operating loss—Louisiana		2020 – 2035	$	1,147,689
Alternative minimum tax credits		Unlimited	$	20,435

Long-Term Debt (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-term Debt

At June 30, 2016, long-term debt was comprised of:


	(In thousands)
7³⁄₄ % Senior Notes due 2019:
Principal	$	288,516
Premium, net of amortization		2,325
Debt issue costs, net of amortization		(2,464	)
9¹⁄₂ % Senior Notes due 2020:
Principal		174,607
Discount, net of amortization		(4,008	)
Debt issue costs, net of amortization		(1,913	)
10% Senior Secured Notes due 2020:
Principal		700,000
Debt issue costs, net of amortization		(11,873	)

	$	1,145,190

Long-term debt is comprised of the following:


	As of December 31,
	2014			2015
	(In thousands)

Bank credit facility	$	375,000		$	—
7³⁄₄% senior notes due 2019:
Principal		400,000			376,090
Premium, net of amortization		4,984			3,583
Debt issuance costs, net of amortization		(5,266	)		(3,787	)
9¹⁄₂% senior notes due 2020:
Principal		300,000			194,367
Discount, net of amortization		(9,539	)		(5,040	)
Debt issuance costs, net of amortization		(4,525	)		(2,396	)
10% senior secured notes due 2020:
Principal		—			700,000
Debt issuance costs, net of amortization		—			(13,487	)

	$	1,060,654		$	1,249,330

Principal Amount of Debt by Year of Maturity

The following table summarizes Comstock’s principal amount of debt as of December 31, 2015 by year of maturity:


	2016		2017		2018		2019		2020		Thereafter		Total
	(In thousands)
Bank credit facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
7³⁄₄% senior notes		—		—		—		376,090		—		—		376,090
9¹⁄₂% senior notes		—		—		—		—		194,367		—		194,367
10% senior secured notes		—		—		—		—		700,000		—		700,000

	$	—	$	—	$	—	$	376,090	$	894,367	$	—	$	1,270,457

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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-Name Accounting Standards Codification
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Oil and Gas Producing Activities (Tables)

12 Months Ended

Dec. 31, 2015

Oil And Gas Exploration And Production Industries Disclosures [Abstract]

Capitalized Costs Related to Oil and Gas Property Acquisition Exploration and Development Activities

Capitalized Costs


	As of December 31,
	2014			2015
	(In thousands)
Unproved properties	$	201,459		$	84,144
Proved properties:
Leasehold costs		1,006,839			982,915
Wells and related equipment and facilities		3,275,249			3,349,307
Accumulated depreciation depletion and amortization		(2,298,450	)		(3,389,786	)

	$	2,185,097		$	1,026,580

Costs Incurred Related to Oil and Gas Property Acquisition Exploration and Development Activities

Costs Incurred


	For the Years Ended December 31,
	2013		2014		2015
	(In thousands)
Property Acquisitions:
Unproved property acquisitions	$	130,113	$	91,960	$	12,972
Proved property acquisitions		6,471		2,400		—
Development costs		341,970		440,848		221,265
Exploration costs		439		52,080		12,265

	$	478,993	$	587,288	$	246,502

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Minimum Future Payments under Leases

Minimum future payments under the leases at December 31, 2015 are as follows:


	(In thousands)
2016		1,994
2017		2,021
2018		2,060
2019		1,560
2020		1,560
Thereafter		1,560

	$	10,755

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity under Company's Incentive Plans

The following table summarizes information related to stock option activity under the Company’s incentive plans for the year ended December 31, 2015:


	Number of Options			Weighted Average Exercise Price
Outstanding at January 1, 2015		23,030		$	164.50
Expired or forfeited		(11,300	)	$	162.90

Outstanding at December 31, 2015		11,730		$	166.10

Exercisable at December 31, 2015		11,730		$	166.10

Summary of Restricted Stock Activity

A summary of restricted stock activity for the year ended December 31, 2015 is presented below:


	Number of Restricted Shares			Weighted Average Grant Price
Outstanding at January 1, 2015		241,505		$	99.55
Granted		202,074		$	26.70
Vested		(115,349	)	$	111.15
Forfeitures		(14,170	)	$	74.25

Outstanding at December 31, 2015		314,060		$	49.55

Summary of PSU Activity

A summary of PSU activity for the year ended December 31, 2015 is presented below:


	Number of PSUs			Weighted Average Grant Price
Outstanding at January 1, 2015		74,614		$	99.40
Granted		94,250		$	7.30
Unearned or forfeited		(34,943	)	$	96.35

Outstanding at December 31, 2015		133,921		$	35.35

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Outstanding Commodity Derivatives

As of December 31, 2015, the Company had the following outstanding commodity derivatives:

Commodity and Derivative Type

Weighted-Average
Contract Price

Contract Volume
(Mmbtu)

Contract Period

Natural Gas Swap Agreements

3.20 per Mmbtu

1,800,000

Jan. 2016 – June 2016

Supplementary Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Supplementary Quarterly Financial Data (Unaudited)

Supplementary Quarterly Financial Data (Unaudited)


	2014
	First			Second			Third			Fourth			Total
	(In thousands, except per share data)
Total oil and gas sales	$	141,909		$	155,723		$	144,983		$	112,616		$	555,231
Operating income (loss)	$	20,228		$	27,729		$	263		$	(80,291	)	$	(32,071	)
Net income (loss)	$	1,165		$	1,898		$	(1,903	)	$	(58,271	)	$	(57,111	)

Income (loss) per share:
Basic and diluted	$	0.11		$	0.19		$	(0.22	)	$	(6.31	)	$	(6.20	)

	2015
	First			Second			Third			Fourth			Total
	(In thousands, except per share data)
Total oil and gas sales	$	66,522		$	77,312		$	61,360		$	47,228		$	252,422
Operating loss	$	(96,928	)	$	(182,185	)	$	(596,026	)	$	(290,515	)	$	(1,165,654	)
Net income (loss)	$	(78,502	)	$	(135,068	)	$	(544,996	)	$	(288,543	)	$	(1,047,109	)

Income (loss) per share:
Basic and diluted	$	(8.53	)	$	(14.64	)	$	(59.05	)	$	(31.26	)	$	(113.53	)

Summary of Results of Operations from Non-Routine Items

Results of operations include the following non-routine items of income (expense), which are presented before the effect of income taxes:


	2014
	First			Second			Third			Fourth			Total
	(In thousands)
Impairments of unproved oil and gas properties	$	—		$	—		$	—		$	(487	)	$	(487	)
Impairments of proved oil and gas properties	$	—		$	(256	)	$	(15	)	$	(59,997	)	$	(60,268	)

	2015
	First			Second			Third			Fourth			Total
	(In thousands)
Gain (loss) on sale of oil and gas properties	$	—		$	(111,830	)	$	52		$	(307	)	$	(112,085	)
Net gain (loss) on extinguishment of debt	$	(2,735	)	$	7,267		$	51,054		$	23,155		$	78,741
Impairments of unproved oil and gas properties	$	(40,432	)	$	(23,040	)	$	(5,090	)	$	(385	)	$	(68,947	)
Impairments of proved oil and gas properties	$	(403	)	$	(1,984	)	$	(544,714	)	$	(254,246	)	$	(801,347	)

- Definition

Tabular disclosure of the results of operations for oil and gas producing activities for the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 27
-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e62352-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63071-109448

+ Details

Oil and Gas Reserves Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Extractive Industries [Abstract]

Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves For Continuing Operations


