UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 21, 2019
COMSTOCK RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
|
STATE OF NEVADA |
001-03262 |
94-1667468 |
|
(State or other
|
(Commission File Number) |
(I.R.S. Employer |
5300 Town and Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)
(972) 668-8800
(Registrant's Telephone No.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
Item 2.02 |
Results of Operations and Financial Condition
|
On February 21, 2019, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the three months ended December 31, 2018, for the period August 13 through December 31, 2018 (the "Successor" period), for the period January 1, 2018 through August 13, 2018 ("Predecessor" partial year period) and for the Predecessor three months and twelve months ended December 31, 2017. A copy of the press release announcing Comstock's earnings and operating results for these Successor and Predecessor periods and other matters is attached hereto as Exhibit 99.1.`
The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows. EBITDAX is presented in the earnings release because management believes that EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts. The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
|
Item 9.01 |
Financial Statements and Exhibits
|
|
|
Exhibit 99.1 |
||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
|
|
|
COMSTOCK RESOURCES, INC. |
|
|
|
|
|
|
|
|
|
Dated: February 21, 2019 |
By: |
/s/ ROLAND O. BURNS |
|
|
|
Roland O. Burns |
|
|
|
President and Chief Financial Officer |
Exhibit 99.1
|
|
5300 Town and Country Blvd., Suite 500 Frisco, Texas 75034 Telephone: (972) 668-8834 Contact: Gary H. Guyton Director of Planning and Investor Relations Web Site: www.comstockresources.com
|
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS
FOURTH QUARTER 2018 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, February 21, 2019 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results. As a result of the transactions that were completed on August 14, 2018 in which entities controlled by Dallas businessman Jerry Jones and his children contributed their Bakken Shale properties to the Company in exchange for approximately 88.6 million shares of Comstock common stock (the "Jones Contribution") and the Company refinanced its long-term debt, the Company is presenting its 2018 results as two separate periods. References to "Successor" relate to the financial position and results of operations of the Company subsequent to August 13, 2018, and references to "Predecessor" relate to the financial position and results of operations of the Company on or prior to August 13, 2018. The Company's consolidated financial results are being presented with a blackline division which delineates the lack of comparability between amounts presented before and after August 13, 2018.
Financial Results for the Three Months Ended December 31, 2018
In the first full quarter following the closing of the Jones Contribution, Comstock reported net income of $50.3 million or $0.48 per diluted share for the fourth quarter of 2018 as compared to a net loss of $42.3 million or $2.86 per share for the Predecessor fourth quarter of 2017. The fourth quarter 2018 results included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $18.3 million. Excluding the unrealized gain, the net income for the fourth quarter of 2018 would have been $36.6 million or $0.35 per share.
Comstock produced 30.9 billion cubic feet of natural gas and 843,000 barrels of oil or 36.0 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2018. The Company's natural gas production averaged 336 million cubic feet ("MMcf") per day, an increase of 39% over natural gas production in the Predecessor fourth quarter of 2017. The growth in natural gas production was primarily attributable to the continuing successful results from Comstock's Haynesville shale drilling program. Oil production in the fourth quarter of 2018, which averaged 9,155 barrels of oil per day, increased from the 2,319 barrels per day produced in the Predecessor fourth quarter of 2017 due to production from the Bakken Shale properties acquired in the Jones Contribution. The fourth quarter 2018 oil production was revised from what was previously reported to account for oil production shut-in for completions and workovers. Oil production during the month of December 2018 averaged 10,820 barrels of oil per day.
Comstock's average realized natural gas price, including hedging losses, increased 12% to $3.28 per Mcf in the fourth quarter of 2018 as compared to $2.94 per Mcf realized in the Predecessor fourth quarter of 2017. The Company's average realized oil price, including hedging gains, decreased by 3% to $54.96 per barrel in the fourth quarter of 2018 as compared to $56.48 per barrel in the Predecessor fourth quarter of 2017. Oil and gas sales were $147.7 million (including realized hedging gains and losses) in the fourth quarter of 2018 as compared to the Predecessor 2017 fourth quarter sales of $77.3 million. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $112.5 million in the fourth quarter of 2018 increased by 117% over EBITDAX of $56.0 million for the Predecessor fourth quarter of 2017. The Company's operating cash flow generated in the fourth quarter of 2018 of $95.6 million increased 154% over operating cash flow of $37.6 million in the Predecessor fourth quarter of 2017.
