0000023194-23-000009 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-03262
Entity Registrant Name	COMSTOCK RESOURCES, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Trading Symbol	CRK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		277,510,165
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000023194

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor firm ID	42
Auditor name	ERNST & YOUNG LLP
Auditor location	Dallas, Texas

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 54,652	$ 30,663
Accounts receivable:
Oil and gas sales and gas services	415,079	217,149
Joint interest operations	76,521	29,755
From affiliates	18,527	20,834
Derivative financial instruments	23,884	5,258
Other current assets	56,324	15,077
Total current assets	644,987	318,736
Oil and natural gas properties, successful efforts method:
Proved	5,843,409	4,756,394
Unproved	298,230	302,129
Other	26,475	6,690
Accumulated depreciation, depletion and amortization	(1,545,459)	(1,058,067)
Net property and equipment	4,622,655	4,007,146
Goodwill	335,897	335,897
Operating lease right-of-use assets	90,716	6,450
Total assets	5,694,255	4,668,229
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	530,195	314,569
Accrued expenses	183,111	135,026
Operating leases	38,411	2,444
Derivative financial instruments	4,420	181,945
Total current liabilities	756,137	633,984
Long-term debt	2,152,571	2,615,235
Deferred income taxes	425,734	197,417
Derivative financial instruments	0	4,042
Long-term operating leases	52,385	4,075
Reserve for future abandonment costs	29,114	25,673
Other non-current liabilities	0	24
Total liabilities	3,415,941	3,480,450
Commitments and contingencies
Stockholders' equity:
Common stock—$0.50 par, 400,000,000 shares authorized, 277,517,087 and 232,924,646 shares issued and outstanding at December 31, 2022 and 2021, respectively	138,759	116,462
Additional paid-in capital	1,253,417	1,100,359
Accumulated earnings (deficit)	886,138	(204,042)
Total stockholders' equity	2,278,314	1,012,779
Total liabilities and stockholders' equity	5,694,255	4,668,229
Series B Convertible Preferred Stock
Mezzanine equity:
Preferred stock	$ 0	$ 175,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	175,000	175,000
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	277,517,087	232,924,646
Common stock, shares outstanding (in shares)	277,517,087	232,924,646

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 3,628,057	$ 1,850,730	$ 858,195
Operating expenses:
Production and ad valorem taxes	77,917	49,141	36,967
Gathering and transportation	155,679	130,940	106,582
Lease operating	111,134	103,467	102,452
Depreciation, depletion and amortization	489,450	469,388	417,112
Gas services	465,044	0	0
General and administrative, net	39,405	34,943	32,040
Exploration	8,287	0	27
(Gain) loss on sale of assets	(340)	162,077	(17)
Total operating expenses	1,346,576	949,956	695,163
Operating income	2,281,481	900,774	163,032
Other income (expenses):
Gain (loss) from derivative financial instruments	(662,522)	(560,648)	9,951
Other income	916	636	1,080
Interest expense	(171,092)	(218,485)	(234,829)
Loss on early extinguishment of debt	(46,840)	(352,599)	(861)
Total other expenses	(879,538)	(1,131,096)	(224,659)
Income (loss) before income taxes	1,401,943	(230,322)	(61,627)
(Provision for) benefit from income taxes	(261,061)	(11,403)	9,210
Net income (loss)	1,140,882	(241,725)	(52,417)
Preferred stock dividends and accretion	(16,014)	(17,500)	(30,996)
Net income (loss) available to common stockholders	$ 1,124,868	$ (259,225)	$ (83,413)
Net income per share:
Basic (in dollars per share)	$ 4.75	$ (1.12)	$ (0.39)
Diluted (in dollars per share)	$ 4.11	$ (1.12)	$ (0.39)
Weighted average shares outstanding:
Basic (in shares)	236,045	231,633	215,194
Diluted (in shares)	277,465	231,633	215,194
Dividends declared per share (in dollars per share)	$ 0.125	$ 0	$ 0
Natural gas and Oil Sales
Revenues:
Total revenues	$ 3,124,691	$ 1,850,730	$ 858,195
Natural gas sales
Revenues:
Total revenues	3,117,094	1,775,768	809,399
Oil sales
Revenues:
Total revenues	7,597	74,962	48,796
Gas services
Revenues:
Total revenues	$ 503,366	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)
Beginning balance (in shares) at Dec. 31, 2019		190,007
Beginning balance at Dec. 31, 2019	$ 1,143,022	$ 95,003	$ 909,423	$ 138,596
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		431
Stock-based compensation	6,464	$ 216	6,248
Income tax withholdings on equity awards (in shares)		(115)
Income tax withholdings on equity awards	(692)	$ (59)	(633)
Issuance of common stock (in shares)		42,092
Issuance of common stock	211,638	$ 21,046	190,592
Stock issuance costs	(10,246)		(10,246)
Net income (loss)	(52,417)			(52,417)
Preferred stock accretion	(5,417)			(5,417)
Payment of preferred dividends	(25,579)			(25,579)
Ending balance (in shares) at Dec. 31, 2020		232,415
Ending balance at Dec. 31, 2020	1,266,773	$ 116,206	1,095,384	55,183
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		766
Stock-based compensation	6,799	$ 384	6,415
Income tax withholdings on equity awards (in shares)		(256)
Income tax withholdings on equity awards	(1,412)	$ (128)	(1,284)
Stock issuance costs	(156)		(156)
Net income (loss)	(241,725)			(241,725)
Payment of preferred dividends	(17,500)			(17,500)
Ending balance (in shares) at Dec. 31, 2021		232,925
Ending balance at Dec. 31, 2021	1,012,779	$ 116,462	1,100,359	(204,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		1,159
Stock-based compensation	6,610	$ 580	6,030
Income tax withholdings on equity awards (in shares)		(317)
Income tax withholdings on equity awards	(6,255)	$ (158)	(6,097)
Issuance of common stock (in shares)		43,750
Issuance of common stock	175,000	$ 21,875	153,125
Net income (loss)	1,140,882			1,140,882
Payment of preferred dividends	(16,014)			(16,014)
Payment of common stock dividends	(34,688)			(34,688)
Ending balance (in shares) at Dec. 31, 2022		277,517
Ending balance at Dec. 31, 2022	$ 2,278,314	$ 138,759	$ 1,253,417	$ 886,138

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,140,882	$ (241,725)	$ (52,417)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred and non-current income taxes	228,317	(3,565)	(9,409)
Exploration	0	0	27
(Gain) loss on sale of assets	(340)	162,077	(17)
Depreciation, depletion and amortization	489,450	469,388	417,112
(Gain) loss on derivative financial instruments	662,522	560,648	(9,951)
Cash settlements of derivative financial instruments	(862,715)	(419,714)	134,496
Amortization of debt discount, premium and issuance costs	10,255	21,703	34,038
Stock-based compensation	6,610	6,799	6,464
Loss on early extinguishment of debt	46,840	352,599	861
(Increase) decrease in accounts receivable	(242,389)	(121,952)	34,555
(Increase) decrease in other current assets	(10,296)	(2,033)	7,019
Increase in accounts payable and accrued expenses	229,252	74,780	12,923
Net cash provided by operating activities	1,698,388	859,005	575,701
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,067,800)	(689,210)	(509,690)
Prepaid drilling costs	(34,069)	0	(1,795)
Proceeds from sales of assets	4,186	138,394	287
Net cash used for investing activities	(1,097,683)	(550,816)	(511,198)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facility	755,000	555,000	157,000
Repayments on bank credit facility	(990,000)	(820,000)	(907,000)
Issuance of Senior Notes	0	2,222,500	751,500
Retirement of Senior Notes	(273,920)	(2,210,626)	0
Issuance of common stock	0	0	206,626
Redemption of Series A Convertible Preferred Stock	0	0	(210,000)
Debt and stock issuance costs	(10,839)	(35,760)	(24,617)
Income tax withholdings on equity awards	(6,255)	(1,412)	(692)
Preferred stock dividends paid	(16,014)	(17,500)	(25,580)
Common stock dividends paid	(34,688)	0	0
Net cash used for financing activities	(576,716)	(307,798)	(52,763)
Net increase in cash and cash equivalents	23,989	391	11,740
Cash and cash equivalents, beginning of the year	30,663	30,272	18,532
Cash and cash equivalents, end of the year	$ 54,652	$ 30,663	$ 30,272

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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 the acquisition, exploration, development and production of oil and natural gas. The consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly owned or controlled subsidiaries (collectively, "Comstock" or the "Company"). The Company's operations are primarily focused in North Louisiana and East Texas. 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. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

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, Accounts Receivable and Credit Losses

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 recorded for the years ended December 31, 2022, 2021 and 2020, respectively.

Other Current Assets

Other current assets at December 31, 2022 and 2021 consist of the following:


	As of December 31,
	2022		2021
	(In thousands)
Pipe and well equipment inventory	$	34,819	$	5,015
Production tax refunds receivable	11,156		7,879
Prepaid drilling costs	4,265		—
Accrued proceeds from sale of oil and gas properties	3,118		—
Prepaid expenses	2,455		2,183
Other	511		—
	$	56,324	$	15,077

Fair Value Measurements

The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value in the financial statements. These include cash and cash equivalents held in bank accounts and derivative financial instruments. 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 following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:


	Year Ended December 31, 2021
	(In thousands)
Balance at beginning of year	$	(22,588)
Total gains (losses) included in earnings	(162,421)
Settlements, net	58,448
Transfers out of Level 3	126,561
Balance at end of year	$	—

The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2022 and 2021:


	As of December 31,
	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Commodity-based derivatives (1)	$	23,884	$	23,884	$	5,258	$	5,258
Liabilities:
Commodity-based derivatives (1)	4,420		4,420		185,987		185,987
Bank credit facility (2)	—		—		235,000		235,000
7.50% senior notes due 2025 (3)	—		—		196,998		248,066
6.75% senior notes due 2029 (3)	1,229,836		1,129,029		1,256,874		1,337,500
5.875% senior notes due 2030 (3)	965,000		846,788		965,000		989,125

_______________

(1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets.

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2022 and 2021, respectively, a Level 1 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.

Exploratory well costs are initially capitalized as proved property in the consolidated balance sheets but charged to exploration expense if and when the well is determined not to have found commercial proved oil and gas reserves. The changes in capitalized exploratory well costs are as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Beginning capitalized exploratory project costs	$	6,966	$	—
Additions to exploratory well costs pending the determination of proved reserves	63,520		6,966
Determined to have found proved reserves	(69,619)		—


Ending capitalized exploratory well costs	$	867	$	6,966

As of December 31, 2022 and 2021, the Company had no exploratory wells for which costs have been capitalized greater than one year.