	2013						2014						2015
	Oil (MBbls)			Natural Gas (MMcf)			Oil (MBbls)			Natural Gas (MMcf)			Oil (MBbls)			Natural Gas (MMcf)
Proved Reserves:
Beginning of year		18,899			437,445			21,976			452,653			20,854			495,266
Revisions of previous estimates		28			23,321			(2,182	)		3,998			(5,096	)		(41,437	)
Extensions and discoveries		5,363			47,581			5,373			78,383			231			168,539
Sales of minerals in place		—			—			—			—			(3,671	)		(5,096	)
Production		(2,314	)		(55,694	)		(4,313	)		(39,768	)		(3,089	)		(47,676	)

End of year		21,976			452,653			20,854			495,266			9,229			569,596

Proved Developed Reserves:
Beginning of year		8,389			362,426			13,914			344,278			16,247			324,598

End of year		13,914			344,278			16,247			324,598			9,229			311,130

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2014 and 2015:


	2014			2015
	(In thousands)
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$	3,891,953		$	1,763,146
Future Costs:
Production		(1,260,580	)		(705,146	)
Development and Abandonment		(571,200	)		(362,874	)
Future Income Taxes		(192,600	)		(1,231	)

Future Net Cash Flows		1,867,573			693,895
10% Discount Factor		(776,913	)		(321,756	)

Standardized Measure of Discounted Future Net Cash Flows	$	1,090,660		$	372,139

Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves

The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2013, 2014 and 2015:


	2013			2014			2015
	(In thousands)
Standardized Measure, Beginning of Year	$	641,325		$	807,217		$	1,090,660
Net change in sales price, net of production costs		43,117			5,911			(751,774	)
Development costs incurred during the year which were previously estimated		187,643			344,590			157,390
Revisions of quantity estimates		48,411			(40,993	)		(111,454	)
Accretion of discount		81,434			105,400			114,427
Changes in future development and abandonment costs		(157,207	)		(10,909	)		14,901
Changes in timing and other		80,348			(19,028	)		(44,439	)
Extensions and discoveries		291,582			163,559			56,216
Sales of minerals in place		—			—			(43,694	)
Sales, net of production costs		(335,677	)		(458,254	)		(163,336	)
Net changes in income taxes		(73,759	)		193,167			53,242

Standardized Measure, End of Year	$	807,217		$	1,090,660		$	372,139

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details

Summary of Significant Accounting Policies - Additional Information 1 (Detail)	1 Months Ended	3 Months Ended								6 Months Ended		12 Months Ended
	Jan. 31, 2016 a Well	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Reverse share split										0.2
Reverse share split description										a one-for-five (1:5) reverse split
Carrying value of assets held for sale		$ 42,542,000								$ 42,542,000
Impairment of oil and gas properties		1,742,000	$ 254,246,000	$ 544,714,000	$ 1,984,000	$ 403,000	$ 59,997,000	$ 15,000	$ 256,000	24,460,000	$ 2,387,000	$ 801,347,000	$ 60,268,000	$ 652,000
Asset retirement obligation - Assets Held For Sale		3,400,000								$ 3,400,000
Assets held for sale effective date										May 01, 2015
Net proceeds from sale of oil and gas properties				102,500,000						$ 2,100,000
Loss on sale of assets		1,647,000			111,830,000					907,000	111,830,000	112,085,000		2,033,000
Property Exchange Net Acres Received \| a	3,637
Property Exchange Gross Wells Received \| Well	4
Property Exchange Net Wells Received \| a	3.5
Property Exchange Net Acres Disposed \| a	2,547
Property Exchange Gross Wells Disposed \| Well	7
Property Exchange Net Wells Disposed \| a	5.3
Gain on Property Exchange of Oil and Gas Properties										700,000
Impairment of unproved oil and natural gas properties		0	385,000	5,090,000	23,040,000	$ 40,432,000	$ 487,000			7,800,000	63,500,000	68,947,000	487,000	33,000,000
Cash flow hedges derivative instruments		0								0
(Payments) receipts on derivative financial instruments										2,120,000		1,230,000	$ 9,145,000	2,293,000
Allowance for doubtful accounts			0									$ 0
Proceeds from sale of Stone Energy Corporation common stock available for sale														13,392,000
Stone Energy Corporation \| Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of Stone Energy Corporation common stock available for sale														$ 13,400,000
Shares of Stone Energy Corporation common stock sold by Company \| shares														600,000
Realized gain on available-for-sale securities before income tax														$ 7,900,000
Natural Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment of oil and gas properties			$ 238,210,000	$ 139,406,000
Commodity Derivatives \| Natural Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Total gain (loss) on oil price swaps		18,000			600,000					700,000	600,000
(Payments) receipts on derivative financial instruments		1,100,000								2,100,000	0
Oil and Gas Properties Impairment related to Assets Held For Sale
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment of oil and gas properties										20,800,000
Oil and Gas Properties Impairment excluding Assets Held For Sale
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment of oil and gas properties		$ 1,700,000			$ 2,000,000					$ 3,700,000	$ 2,400,000

Summary of Significant Accounting Policies - Operating Income (Loss) Results of Operations (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Dec. 31, 2014

Oil And Gas Properties Sold [Abstract]

Total oil and gas sales

$ 1,728

$ 14,208

$ 3,528

$ 22,755

$ 18,036

$ 10,542

Total operating expenses

(1,712)

^[1]

(18,616)

^[1]

(3,399)

^[1]

(72,977)

^[1]

(66,251)

^[2]

(23,260)

^[2]

Operating income (loss)

$ 16

$ (4,408)

$ 129

$ (50,222)

$ (48,215)

$ (12,718)

[1]	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.
[2]	Includes direct operating expenses, depreciation, depletion and amortization and exploration expense. Excludes interest expense and general and administrative expenses.

Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
Accrued interest	$ 26,892	$ 29,075	$ 9,011
Accrued drilling costs	2,005	5,306	26,269
Accrued ad valorem taxes	2,400
Accrued rig termination fees			2,600
Asset retirement obligation of assets held for sale	3,442
Other accrued liabilities	5,481	4,063	6,962
Total accrued expenses	$ 40,220	$ 38,444	$ 44,842

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligations Noncurrent [Abstract]
Future abandonment costs - beginning of period	$ 20,093	$ 14,900	$ 14,900	$ 14,534
Accretion expense	496	401	673	835
New wells placed on production	2	262	310	1,480
Assets held for sale	(3,442)	(628)
Changes in estimates and timing			4,927	(1,796)
Liabilities settled and assets disposed of	(1,177)		(717)	(153)
Future abandonment costs - end of period	$ 15,972	$ 14,935	$ 20,093	$ 14,900