Financial Results for the Period August 14, 2018 through December 31, 2018
Financial results subsequent to the Jones Contribution are for the 140 day period from August 14, 2018 through December 31, 2018 (the "Successor Period"). Comstock reported net income of $64.1 million or $0.61 per diluted share for the Successor Period. The results for this period included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $16.0 million. Excluding the unrealized gain, the net income for the Successor period would have been $52.0 million or $0.49 per share.
Comstock produced 1.4 million barrels of oil and 45.0 billion cubic feet ("Bcf") of natural gas or 53.3 Bcfe in the Successor Period. Oil production averaged 9,889 barrels of oil per day and natural gas production averaged 322 MMcf per day. Comstock's average realized oil price after hedging was $57.80 per barrel and the average realized gas price after hedging was $3.07 per Mcf during the Successor Period. Oil and gas sales for the Successor Period were $218.0 million (including realized hedging gains and losses), EBITDAX was $165.4 million and operating cash flow generated was $134.3 million.
Drilling Results
Comstock reported the results from its 2018 Haynesville/Bossier shale drilling program. During 2018, Comstock spent $267.1 million on its development activities. Comstock spent $224.4 million in the Haynesville and Bossier shale, including $197.2 million on drilling and completing wells and an additional $27.2 million on refrac and other development activity. Comstock drilled 49 (17.0 net) horizontal Haynesville or Bossier shale wells in 2018, which had an average lateral length of approximately 8,300 feet. Comstock also completed 16 (4.2 net) wells that were drilled in 2017. Thirty (11.9 net) of the wells drilled in 2018 were also completed in 2018. The Company currently expects the remaining 19 (5.1 net) wells drilled in 2018 will be completed in 2019. Comstock also spent $42.7 million of development costs on its other properties primarily on completing 24 (7.0 net) Bakken shale wells.
Since the last operational update, Comstock reported on an additional thirteen Haynesville shale wells, eight of which were operated by Comstock. Comstock has a 30% working interest in the five non-operated wells. The average initial production rate of these wells was 28 MMcf per day. The wells had completed lateral lengths ranging from 5,239 feet to 10,964 feet, with an average completed lateral length of 9,470 feet. Each well was tested at initial production rates of 17 to 40 MMcf per day.
Comstock currently has five (3.5 net) operated Haynesville shale wells that are in the process of being completed.
2019 Drilling Budget
The Company also announced its current drilling plans for 2019. Comstock's planned capital expenditures for 2019 are $364.0 million. Haynesville/Bossier shale drilling and completion activities comprise $339.8 million of the activity in 2019 to drill 58 (36.4 net) horizontal wells including spending $25.0 million to complete 16 (5.7 net) wells drilled in 2018. Comstock expects to spend an additional $24.2 million on its Bakken shale and Eagle Ford shale properties.
Other