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. Exploration expense includes geological and geophysical expenses and delay rentals related to exploratory oil and gas properties, costs of unsuccessful exploratory drilling and impairments of unproved properties. As of December 31, 2022 and 2021, the unproved properties primarily relate to future drilling locations that were not included in proved undeveloped reserves. Most of these future drilling locations are located on acreage where the reservoir is known to be productive but have been excluded from proved reserves due to uncertainty on whether the wells would be drilled within the next five years as required by SEC rules in order to be included in proved reserves. The costs of unproved properties are transferred to proved oil and gas properties when they are either drilled or they are reflected in proved undeveloped reserves and amortized on an equivalent unit-of-production basis. Costs associated with unevaluated exploratory acreage are periodically assessed for impairment on a property by property basis, and any impairment in value is included in exploration expense. Exploratory drilling costs are initially capitalized as proved property but charged to expense if and when the well is determined not to have found commercial proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling.

The Company assesses the need for an impairment of the costs capitalized for its proved oil and gas properties when events or changes in circumstances, such as a significant drop in commodity prices, indicate that the Company may not be able to recover its capitalized costs. 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. 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, future oil and natural gas production, production costs, capital expenditures, and the total proved and risk-adjusted probable oil and natural gas reserves expected to be recovered. 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. Unproved properties are evaluated for impairment based upon the results of drilling, planned future drilling and the terms of the oil and gas leases.

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 natural 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 impairments in the carrying values of our oil and gas properties.

Other property and equipment consists primarily of pipelines, natural gas treating plants, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 50 years on a straight-line basis.

Goodwill

The Company had goodwill of $335.9 million as of December 31, 2022 and 2021. Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets in a business combination.

The Company is required to conduct an annual review of goodwill for impairment and performs the assessment of goodwill on October 1st of each year. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value. The Company performed its quantitative assessment of goodwill as of October 1, 2022 and determined there was no indication of impairment.

Leases

The Company had right-of-use lease assets of $90.7 million and $6.5 million as of December 31, 2022 and 2021, respectively, related to its corporate office lease, certain office equipment, vehicles and a hydraulic fracturing fleet used to complete natural gas wells with corresponding short-term and long-term liabilities. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company determines if contracts contain a lease at inception of the contract. Since most of the Company's lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate at the commencement date of the lease. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent its obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less.

Comstock contracts for a variety of equipment used in its oil and natural gas exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling operations routinely change due to changes in oil and natural gas prices, demand for oil and natural gas, and the overall operating and economic environment. Comstock accordingly manages the terms of its contracts for drilling rigs so as to allow for maximum flexibility in responding to these changing conditions. In April 2022, the Company took delivery of a natural gas powered hydraulic fracturing fleet, which has been leased with a three year term. The Company's other hydraulic fracturing fleet contracts are on terms less than one year and include rights of substitution. The Company's rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 45 days advance notice without a specified expiration date. The Company has elected not to recognize right-of-use lease assets for contracts less than one year. The costs associated with drilling and completion operations are accounted for under the successful efforts method, which require that these costs be capitalized as part of our proved oil and natural gas properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense. For hydraulic fracturing fleet and drilling rig leases, the Company has elected the practical expedient to not separate lease components from nonlease components in the determination of their lease asset and liability values.

Lease costs recognized during the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Operating lease cost included in general and administrative expense	$	1,749	$	1,732	$	1,665
Operating lease cost included in lease operating expense	1,383		879		815
Operating lease cost included in proved oil and gas properties	25,200		—		—
Variable lease cost (completion costs included in proved oil and gas properties)	25,095		—		—
Short-term lease cost (drilling rig costs included in proved oil and gas properties)	62,077		32,735		33,334
	$	115,504	$	35,346	$	35,814

Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $3.1 million, $2.6 million and $2.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Cash payments for operating leases associated with right-of-use assets included in cash used for investing activities were $112.4 million, $32.7 million and $33.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022 and 2021, the operating leases had a weighted average remaining term of 2.2 years and 2.7 years, respectively, and the weighted-average discount rate used to determine the present value of future operating lease payments was 3.5% and 2.7%, respectively.

As of December 31, 2022, expected future payments related to contracts that contain operating leases were as follows:


	(In thousands)
2023	$	41,007
2024	40,609
2025	13,004
2026	88
2027	17
Total lease payments	94,725
Imputed interest	(3,929)
Total lease liability	$	90,796

Accrued Expenses

Accrued expenses at December 31, 2022 and 2021 consist of the following:


	As of December 31,
	2022		2021
	(In thousands)
Accrued interest payable	$	54,867	$	60,305
Accrued drilling costs	54,438		19,995
Accrued income and other taxes	31,256		15,655
Accrued transportation costs	28,357		22,859
Accrued employee compensation	11,308		12,320
Accrued lease operating expenses	2,412		2,036
Other	473		1,856
	$	183,111	$	135,026

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:


	Year Ended December 31,
	2022		2021
	(In thousands)
Reserve for future abandonment costs at beginning of the year	$	25,673	$	19,290
New wells placed on production	1,537		1,994
Acquisitions	1,211		637
Changes in estimates and timing	182		3,008
Liabilities settled	(80)		(31)
Divestitures	(944)		(466)
Accretion expense	1,535		1,241
Reserve for future abandonment costs at end of the year	$	29,114	$	25,673

Stock-based Compensation

The Company has stock-based employee compensation plans under which stock awards, comprised primarily of restricted stock and performance share units ("PSUs"), 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.

Segment Reporting

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

Derivative Financial Instruments and Hedging Activities

The Company accounts for derivative financial instruments (including 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 and in net cash flows from operating activities. 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.

Major Purchasers

In 2022, the Company had three major purchasers of its natural gas production that accounted for 27%, 21%, and 12% of its total oil and natural gas sales. In 2021, the Company had three major purchasers of its natural gas production that accounted for 22%, 21%, and 13% of its total oil and natural gas sales. In 2020, the Company had four major purchasers of its natural gas production that accounted for 19%, 15%, 15% and 10% of its total oil and natural gas sales. 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 produces natural gas and oil and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Costs incurred to gather or transport each product prior to the transfer of control are recognized as operating expenses.

Gas services revenues represent sales of natural gas purchased for resale and fees received for gathering and treating services provided to unaffiliated third parties. Revenues are recognized upon completion of the gathering and treating of contracted natural gas volumes and delivery of purchased natural gas volumes to the Company's customers. Revenues and expenses associated with natural gas purchased for resale are presented on a gross basis in the Company's consolidated statements of operations as the Company acts as the principal in the transaction by assuming the risks and rewards from ownership of the natural gas volumes purchased and the responsibility to deliver the natural gas volumes to their sales point.

All oil and natural gas and gas services revenues are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of oil and natural gas are generally based upon terms that are common in the oil and gas industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for oil and natural gas routinely fluctuate based on changes in these factors. Prices for gathering and treating services are generally fixed in nature but can vary due to the quality of the gas being treated. Each unit of production (barrel of crude oil and thousand cubic feet of natural gas) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts.

Comstock has elected to exclude all taxes from the measurement of transaction prices, and its oil and natural gas revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling crude oil and natural gas, on behalf of royalty owners and working interest owners. Oil and natural gas revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. Gas services revenue is recorded in the month the services are performed or purchased gas is sold based on an estimate of natural gas volumes and contract prices. The Company recognizes any differences between estimates and actual amounts received in

the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of natural gas or oil 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, 2022 or 2021.

The Company has recognized accounts receivable of $415.1 million and $217.1 million as of December 31, 2022 and 2021, respectively, from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.

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 $27.5 million, $25.3 million and $24.7 million for the years ended December 31, 2022, 2021 and 2020, 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 tax consequences attributable to the future utilization of existing net operating loss and other 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

Unvested restricted stock containing non-forfeitable rights to dividends are included in common stock outstanding and are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. At December 31, 2022 and 2021, 966,058 and 952,971 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's shareholders.

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


	Year Ended December 31,
	2022	2021	2020
	(in thousands)
Unvested restricted stock	926	1,057	1,149

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 performance period. The treasury stock method is used to measure the dilutive effect of PSUs.


	Year Ended December 31,
	2022	2021	2020
	(In thousands, except per unit amounts)
Weighted average PSUs	925	1,146	1,044
Weighted average grant date fair value per unit	$15.11	$8.11	$9.33

The Series A and Series B Convertible Preferred Stock were convertible into 52,500,000 and 43,750,000 shares of common stock, respectively. The Company redeemed all of the shares of Series A Convertible Preferred Stock on May 19, 2020. On November 30, 2022, all outstanding shares of the Series B Convertible preferred stock were converted into 43,750,000 shares of common stock. The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had occurred at the earlier of the date of issuance or the beginning of the period. Weighted average shares of convertible preferred stock outstanding were as follows:


	Year Ended December 31,
	2022	2021	2020
	(In thousands)
Weighted average convertible preferred stock	40,034	43,750	63,832

None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses.

Basic and diluted income (loss) per share were determined as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share amounts)
Net income (loss) available to common stockholders	$	1,124,868	$	(259,225)	$	(83,413)
Income allocable to unvested restricted stock	(4,278)		—		—
Basic net income (loss) available to common stockholders	$	1,120,590	$	(259,225)	$	(83,413)
Income allocable to convertible preferred stock	16,014		—		—
Income allocable to unvested restricted stock	4,278		—		—
Diluted net income (loss) available to common stockholders	$	1,140,882	$	(259,225)	$	(83,413)

Basic weighted average shares outstanding	236,045		231,633		215,194
Effect of dilutive securities:
PSUs	911		—		—
Restricted stock	475		—		—
Convertible preferred stock	40,034		—		—
Diluted weighted average shares outstanding	277,465		231,633		215,194

Basic income (loss) per share	$	4.75	$	(1.12)	$	(0.39)
Diluted income (loss) per share	$	4.11	$	(1.12)	$	(0.39)

Basic and diluted per share amounts are the same for the years ended December 31, 2021 and 2020 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.

Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Cash payments for:
Interest	$	166,275	$	203,742	$	228,555
Income tax payments (refunds)	$	16,524	$	149	$	(10,218)
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$	34,443	$	(4,964)	$	(17,234)
Liabilities assumed in exchange for right-of-use lease assets	$	110,090	$	5,847	$	1,761
Non-cash investing and financing activities related to acquisitions:
Acquired working capital	$	—	$	—	$	520
Non-cash financing activities include:
Conversion of preferred stock into common stock	$	175,000	$	—	$	—
Retirement of debt in exchange for common stock	$	—	$	—	$	(4,151)
Issuance of common stock in exchange for debt	$	—	$	—	$	5,012

Acquisitions and Dispositions of Oil and Gas Properties	12 Months Ended
Acquisitions and Dispositions of Oil and Gas Properties	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions of Oil and Gas Properties	Acquisitions and Dispositions of Oil and Gas Properties Acquisitions In 2022, the Company acquired a 145-mile pipeline and natural gas treating plant from an unaffiliated third party and the undeveloped deep rights on approximately 68,000 net undeveloped acres in East Texas for $35.6 million including transaction costs. The purchase price was allocated as follows: $18.8 million was allocated to unproved oil and gas properties and $16.8 million to other property and equipment. In 2021, the Company acquired approximately 17,500 net acres of predominantly undeveloped Haynesville shale acreage in East Texas from an unaffiliated third party, which also included interests in 37 producing wells for $34.7 million. During 2022 and 2021, the Company acquired an additional 36,100 and 32,556 net acres through direct leasing for $35.6 million and $22.9 million, respectively. Dispositions In December 2022, the Company sold its interest in certain nonstrategic, non-operated properties for $4.1 million. In November 2021, the Company sold its non-operated properties in the Bakken shale for $138.1 million after selling expenses and incurred a $162.2 million pre-tax loss on the divestiture.