Summary of Significant Accounting Policies - Additional Information 2 (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($) Unit $ / shares $ / EquityUnit shares	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) Unit $ / shares $ / EquityUnit shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) Unit $ / shares $ / EquityUnit shares Bcf	Dec. 31, 2014 USD ($) Unit $ / shares $ / EquityUnit shares	Dec. 31, 2013 USD ($) $ / shares shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized			$ 2,493,000	$ 3,982,000	$ 8,149,000	$ 10,697,000	$ 12,785,000
Number of Options Outstanding \| shares					11,730	23,030
Weighted average exercise price \| $ / shares					$ 166.10	$ 164.50
Quantity of bcf in swap agreements \| Bcf					1.8
Derivative financial instruments					$ 1,400,000	$ 0
U.S. Federal
Operations And Summary Of Significant Accounting Policies [Line Items]
Additional valuation allowance on net operating loss carryforwards, net of federal tax benefit	$ 17,900,000		17,900,000
State and Local Jurisdiction
Operations And Summary Of Significant Accounting Policies [Line Items]
Additional valuation allowance on net operating loss carryforwards, net of federal tax benefit	$ 4,900,000		$ 4,900,000
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares granted \| shares			229,618		202,074
Restricted stock grant date fair value			$ 1,300,000
Grant date fair value of share units, per unit \| $ / shares			$ 5.45		$ 26.70	$ 101.20	$ 82.20
Shares of unvested restricted stock outstanding \| shares	354,974		354,974		314,060	241,505	303,178
Weighted average grant date fair value of stock grants per share \| $ / shares	$ 15.25		$ 15.25		$ 49.55	$ 99.55
Unrecognized compensation cost	$ 4,400,000		$ 4,400,000		$ 5,100,000
Period in which compensation cost expected to be recognized			2 years 1 month 6 days		1 year 9 months 18 days
Potential Performance Shares (PSU)
Operations And Summary Of Significant Accounting Policies [Line Items]
Restricted stock grant date fair value					$ 700,000	$ 3,700,000
Unrecognized compensation cost	$ 1,700,000		$ 1,700,000
Period in which compensation cost expected to be recognized			1 year 8 months 12 days
Number of units granted \| Unit			60,013		94,250	37,792
Performance units grant date fair value			$ 400,000
Grant date fair value of share units, per unit \| $ / EquityUnit			7.00		7.30	99.05
Number of performance stock units ("PSUs") outstanding \| Unit	134,627		134,627		133,921	74,614
Weighted average grant date fair value of PSUs per unit \| $ / EquityUnit	22.09		22.09
Potential Performance Shares (PSU) \| Minimum
Operations And Summary Of Significant Accounting Policies [Line Items]
Common stock, shares, potentially issuable in exchange for Share Units \| shares	0		0
Potential Performance Shares (PSU) \| Maximum
Operations And Summary Of Significant Accounting Policies [Line Items]
Common stock, shares, potentially issuable in exchange for Share Units \| shares	269,253		269,253
Stock Options
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 0		$ 0
Number of Options Outstanding \| shares	11,730		11,730
Weighted average exercise price \| $ / shares	$ 166.10		$ 166.10
Number of option, Exercised \| shares			0		0	0	0
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized	$ 1,200,000	$ 2,100,000	$ 2,500,000	$ 4,000,000	$ 8,100,000	$ 10,700,000	$ 12,800,000

Summary of Significant Accounting Policies - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current provision	$ 15	$ 420	$ 29	$ 483	$ 804	$ (12)	$ 134
Deferred provision (benefit)	73	(73,094)	4,519	(114,785)	(155,249)	(24,677)	(56,291)
Provision for (benefit from) income taxes	$ 88	$ (72,674)	$ 4,548	$ (114,302)	$ (154,445)	$ (24,689)	$ (56,157)

Summary of Significant Accounting Policies - Additional Information 3 (Detail)	1 Months Ended	3 Months Ended								6 Months Ended		12 Months Ended
	Jan. 31, 2015 ExecutiveOfficer	Jun. 30, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) shares	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($) Jurisdictions shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) Jurisdictions shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Customary rate		35.00%			35.00%					35.00%	35.00%	35.00%	35.00%	35.00%
State jurisdiction currently under review \| Jurisdictions										1		1
Cumulative common stock ownership change over three year period that could limit federal and state net operating loss carry forwards										50.00%		50.00%
Rights Plan establishment date										Oct. 31, 2015		Oct. 01, 2015
Derivative financial instruments			$ 1,400,000				$ 0					$ 1,400,000	$ 0
Performance multiplier, minimum										0.00%		0.00%
Performance multiplier, maximum										200.00%		300.00%
Interest costs, capitalized during period										$ 0	$ 900,000	$ 900,000	10,200,000	$ 4,700,000
Conversion ratio of oil to natural gas in units of production												One barrel of oil for six thousand cubic feet of natural gas
Impairment of unproved oil and natural gas properties		$ 0	385,000	$ 5,090,000	$ 23,040,000	$ 40,432,000	487,000			7,800,000	63,500,000	$ 68,947,000	487,000	33,000,000
Impairment of oil and gas properties		$ 1,742,000	254,246,000	544,714,000	$ 1,984,000	$ 403,000	$ 59,997,000	$ 15,000	$ 256,000	$ 24,460,000	$ 2,387,000	$ 801,347,000	60,268,000	$ 652,000
Impaired oil and gas properties fair value													$ 18,000,000
Percentage decline of future cash flow estimates before possible impairment												30.00%
Possible impairment of evaluated oil and gas properties			130,000,000									$ 130,000,000
Acquired interest in corporate airplane	20.00%											20.00%
Pre-Acquisition Company interest in corporate airplane	80.00%
Pre-Acquisition executive officers interest in corporate airplane	20.00%
Number of executive officers \| ExecutiveOfficer	2
Consideration paid for interest in corporate airplane												$ 1,700,000
Natural Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Impairment of oil and gas properties			$ 238,210,000	$ 139,406,000
Minimum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives												3 years
Maximum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives												31 years 6 months
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding \| shares		354,974	314,060				241,505			354,974		314,060	241,505	303,178
Fixed Rate Debt
Operations And Summary Of Significant Accounting Policies [Line Items]
Long-term debt, including current portion, Carrying Value		$ 1,100,000,000	$ 1,269,000,000				$ 695,445,000			$ 1,100,000,000		$ 1,269,000,000	$ 695,445,000
Long-term debt, including current portion, Fair Value			428,767,000				$ 453,000,000					428,767,000	$ 453,000,000
Level 1 \| Price Swap \| Natural Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Derivative financial instruments		0								0
Level 2 \| Fixed Rate Debt
Operations And Summary Of Significant Accounting Policies [Line Items]
Long-term debt, including current portion, Fair Value		730,200,000								730,200,000
Fair Value, Measurements, Recurring
Operations And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents			134,006,000									134,006,000
Fair Value, Measurements, Recurring \| Level 1
Operations And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 67,400,000	$ 134,006,000							$ 67,400,000		$ 134,006,000

Summary of Significant Accounting Policies - Difference Between Customary Rate and Effective Tax Rate on the Loss Before Income Taxes Due (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax at statutory rate	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Valuation allowance on deferred tax assets	(22.10%)	(3.20%)	(48.50%)	(2.10%)	(23.50%)	(9.90%)	(6.20%)
State income taxes net of federal benefit	(11.80%)	3.40%	4.20%	2.10%	1.40%	6.20%	6.70%
Other	0.70%	(0.20%)	(0.30%)	(0.10%)		(0.20%)	(0.10%)
Effective tax rate	1.80%	35.00%	(9.60%)	34.90%	12.90%	30.20%	34.50%