Comstock has planned a conference call for 10:00 a.m. Central Time on February 21, 2019, to discuss the 2018 operational and financial results. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 5897118 when prompted. If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com. The web replay will be available for approximately one week. A replay of the conference call will be available beginning at 1:00 p.m. CT February 21, 2019 and will continue until 1:00 p.m. February 28, 2019. To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US). The conference call access code is 5897118.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is an independent energy company based in Frisco, Texas engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|||
|
|
|
|
|
|
|
|
|
August 14 |
|
|
January 1 |
|
|
2017 |
|
|||||
|
Successor |
Predecessor |
|||||||||||||||||||
|
2018 |
2017 |
|||||||||||||||||||
|
|
|
(In thousands, except per share amounts) |
|
|||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
107,843 |
|
|
$ |
61,200 |
|
|
$ |
144,236 |
|
|
$ |
147,897 |
|
|
$ |
208,741 |
|
|
Oil sales |
|
|
45,655 |
|
|
|
12,048 |
|
|
|
79,385 |
|
|
|
18,733 |
|
|
|
46,590 |
|
|
Total oil and gas sales |
|
|
153,498 |
|
|
|
73,248 |
|
|
|
223,621 |
|
|
|
166,630 |
|
|
|
255,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
|
7,104 |
|
|
|
1,643 |
|
|
|
11,155 |
|
|
|
3,659 |
|
|
|
5,373 |
|
|
Gathering and transportation |
|
|
7,061 |
|
|
|
5,110 |
|
|
|
10,511 |
|
|
|
11,841 |
|
|
|
17,538 |
|
|
Lease operating |
|
|
13,720 |
|
|
|
9,178 |
|
|
|
20,736 |
|
|
|
21,139 |
|
|
|
37,859 |
|
|
Depreciation, depletion and amortization |
|
|
36,124 |
|
|
|
30,548 |
|
|
|
53,944 |
|
|
|
68,032 |
|
|
|
123,557 |
|
|
General and administrative |
|
|
8,096 |
|
|
|
7,003 |
|
|
|
11,399 |
|
|
|
15,699 |
|
|
|
26,137 |
|
|
Impairment of oil and gas properties |
|
|
— |
|
|
|
43,990 |
|
|
|
— |
|
|
|
— |
|
|
|
43,990 |
|
|
Loss (gain) on sale of oil and gas properties |
|
|
(57 |
) |
|
|
— |
|
|
|
(155 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
72,048 |
|
|
|
97,472 |
|
|
|
107,590 |
|
|
|
155,808 |
|
|
|
255,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
81,450 |
|
|
|
(24,224 |
) |
|
|
116,031 |
|
|
|
10,822 |
|
|
|
(183 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain from derivative financial instruments |
|
|
12,480 |
|
|
|
2,168 |
|
|
|
10,465 |
|
|
|
881 |
|
|
|
16,753 |
|
|
Other income |
|
|
131 |
|
|
|
132 |
|
|
|
173 |
|
|
|
677 |
|
|
|
530 |
|
|
Interest expense |
|
|
(28,758 |
) |
|
|
(39,199 |
) |
|
|
(43,603 |
) |
|
|
(101,203 |
) |
|
|
(146,449 |
) |
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,866 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expenses) |
|
|
(16,147 |
) |
|
|
(36,899 |
) |
|
|
(32,965 |
) |
|
|
(102,511 |
) |
|
|
(129,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
65,303 |
|
|
|
(61,123 |
) |
|
|
83,066 |
|
|
|
(91,689 |
) |
|
|
(129,349 |
) |
|
Benefit from (provision for) income taxes |
|
|
(15,004 |
) |
|
|
18,827 |
|
|
|
(18,944 |
) |
|
|
(1,065 |
) |
|
|
17,944 |
|
|
Net income (loss) |
|
$ |
50,299 |
|
|
$ |
(42,296 |
) |
|
$ |
64,122 |
|
|
$ |
(92,754 |
) |
|
$ |
(111,405 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share – basic and diluted |
|
$ |
0.48 |
|
|
$ |
(2.86 |
) |
|
$ |
0.61 |
|
|
$ |
(6.08 |
) |
|
$ |
(7.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
105,457 |
|
|
|