Oil and Gas Producing Activities

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

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 natural gas property acquisition, development and exploration activities:

Capitalized Costs


	As of December 31,
	2022		2021
	(In thousands)
Proved properties:
Leasehold costs	$	3,117,028	$	3,053,783
Wells and related equipment and facilities	2,726,381		1,702,611
Accumulated depreciation depletion and amortization	(1,543,003)		(1,056,317)
	4,300,406		3,700,077
Unproved properties	298,230		302,129
	$	4,598,636	$	4,002,206

Costs Incurred


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Property acquisitions:
Proved property	$	500	$	21,781	$	—
Unproved property	54,120		35,871		7,949
Exploration and development:
Developmental leasehold costs	13,727		12,953		13,022
Exploratory drilling and completion costs	63,520		6,966		—
Development drilling and completion costs	901,026		569,141		436,074
Other development costs	53,693		39,168		34,572
Asset retirement obligations	686		5,608		(47)
Total capital expenditures	$	1,087,272	$	691,488	$	491,570

Long-term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is comprised of the following:


	As of December 31,
	2022		2021
	(In thousands)
Bank Credit Facility:
Principal	$	—	$	235,000
6.75% Senior Notes Due 2029:
Principal	1,223,880		1,250,000
Premium, net of amortization	5,956		6,874
5.875% Senior Notes Due 2030:
Principal	965,000		965,000
7.5% Senior Notes due 2025:
Principal	—		244,400
Discount, net of amortization	—		(47,402)
Debt issuance costs, net of amortization	(42,265)		(38,637)
	$	2,152,571	$	2,615,235

The premium on the 6.75% senior notes due 2029 is being amortized over its life using the effective interest rate method. Debt issuance costs are amortized over the lives of the bank credit facility and 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, 2022 by year of maturity:


	2023		2024		2025		2026		2027		Thereafter		Total
	(In thousands)

6.75% Senior Notes due 2029	—		—		—		—		—		1,223,880		1,223,880
5.875% Senior Notes due 2030	—		—		—		—		—		965,000		965,000
	$	—	$	—	$	—	$	—	$	—	$	2,188,880	$	2,188,880

On November 15, 2022, the Company entered into an amended and restated bank credit facility with Wells Fargo Bank National Association, as administrative agent, and other participating banks with an aggregate commitment of $1.5 billion. The new bank credit facility is subject to a borrowing base of $2.0 billion, which is redetermined on a semi-annual basis and upon the occurrence of certain other events and matures on November 15, 2027. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either adjusted SOFR plus 1.75% to 2.75% or an alternative base rate plus 0.75% to 1.75%, in each case depending on the utilization of the borrowing base. There were no borrowings outstanding at December 31, 2022. The Company pays a commitment fee of 0.375% to 0.5%, which is dependent on the utilization of the borrowing base. The weighted average interest rate on borrowings under the bank credit facility were 3.61% and 2.71% during the years ended December 31, 2022 and 2021, respectively. The bank credit facility places certain restrictions upon the Company's and its subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 3.5 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of December 31, 2022.

In May 2022, the Company completed the early redemption of all of its outstanding 7.5% senior notes due in 2025 for an aggregate amount of $258.1 million, which included principal of $244.4 million, premiums paid over face value of $4.5 million and accrued interest of $9.2 million. As a result of the redemption, the Company recognized a loss of $47.8 million on early retirement of debt including the write-off of $43.3 million of unamortized discount resulting from adjusting the senior notes to fair value on the date that they were assumed by the Company.

In June 2022, the Company repurchased $26.1 million principal amount of its 6.75% senior notes due in 2029 for $24.9 million. The Company recognized a gain of $1.0 million on early retirement of debt relating to the repurchase.

In 2021, the Company refinanced $375.0 million principal amount of its 7.5% senior notes due in 2025 and $1,650.0 million principal amount of its 9.75% senior notes due 2026 with proceeds from the issuance of $1,250.0 million principal amount of its 6.75% senior notes due in 2029 and $965.0 million principal amount of its 5.875% senior notes due in 2030. The Company recognized a loss of $352.6 million on early retirement of debt for the year ended December 31, 2021.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has natural gas transportation and gathering contracts which extend to 2031. Commitments under these contracts are $57.0 million for 2023, $57.5 million for 2024, $45.7 million for 2025, $40.9 million for 2026, $40.7 million for 2027 and $124.3 million for 2028 through 2031. The Company has drilling rig contracts and completion service contracts. Terms of drilling contracts vary from well to well, or are for periods ranging from less than one year to three years. The service contracts with terms less than one year are generally for terms ranging from 45 days to six months. In December 2022, the Company entered into agreements for three new drilling rigs with a three year term and a minimum annual commitment of $12.2 million per drilling rig. The Company expects to take delivery of two of the rigs in the second half of 2023 and the third rig in early 2024. Existing commitments under these contracts are $34.9 million for 2023 and 2024, $36.7 million for 2025, $31.9 million for 2026 and $1.8 million for 2027. In 2021 and 2022, the Company entered into hydraulic fracturing services agreements for exclusive use of two natural gas powered hydraulic fracturing fleets. The term of the agreements are three years and the minimum commitment under these agreements are $19.2 million per year. The Company took delivery of the first fleet in the second quarter of 2022 and expects delivery of the second fleet in the second quarter of 2023. Commitments under these contracts are $33.7 million for 2023, $38.5 million for 2024, $24.3 million for 2025 and $4.7 million for 2026. From time to time, the Company is involved in certain litigation that arise 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 adverse 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, 2022 or 2021.

Convertible Preferred Stock	12 Months Ended
Convertible Preferred Stock	Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	Convertible Preferred StockOn November 30, 2022, all of the outstanding shares of the Series B Redeemable Convertible Preferred Stock were converted into 43,750,000 shares of common stock.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityThe authorized capital of the Company is 405,000,000 shares, of which 400,000,000 shares are common stock, $0.50 par value per share, and 5,000,000 are preferred stock, $10.00 par value per share.

- 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

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

The Company grants restricted shares of common stock and PSUs to key employees and directors as part of their compensation. Grants are made pursuant to the Company's 2019 Long-term Incentive Plan (the "2019 Plan"), which was approved by the Company's shareholders on May 31, 2019. Future authorized equity awards available under the 2019 Plan as of December 31, 2022 were 4,592,055 shares of common stock.

Stock-based compensation expense is included in general and administrative expenses. During the years ended December 31, 2022, 2021 and 2020 the Company had $6.6 million, $6.8 million and $6.5 million, respectively, in stock-based compensation expense.

Restricted Stock

The fair value of restricted stock grants is amortized over the vesting period, generally one year to three years, using the straight-line method. The fair value of each restricted share on the date of grant is equal to the market price of a share of the Company's stock.

A summary of restricted stock activity is presented below:


	Number of Restricted Shares	Weighted Average Grant Price
Outstanding at January 1, 2022	952,971	$5.74
Granted	627,791	$17.70
Vested	(549,363)	$5.67
Forfeitures	(65,341)	$8.85
Outstanding at December 31, 2022	966,058	$13.34


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Fair value of vested restricted stock	$	11,080	$	3,070	$	2,852
Grant date weighted average fair value	$	17.70	$	6.05	$	5.38
Compensation expense recognized for restricted stock grants	$	4,171	$	3,406	$	3,247
Unrecognized compensation expense related to unvested shares	$	10,301
Expected recognition period	2.3 years

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 are met during a performance period. The performance periods consist of three years. 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 the Geometric Brownian Motion Model ("GBM Model"). 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.

Significant assumptions used to value PSUs included:


	Year Ended December 31,
	2022		2021		2020
Risk free interest rate	3.6	%	0.3	%	0.3	%
Range of implied volatility:
Minimum	50	%	37	%	39	%
Maximum	83	%	83	%	198	%

A summary of PSU activity is presented below:


	Number of PSUs	Weighted Average Grant Price
Outstanding at January 1, 2022	1,049,910	$8.11
Granted	237,407	$25.92
Earned	(596,893)	$7.85
Forfeitures	(137,870)	$10.95
Outstanding at December 31, 2022	552,554	$15.11


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per unit data)
Number of PSUs granted	237		221		232
Grant date fair value	$	6,023	$	1,891	$	1,943
Grant date fair value per unit	$	25.92	$	8.56	$	8.37
Compensation expense recognized for PSUs	$	2,439	$	3,392	$	3,217
Unrecognized compensation expense related to unvested shares	$	5,520
Expected recognition period	2.3 years

The fair value of PSUs is amortized over the vesting period of three years, using the straight-line method. 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 1,105,108 shares of common stock based on the achieved performance ranges from zero to two hundred percent.

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanThe 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 approximately $1.5 million, $1.3 million and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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 following is an analysis of the consolidated income tax provision (benefit):


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Current - Federal	$	40,445	$	—	$	—
Current - State	(7,701)		14,968		(154)
Deferred - Federal	209,705		(16,721)		(12,037)
Deferred - State	18,612		13,156		2,981
	$	261,061	$	11,403	$	(9,210)

In recording deferred income tax assets, the Company considers whether it is more likely than not that 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, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

The tax effects of significant temporary differences representing the net deferred tax liabilities were as follows:


	As of December 31,
	2022		2021
	(In thousands)
Deferred tax assets:
Interest expense limitation	$	101,104	$	103,771
Net operating loss carryforwards	49,740		53,112
Unrealized hedging losses	—		37,953
Asset retirement obligation	5,714		4,312
Other	4,932		7,771
	161,490		206,919
Valuation allowance on deferred tax assets	(2,145)		(46,474)
Deferred tax assets	159,345		160,445
Deferred tax liabilities:
Property and equipment	(570,833)		(340,722)
Unrealized hedging gains	(4,087)		—
Amortization of debt issuance costs and bond discount	—		(9,954)
Other	(10,162)		(7,186)
Deferred tax liabilities	(585,082)		(357,862)
Net deferred tax liability	$	(425,737)	$	(197,417)

The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Tax at statutory rate	$	294,408	$	(48,368)	$	(12,941)
Tax effect of:
Valuation allowance on deferred tax assets	(47,077)		30,504		(919)
State income taxes, net of federal benefit	14,680		28,117		3,746


Other	(950)		1,150		904
Total	$	261,061	$	11,403	$	(9,210)


	Year Ended December 31,
	2022		2021		2020
Tax at statutory rate	21.0	%	21.0	%	21.0	%
Tax effect of:
Valuation allowance on deferred tax assets	(3.4)		(13.3)		1.5
State income taxes, net of federal benefit	1.1		(12.2)		(6.1)


Other	(0.1)		(0.5)		(1.5)
Effective tax rate	18.6	%	(5.0)	%	14.9	%

At December 31, 2022, 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	2023-2037	$	899,953
Net operating loss – U.S. federal	Unlimited	$	9,931
Net operating loss – state taxes	Unlimited	$	1,486,685
Interest expense – U.S. federal	Unlimited	$	481,449
Interest expense – state taxes	Unlimited	$	531,058

The Company's ability to use net operating losses ("NOLs") generated before its ownership change in 2018 to reduce taxable income is limited under IRC Section 382. NOLs that exceed the Section 382 limitation in any year continue to be allowed as carry forwards until they expire and can be used to offset taxable income for years within the carryover period subject to the limitation in each year. NOLs incurred prior to 2018 generally have a 20-year life until they expire. NOLs generated in 2018 and after would be carried forward indefinitely. NOLs arising after the date of an ownership change are not affected by the 382 limitation. If the Company does not generate a sufficient level of taxable income prior to the expiration of the pre-2018 NOL carry-forward periods, then it will lose the ability to apply those NOLs as offsets to future taxable income. The Company estimates that $766.2 million of the U.S. federal NOL carryforwards and $1.2 billion of the estimated state NOL carryforwards will expire unused.