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Line Items]
Net income (loss)	$ 4,852	$ (288,543)	$ (544,996)	$ (135,068)	$ (78,502)	$ (58,271)	$ (1,903)	$ 1,898	$ 1,165	$ (51,725)	$ (213,570)	$ (1,047,109)	$ (57,111)	$ 41,029
Net Loss From Continuing Operations												$ (1,047,109)	$ (57,111)	(106,723)
Net Income From Discontinued Operations														$ 147,752
Loss (Income) Allocable to Unvested Stock Grants	(143)
Basic and Diluted net income (loss) attributable to common stock	$ 4,709			$ (135,068)
Basic and Diluted net income (loss) attributable to common stock, shares	11,557			9,224						10,729	9,215	9,223	9,309	9,311
Net income (loss) per share - basic and diluted	$ 0.41	$ (31.26)	$ (59.05)	$ (14.64)	$ (8.53)	$ (6.31)	$ (0.22)	$ 0.19	$ 0.11	$ (4.82)	$ (23.18)	$ (113.53)	$ (6.20)	$ 4.27
Basic and Diluted net income (loss) attributable to common stock, per share												$ (113.53)	$ (6.20)	(11.09)
Basic and Diluted net income (loss) attributable to common stock, per share														$ 15.36
Continuing Operations
Earnings Per Share [Line Items]
Net Loss From Continuing Operations												$ (1,047,109)	$ (57,111)	$ (106,723)
Loss (Income) Allocable to Unvested Stock Grants													(595)	3,424
Basic and Diluted Net Loss From Continuing Operations Attributable to Common Stock												$ (1,047,109)	$ (57,706)	$ (103,299)
Basic and Diluted net income (loss) attributable to common stock, shares												9,223	9,309	9,311
Basic and Diluted net income (loss) attributable to common stock, per share												$ (113.53)	$ (6.20)	$ (11.09)
Discontinued Operations
Earnings Per Share [Line Items]
Net Income From Discontinued Operations														$ 147,752
Loss (Income) Allocable to Unvested Stock Grants														(4,742)
Basic and Diluted Net Income From Discontinued Operations Attributable to Common Stock														$ 143,010
Basic and Diluted net income (loss) attributable to common stock, shares														9,311
Basic and Diluted net income (loss) attributable to common stock, per share														$ 15.36

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unvested restricted stock	350	309	332	271	293	238	309

Summary of Significant Accounting Policies - Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share (Detail) shares in Thousands, EquityUnit in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016 EquityUnit $ / shares $ / EquityUnit shares	Jun. 30, 2015 EquityUnit $ / shares $ / EquityUnit shares	Jun. 30, 2016 EquityUnit $ / shares $ / EquityUnit shares	Jun. 30, 2015 EquityUnit $ / shares $ / EquityUnit shares	Dec. 31, 2015 EquityUnit $ / shares $ / EquityUnit shares	Dec. 31, 2014 EquityUnit $ / shares $ / EquityUnit shares	Dec. 31, 2013 EquityUnit $ / shares $ / EquityUnit shares
Earnings Per Share [Abstract]
Weighted average stock options \| shares	12	21	12	22	20	23	26
Weighted average exercise price per share \| $ / shares	$ 166.10	$ 164.75	$ 166.10	$ 164.75	$ 164.75	$ 164.50	$ 164.50
Weighted average performance share units \| EquityUnit	135	134	138	122	136	100	51
Weighted average grant date fair value per unit \| $ / EquityUnit	22.10	45.65	22.10	45.65	35.35	99.40	104.60

Summary of Significant Accounting Policies - Cash Payments Made for Interest and Income Taxes (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Payments [Abstract]
Interest payments	$ 58,476	$ 31,836	$ 94,177	$ 62,812	$ 83,560
Income tax payments		$ 11	$ 77	$ 682	$ 769

Stockholders' Equity - Additional Information (Detail)			6 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Mar. 24, 2016 USD ($) $ / shares	Oct. 01, 2015 shares	Jun. 30, 2016 $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) shares
Stockholders Equity [Line Items]
Number of consecutive trading-day period	30 days
Reverse share split			0.2
Reverse share split description			a one-for-five (1:5) reverse split
Authorized common stock approved by stockholders			50,000,000	15,000,000	15,000,000
Common stock, par value \| $ / shares			$ 0.50	$ 0.50	$ 0.50
Preferred stock, shares authorized				5,000,000	5,000,000
Preferred stock, par value per share \| $ / shares				$ 10.00	$ 10.00
Preferred stock, shares outstanding				0	0
Dividend paid \| $					$ 23,800,000	$ 18,000,000
Approved amount for open market repurchase of common stock \| $						$ 100,000,000
Number of stock purchased under open market					200,000	126,219
Stock purchased under open market amount \| $				$ 0	$ 8,086,000	$ 9,232,000
NOL Rights Plan
Stockholders Equity [Line Items]
Number of rights declared for each common stock		1
Dividend payable date		Oct. 16, 2015
Dividend record date		Oct. 12, 2015
Threshold percentage of common stock to be qualified as an acquiring person		4.90%
NYSE Minimum Criteria
Stockholders Equity [Line Items]
Average stock price per share \| $ / shares	$ 1.00
Average market capitalization \| $	$ 50,000,000

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal		$ 1,270,457
Long-term Debt	$ 1,145,190	1,249,330	$ 1,060,654
Bank credit facility
Debt Instrument [Line Items]
Principal		0	375,000
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Principal	288,516	376,090	400,000
Premium, net of amortization	2,325	3,583	4,984
Debt issue costs, net of amortization	(2,464)	(3,787)	(5,266)
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Principal	174,607	194,367	300,000
Discount, net of amortization	(4,008)	(5,040)	(9,539)
Debt issue costs, net of amortization	(1,913)	(2,396)	$ (4,525)
10 % Senior Secured Notes due 2020
Debt Instrument [Line Items]
Principal	700,000	700,000
Debt issue costs, net of amortization	$ (11,873)	$ (13,487)

Long-Term Debt - Long-Term Debt (Parenthetical) (Detail)	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes	7.75%	7.75%		7.75%
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	9.50%	9.50%		9.50%
10 % Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	10.00%	10.00%	10.00%

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Minimum percentage of oil and gas properties used as collateral against Secured Notes and credit facility		80.00%		80.00%
Gain on repurchased amount of notes		$ 89.6	$ 8.2	$ 82.4
Write off of deferred issuance cost			3.7	3.7
Payment for repurchase of notes				$ 42.7
10 % Senior Secured Notes due 2020
Debt Instrument [Line Items]
Debt instrument outstanding, value	$ 700.0
Interest rate on senior notes	10.00%	10.00%		10.00%
Maturity of senior notes		Mar. 15, 2020		Mar. 15, 2020
Net proceeds from issuance of debt	$ 683.8
Frequency of interest payments		semi-annually on each March 15 and September 15		semi-annually on each March 15 and September 15
Principal amount of notes repurchased		$ 19.8	16.8
Payments to purchase debt			$ 7.8
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Debt instrument outstanding, value		$ 288.5		$ 376.1
Interest rate on senior notes		7.75%		7.75%	7.75%
Maturity of senior notes		Apr. 01, 2019		Apr. 01, 2019
Frequency of interest payments		semi-annually on each April 1 and October 1		semi-annually on each April 1 and October 1
Principal amount of notes repurchased		$ 87.5		$ 23.9
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Debt instrument outstanding, value		$ 174.6		$ 194.4
Interest rate on senior notes		9.50%		9.50%	9.50%
Maturity of senior notes		Jun. 15, 2020		Jun. 15, 2020
Frequency of interest payments		Semi-annually on each June 15 and December 15		semi-annually on each June 15 and December 15
Principal amount of notes repurchased				$ 105.6
7 3/4% Senior Notes due 2019 And 10% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Common stock shares exchanged for repayment of principal amount		2,748,403
7 3/4% Senior Notes due 2019 And 10% Senior Secured Notes due 2020 \| Payment In Cash
Debt Instrument [Line Items]
Notes exchanged in cash		$ 3.5
Bank credit facility
Debt Instrument [Line Items]
Ownership percentage of guarantor subsidiary		100.00%		100.00%