14,808 |
|
|
|
105,453 |
|
|
|
15,262 |
|
|
|
14,644 |
|
|
Diluted |
|
|
105,457 |
|
|
|
14,808 |
|
|
|
105,459 |
|
|
|
15,262 |
|
|
|
14,644 |
|
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
|
Predecessor |
|
|||||
|
|
|
|
|
|
|
|
|
August 14 |
|
|
January 1 |
|
|
|
|
|||||
|
|
|
Successor |
|
|
Predecessor |
|
|
|
|
|
|
|
||||||||
|
|
2017 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING CASH FLOW: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
50,299 |
|
|
$ |
(42,296 |
) |
|
$ |
64,122 |
|
|
$ |
(92,754 |
) |
|
$ |
(111,405 |
) |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred and non-current income taxes |
|
|
25,196 |
|
|
|
(18,848 |
) |
|
|
29,079 |
|
|
|
1,052 |
|
|
|
(18,080 |
) |
|
Depreciation, depletion and amortization |
|
|
36,124 |
|
|
|
30,548 |
|
|
|
53,944 |
|
|
|
68,032 |
|
|
|
123,557 |
|
|
Unrealized loss (gain) from derivative financial instruments |
|
|
(18,250 |
) |
|
|
1,885 |
|
|
|
(16,044 |
) |
|
|
1,961 |
|
|
|
(7,348 |
) |
|
Amortization of debt discount, premium and |
|
|
1,582 |
|
|
|
10,966 |
|
|
|
2,404 |
|
|
|
29,457 |
|
|
|
35,880 |
|
|
Interest paid in-kind |
|
|
— |
|
|
|
9,879 |
|
|
|
— |
|
|
|
25,004 |
|
|
|
38,073 |
|
|
Stock-based compensation |
|
|
665 |
|
|
|
1,468 |
|
|
|
994 |
|
|
|
3,912 |
|
|
|
5,923 |
|
|
Impairment of oil and gas properties |
|
|
— |
|
|
|
43,990 |
|
|
|
— |
|
|
|
— |
|
|
|
43,990 |
|
|
Loss (gain) on sale of oil and gas properties |
|
|
(57 |
) |
|
|
— |
|
|
|
(155 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
|
Operating cash flow |
|
|
95,559 |
|
|
|
37,592 |
|
|
|
134,344 |
|
|
|
72,102 |
|
|
|
111,650 |
|
|
(Increase) decrease in accounts receivable |
|
|
(16,164 |
) |
|
|
(4,176 |
) |
|
|
(61,048 |
) |
|
|
2,834 |
|
|
|
(16,128 |
) |
|
(Increase) decrease in other current assets |
|
|
(11,201 |
) |
|
|
(251 |
) |
|
|
(12,527 |
) |
|
|
337 |
|
|
|
(921 |
) |
|
Increase in accounts payable and |
|
|
30,499 |
|
|
|
50,686 |
|
|
|
41,533 |
|
|
|
10,462 |
|
|
|
80,013 |
|
|
Net cash provided by operating activities |
|
$ |
98,693 |
|
|
$ |
83,851 |
|
|
$ |
102,302 |
|
|
$ |
85,735 |
|
|
$ |
174,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAX: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
50,299 |
|
|
$ |
(42,296 |
) |
|
$ |
64,122 |
|
|
$ |
(92,754 |
) |
|
$ |
(111,405 |
) |
|
Interest expense |
|
|
28,758 |
|
|
|
39,199 |
|
|
|
43,603 |
|
|
|
101,203 |
|
|
|
146,449 |
|
|
Income taxes |
|
|
15,004 |
|
|
|
(18,827 |
) |
|
|
18,944 |
|
|
|
1,065 |
|
|
|
(17,944 |
) |
|
Depreciation, depletion and amortization |
|
|
36,124 |
|
|
|
30,548 |
|
|
|
53,944 |
|
|
|
68,032 |
|
|
|
123,557 |
|
|
Unrealized loss (gain) from derivative financial instruments |
|
|
(18,250 |
) |
|
|
1,885 |
|
|
|
(16,044 |
) |
|
|
1,961 |
|
|
|
(7,348 |
) |
|
Stock-based compensation |
|
|
665 |
|
|
|
1,468 |
|
|
|
994 |
|
|
|
3,912 |
|
|
|
5,923 |
|
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,866 |
|
|
|
— |
|
|
Impairment of oil and gas properties |
|
|
— |
|
|
|
43,990 |
|
|
|
— |
|
|
|
— |
|
|
|
43,990 |
|
|
Loss (gain) on sale of oil and gas properties |
|
|
(57 |
) |
|
|
— |
|
|
|
(155 |
) |
|
|
35,438 |
|
|
|
1,060 |
|
|
Total EBITDAX |
|
$ |
112,543 |
|
|
$ |
55,967 |
|
|
$ |
165,408 |
|
|
$ |
121,723 |
|
|
$ |
184,282 |
|
|
|
|
Successor |