The Company's federal income tax returns for the years subsequent to December 31, 2018 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2019. The Company is currently under examination with the state of Louisiana and believe 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Comstock generally uses commodity price swaps, basis swaps and collars to hedge oil and natural gas prices to manage price risk. 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. 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. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by commodity contract. None of the Company's derivative contracts are 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) in the consolidated statements of operations and as separate components within cash flows from operating activities in the consolidated statements of cash flows. All of Comstock's natural gas derivative financial instruments are tied to the Henry Hub-NYMEX price index.

The Company had the following outstanding natural gas price derivative financial instruments at December 31, 2022:


	Future Production Period Ending December 31, 2023



Natural Gas Collar Contracts:
Volume (MMBtu)	174,925,000
Price per MMBtu:
Average Ceiling	$	9.96
Average Floor	$	2.99

The aggregate fair value of the Company's derivative financial instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following:


		As of December 31,
Type	Consolidated Balance Sheet Location	2022		2021
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	23,884	$	4,528
Oil price derivatives	Derivative Financial Instruments – current	—		730
		$	23,884	$	5,258



Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	4,420	$	181,215
Oil price derivatives	Derivative Financial Instruments – current	—		730

		$	4,420	$	181,945

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	—	$	4,042

The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


	Year Ended December 31,
Gain/(Loss) Recognized in Earnings on Derivatives	2022		2021		2020
	(In thousands)
Natural gas price derivatives	$	(662,522)	$	(555,636)	$	353
Oil price derivatives	—		(7,247)		12,059
Interest rate derivatives	—		2,235		(2,461)
	$	(662,522)	$	(560,648)	$	9,951

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company operates oil and natural gas properties held by a partnerships owned by its majority stockholder. Comstock charges the partnership for the costs incurred to drill, complete and produce the wells, as well as drilling and operating overhead fees. Comstock also provides natural gas marketing services to the partnerships, including evaluating potential markets and providing hedging services, in return for a fee equal to $0.02 per Mcf for natural gas marketed. The Company received $0.9 million, $1.4 million and $0.7 million in 2022, 2021 and 2020, respectively, for operating and marketing services provided to the partnership. The fees received for the services are reflected as a reduction of general and administrative expenses in the accompanying consolidated statements of operations. In connection with the operation of the wells, the Company had a $18.5 million and $20.8 million receivable from the partnerships at December 31, 2022 and 2021, respectively. In 2021, the Company acquired from unaffiliated third parties a 50% interest in approximately 35,000 net acres of predominantly undeveloped Haynesville shale acreage in East Texas, which also included interests in 37 producing wells. An affiliate of the Company's majority stockholder acquired the remaining 50% of the acreage and wells alongside Comstock. Comstock is the operator of the future drilling program on the jointly acquired acreage.

Oil and Gas Reserves Information (Unaudited)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Oil and Gas Reserves Information (Unaudited)

Set forth below is a summary of the Company's proved oil and natural gas reserves:


	Year Ended December 31,
	2022		2021		2020
	Oil (MBbls)	Natural Gas (MMcf)	Oil (MBbls)	Natural Gas (MMcf)	Oil (MBbls)	Natural Gas (MMcf)
Proved Reserves:
Beginning of period	627	6,118,083	11,000	5,562,876	16,747	5,341,497
Revisions of previous estimates	(61)	(6,870)	145	88,546	(4,241)	306,552
Extensions and discoveries	137	1,090,420	—	797,198	2	365,663
Acquisitions of minerals in place	6	260	—	202,588	—	—
Sales of minerals in place	(78)	(3,707)	(9,308)	(43,851)	—	—
Production	(82)	(500,616)	(1,210)	(489,274)	(1,508)	(450,836)
End of period	549	6,697,570	627	6,118,083	11,000	5,562,876
Proved Developed Reserves:
Beginning of period	627	2,245,660	11,000	1,967,288	15,104	1,890,357
End of period	480	2,531,462	627	2,245,660	11,000	1,967,288
Proved Undeveloped Reserves:
Beginning of period	—	3,872,423	—	3,595,588	1,643	3,451,140
End of period	69	4,166,108	—	3,872,423	—	3,595,588

Revisions of previous estimates. Revisions of previous natural gas estimates in 2021 and 2020 were primarily attributable to higher production performance from the Company's wells as compared to expected performance from proved undeveloped locations included in proved reserves in the previous year. Revisions of previous estimates for oil in 2020 were primarily related to changes in oil prices. Revisions of previous estimates in other years were insignificant.

Extensions and discoveries. Extensions and discoveries for 2022, 2021 and 2020 were primarily comprised of proved reserve additions attributable to the wells drilled in the current year that were not classified as proved undeveloped in prior years and additional proved undeveloped locations that are planned to be drilled in the Company's current development plan.

The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves:


	As of December 31,
	2022		2021		2020
	(In thousands)
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$	40,405,829	$	20,396,381	$	9,871,616
Future Costs:
Production	(5,473,650)		(3,954,726)		(3,173,350)
Development and Abandonment	(4,175,721)		(2,752,603)		(2,592,520)
Future Income Taxes	(5,741,914)		(2,065,316)		(154,872)
Future Net Cash Flows	25,014,544		11,623,736		3,950,874
10% Discount Factor	(12,404,908)		(5,848,131)		(2,015,149)
Standardized Measure of Discounted Future Net Cash Flows	$	12,609,636	$	5,775,605	$	1,935,725

The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Standardized Measure, Beginning of Year	$	5,775,605	$	1,935,725	$	2,913,211
Net change in sales price, net of production costs	8,600,315		5,012,696		(1,858,026)
Development costs incurred during the year which were previously estimated	788,450		502,674		302,135
Revisions of quantity estimates	(42,423)		119,200		215,268
Accretion of discount	680,010		199,124		326,074
Changes in future development and abandonment costs	(869,115)		1,505		313,191
Changes in timing and other	(113,744)		(224,617)		(127,663)
Extensions and discoveries	2,456,124		679,418		180,624
Acquisitions of minerals in place	604		150,065		—
Sales of minerals in place	(3,313)		(64,032)		—
Sales, net of production costs	(2,779,960)		(1,567,182)		(612,194)
Net changes in income taxes	(1,882,917)		(968,971)		283,105
Standardized Measure, End of Year	$	12,609,636	$	5,775,605	$	1,935,725

The standardized measure of discounted future net cash flows was determined based on the simple average of the first of month market prices for oil and natural gas for each year. 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. Prices used in determining oil and natural gas reserves quantities and cash flows are as follows:


	Year Ended December 31,
	2022		2021		2020
Crude Oil: $/barrel	$	91.21	$	62.38	$	32.88
Natural Gas: $/Mcf	$	6.03	$	3.33	$	1.71

Proved reserve information utilized in the preparation of the financial statements were based on estimates prepared by the Company's petroleum engineering staff 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 Company retained an independent petroleum consultant to conduct an audit of the Company's 2022 reserve estimates. The purpose of this audit was to provide additional assurance on the reasonableness of internally prepared reserve estimates. The engineering firm was selected for their geographic expertise and their historical experience.

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.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn February 13, 2023, Comstock's Board of Directors declared a quarterly cash dividend of $0.125 per common share to stockholders of record at the close of business of March 1, 2023, with a payment date of March 15, 2023.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates in the Preparation of Financial Statements

Concentration of Credit Risk, Accounts Receivable and Credit Losses

Concentration of Credit Risk, Accounts Receivable and Credit LossesFinancial 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.

Fair Value Measurements

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.

Property and Equipment

price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas.


	Year Ended December 31,
	2022		2021
	(in thousands)
Beginning capitalized exploratory project costs	$	6,966	$	—
Additions to exploratory well costs pending the determination of proved reserves	63,520		6,966
Determined to have found proved reserves	(69,619)		—


Ending capitalized exploratory well costs	$	867	$	6,966

As of December 31, 2022 and 2021, the Company had no exploratory wells for which costs have been capitalized greater than one year.

Goodwill

Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets in a business combination.The Company is required to conduct an annual review of goodwill for impairment and performs the assessment of goodwill on October 1st of each year. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value. The Company performed its quantitative assessment of goodwill as of October 1, 2022 and determined there was no indication of impairment.

Leases

The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company determines if contracts contain a lease at inception of the contract. Since most of the Company's lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate at the commencement date of the lease. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent its obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Comstock contracts for a variety of equipment used in its oil and natural gas exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling operations routinely change due to changes in oil and natural gas prices, demand for oil and natural gas, and the overall operating and economic environment. Comstock accordingly manages the terms of its contracts for drilling rigs so as to allow for maximum flexibility in responding to these changing conditions. In April 2022, the Company took delivery of a natural gas powered hydraulic fracturing fleet, which has been leased with a three year term. The Company's other hydraulic fracturing fleet contracts are on terms less than one year and include rights of substitution. The Company's rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 45 days advance notice without a specified expiration date. The Company has elected not to recognize right-of-use lease assets for contracts less than one year. The costs associated with drilling and completion operations are accounted for under the successful efforts method, which require that these costs be capitalized as part of our proved oil and natural gas properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense. For hydraulic fracturing fleet and drilling rig leases, the Company has elected the practical expedient to not separate lease components from nonlease components in the determination of their lease asset and liability values.