Long-Term Debt - Additional Information 1 (Detail) - Revolving Credit Facility - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Bank credit facility	$ 50.0	$ 50.0
Line of credit facility commitment term (in years)	4 years	4 years
Maturity of credit facility	Mar. 04, 2019	Mar. 04, 2019
Spread rate over LIBOR for interest rate on credit facility	2.50%	2.50%
Stated percentage over federal funds rate to calculate base rate	0.50%	0.50%
Stated percentage over 30 day LIBOR to calculate base rate	1.00%	1.00%
Spread rate over base rate for interest rate on credit facility	1.50%	1.50%
Commitment fee on unused borrowing base	0.50%	0.50%
Current ratio	100.00%	100.00%
Asset coverage ratio	250.00%	250.00%

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]
Natural gas transportation and treating agreements	through July 2019	through July 2019
Maximum commitments under natural gas transportation and treating agreements	$ 5.3	$ 6.4
Rent expense under noncancelable operating leases		1.5	$ 1.5	$ 1.4
Commitments for contracted drilling services		$ 1.6
Contract term related to drilling rigs		through May 2016

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 01, 2016	Jun. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Principal			$ 1,270,457
10 % Senior Secured Notes due 2020
Subsequent Event [Line Items]
Principal		$ 700,000	$ 700,000
Subsequent Event \| Exchange Offer
Subsequent Event [Line Items]
Exchange offer description	The Company is offering to exchange (i) new senior secured notes and warrants for the $700.0 million principal amount of the Secured Notes and (ii) second lien convertible notes for $463.1 million principal amount of the 2019 Notes and 2020 Notes. The new notes would contain the same interest rates and maturity dates as the existing notes but would in certain circumstances and terms allow the Company to pay the interest in-kind and with respect to the new second lien notes, subject to the Company obtaining stockholder approval, be convertible into shares of the Company’s common stock.
Subsequent Event \| Exchange Offer \| 10 % Senior Secured Notes due 2020
Subsequent Event [Line Items]
Principal	$ 700,000
Subsequent Event \| Exchange Offer \| 2019 Notes and 2020 Notes
Subsequent Event [Line Items]
Principal	$ 463,100

Summary of Significant Accounting Policies - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Other Current Assets [Line Items]
Other Current Assets	$ 2,339	$ 1,993	$ 10,105
Settlements receivable on derivative financial instruments
Schedule Of Other Current Assets [Line Items]
Other Current Assets			7,890
Pipe and oil field equipment inventory
Schedule Of Other Current Assets [Line Items]
Other Current Assets		1,198	1,379
Other
Schedule Of Other Current Assets [Line Items]
Other Current Assets		$ 795	$ 836

Summary of Significant Accounting Policies - Summary of Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets measured at fair value on a recurring basis:
Derivative Financial Instruments		$ 1,446
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis:
Cash and cash equivalents		134,006
Derivative Financial Instruments		1,446
Total assets		135,452
Fair Value, Measurements, Recurring \| Level 1
Assets measured at fair value on a recurring basis:
Cash and cash equivalents	$ 67,400	134,006
Total assets		134,006
Fair Value, Measurements, Recurring \| Level 2
Assets measured at fair value on a recurring basis:
Derivative Financial Instruments		1,446
Total assets		$ 1,446

Summary of Significant Accounting Policies - Carrying Amounts and Estimated Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, principal amount		$ 1,270,457
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, principal amount		1,270,457	$ 700,000
Long-term debt, discount or premium		(1,457)	(4,555)
Long-term debt, including current portion, Carrying Value	$ 1,100,000	1,269,000	695,445
Long-term debt, including current portion, Fair Value		$ 428,767	453,000
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, including current portion, Carrying Value			375,000
Long-term debt, including current portion, Fair Value			$ 375,000

Summary of Significant Accounting Policies - Schedule of Fair Value Impairments, Average Prices of Oil and Gas Properties And Applicable Discount Rates (Detail) $ in Thousands	3 Months Ended								6 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) $ / bbl $ / Mcf	Sep. 30, 2015 USD ($) $ / bbl $ / Mcf	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Fair Value And Impairments Oil And Gas Properties [Line Items]
Impairment of oil and gas properties	$ 1,742	$ 254,246	$ 544,714	$ 1,984	$ 403	$ 59,997	$ 15	$ 256	$ 24,460	$ 2,387	$ 801,347	$ 60,268	$ 652
Oil Properties
Fair Value And Impairments Oil And Gas Properties [Line Items]
Fair Value		3,030	330,257								3,030
Impairment of oil and gas properties		$ 16,036	$ 405,308
Management's Oil Price Outlook \| $ / bbl		73.48	73.70
Management's Gas Price Outlook \| $ / Mcf			4.04
Oil Properties \| Minimum
Fair Value And Impairments Oil And Gas Properties [Line Items]
Annual Discount Rate		10.00%	10.00%
Oil Properties \| Maximum
Fair Value And Impairments Oil And Gas Properties [Line Items]
Annual Discount Rate		20.00%	20.00%
Natural Gas Properties
Fair Value And Impairments Oil And Gas Properties [Line Items]
Fair Value		$ 123,926	$ 61,625								$ 123,926
Impairment of oil and gas properties		$ 238,210	$ 139,406
Management's Oil Price Outlook \| $ / bbl		70.76	75.91
Management's Gas Price Outlook \| $ / Mcf		3.74	3.91
Natural Gas Properties \| Minimum
Fair Value And Impairments Oil And Gas Properties [Line Items]
Annual Discount Rate		10.00%	10.00%
Natural Gas Properties \| Maximum
Fair Value And Impairments Oil And Gas Properties [Line Items]
Annual Discount Rate		20.00%	20.00%

Summary of Significant Accounting Policies - Additional Information 4 (Detail)	6 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($) shares	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) Customer Segment shares	Dec. 31, 2014 USD ($) Customer shares	Dec. 31, 2013 USD ($) Customer shares	May 31, 2013 USD ($)
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment			1
Number of major customers of oil and gas sales \| Customer			2	2	2
General and administrative expenses reimbursements of overhead costs			$ 13,900,000	$ 13,200,000	$ 11,900,000
Performance multiplier, minimum	0.00%		0.00%
Performance multiplier, maximum	200.00%		300.00%
Interest costs, capitalized during period	$ 0	$ 900,000	$ 900,000	10,200,000	4,700,000
Sale price of discontinued properties						$ 823,100,000
Realized gain on discontinued properties					230,000,000
General and administrative cost allocated to discontinued operations					$ 0
Debt issuance costs reclassified from long term assets to long term debt				$ 9,800,000
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding \| shares	354,974		314,060	241,505	303,178
Major Natural Gas Purchaser
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage accounted of oil and gas sales			52.00%	53.00%	51.00%
Major Oil Purchaser
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage accounted of oil and gas sales			25.00%	35.00%	36.00%

Summary of Significant Accounting Policies - Summary of Income from Discontinued Operations (Detail)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

Revenues:

Oil and gas sales

$ 25,125

Costs and expenses:

Production taxes

1,120

Gathering and transportation

501

Lease operating

9,853

Depletion, depreciation and amortization

8,649

Interest expense

6,346

^[1]

Total costs and expenses

26,469

Gain on sale

230,008

Income from discontinued operations before income taxes

228,664

Income tax expense:

Current

(2,218)

Deferred

(78,694)

Total income tax expense

(80,912)

Net income from discontinued operations

$ 147,752

[1]	Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $2,010 for the year ended December 31, 2013.