|
|
Predecessor |
|
||
|
|
|
As of |
|
|
As of |
|
||
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,193 |
|
|
$ |
61,255 |
|
|
Derivative financial instruments |
|
|
15,401 |
|
|
|
1,318 |
|
|
Other current assets |
|
|
120,833 |
|
|
|
239,932 |
|
|
Property and equipment, net |
|
|
1,667,979 |
|
|
|
607,929 |
|
|
Other |
|
|
360,434 |
|
|
|
19,985 |
|
|
Total assets |
|
$ |
2,187,840 |
|
|
$ |
930,419 |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
206,853 |
|
|
$ |
168,489 |
|
|
Long-term debt |
|
|
1,244,363 |
|
|
|
1,110,529 |
|
|
Deferred income taxes |
|
|
161,917 |
|
|
|
10,266 |
|
|
Asset retirement obligation |
|
|
5,136 |
|
|
|
10,407 |
|
|
Stockholders' equity (deficit) |
|
|
569,571 |
|
|
|
(369,272 |
) |
|
Total liabilities and stockholders' equity (deficit) |
|
$ |
2,187,840 |
|
|
$ |
930,419 |
|
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
|
|
Successor |
||||||||||||||
|
|
|
For the Three Months Ended December 31, 2018 |
||||||||||||||
|
|
|
Haynesville / Cotton Valley |
|
|
Bakken |
|
|
Other |
|
|
Total |
|
||||
|
Gas production (MMcf) |
|
|
28,261 |
|
|
|
2,583 |
|
|
|
89 |
|
|
|
30,933 |
|
|
Oil production (Mbbls) |
|
|
9 |
|
|
|
828 |
|
|
|
6 |
|
|
|
843 |
|
|
Total production (MMcfe) |
|
|
28,316 |
|
|
|
7,550 |
|
|
|
121 |
|
|
|
35,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
100,125 |
|
|
$ |
7,447 |
|
|
$ |
271 |
|
|
$ |
107,843 |
|
|
Natural gas hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,402 |
) |
|
Total natural gas including hedging |
|
|
100,125 |
|
|
|
7,447 |
|
|
|
271 |
|
|
|
101,441 |
|
|
Oil sales |
|
|
524 |
|
|
|
44,810 |
|
|
|
321 |
|
|
|
45,655 |
|
|
Oil hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
632 |
|
|
Total oil including hedging |
|
|
524 |
|
|
|
44,810 |
|
|
|
321 |
|
|
|
46,287 |
|
|
Total oil and gas sales including hedging |
|
$ |
100,649 |
|
|
$ |
52,257 |
|
|
$ |
592 |
|
|
$ |
147,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf) |
|
$ |
3.54 |
|
|
$ |
2.88 |
|
|
$ |
3.06 |
|
|
$ |
3.49 |
|
|
Average gas price including hedging |
|
$ |
3.54 |
|
|
$ |
2.88 |
|
|
$ |
3.06 |
|
|
$ |
3.28 |
|
|
Average oil price (per barrel) |
|
$ |
56.77 |
|
|
$ |
54.13 |
|
|
$ |
61.90 |
|
|
$ |
54.21 |
|
|
Average oil price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
54.96 |
|
|
Average price (per Mcfe) |
|
$ |
3.55 |
|
|
$ |
6.92 |
|
|
$ |
4.89 |
|
|
$ |
4.27 |
|
|
Average price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
$ |
2,062 |
|
|
$ |
5,001 |
|
|
$ |
41 |
|
|
$ |
7,104 |
|
|
Gathering and transportation |
|
$ |
7,008 |
|
|
$ |
— |
|
|
$ |
53 |
|
|
$ |
7,061 |
|
|
Lease operating |
|
$ |
7,629 |
|
|
$ |
5,820 |
|
|
$ |
272 |
|
|
$ |
13,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe) |
|
$ |
0.07 |
|
|
$ |
0.66 |
|
|
$ |
0.34 |
|
|
$ |
0.20 |
|
|
Gathering and transportation (per Mcfe) |
|
$ |
0.25 |
|
|
$ |
— |
|
|
$ |
0.44 |
|
|
$ |
0.20 |
|
|
Lease operating (per Mcfe) |
|
$ |
0.27 |
|
|
$ |
0.77 |
|
|
$ |
2.24 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
$ |
3,108 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,108 |
|
|
Development leasehold |
|
|
1,240 |
|
|
|
— |
|
|
|
— |
|
|
|
1,240 |
|
|
Development drilling and completion |
|
|
72,962 |
|
|
|
26,764 |
|
|
|
— |
|
|
|
99,726 |
|
|
Other development |