Reserve for Future Abandonment Costs

Stock-based Compensation

Segment Reporting

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

Derivative Financial Instruments and Hedging Activities

Revenue Recognition and Gas Balancing

General and Administrative Expenses

Income Taxes

Earnings Per Share

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


	Year Ended December 31,
	2022	2021	2020
	(in thousands)
Unvested restricted stock	926	1,057	1,149


	Year Ended December 31,
	2022	2021	2020
	(In thousands, except per unit amounts)
Weighted average PSUs	925	1,146	1,044
Weighted average grant date fair value per unit	$15.11	$8.11	$9.33

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.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Other Current Assets

Other current assets at December 31, 2022 and 2021 consist of the following:


	As of December 31,
	2022		2021
	(In thousands)
Pipe and well equipment inventory	$	34,819	$	5,015
Production tax refunds receivable	11,156		7,879
Prepaid drilling costs	4,265		—
Accrued proceeds from sale of oil and gas properties	3,118		—
Prepaid expenses	2,455		2,183
Other	511		—
	$	56,324	$	15,077

Reconciliation of Beginning and Ending Balances for Derivative Instruments

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:


	Year Ended December 31, 2021
	(In thousands)
Balance at beginning of year	$	(22,588)
Total gains (losses) included in earnings	(162,421)
Settlements, net	58,448
Transfers out of Level 3	126,561
Balance at end of year	$	—

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2022 and 2021:


	As of December 31,
	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Commodity-based derivatives (1)	$	23,884	$	23,884	$	5,258	$	5,258
Liabilities:
Commodity-based derivatives (1)	4,420		4,420		185,987		185,987
Bank credit facility (2)	—		—		235,000		235,000
7.50% senior notes due 2025 (3)	—		—		196,998		248,066
6.75% senior notes due 2029 (3)	1,229,836		1,129,029		1,256,874		1,337,500
5.875% senior notes due 2030 (3)	965,000		846,788		965,000		989,125

_______________

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2022 and 2021, respectively, a Level 1 measurement.

Capitalized Exploratory Well Costs

The changes in capitalized exploratory well costs are as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Beginning capitalized exploratory project costs	$	6,966	$	—
Additions to exploratory well costs pending the determination of proved reserves	63,520		6,966
Determined to have found proved reserves	(69,619)		—


Ending capitalized exploratory well costs	$	867	$	6,966

Summary of Lease Cost Recognized

Lease costs recognized during the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Operating lease cost included in general and administrative expense	$	1,749	$	1,732	$	1,665
Operating lease cost included in lease operating expense	1,383		879		815
Operating lease cost included in proved oil and gas properties	25,200		—		—
Variable lease cost (completion costs included in proved oil and gas properties)	25,095		—		—
Short-term lease cost (drilling rig costs included in proved oil and gas properties)	62,077		32,735		33,334
	$	115,504	$	35,346	$	35,814

Summary of Liabilities Under Contract Contain Operating Leases


	(In thousands)
2023	$	41,007
2024	40,609
2025	13,004
2026	88
2027	17
Total lease payments	94,725
Imputed interest	(3,929)
Total lease liability	$	90,796

Summary of Accrued Expenses

Accrued expenses at December 31, 2022 and 2021 consist of the following:


	As of December 31,
	2022		2021
	(In thousands)
Accrued interest payable	$	54,867	$	60,305
Accrued drilling costs	54,438		19,995
Accrued income and other taxes	31,256		15,655
Accrued transportation costs	28,357		22,859
Accrued employee compensation	11,308		12,320
Accrued lease operating expenses	2,412		2,036
Other	473		1,856
	$	183,111	$	135,026

Summary of Changes in Reserve for Future Abandonment Costs

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


	Year Ended December 31,
	2022		2021
	(In thousands)
Reserve for future abandonment costs at beginning of the year	$	25,673	$	19,290
New wells placed on production	1,537		1,994
Acquisitions	1,211		637
Changes in estimates and timing	182		3,008
Liabilities settled	(80)		(31)
Divestitures	(944)		(466)
Accretion expense	1,535		1,241
Reserve for future abandonment costs at end of the year	$	29,114	$	25,673

Schedule of Unvested Restricted Stock

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


	Year Ended December 31,
	2022	2021	2020
	(in thousands)
Unvested restricted stock	926	1,057	1,149

Antidilutive Securities In Computation of Earnings per Share

The treasury stock method is used to measure the dilutive effect of PSUs.


	Year Ended December 31,
	2022	2021	2020
	(In thousands, except per unit amounts)
Weighted average PSUs	925	1,146	1,044
Weighted average grant date fair value per unit	$15.11	$8.11	$9.33


	Year Ended December 31,
	2022	2021	2020
	(In thousands)
Weighted average convertible preferred stock	40,034	43,750	63,832

Basic and Diluted Earnings Per Share

Basic and diluted income (loss) per share were determined as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share amounts)
Net income (loss) available to common stockholders	$	1,124,868	$	(259,225)	$	(83,413)
Income allocable to unvested restricted stock	(4,278)		—		—
Basic net income (loss) available to common stockholders	$	1,120,590	$	(259,225)	$	(83,413)
Income allocable to convertible preferred stock	16,014		—		—
Income allocable to unvested restricted stock	4,278		—		—
Diluted net income (loss) available to common stockholders	$	1,140,882	$	(259,225)	$	(83,413)

Basic weighted average shares outstanding	236,045		231,633		215,194
Effect of dilutive securities:
PSUs	911		—		—
Restricted stock	475		—		—
Convertible preferred stock	40,034		—		—
Diluted weighted average shares outstanding	277,465		231,633		215,194

Basic income (loss) per share	$	4.75	$	(1.12)	$	(0.39)
Diluted income (loss) per share	$	4.11	$	(1.12)	$	(0.39)

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Cash payments for:
Interest	$	166,275	$	203,742	$	228,555
Income tax payments (refunds)	$	16,524	$	149	$	(10,218)
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$	34,443	$	(4,964)	$	(17,234)
Liabilities assumed in exchange for right-of-use lease assets	$	110,090	$	5,847	$	1,761
Non-cash investing and financing activities related to acquisitions:
Acquired working capital	$	—	$	—	$	520
Non-cash financing activities include:
Conversion of preferred stock into common stock	$	175,000	$	—	$	—
Retirement of debt in exchange for common stock	$	—	$	—	$	(4,151)
Issuance of common stock in exchange for debt	$	—	$	—	$	5,012

Oil and Gas Producing Activities (Tables)

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

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

Capitalized Costs


	As of December 31,
	2022		2021
	(In thousands)
Proved properties:
Leasehold costs	$	3,117,028	$	3,053,783
Wells and related equipment and facilities	2,726,381		1,702,611
Accumulated depreciation depletion and amortization	(1,543,003)		(1,056,317)
	4,300,406		3,700,077
Unproved properties	298,230		302,129
	$	4,598,636	$	4,002,206

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Property acquisitions:
Proved property	$	500	$	21,781	$	—
Unproved property	54,120		35,871		7,949
Exploration and development:
Developmental leasehold costs	13,727		12,953		13,022
Exploratory drilling and completion costs	63,520		6,966		—
Development drilling and completion costs	901,026		569,141		436,074
Other development costs	53,693		39,168		34,572
Asset retirement obligations	686		5,608		(47)
Total capital expenditures	$	1,087,272	$	691,488	$	491,570

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is comprised of the following:


	As of December 31,
	2022		2021
	(In thousands)
Bank Credit Facility:
Principal	$	—	$	235,000
6.75% Senior Notes Due 2029:
Principal	1,223,880		1,250,000
Premium, net of amortization	5,956		6,874
5.875% Senior Notes Due 2030:
Principal	965,000		965,000
7.5% Senior Notes due 2025:
Principal	—		244,400
Discount, net of amortization	—		(47,402)
Debt issuance costs, net of amortization	(42,265)		(38,637)
	$	2,152,571	$	2,615,235

Principal Amount of Debt by Year of Maturity

The following table summarizes Comstock's principal amount of debt as of December 31, 2022 by year of maturity:


	2023		2024		2025		2026		2027		Thereafter		Total
	(In thousands)

6.75% Senior Notes due 2029	—		—		—		—		—		1,223,880		1,223,880
5.875% Senior Notes due 2030	—		—		—		—		—		965,000		965,000
	$	—	$	—	$	—	$	—	$	—	$	2,188,880	$	2,188,880

- 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.

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+ Details

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

A summary of restricted stock activity is presented below:


	Number of Restricted Shares	Weighted Average Grant Price
Outstanding at January 1, 2022	952,971	$5.74
Granted	627,791	$17.70
Vested	(549,363)	$5.67
Forfeitures	(65,341)	$8.85
Outstanding at December 31, 2022	966,058	$13.34


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Fair value of vested restricted stock	$	11,080	$	3,070	$	2,852
Grant date weighted average fair value	$	17.70	$	6.05	$	5.38
Compensation expense recognized for restricted stock grants	$	4,171	$	3,406	$	3,247
Unrecognized compensation expense related to unvested shares	$	10,301
Expected recognition period	2.3 years

Summary of Significant Assumptions Used to Value PSUs

Significant assumptions used to value PSUs included:


	Year Ended December 31,
	2022		2021		2020
Risk free interest rate	3.6	%	0.3	%	0.3	%
Range of implied volatility:
Minimum	50	%	37	%	39	%
Maximum	83	%	83	%	198	%

Summary of PSU Activity

A summary of PSU activity is presented below:


	Number of PSUs	Weighted Average Grant Price
Outstanding at January 1, 2022	1,049,910	$8.11
Granted	237,407	$25.92
Earned	(596,893)	$7.85
Forfeitures	(137,870)	$10.95
Outstanding at December 31, 2022	552,554	$15.11


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per unit data)
Number of PSUs granted	237		221		232
Grant date fair value	$	6,023	$	1,891	$	1,943
Grant date fair value per unit	$	25.92	$	8.56	$	8.37
Compensation expense recognized for PSUs	$	2,439	$	3,392	$	3,217
Unrecognized compensation expense related to unvested shares	$	5,520
Expected recognition period	2.3 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Consolidated Income Tax Provision (Benefit)

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


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Current - Federal	$	40,445	$	—	$	—
Current - State	(7,701)		14,968		(154)
Deferred - Federal	209,705		(16,721)		(12,037)
Deferred - State	18,612		13,156		2,981
	$	261,061	$	11,403	$	(9,210)

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 liabilities were as follows:


	As of December 31,
	2022		2021
	(In thousands)
Deferred tax assets:
Interest expense limitation	$	101,104	$	103,771
Net operating loss carryforwards	49,740		53,112
Unrealized hedging losses	—		37,953
Asset retirement obligation	5,714		4,312
Other	4,932		7,771
	161,490		206,919
Valuation allowance on deferred tax assets	(2,145)		(46,474)
Deferred tax assets	159,345		160,445
Deferred tax liabilities:
Property and equipment	(570,833)		(340,722)
Unrealized hedging gains	(4,087)		—
Amortization of debt issuance costs and bond discount	—		(9,954)
Other	(10,162)		(7,186)
Deferred tax liabilities	(585,082)		(357,862)
Net deferred tax liability	$	(425,737)	$	(197,417)