Summary of Significant Accounting Policies - Summary of Income from Discontinued Operations (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Capitalized interest related to Discontinued Operations	$ 2,010

Summary of Significant Accounting Policies - Subsequent Events (Detail) shares in Millions, $ in Millions	1 Months Ended
	Feb. 29, 2016 USD ($) shares	Jan. 31, 2016 a Well
Operations And Summary Of Significant Accounting Policies [Line Items]
Property Exchange Net Acres Received		3,637
Property Exchange Gross Wells Received \| Well		4
Property Exchange Net Wells Received		3.5
Property Exchange Net Acres Disposed		2,547
Property Exchange Gross Wells Disposed \| Well		7
Property Exchange Net Wells Disposed		5.3
Exchange Transaction
Operations And Summary Of Significant Accounting Policies [Line Items]
Long-term debt, principal amount \| $	$ 40.0
Conversion of debt into common shares \| shares	0.9
Interest rate on senior notes	7.75%

Acquisitions and Dispositions of Oil and Gas Properties - Additional Information (Detail)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2014 USD ($) a Well	Sep. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) Well	Dec. 31, 2014 USD ($) a Well	Dec. 31, 2013 USD ($) a Well	Dec. 31, 2012 a $ / a
Business Acquisition [Line Items]
Net proceeds from sale of oil and gas properties		$ 102,500,000	$ 2,100,000
Acquisition of unproved oil and gas properties				$ 12,972,000	$ 91,960,000	$ 130,113,000
JV Partner Participation Cost Per Acre \| $ / a							25,000
Joint Venture expected acres per well drilled \| a							80
JV partner total working interest per well							33.00%
JV partner acreage participation working interest per well							33.00%
JV partner drilling cost working interest							33.00%
Payment received from joint venture partner for acreage and facility reimbursements	$ 28,700,000			$ 0	$ 28,700,000	51,500,000
Burleson County, Texas
Business Acquisition [Line Items]
Acquisition of oil and gas properties prior to divestiture	$ 33,900,000					$ 67,400,000
Working interest acquired in producing well	30.00%
Number of oil and gas producing well \| Well	1				1	1
Oil and gas properties, net acres \| a	9,000				9,000	21,000
Wells drilled on sold property \| Well				4
Wells completed on sold property \| Well				8
Cost of drilling activity on sold property				$ 77,000,000
Net proceeds from sale of oil and gas properties				102,500,000
Loss on sale of oil and gas properties				$ 112,100,000
Mississippi and Louisiana
Business Acquisition [Line Items]
Oil and gas properties, net acres \| a						51,000
Acquisition of unproved oil and gas properties						$ 53,300,000

Oil and Gas Producing Activities - Capitalized Costs Related to Oil and Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Unproved properties	$ 84,144	$ 201,459
Proved properties:
Leasehold costs	982,915	1,006,839
Wells and related equipment and facilities	3,349,307	3,275,249
Accumulated depreciation depletion and amortization	(3,389,786)	(2,298,450)
Capitalized costs, oil and gas producing activities, net, total	$ 1,026,580	$ 2,185,097

Oil and Gas Producing Activities - Costs Incurred Related to Oil and Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Acquisitions:
Unproved property acquisitions	$ 12,972	$ 91,960	$ 130,113
Proved property acquisitions		2,400	6,471
Development costs	221,265	440,848	341,970
Exploration costs	12,265	52,080	439
Costs incurred, acquisition of oil and gas properties, total	$ 246,502	$ 587,288	$ 478,993

Long-term Debt - Principal Amount of Debt by Year of Maturity (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2016		$ 0
2017		0
2018		0
2019		376,090
2020		894,367
Thereafter		0
Long term debt principal amount		1,270,457
Bank credit facility
Debt Instrument [Line Items]
2016		0
2017		0
2018		0
2019		0
2020		0
Thereafter		0
Long term debt principal amount		0	$ 375,000
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
2016		0
2017		0
2018		0
2019		376,090
2020		0
Thereafter		0
Long term debt principal amount	$ 288,516	376,090	400,000
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
2016		0
2017		0
2018		0
2019		0
2020		194,367
Thereafter		0
Long term debt principal amount	174,607	194,367	$ 300,000
10 % Senior Secured Notes due 2020
Debt Instrument [Line Items]
2016		0
2017		0
2018		0
2019		0
2020		700,000
Thereafter		0
Long term debt principal amount	$ 700,000	$ 700,000

Long-term Debt - Principal Amount of Debt by Year of Maturity (Parenthetical) (Detail)	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
7 3/4% Senior Notes due 2019
Debt Instrument [Line Items]
Interest rate on senior notes	7.75%	7.75%		7.75%
9 1/2% Senior Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	9.50%	9.50%		9.50%
10 % Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate on senior notes	10.00%	10.00%	10.00%

Commitments and Contingencies - Minimum Future Payments under Leases (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Leases [Abstract]
2016	$ 1,994
2017	2,021
2018	2,060
2019	1,560
2020	1,560
Thereafter	1,560
Operating Leases, Future Minimum Payments Due, Total	$ 10,755

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized			$ 2,493,000	$ 3,982,000	$ 8,149,000	$ 10,697,000	$ 12,785,000
Income taxes associated with stock-based compensation					$ 2,000,000	1,100,000	2,000,000
Number of Options Outstanding and Exercisable					11,730
Exercise Price					$ 166.10
Weighted Average Remaining Life (in years)					1 year
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options outstanding					$ 0	$ 0	$ 0
Number of option, Exercised			0		0	0	0
Latest year with option issuances					2008
Number of options granted since 2008					0
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense recognized	$ 1,200,000	$ 2,100,000	$ 2,500,000	$ 4,000,000	$ 8,100,000	$ 10,700,000	$ 12,800,000
2009 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Long-term Incentive Plan shares available for future awards of stock options, restricted stock grants or other equity awards					191,569

Stock-based Compensation - Stock Option Activity under Company's Incentive Plans (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Outstanding, Number of Options \| shares	23,030
Number of Options, Expired or forfeited \| shares	(11,300)
Ending Balance, Outstanding, Number of Options \| shares	11,730
Ending Balance, Vested and Exercisable, Number of Options \| shares	11,730
Beginning of Period, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 164.50
Weighted Average Exercise Price, Expired or forfeited \| $ / shares	162.90
Ending of Period, Outstanding, Weighted Average Exercise Price \| $ / shares	166.10
Ending Balance, Vested and Exercisable, Weighted Average Exercise Price \| $ / shares	$ 166.10