|
|
5,802 |
|
|
|
— |
|
|
|
— |
|
|
|
5,802 |
|
|
Total |
|
$ |
83,112 |
|
|
$ |
26,764 |
|
|
$ |
— |
|
|
$ |
109,876 |
|
|
|
(1)Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
|
|
Predecessor |
|
|||||||||||||
|
|
|
For the Three Months Ended December 31, 2017 |
|
|||||||||||||
|
|
|
Haynesville / Cotton Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
||||
|
Gas production (MMcf) |
|
|
21,750 |
|
|
|
301 |
|
|
|
163 |
|
|
|
22,214 |
|
|
Oil production (Mbbls) |
|
|
14 |
|
|
|
194 |
|
|
|
6 |
|
|
|
214 |
|
|
Total production (MMcfe) |
|
|
21,834 |
|
|
|
1,464 |
|
|
|
196 |
|
|
|
23,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
59,317 |
|
|
$ |
1,424 |
|
|
$ |
459 |
|
|
$ |
61,200 |
|
|
Natural gas hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,053 |
|
|
Total natural gas including hedging |
|
|
59,317 |
|
|
|
1,424 |
|
|
|
459 |
|
|
|
65,253 |
|
|
Oil sales |
|
|
737 |
|
|
|
11,008 |
|
|
|
303 |
|
|
|
12,048 |
|
|
Total oil and gas sales including |
|
$ |
60,054 |
|
|
$ |
12,432 |
|
|
$ |
762 |
|
|
$ |
77,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf) |
|
$ |
2.73 |
|
|
$ |
4.73 |
|
|
$ |
2.82 |
|
|
$ |
2.76 |
|
|
Average gas price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.94 |
|
|
Average oil price (per barrel) |
|
$ |
52.47 |
|
|
$ |
56.80 |
|
|
$ |
55.74 |
|
|
$ |
56.48 |
|
|
Average price (per Mcfe) |
|
$ |
2.75 |
|
|
$ |
8.49 |
|
|
$ |
3.89 |
|
|
$ |
3.12 |
|
|
Average price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
$ |
1,013 |
|
|
$ |
584 |
|
|
$ |
46 |
|
|
$ |
1,643 |
|
|
Gathering and transportation |
|
$ |
4,692 |
|
|
$ |
369 |
|
|
$ |
49 |
|
|
$ |
5,110 |
|
|
Lease operating |
|
$ |
5,484 |
|
|
$ |
3,367 |
|
|
$ |
327 |
|
|
$ |
9,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe) |
|
$ |
0.05 |
|
|
$ |
0.40 |
|
|
$ |
0.23 |
|
|
$ |
0.07 |
|
|
Gathering and transportation (per Mcfe) |
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
Lease operating (per Mcfe) |
|
$ |
0.25 |
|
|
$ |
2.30 |
|
|
$ |
1.67 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development leasehold |
|
$ |
2,751 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,751 |
|
|
Development drilling and completion |
|
|
42,899 |
|
|
|
12 |
|
|
|
— |
|
|
|
42,911 |
|
|
Other development |
|
|
2,805 |
|
|
|
514 |
|
|
|
23 |
|
|
|
3,342 |
|
|
Total |
|
$ |
48,455 |
|
|
$ |
526 |
|
$ |
23 |
|
|
$ |
49,004 |
|
|
|
|
(1)Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
|
|
Successor |
|
|||||||||||||
|
|
|
For the Period August 14, 2018 through December 31, 2018 |
|
|||||||||||||
|
|
|
Haynesville / Cotton Valley |
|
|
Bakken |
|
|
Other |
|
|
Total |
|
||||
|
Gas production (MMcf) |
|
|
41,035 |
|
|
|
3,855 |
|
|
|
141 |
|
|
|
45,031 |
|
|
Oil production (Mbbls) |
|
|
14 |
|
|
|
1,364 |
|
|
|
7 |
|
|
|
1,385 |
|
|
Total production (MMcfe) |
|
|
41,119 |
|
|
|
12,037 |
|
|
|
182 |
|
|
|
53,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
134,890 |
|
|
$ |
8,913 |
|
|
$ |
433 |
|
|
$ |
144,236 |
|
|
Natural gas hedging settlements(1) |
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
(6,211 |
) |
|
Total natural gas including hedging |
|
|
134,890 |
|
|
|
8,913 |
|
|
|
433 |
|
|
|
138,025 |
|
|
Oil sales |
|
|
844 |
|
|
|
78,050 |
|
|
|
491 |
|
|
|
79,385 |
|
|