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

The difference between the customary rate of 21% and the effective tax rate on income (losses) is due to the following:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Tax at statutory rate	$	294,408	$	(48,368)	$	(12,941)
Tax effect of:
Valuation allowance on deferred tax assets	(47,077)		30,504		(919)
State income taxes, net of federal benefit	14,680		28,117		3,746


Other	(950)		1,150		904
Total	$	261,061	$	11,403	$	(9,210)


	Year Ended December 31,
	2022		2021		2020
Tax at statutory rate	21.0	%	21.0	%	21.0	%
Tax effect of:
Valuation allowance on deferred tax assets	(3.4)		(13.3)		1.5
State income taxes, net of federal benefit	1.1		(12.2)		(6.1)


Other	(0.1)		(0.5)		(1.5)
Effective tax rate	18.6	%	(5.0)	%	14.9	%

Carryforwards Available to Reduce Future Income Taxes

At December 31, 2022, 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	2023-2037	$	899,953
Net operating loss – U.S. federal	Unlimited	$	9,931
Net operating loss – state taxes	Unlimited	$	1,486,685
Interest expense – U.S. federal	Unlimited	$	481,449
Interest expense – state taxes	Unlimited	$	531,058

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gas Derivative Contracts Volume and Prices

The Company had the following outstanding natural gas price derivative financial instruments at December 31, 2022:


	Future Production Period Ending December 31, 2023



Natural Gas Collar Contracts:
Volume (MMBtu)	174,925,000
Price per MMBtu:
Average Ceiling	$	9.96
Average Floor	$	2.99

Schedule of Derivative Instruments


		As of December 31,
Type	Consolidated Balance Sheet Location	2022		2021
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	23,884	$	4,528
Oil price derivatives	Derivative Financial Instruments – current	—		730
		$	23,884	$	5,258



Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	4,420	$	181,215
Oil price derivatives	Derivative Financial Instruments – current	—		730

		$	4,420	$	181,945

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	—	$	4,042

Schedule of Gains and Losses from Derivative Financial Instruments

Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


	Year Ended December 31,
Gain/(Loss) Recognized in Earnings on Derivatives	2022		2021		2020
	(In thousands)
Natural gas price derivatives	$	(662,522)	$	(555,636)	$	353
Oil price derivatives	—		(7,247)		12,059
Interest rate derivatives	—		2,235		(2,461)
	$	(662,522)	$	(560,648)	$	9,951

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Oil and Gas Reserves Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

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

Set forth below is a summary of the Company's proved oil and natural gas reserves:


	Year Ended December 31,
	2022		2021		2020
	Oil (MBbls)	Natural Gas (MMcf)	Oil (MBbls)	Natural Gas (MMcf)	Oil (MBbls)	Natural Gas (MMcf)
Proved Reserves:
Beginning of period	627	6,118,083	11,000	5,562,876	16,747	5,341,497
Revisions of previous estimates	(61)	(6,870)	145	88,546	(4,241)	306,552
Extensions and discoveries	137	1,090,420	—	797,198	2	365,663
Acquisitions of minerals in place	6	260	—	202,588	—	—
Sales of minerals in place	(78)	(3,707)	(9,308)	(43,851)	—	—
Production	(82)	(500,616)	(1,210)	(489,274)	(1,508)	(450,836)
End of period	549	6,697,570	627	6,118,083	11,000	5,562,876
Proved Developed Reserves:
Beginning of period	627	2,245,660	11,000	1,967,288	15,104	1,890,357
End of period	480	2,531,462	627	2,245,660	11,000	1,967,288
Proved Undeveloped Reserves:
Beginning of period	—	3,872,423	—	3,595,588	1,643	3,451,140
End of period	69	4,166,108	—	3,872,423	—	3,595,588

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:


	As of December 31,
	2022		2021		2020
	(In thousands)
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$	40,405,829	$	20,396,381	$	9,871,616
Future Costs:
Production	(5,473,650)		(3,954,726)		(3,173,350)
Development and Abandonment	(4,175,721)		(2,752,603)		(2,592,520)
Future Income Taxes	(5,741,914)		(2,065,316)		(154,872)
Future Net Cash Flows	25,014,544		11,623,736		3,950,874
10% Discount Factor	(12,404,908)		(5,848,131)		(2,015,149)
Standardized Measure of Discounted Future Net Cash Flows	$	12,609,636	$	5,775,605	$	1,935,725

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:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Standardized Measure, Beginning of Year	$	5,775,605	$	1,935,725	$	2,913,211
Net change in sales price, net of production costs	8,600,315		5,012,696		(1,858,026)
Development costs incurred during the year which were previously estimated	788,450		502,674		302,135
Revisions of quantity estimates	(42,423)		119,200		215,268
Accretion of discount	680,010		199,124		326,074
Changes in future development and abandonment costs	(869,115)		1,505		313,191
Changes in timing and other	(113,744)		(224,617)		(127,663)
Extensions and discoveries	2,456,124		679,418		180,624
Acquisitions of minerals in place	604		150,065		—
Sales of minerals in place	(3,313)		(64,032)		—
Sales, net of production costs	(2,779,960)		(1,567,182)		(612,194)
Net changes in income taxes	(1,882,917)		(968,971)		283,105
Standardized Measure, End of Year	$	12,609,636	$	5,775,605	$	1,935,725

Summary of Prices Used in Determining Oil and Natural Gas Reserves Quantities and Cash Flows

Prices used in determining oil and natural gas reserves quantities and cash flows are as follows:


	Year Ended December 31,
	2022		2021		2020
Crude Oil: $/barrel	$	91.21	$	62.38	$	32.88
Natural Gas: $/Mcf	$	6.03	$	3.33	$	1.71

- 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 - Narrative (Detail)		12 Months Ended
	Nov. 30, 2022 shares	Dec. 31, 2022 USD ($) segment customer product shares	Dec. 31, 2021 USD ($) customer shares	Dec. 31, 2020 USD ($) customer	Apr. 01, 2022
Operations And Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts		$ 0	$ 0	$ 0
Goodwill		335,897,000	335,897,000
Operating lease right-of-use assets		$ 90,716,000	6,450,000
Term of contract					3 years
Cancellation notice		45 days
Cash payments for operating leases associated with right-of-use assets		$ 3,100,000	2,600,000	2,500,000
Operating lease, payments, use		$ 112,400,000	$ 32,700,000	$ 33,300,000
Operating lease, weighted average remaining term		2 years 2 months 12 days	2 years 8 months 12 days
Discount rate		3.50%	2.70%
Number of operating segments \| segment		1
Number of major customer of oil and gas sales \| customer		3	3	4
Number of primary products \| product		2
Contract cash settlement max days		25 days
Contract cancellable notice term		30 days
Oil and gas sales and gas services		$ 415,079,000	$ 217,149,000
Reimbursements of overhead costs		$ 27,500,000	$ 25,300,000	$ 24,700,000
Performance multiplier, minimum		0.00%
Performance multiplier, maximum		200.00%
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Restricted stock (in shares) \| shares		966,058	952,971
Major Oil And Natural Gas Purchaser One \| Revenue Benchmark \| Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue		27.00%	22.00%	19.00%
Major Oil And Natural Gas Purchaser Two \| Revenue Benchmark \| Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue		21.00%	21.00%	15.00%
Major Oil And Natural Gas Purchaser Three \| Revenue Benchmark \| Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue		12.00%	13.00%	15.00%
Major Oil And Natural Gas Purchaser Four \| Revenue Benchmark \| Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue				10.00%
Minimum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		3 years
Maximum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		50 years
Series B Convertible Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Aggregate common stock upon conversion (in shares) \| shares	43,750,000
Convertible Series A Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Aggregate common stock upon conversion (in shares) \| shares	52,500,000

Summary of Significant Accounting Policies - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Pipe and well equipment inventory	$ 34,819	$ 5,015
Production tax refunds receivable	11,156	7,879
Prepaid drilling costs	4,265	0
Accrued proceeds from sale of oil and gas properties	3,118	0
Prepaid expenses	2,455	2,183
Other	511	0
Other current assets	$ 56,324	$ 15,077

Summary of Significant Accounting Policies - Reconciliation of Beginning and Ending Balances for Derivative Instruments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of year	$ (22,588)
Total gains (losses) included in earnings	(162,421)
Settlements, net	58,448
Transfers out of Level 3	126,561
Balance at end of year	$ 0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Derivative Instruments, Net, Pretax

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Derivative asset, current	$ 23,884	$ 5,258
Liabilities:
Derivative liability, current	$ 4,420	181,945
7.5% Senior Notes due 2025
Liabilities:
Interest rate on debt instrument	7.50%
6.75% Senior Notes Due 2029
Liabilities:
Interest rate on debt instrument	6.75%
5.875% Senior Notes Due 2030
Liabilities:
Interest rate on debt instrument	5.875%
Line of Credit
Liabilities:
Long-term debt, carrying value	$ 0	235,000
Long-term debt, fair value	0	235,000
Level 1 \| 7.5% Senior Notes due 2025
Liabilities:
Long-term debt, carrying value	0	196,998
Long-term debt, fair value	0	248,066
Level 1 \| 6.75% Senior Notes Due 2029
Liabilities:
Long-term debt, carrying value	1,229,836	1,256,874
Long-term debt, fair value	1,129,029	1,337,500
Level 1 \| 5.875% Senior Notes Due 2030
Liabilities:
Long-term debt, carrying value	965,000	965,000
Long-term debt, fair value	846,788	989,125
Commodity-Based Derivatives \| Level 2
Liabilities:
Derivative liability, current	4,420	185,987
Derivative liabilities, fair value	4,420	185,987
Commodity-Based Derivatives \| Level 2 \| Commodity Contract
Assets:
Derivative asset, current	$ 23,884	$ 5,258

Summary of Significant Accounting Policies - Exploratory Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Beginning capitalized exploratory project costs	$ 6,966	$ 0
Additions to exploratory well costs pending the determination of proved reserves	63,520	6,966
Determined to have found proved reserves	(69,619)	0
Ending capitalized exploratory well costs	$ 867	$ 6,966

Summary of Significant Accounting Policies - Summary of Lease Cost Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 115,504	$ 35,346	$ 35,814
Operating lease cost included in general and administrative expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	1,749	1,732	1,665
Operating lease cost included in lease operating expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	1,383	879	815
Proved Oil And Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	25,200	0	0
Variable lease cost	25,095	0	0
Short-Term Lease, Cost	$ 62,077	$ 32,735	$ 33,334

Summary of Significant Accounting Policies - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Operating leases
2023	$ 41,007
2024	40,609
2025	13,004
2026	88
2027	17
Total lease payments	94,725
Imputed interest	(3,929)
Total lease liability	$ 90,796

Summary of Significant Accounting Policies - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued interest payable	$ 54,867	$ 60,305
Accrued drilling costs	54,438	19,995
Accrued income and other taxes	31,256	15,655
Accrued transportation costs	28,357	22,859
Accrued employee compensation	11,308	12,320
Accrued lease operating expenses	2,412	2,036
Other	473	1,856
Total accrued expenses	$ 183,111	$ 135,026