Stock-based Compensation - Additional Information 1 (Detail) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($) Unit $ / shares $ / EquityUnit	Dec. 31, 2015 USD ($) Unit $ / shares $ / EquityUnit shares	Dec. 31, 2014 USD ($) Unit $ / shares $ / EquityUnit	Dec. 31, 2013 USD ($) $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance multiplier, minimum	0.00%	0.00%
Performance multiplier, maximum	200.00%	300.00%
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense recognized		$ 6.0	$ 7.3	$ 9.8
Grant date fair value of share units, per share \| $ / shares	$ 5.45	$ 26.70	$ 101.20	$ 82.20
Unrecognized compensation cost related to unvested restricted stock	$ 4.4	$ 5.1
Period in which compensation cost expected to be recognized	2 years 1 month 6 days	1 year 9 months 18 days
Fair value of restricted stock vested		$ 3.7	$ 10.0	$ 7.0
Restricted stock grant date fair value	$ 1.3
Potential Performance Shares (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense recognized		$ 2.1	$ 3.4	$ 3.0
Unrecognized compensation cost related to unvested restricted stock	$ 1.7
Period in which compensation cost expected to be recognized	1 year 8 months 12 days
Performance Periods		The performance periods consist of one year, two years and three years, respectively
Performance share units, risk free interest rate		1.10%	0.60%
Performance share units, Minimum volatility		37.00%	38.00%
Performance share units, Maximum volatility		65.00%	70.00%
Number of units granted \| Unit	60,013	94,250	37,792
Restricted stock grant date fair value		$ 0.7	$ 3.7
Grant date fair value of share units, per unit \| $ / EquityUnit	7.00	7.30	99.05
Performance multiplier assumed \| shares		1
Minimum final number of shares of common stock issuable based on performance multiplier \| shares		0
Maximum final number of shares of common stock issuable based on performance multiplier \| shares		280,035
Performance multiplier, minimum		0.00%
Performance multiplier, maximum		200.00%
Unrecognized expense, performance share units		$ 2.0
Term for Amortization of Performance Share Compensation cost		through December 31, 2017.
Minimum \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortized vesting period of restricted stock		1 year
Minimum \| Potential Performance Shares (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortized vesting period of restricted stock		1 year
Maximum \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortized vesting period of restricted stock		4 years
Maximum \| Potential Performance Shares (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortized vesting period of restricted stock		3 years

Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Number of Shares, Outstanding	314,060	241,505	303,178
Number of Shares, Granted	229,618	202,074
Number of Shares, Vested		(115,349)
Number of Shares, Forfeitures		(14,170)
Ending Balance, Number of Shares, Outstanding	354,974	314,060	241,505	303,178
Beginning Balance, Weighted Average Grant Price, Outstanding	$ 49.55	$ 99.55
Weighted Average Grant Price, Granted	5.45	26.70	$ 101.20	$ 82.20
Weighted Average Grant Price, Vested		111.15
Weighted Average Grant Price, Forfeitures		74.25
Ending Balance, Weighted Average Grant Price, Outstanding	$ 15.25	$ 49.55	$ 99.55

Stock-based Compensation - Summary of PSU Activity (Detail) - Potential Performance Shares (PSU)	6 Months Ended	12 Months Ended
	Jun. 30, 2016 Unit $ / EquityUnit	Dec. 31, 2015 Unit $ / EquityUnit	Dec. 31, 2014 Unit $ / EquityUnit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Number of Units, Outstanding \| Unit	133,921	74,614
Number of Units, Granted \| Unit		94,250
Number of Units, Unearned or forfeited \| Unit		(34,943)
Ending Balance, Number of Units, Outstanding \| Unit	134,627	133,921	74,614
Beginning Balance, Weighted Average Grant Price, Outstanding \| $ / EquityUnit	35.35	99.40
Weighted Average Grant Price, Granted \| $ / EquityUnit	7.00	7.30	99.05
Weighted Average Grant Price, Unearned or forfeited \| $ / EquityUnit		96.35
Ending Balance, Weighted Average Grant Price, Outstanding \| $ / EquityUnit		35.35	99.40

Retirement Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]
Matching contributions to the plan	$ 888,000	$ 834,000	$ 702,000

Income Taxes - Income Tax Benefit from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current	$ 15	$ 420	$ 29	$ 483	$ 804	$ (12)	$ 134
Deferred	73	(73,094)	4,519	(114,785)	(155,249)	(24,677)	(56,291)
Total	$ 88	$ (72,674)	$ 4,548	$ (114,302)	$ (154,445)	$ (24,689)	$ (56,157)

Income Taxes - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016 Jurisdictions	Jun. 30, 2015	Dec. 31, 2015 USD ($) Jurisdictions	Dec. 31, 2014 USD ($)	Dec. 31, 2013
Income Taxes [Line Items]
Additional federal valuation allowance on net operating loss carryforwards and other federal tax assets					$ 775,300
Tax effect of additional federal valuation allowance on net operating loss carryforwards and other federal tax assets					271,400
Additional state valuation allowance on net operating loss carryforwards					215,500
Tax effect of additional state valuation allowance on net operating loss carryforwards					$ 11,200
Customary rate	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Cumulative common stock ownership change over three year period that could limit federal and state net operating loss carry forwards			50.00%		50.00%
Rights Plan establishment date			Oct. 31, 2015		Oct. 01, 2015
State jurisdiction currently under review \| Jurisdictions			1		1
U.S. Federal
Income Taxes [Line Items]
Net operating loss, Tax Credit Carryforward, Amount					$ 558,718
Net operating loss carryforward subject to limitation					34,700
Net operating loss carryforwards limitations					$ 1,100
Net operating loss carryforwards limitation on use					limited to approximately $1.1 million per year pursuant to a prior change of control of an acquired company
Valuation allowance on net operating loss carryforwards subject to limitation					$ 23,000	$ 23,000
Tax effect of valuation allowance on net operating loss carryforwards subject to limitation					8,000	8,000
Louisiana Tax Authority \| State and Local Jurisdiction
Income Taxes [Line Items]
Net operating loss, Tax Credit Carryforward, Amount					1,147,689
Valuation allowance on net operating loss carryforwards					957,700	742,200
Tax effect of valuation allowance on net operating loss carryforwards					$ 49,800	$ 38,600

Income Taxes - Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax benefit at statutory rate					$ (420,544)	$ (28,630)	$ (57,008)
Tax effect of:
Nondeductible compensation					539	756	1,545
State taxes, net of federal tax benefit					(17,502)	(5,108)	(10,902)
Valuation allowance on deferred tax assets					282,869	8,086	10,103
Other					193	207	105
Total	$ 88	$ (72,674)	$ 4,548	$ (114,302)	$ (154,445)	$ (24,689)	$ (56,157)

Income Taxes - Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory rate	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Nondeductible compensation						(0.90%)	(0.90%)
State taxes, net of federal tax benefit	(11.80%)	3.40%	4.20%	2.10%	1.40%	6.20%	6.70%
Valuation allowance on deferred tax assets	(22.10%)	(3.20%)	(48.50%)	(2.10%)	(23.50%)	(9.90%)	(6.20%)
Other	0.70%	(0.20%)	(0.30%)	(0.10%)		(0.20%)	(0.10%)
Effective tax rate	1.80%	35.00%	(9.60%)	34.90%	12.90%	30.20%	34.50%

Income Taxes - Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Property and equipment	$ 49,116
Net operating loss carryforwards	255,231	$ 126,026
Alternative minimum tax carryforward	20,435	20,435
Other	8,201	7,854
Noncurrent deferred tax assets	332,983	154,315
Valuation allowance on deferred tax assets	(329,508)	(46,639)
Deferred tax assets	3,475	107,676
Deferred tax liabilities:
Property and equipment		(259,222)
Unrealized hedging income	(506)
Other	(4,934)	(3,001)
Deferred tax liabilities	(5,440)	(262,223)
Net deferred tax liability	$ (1,965)	$ (154,547)

Income Taxes - Carryforwards Available to Reduce Future Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Carryforward Available To Reduce Future Income Taxes [Line Items]
Alternative minimum tax credits carryforward	$ 20,435	$ 20,435
U.S. Federal
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, Years of Expiration Carryforward	2017 - 2035
Net operating loss, Tax Credit Carryforward, Amount	$ 558,718
Years of Expiration Carryforward Unlimited
Carryforward Available To Reduce Future Income Taxes [Line Items]
Alternative minimum tax credits carryforward	$ 20,435
Louisiana Tax Authority \| State and Local Jurisdiction
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, Years of Expiration Carryforward	2020 - 2035
Net operating loss, Tax Credit Carryforward, Amount	$ 1,147,689

Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) MBbls in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) MMBTU $ / MMBTU	Dec. 31, 2014 USD ($) $ / bbl MBbls	Dec. 31, 2013 USD ($) $ / bbl MBbls
Derivative Instruments And Hedging Activities [Line Items]
Gain on derivative financial instruments		$ 2,700	$ 8,200
Loss on derivative financial instruments				$ 8,400
Cash settlements of derivative financial instruments	$ 2,120	1,230	$ 9,145	$ 2,293
Derivative asset at fair value		1,446
Derivative asset at carrying value		1,446
Derivative asset current at carrying value		$ 1,446
Contract terms 2014 oil production
Derivative Instruments And Hedging Activities [Line Items]
Quantity of Crude Oil for Which Swap Entered \| MBbls			2,438	2,160
NYMEX price of crude oil swaps \| $ / bbl			96.56	98.67
Contract terms 2015 natural gas production
Derivative Instruments And Hedging Activities [Line Items]
NYMEX price of natural gas swaps \| $ / MMBTU		3.20
Quantity of natural gas for which swap entered \| MMBTU		1,800,000

Derivative Financial Instruments and Hedging Activities - Summary of Outstanding Commodity Derivatives (Detail) - Natural Gas Swap Agreements	12 Months Ended
	Dec. 31, 2015 MMBTU $ / MMBTU
Derivative [Line Items]
Commodity Derivatives Weighted Average Contract Price \| $ / MMBTU	3.20
Commodity Derivatives Contract Volume \| MMBTU	1,800,000
Commodity Derivatives Beginning of Remaining Contract Period	Jan. 01, 2016
Commodity Derivatives End of Remaining Contract Period	Jun. 30, 2016

Supplementary Quarterly Financial Data (Unaudited) - Schedule of Supplementary Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Abstract]
Total oil and gas sales	$ 40,715	$ 47,228	$ 61,360	$ 77,312	$ 66,522	$ 112,616	$ 144,983	$ 155,723	$ 141,909	$ 76,878	$ 143,834	$ 252,422	$ 555,231	$ 420,290
Operating income (loss)	(22,706)	(290,515)	(596,026)	(182,185)	(96,928)	(80,291)	263	27,729	20,228	(79,196)	(279,113)	(1,165,654)	(32,071)	(72,332)
Net income (loss)	$ 4,852	$ (288,543)	$ (544,996)	$ (135,068)	$ (78,502)	$ (58,271)	$ (1,903)	$ 1,898	$ 1,165	$ (51,725)	$ (213,570)	$ (1,047,109)	$ (57,111)	$ 41,029
Income (loss) per share:
Basic and diluted	$ 0.41	$ (31.26)	$ (59.05)	$ (14.64)	$ (8.53)	$ (6.31)	$ (0.22)	$ 0.19	$ 0.11	$ (4.82)	$ (23.18)	$ (113.53)	$ (6.20)	$ 4.27

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Supplementary Quarterly Financial Data (Unaudited) - Summary of Results of Operations from Non-Routine Items (Detail) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Abstract]
Gain (loss) on sale of oil and gas properties		$ (307)	$ 52	$ (111,830)							$ (112,085)
Net gain (loss) on extinguishment of debt	$ 56,196	23,155	51,054	7,267	$ (2,735)				$ 89,576	$ 4,532	78,741		$ (17,854)
Impairments of unproved oil and gas properties	0	(385)	(5,090)	(23,040)	(40,432)	$ (487)			(7,800)	(63,500)	(68,947)	$ (487)	(33,000)
Impairments of proved oil and gas properties	$ (1,742)	$ (254,246)	$ (544,714)	$ (1,984)	$ (403)	$ (59,997)	$ (15)	$ (256)	$ (24,460)	$ (2,387)	$ (801,347)	$ (60,268)	$ (652)

Oil and Gas Reserves Information (Unaudited) - Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves For Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2015 MBbls MMcf	Dec. 31, 2014 MBbls MMcf	Dec. 31, 2013 MBbls MMcf
Oil (MBbls)
Proved Reserves:
Beginning of year \| MBbls	20,854	21,976	18,899
Revisions of previous estimates \| MBbls	(5,096)	(2,182)	28
Extensions and discoveries \| MBbls	231	5,373	5,363
Sales of minerals in place \| MBbls	(3,671)
Production \| MBbls	(3,089)	(4,313)	(2,314)
End of year \| MBbls	9,229	20,854	21,976
Proved Developed Reserves:
Beginning of year \| MBbls	16,247	13,914	8,389
End of year \| MBbls	9,229	16,247	13,914
Natural Gas (MMcf)
Proved Reserves:
Beginning of year \| MMcf	495,266	452,653	437,445
Revisions of previous estimates \| MMcf	(41,437)	3,998	23,321
Extensions and discoveries \| MMcf	168,539	78,383	47,581
Sales of minerals in place \| MMcf	(5,096)
Production \| MMcf	(47,676)	(39,768)	(55,694)
End of year \| MMcf	569,596	495,266	452,653
Proved Developed Reserves:
Beginning of year \| MMcf	324,598	344,278	362,426
End of year \| MMcf	311,130	324,598	344,278

Oil and Gas Reserves Information (Unaudited) - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015 $ / bbl $ / Mcf MBbls MMcf	Dec. 31, 2014 $ / bbl $ / Mcf
Crude Oil and NGL Per Barrel
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Average sales prices \| $ / bbl	46.88	92.55
Natural Gas Per Thousand Cubic Feet
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Average sales prices \| $ / Mcf	2.34	3.96
Oil Properties
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Revisions of previous estimates due to price declines \| MBbls	(4,958)
Natural Gas Properties
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Revisions of previous estimates due to price declines \| MMcf	(77,659)

Oil and Gas Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$ 1,763,146	$ 3,891,953
Future Costs:
Production	(705,146)	(1,260,580)
Development and Abandonment	(362,874)	(571,200)
Future Income Taxes	(1,231)	(192,600)
Future Net Cash Flows	693,895	1,867,573
10% Discount Factor	(321,756)	(776,913)
Standardized Measure of Discounted Future Net Cash Flows	$ 372,139	$ 1,090,660	$ 807,217	$ 641,325

Oil and Gas Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Extractive Industries [Abstract]
Percentage of discount factor	10.00%	10.00%

Oil and Gas Reserves Information (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Extractive Industries [Abstract]
Standardized Measure, Beginning of Year	$ 1,090,660	$ 807,217	$ 641,325
Net change in sales price, net of production costs	(751,774)	5,911	43,117
Development costs incurred during the year which were previously estimated	157,390	344,590	187,643
Revisions of quantity estimates	(111,454)	(40,993)	48,411
Accretion of discount	114,427	105,400	81,434
Changes in future development and abandonment costs	14,901	(10,909)	(157,207)
Changes in timing and other	(44,439)	(19,028)	80,348
Extensions and discoveries	56,216	163,559	291,582
Sales of minerals in place	(43,694)	0	0
Sales, net of production costs	(163,336)	(458,254)	(335,677)
Net changes in income taxes	53,242	193,167	(73,759)
Standardized Measure, End of Year	$ 372,139	$ 1,090,660	$ 807,217