Oil hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
632 |
|
|
Total oil including hedging |
|
|
844 |
|
|
|
78,050 |
|
|
|
491 |
|
|
|
80,017 |
|
|
Total oil and gas sales including hedging |
|
$ |
135,734 |
|
|
$ |
86,963 |
|
|
$ |
924 |
|
|
$ |
218,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf) |
|
$ |
3.29 |
|
|
$ |
2.31 |
|
|
$ |
3.06 |
|
|
$ |
3.20 |
|
|
Average gas price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3.07 |
|
|
Average oil price (per barrel) |
|
$ |
59.52 |
|
|
$ |
57.24 |
|
|
$ |
74.72 |
|
|
$ |
57.34 |
|
|
Average oil price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
57.80 |
|
|
Average price (per Mcfe) |
|
$ |
3.30 |
|
|
$ |
7.22 |
|
|
$ |
5.09 |
|
|
$ |
4.19 |
|
|
Average price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
$ |
2,874 |
|
|
$ |
8,215 |
|
|
$ |
66 |
|
|
$ |
11,155 |
|
|
Gathering and transportation |
|
$ |
10,428 |
|
|
$ |
— |
|
|
$ |
83 |
|
|
$ |
10,511 |
|
|
Lease operating |
|
$ |
11,244 |
|
|
$ |
9,070 |
|
|
$ |
422 |
|
|
$ |
20,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe) |
|
$ |
0.07 |
|
|
$ |
0.68 |
|
|
$ |
0.36 |
|
|
$ |
0.21 |
|
|
Gathering and transportation (per Mcfe) |
|
$ |
0.25 |
|
|
$ |
— |
|
|
$ |
0.46 |
|
|
$ |
0.20 |
|
|
Lease operating (per Mcfe) |
|
$ |
0.28 |
|
|
$ |
0.76 |
|
|
$ |
2.33 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
$ |
21,013 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,013 |
|
|
Development leasehold |
|
|
1,715 |
|
|
|
— |
|
|
|
— |
|
|
|
1,715 |
|
|
Development drilling and completion |
|
|
106,366 |
|
|
|
42,379 |
|
|
|
— |
|
|
|
148,745 |
|
|
Other development |
|
|
13,612 |
|
|
|
— |
|
|
|
— |
|
|
|
13,612 |
|
|
Total |
|
$ |
142,706 |
|
|
$ |
42,379 |
|
$ |
— |
|
|
$ |
185,085 |
|
|
|
|
(1)Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
|
|
Predecessor |
|
|||||||||||||
|
|
|
For the Period January 1, 2018 through August 13, 2018 |
|
|||||||||||||
|
|
|
Haynesville / Cotton Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
||||
|
Gas production (MMcf) |
|
|
54,386 |
|
|
|
379 |
|
|
|
475 |
|
|
|
55,240 |
|
|
Oil production (Mbbls) |
|
|
27 |
|
|
|
247 |
|
|
|
13 |
|
|
|
287 |
|
|
Total production (MMcfe) |
|
|
54,549 |
|
|
|
1,860 |
|
|
|
554 |
|
|
|
56,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
144,918 |
|
|
$ |
1,590 |
|
|
$ |
1,389 |
|
|
$ |
147,897 |
|
|
Natural gas hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,842 |
|
|
Total natural gas including hedging |
|
|
144,918 |
|
|
|
1,590 |
|
|
|
1,389 |
|
|
|
150,739 |
|
|
Oil sales |
|
|
1,760 |
|
|
|
16,157 |
|
|
|
816 |
|
|
|
18,733 |
|
|
Total oil and gas sales including |
|
$ |
146,678 |
|
|
$ |
17,747 |
|
|
$ |
2,205 |
|
|
$ |
169,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf) |
|
$ |
2.66 |
|
|
$ |
4.20 |
|
|
$ |
2.92 |
|
|
$ |
2.68 |
|
|
Average gas price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.73 |
|
|
Average oil price (per barrel) |
|
$ |
64.71 |
|
|
$ |
65.46 |
|
|
$ |
62.00 |
|
|
$ |
65.23 |
|
|
Average price (per Mcfe) |
|
$ |
2.69 |
|
|
$ |
9.54 |
|
|
$ |
3.98 |
|
|
$ |
2.93 |
|
|
Average price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
$ |
2,680 |
|
|
$ |
831 |
|
|
$ |
148 |
|
|
$ |
3,659 |
|
|
Gathering and transportation |
|
$ |
11,211 |
|
|
$ |
463 |
|
|
$ |
167 |
|
|
$ |
11,841 |
|
|
Lease operating |