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Reserve for future abandonment costs at beginning of the year	$ 25,673	$ 19,290
Acquisitions	1,211	637
New wells placed on production	1,537	1,994
Changes in estimates and timing	182	3,008
Liabilities settled	(80)	(31)
Divestitures	(944)	(466)
Accretion expense	1,535	1,241
Reserve for future abandonment costs at end of the year	$ 29,114	$ 25,673

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Unvested restricted stock (in shares)	926	1,057	1,149

Summary of Significant Accounting Policies - Common Stock and Convertible Stock Dilutive in Computation of Earning Per Share (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Weighted average PSUs (in shares)	925	1,146	1,044
Weighted average grant date fair value per unit (in shares)	$ 15.11	$ 8.11	$ 9.33
Weighted average convertible preferred stock (in shares)	40,034	43,750	63,832

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income (loss) available to common stockholders	$ 1,124,868	$ (259,225)	$ (83,413)
Income allocable to unvested restricted stock	4,278
Basic net income (loss) available to common stockholders	1,120,590	(259,225)	(83,413)
Income allocable to convertible preferred stock	16,014	17,500	30,996
Diluted net income (loss) available to common stockholders	$ 1,140,882	$ (259,225)	$ (83,413)
Basic weighted average shares outstanding (in shares)	236,045	231,633	215,194
Effect of dilutive securities: preferred stock (in shares)	40,034	0	0
Diluted weighted average shares outstanding	277,465	231,633	215,194
Basic (in dollars per share)	$ 4.75	$ (1.12)	$ (0.39)
Diluted (in dollars per share)	$ 4.11	$ (1.12)	$ (0.39)
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effect of dilutive securities: performance stock units (in shares)	911	0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effect of dilutive securities: performance stock units (in shares)	475	0	0

Summary of Significant Accounting Policies - Cash Payments Made for Interest and Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash payments for:
Interest	$ 166,275	$ 203,742	$ 228,555
Income tax payments (refunds)	16,524	149	(10,218)
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	34,443	(4,964)	(17,234)
Liabilities assumed in exchange for right-of-use lease assets	110,090	5,847	1,761
Non-cash investing and financing activities related to acquisitions:
Acquired working capital	0	0	520
Non-cash financing activities include:
Conversion of preferred stock into common stock	175,000	0	0
Retirement of debt in exchange for common stock	0	0	(4,151)
Issuance of common stock in exchange for debt	$ 0	$ 0	$ 5,012

Acquisitions and Dispositions of Oil and Gas Properties - Additional Information (Detail) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) a mi	Nov. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) a mi	Dec. 31, 2021 USD ($) a well
Disposal Group, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from the sales of assets	$ 4.1
Disposal Group, Not Discontinued Operations \| Bakken Shale
Business Acquisition [Line Items]
Proceeds from the sales of assets		$ 138.1
Loss on sale of oil and gas properties		$ 162.2
East Texas
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 34.7
Haynesville Shale \| East Texas
Business Acquisition [Line Items]
Length of acquired pipeline \| mi	145		145
Oil and gas properties, net acres \| a	17,500		17,500	35,000
Asset acquisition, consideration transferred			$ 35.6
Property, plant and equipment, additions			16.8
Asset acquisition, unproved property			$ 18.8
Producing natural gas wells, gross \| well				37
Oil and Gas Properties
Business Acquisition [Line Items]
Oil and gas properties, net acres \| a	36,100		36,100	32,556
Asset acquisition, consideration transferred			$ 35.6	$ 22.9
Oil and Gas Properties \| Haynesville Shale \| East Texas
Business Acquisition [Line Items]
Oil and gas properties, net acres \| a	68,000		68,000

Oil and Gas Producing Activities - Capitalized Costs Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Proved properties:
Leasehold costs	$ 3,117,028	$ 3,053,783
Wells and related equipment and facilities	2,726,381	1,702,611
Accumulated depreciation depletion and amortization	(1,543,003)	(1,056,317)
Proved properties	4,300,406	3,700,077
Unproved properties	298,230	302,129
Capitalized costs, oil and gas producing activities, net, total	$ 4,598,636	$ 4,002,206

Oil and Gas Producing Activities - Costs Incurred Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property acquisitions:
Proved property	$ 500	$ 21,781	$ 0
Unproved property	54,120	35,871	7,949
Exploration and development:
Developmental leasehold costs	13,727	12,953	13,022
Exploratory drilling and completion costs	63,520	6,966	0
Development drilling and completion costs	901,026	569,141	436,074
Other development costs	53,693	39,168	34,572
Asset retirement obligations	686	5,608	(47)
Total capital expenditures	$ 1,087,272	$ 691,488	$ 491,570

Long-term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,188,880
Debt issuance costs, net of amortization	(42,265)		$ (38,637)
Long-term debt	2,152,571		2,615,235
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0		235,000
6.75% Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt, gross	1,223,880		1,250,000
Premium, net of amortization	$ 5,956		6,874
Interest rate on debt instrument	6.75%
5.875% Senior Notes Due 2030
Debt Instrument [Line Items]
Long-term debt, gross	$ 965,000		965,000
Interest rate on debt instrument	5.875%
7.5% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 244,400	244,400
Discount, net of amortization	$ 0	$ (43,300)	$ (47,402)
Interest rate on debt instrument	7.50%

Long-term Debt - Principal Amount of Debt by Year of Maturity (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	0
2026	0
2027	0
Thereafter	2,188,880
Long-term debt, gross	2,188,880
6.75% Senior Notes Due 2029
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	1,223,880
Long-term debt, gross	$ 1,223,880	$ 1,250,000
Interest rate on debt instrument	6.75%
5.875% Senior Notes Due 2030
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	0
2026	0
2027	0
Thereafter	965,000
Long-term debt, gross	$ 965,000	$ 965,000
Interest rate on debt instrument	5.875%

Long-term Debt - Narrative (Details) - USD ($)	1 Months Ended		6 Months Ended	12 Months Ended
Long-term Debt - Narrative (Details) - USD ($)	Jun. 30, 2022	May 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 15, 2022	Nov. 14, 2022
Debt Instrument [Line Items]
Long-term debt, gross				$ 2,188,880,000
Repayments of senior debt				273,920,000	$ 2,210,626,000	$ 0
Loss on early extinguishment of debt				46,840,000	352,599,000	$ 861,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross				0	$ 235,000,000
Wells Fargo Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Borrowing base								$ 1,500,000,000
Long-term debt, gross				$ 0
Wells Fargo Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base							$ 2,000,000,000
Weighted average interest rate on borrowings				3.61%	2.71%
Wells Fargo Credit Facility \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee on unused borrowing base				0.375%
Leverage ratio				100.00%
Current ratio				100.00%
Wells Fargo Credit Facility \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee on unused borrowing base				0.50%
Leverage ratio				350.00%
Current ratio				100.00%
Wells Fargo Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				1.75%
Wells Fargo Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				2.75%
Wells Fargo Credit Facility \| Base Rate \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				0.75%
Wells Fargo Credit Facility \| Base Rate \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				1.75%
7.5% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument				7.50%
Long-term debt, gross		$ 244,400,000		$ 0	$ 244,400,000
Repayments of senior debt		258,100,000
Premiums paid over face value		4,500,000
Payment of accrued interest		9,200,000
Loss on early extinguishment of debt		(47,800,000)
Unamortized discount		$ 43,300,000		$ 0	47,402,000
Repayments of long-term debt					375,000,000
6.75% Senior Notes Due 2029
Debt Instrument [Line Items]
Interest rate on debt instrument				6.75%
Long-term debt, gross				$ 1,223,880,000	1,250,000,000
Repayments of senior debt			$ 26,100,000
Loss on early extinguishment of debt	$ (1,000,000)
Repayments of long-term debt	$ 24,900,000
Proceeds of issued senior notes					$ 1,250,000,000
9.75% Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate on debt instrument					9.75%
Repayments of senior debt					$ 1,650,000,000
5.875% Senior Notes Due 2030
Debt Instrument [Line Items]
Interest rate on debt instrument				5.875%
Long-term debt, gross				$ 965,000,000	$ 965,000,000

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) drillingRig naturalGasFleet	Jul. 31, 2022 USD ($)
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year two	$ 57.5
Other commitment, to be paid, year three	45.7
Other commitment, to be paid, year four	40.9
Other commitment, to be paid, year five	40.7
Other commitment, to be paid, after year five	124.3
Natural Gas Transportation and Gathering Contracts
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one	57.0
Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one	34.9
Other commitment, to be paid, year two	36.7
Other commitment, to be paid, year three	31.9
Other commitment, to be paid, year four	$ 1.8
Other commitment, period	3 years
Number of drilling rigs \| drillingRig	3
Completion Service Contracts
Commitments And Contingencies [Line Items]
Other commitment, period	3 years
Hydraulic Fracturing Services
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one	$ 33.7
Other commitment, to be paid, year two	38.5
Other commitment, to be paid, year three	24.3
Other commitment, to be paid, year four	$ 4.7
Other commitment, period	3 years
Natural gas powered fleets \| naturalGasFleet	2
Minimum
Commitments And Contingencies [Line Items]
Other commitment, period	45 days
Minimum \| Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one		$ 12.2
Other commitment, to be paid, year two		12.2
Other commitment, to be paid, year three		12.2
Minimum \| Hydraulic Fracturing Services
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one		19.2
Other commitment, to be paid, year two		19.2
Other commitment, to be paid, year three		$ 19.2
Maximum \| Completion Service Contracts
Commitments And Contingencies [Line Items]
Other commitment, period	6 months

Convertible Preferred Stock - Additional Information (Detail)	Nov. 30, 2022 shares
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Conversion of stock, shares converted (in shares)	43,750,000

Stockholders' Equity - Additional Information (Detail) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Jul. 16, 2019
Equity [Abstract]
Authorized capital stock (in shares)			405,000,000
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Preferred stock, authorized capital stock (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)			$ 10.00

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive plan shares available for future awards of performance share units, restricted stock grants or other equity awards (in shares)	4,592,055
Stock-based compensation expense recognized	$ 6,610	$ 6,799	$ 6,464
Minimum final number of shares of common stock issuable based on performance multiplier (in shares)	0
Maximum final number of shares of common stock issuable based on performance multiplier (in shares)	1,105,108,000
Performance multiplier, minimum	0.00%
Performance multiplier, maximum	200.00%
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	3 years
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	1 year
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	3 years
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense recognized	$ 6,600	$ 6,800	$ 6,500

Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance, shares outstanding (in shares)	952,971
Number of shares, granted (in shares)	627,791
Earned (in shares)	(549,363)
Forfeitures (in shares)	(65,341)
Ending balance, shares outstanding (in shares)	966,058	952,971
Weighted-Average
Beginning balance, weighted average grant price, outstanding (in dollars per share)	$ 5.74
Granted (in dollars per share)	17.70	$ 6.05	$ 5.38
Earned (in dollars per share)	5.67
Forfeitures (in dollars per share)	8.85
Ending balance, weighted average grant price, outstanding (in dollars per share)	$ 13.34	$ 5.74
Fair value of vested restricted stock	$ 11,080	$ 3,070	$ 2,852
Per share weighted average fair value (in dollars per share)	$ 17.70	$ 6.05	$ 5.38
Compensation expense recognized for restricted stock grants	$ 4,171	$ 3,406	$ 3,247
Unrecognized compensation expense related to unvested shares	$ 10,301
Expected recognition period	2 years 3 months 18 days

Stock-based Compensation - Summary of Significant Assumptions Used to Value PSUs (Detail) - Performance Share Units (PSU)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	3.60%	0.30%	0.30%
Minimum	50.00%	37.00%	39.00%
Maximum	83.00%	83.00%	198.00%

Stock-based Compensation - Summary of PSU Activity (Detail) (Potential Performance Shares (PSU)) - Performance Share Units (PSU)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance, shares outstanding (in shares) \| shares	1,049,910
Granted (in shares) \| shares	237,407
Earned (in shares) \| shares	(596,893)
Forfeitures (in shares) \| shares	(137,870)
Ending balance, shares outstanding (in shares) \| shares	552,554
Weighted-Average
Beginning balance, weighted average grant price, outstanding (in dollars per share) \| $ / shares	$ 8.11
Granted (in dollars per share) \| $ / shares	25.92
Earned (in dollars per share) \| $ / shares	7.85
Forfeitures (in dollars per share) \| $ / shares	10.95
Ending balance, weighted average grant price, outstanding (in dollars per share) \| $ / shares	$ 15.11

Stock-based Compensation - Summary of PSU Activity (Detail) - Performance Share Units (PSU) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted (in shares)	237	221	232
Grant date fair value	$ 6,023	$ 1,891	$ 1,943
Grant date fair value (in dollars per share)	$ 25.92	$ 8.56	$ 8.37
Compensation expense recognized for PSUs	$ 2,439	$ 3,392	$ 3,217
Unrecognized compensation expense related to unvested shares	$ 5,520
Expected recognition period	2 years 3 months 18 days

Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Matching contributions to the plan	$ 1.5	$ 1.3	$ 1.3

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Income Taxes - Consolidated Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current - Federal	$ 40,445	$ 0	$ 0
Current - State	(7,701)	14,968	(154)
Deferred - Federal	209,705	(16,721)	(12,037)
Deferred - State	18,612	13,156	2,981
Total	$ 261,061	$ 11,403	$ (9,210)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Taxes [Line Items]
Net operating loss expiration period	20 years
U.S. Federal
Income Taxes [Line Items]
Estimated NOL carryforwards to expire unused	$ 766.2
State Taxes
Income Taxes [Line Items]
Estimated NOL carryforwards to expire unused	$ 1,200.0

Income Taxes - Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Interest expense limitation	$ 101,104	$ 103,771
Net operating loss carryforwards	49,740	53,112
Unrealized hedging losses	0	37,953
Asset retirement obligation	5,714	4,312
Other	4,932	7,771
Noncurrent deferred tax assets	161,490	206,919
Valuation allowance on deferred tax assets	(2,145)	(46,474)
Deferred tax assets	159,345	160,445
Deferred tax liabilities:
Property and equipment	(570,833)	(340,722)
Unrealized hedging gains	4,087	0
Amortization of debt issuance costs and bond discount	0	(9,954)
Other	(10,162)	(7,186)
Deferred tax liabilities	(585,082)	(357,862)
Net deferred tax liability	$ (425,737)	$ (197,417)

Income Taxes - Income Tax Expense Benefit Income Tax Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ 294,408	$ (48,368)	$ (12,941)
Tax effect of:
Valuation allowance on deferred tax assets	(47,077)	30,504	(919)
State income taxes, net of federal benefit	14,680	28,117	3,746
Other	(950)	1,150	904
Total	$ 261,061	$ 11,403	$ (9,210)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%
Tax effect of:
Valuation allowance on deferred tax assets	(3.40%)	(13.30%)	1.50%
State income taxes, net of federal benefit	1.10%	(12.20%)	(6.10%)
Other	(0.10%)	(0.50%)	(1.50%)
Effective tax rate	18.60%	(5.00%)	14.90%

Income Taxes - Carryforwards Available to Reduce Future Income Taxes (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
U.S. Federal
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	$ 899,953
State Taxes
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	1,486,685
Interest expense, tax credit carryforward, amount	531,058
Years Of Expiration Carryforward Unlimited
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	9,931
Interest expense, tax credit carryforward, amount	$ 481,449

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Contracts Volume and Prices (Detail) - Natural Gas Collar Contracts: - Collar Contracts for 2022	12 Months Ended
	Dec. 31, 2022 MMBTU $ / MMBTU
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	174,925,000
Ceiling, average price (in dollars per MMBTU)	9.96
Floor, average price (in dollars per MMBTU)	2.99

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative asset, current	$ 23,884	$ 5,258
Derivative liability, current	4,420	181,945
Liability, fair value, long-term	0	4,042
Natural gas price derivatives
Derivative [Line Items]
Derivative asset, current	23,884	4,528
Derivative liability, current	4,420	181,215
Liability, fair value, long-term	0	4,042
Oil price derivatives
Derivative [Line Items]
Derivative asset, current	0	730
Derivative liability, current	$ 0	$ 730

Derivative Financial Instruments and Hedging Activities - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (662,522)	$ (560,648)	$ 9,951
Gain (Loss) from Derivative Financial Instruments
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(662,522)	(560,648)	9,951
Gain (Loss) from Derivative Financial Instruments \| Natural gas price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(662,522)	(555,636)	353
Gain (Loss) from Derivative Financial Instruments \| Oil price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	0	(7,247)	12,059
Gain (Loss) from Derivative Financial Instruments \| Interest rate derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ 0	$ 2,235	$ (2,461)

Related Party Transactions - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) a $ / Mcf	Dec. 31, 2021 USD ($) a well	Dec. 31, 2020 USD ($)
Related Party Transactions
Related party transaction, fee revenue (in dollars per share) \| $ / Mcf	0.02
Accounts receivable from affiliates	$ 18,527	$ 20,834
Haynesville Shale \| East Texas
Related Party Transactions
Working interest ownership		0.50
Oil and gas properties, net acres \| a	17,500	35,000
Producing natural gas wells, gross \| well		37
Arkoma Drilling II, L.P
Related Party Transactions
Accounts receivable from affiliates	$ 18,500	$ 20,800
Affiliated Entity \| East Texas
Related Party Transactions
Working interest ownership	0.50
Partnership Costs To Drill And Operate Wells And Overhead Fees
Related Party Transactions
Revenue from related parties	$ 900	$ 1,400	$ 700

Oil and Gas Reserves Information (Unaudited) - Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves (Detail)	12 Months Ended
	Dec. 31, 2022 MMBbls MMcf	Dec. 31, 2021 MMBbls MMcf	Dec. 31, 2020 MMBbls MMcf	Dec. 31, 2019 MMBbls MMcf
Oil (MBbls)
Proved Reserves:
Beginning of period	627	11,000	16,747
Revisions of previous estimates	(61)	145	(4,241)
Extensions and discoveries	137	0	2
Acquisitions of minerals in place	6	0	0
Sales of minerals in place	(78)	(9,308)	0
Production	(82)	(1,210)	(1,508)
End of period	549	627	11,000
Proved Developed Reserves:
Proved developed reserves	480	627	11,000	15,104
Proved Undeveloped Reserves:
Proved undeveloped reserves	69	0	0	1,643
Natural Gas (MMcf)
Proved Reserves:
Beginning of period \| MMcf	6,118,083	5,562,876	5,341,497
Revisions of previous estimates \| MMcf	(6,870)	88,546	306,552
Extensions and discoveries \| MMcf	1,090,420	797,198	365,663
Acquisitions of minerals in place	260	202,588	0
Sales of minerals in place \| MMcf	(3,707)	(43,851)	0
Production \| MMcf	(500,616)	(489,274)	(450,836)
End of period \| MMcf	6,697,570	6,118,083	5,562,876
Proved Developed Reserves:
Proved developed reserves \| MMcf	2,531,462	2,245,660	1,967,288	1,890,357
Proved Undeveloped Reserves:
Proved undeveloped reserves \| MMcf	4,166,108	3,872,423	3,595,588	3,451,140

Oil and Gas Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$ 40,405,829	$ 20,396,381	$ 9,871,616
Future Costs:
Production	(5,473,650)	(3,954,726)	(3,173,350)
Development and Abandonment	(4,175,721)	(2,752,603)	(2,592,520)
Future Income Taxes	(5,741,914)	(2,065,316)	(154,872)
Future Net Cash Flows	25,014,544	11,623,736	3,950,874
10% Discount Factor	(12,404,908)	(5,848,131)	(2,015,149)
Standardized Measure of Discounted Future Net Cash Flows	$ 12,609,636	$ 5,775,605	$ 1,935,725	$ 2,913,211

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Standardized Measure, Beginning of Year	$ 5,775,605	$ 1,935,725	$ 2,913,211
Net change in sales price, net of production costs	8,600,315	5,012,696	(1,858,026)
Development costs incurred during the year which were previously estimated	788,450	502,674	302,135
Revisions of quantity estimates	(42,423)	119,200	215,268
Accretion of discount	680,010	199,124	326,074
Changes in future development and abandonment costs	(869,115)	1,505	313,191
Changes in timing and other	(113,744)	(224,617)	(127,663)
Extensions and discoveries	2,456,124	679,418	180,624
Acquisitions of minerals in place	604	150,065	0
Sales of minerals in place	(3,313)	(64,032)	0
Sales, net of production costs	(2,779,960)	(1,567,182)	(612,194)
Net changes in income taxes	(1,882,917)	(968,971)	283,105
Standardized Measure, End of Year	$ 12,609,636	$ 5,775,605	$ 1,935,725

Oil and Gas Reserves Information (Unaudited) - Summary of Prices Used in Determining Oil and Natural Gas Reserves Quantities and Cash Flows (Detail)	12 Months Ended
	Dec. 31, 2022 $ / Mcf $ / bbl	Dec. 31, 2021 $ / Mcf $ / bbl	Dec. 31, 2020 $ / Mcf $ / bbl
Crude Oil and NGL Per Barrel
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales prices \| $ / bbl	91.21	62.38	32.88
Natural Gas Per Thousand Cubic Feet
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales prices \| $ / Mcf	6.03	3.33	1.71

Subsequent Event (Details) - $ / shares		12 Months Ended
Subsequent Event (Details) - $ / shares	Feb. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Events [Abstract]
Dividends declared per share (in dollars per share)		$ 0.125	$ 0	$ 0
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)		$ 0.125	$ 0	$ 0
Subsequent Event
Subsequent Events [Abstract]
Dividends declared per share (in dollars per share)	$ 0.125
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.125