|
$ |
15,610 |
|
|
$ |
4,829 |
|
|
$ |
700 |
|
|
$ |
21,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe) |
|
$ |
0.05 |
|
|
$ |
0.45 |
|
|
$ |
0.27 |
|
|
$ |
0.06 |
|
|
Gathering and transportation (per Mcfe) |
|
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
0.21 |
|
|
Lease operating (per Mcfe) |
|
$ |
0.28 |
|
|
$ |
2.59 |
|
|
$ |
1.26 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
$ |
39,323 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39,323 |
|
|
Development leasehold |
|
|
2,848 |
|
|
|
— |
|
|
|
— |
|
|
|
2,848 |
|
|
Development drilling and completion |
|
|
90,840 |
|
|
|
— |
|
|
|
— |
|
|
|
90,840 |
|
|
Other development |
|
|
13,205 |
|
|
|
393 |
|
|
|
273 |
|
|
|
13,871 |
|
|
Total |
|
$ |
146,216 |
|
|
$ |
393 |
|
$ |
273 |
|
|
$ |
146,882 |
|
|
|
|
(1)Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
|
|
|
Predecessor |
|
|||||||||||||
|
|
|
For the Year Ended December 31, 2017 |
|
|||||||||||||
|
|
|
Haynesville / Cotton Valley |
|
|
South Texas |
|
|
Other |
|
|
Total |
|
||||
|
Gas production (MMcf) |
|
|
71,550 |
|
|
|
1,372 |
|
|
|
599 |
|
|
|
73,521 |
|
|
Oil production (Mbbls) |
|
|
53 |
|
|
|
876 |
|
|
|
22 |
|
|
|
951 |
|
|
Total production (MMcfe) |
|
|
71,868 |
|
|
|
6,626 |
|
|
|
730 |
|
|
|
79,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
|
$ |
201,534 |
|
|
$ |
5,574 |
|
|
$ |
1,633 |
|
|
$ |
208,741 |
|
|
Natural gas hedging settlements(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,405 |
|
|
Total natural gas including hedging |
|
|
201,534 |
|
|
|
5,574 |
|
|
|
1,633 |
|
|
|
218,146 |
|
|
Oil sales |
|
|
2,557 |
|
|
|
42,961 |
|
|
|
1,072 |
|
|
|
46,590 |
|
|
Total oil and gas sales including |
|
$ |
204,091 |
|
|
$ |
48,535 |
|
|
$ |
2,705 |
|
|
$ |
264,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gas price (per Mcf) |
|
$ |
2.82 |
|
|
$ |
4.06 |
|
|
$ |
2.73 |
|
|
$ |
2.84 |
|
|
Average gas price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2.97 |
|
|
Average oil price (per barrel) |
|
$ |
48.21 |
|
|
$ |
49.06 |
|
|
$ |
49.10 |
|
|
$ |
49.02 |
|
|
Average price (per Mcfe) |
|
$ |
2.84 |
|
|
$ |
7.32 |
|
|
$ |
3.71 |
|
|
$ |
3.22 |
|
|
Average price including hedging |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes |
|
$ |
2,941 |
|
|
$ |
2,248 |
|
|
$ |
184 |
|
|
$ |
5,373 |
|
|
Gathering and transportation |
|
$ |
15,654 |
|
|
$ |
1,648 |
|
|
$ |
236 |
|
|
$ |
17,538 |
|
|
Lease operating |
|
$ |
22,232 |
|
|
$ |
14,323 |
|
|
$ |
1,304 |
|
|
$ |
37,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production taxes (per Mcfe) |
|
$ |
0.04 |
|
|
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.07 |
|
|
Gathering and transportation (per Mcfe) |
|
$ |
0.22 |
|
|
$ |
0.25 |
|
|
$ |
0.32 |
|
|
$ |
0.22 |
|
|
Lease operating (per Mcfe) |
|
$ |
0.31 |
|
|
$ |
2.16 |
|
|
$ |
1.79 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development leasehold |
|
$ |
4,177 |
|
|
$ |
521 |
|
|
$ |
— |
|
|
$ |
4,698 |
|
|
Development drilling and completion |
|
|
163,755 |
|
|
|
717 |
|
|
|
— |
|
|
|
164,472 |
|
|
Other development |
|
|
7,187 |
|
|
|
1,999 |
|
|
|
458 |
|
|
|
9,644 |
|
|
Total |
|
$ |
175,119 |
|
|
$ |
3,237 |
|
$ |
458 |
|
|
$ |
178,814 |
|
|
|
|
(1)Included in gain from derivative financial instruments in operating results.