Comstock Resources, Inc. Announces 2001 Results of Operations
For the fourth quarter of 2001, Comstock reported revenues of $24.5 million, Earnings before interest, taxes, depreciation and amortization ("EBITDA") of $15.2 million, operating cash flow of $13.0 million (39 cents per share), and a net loss of $3.6 million (13 cents per share). These results compare to revenues of $52.9 million, EBITDA of $43.4 million, operating cash flow of $37.3 million ($1.07 per share) and net income of $14.8 million (44 cents per share) for the fourth quarter of 2000. The loss in the fourth quarter was primarily due to lower oil and natural gas prices and a noncash $1.4 million impairment taken on the Company's oil and gas properties in the fourth quarter of 2001.
For the year ended December 31, 2001, Comstock's revenues totaled $168.4 million, a 1% decrease from 2000 record revenues of $169.7 million. EBITDA of $131.6 million for 2001 was 4% less than 2000's EBITDA of $136.5 million. Comstock generated $110.1 million ($3.19 per share), in operating cash flow in 2001 which was 2% less than 2000's operating cash flow of $112.1 million ($3.28 per share). Comstock reported net earnings of $34.9 million ($1.06 per share) as compared to net income in 2000 of $38.9 million ($1.21 per share).
Comstock's oil and natural gas production in 2001 totaled 37.3 billion cubic feet equivalent ("Bcfe") of natural gas, as compared to 2000's production of 37.8 Bcfe. The average oil and natural gas prices for 2001 realized by Comstock were $25.40 per barrel for oil and $4.58 per thousand cubic feet ("Mcf") for natural gas as compared to an average oil price of $30.02 per barrel and an average natural gas price of $4.26 per Mcf in 2000. However these prices fell to $19.43 per barrel for oil and $2.49 per Mcf for natural gas in the fourth quarter of 2001.
Despite the net loss reported for the fourth quarter, Comstock concluded a very successful year in 2001 where it was able to replace 539% of its 2001 production and grow its proved oil and gas reserves by 41% at an overall finding cost of $1.26 per Mcf equivalent.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. The company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(in thousands, except per unit amounts)
For the Three Months ended December 31, 2001
East Texas / Gulf of Southeast
North Louisiana Mexico Texas Total
Oil production
(thousand barrels) 26 235 89 350
Gas production
(million cubic feet) 2,803 1,893 2,275 6,971
Total production
(mmcfe) 2,959 3,303 2,809 9,071
Oil Sales $536 $4,566 $1,697 $6,799
Gas Sales 6,699 4,696 5,974 17,369
Total Oil & Gas Sales $7,235 $9,262 $7,671 $24,168
Average oil price
(per barrel) $20.62 $19.43 $19.07 $19.43
Average gas price
(per thousand cubic
feet - Mcf) $2.39 $2.48 $2.63 $2.49
Average price (per
Mcf equivalent) $2.45 $2.80 $2.73 $2.66
Lifting Costs $2,069 $3,280 $2,004 $7,353
Lifting Costs (per
Mcf equivalent) $0.70 $0.99 $0.71 $0.81
For the Year ended December 31, 2001
East Texas / Gulf of Southeast
North Louisiana Mexico Texas Total
Oil production
(thousand barrels) 82 1,027 425 1,534
Gas production
(million cubic feet) 9,537 7,675 10,871 28,083
Total production
(mmcfe) 10,029 13,837 13,421 37,287
Oil Sales $2,008 $25,991 $10,972 $38,971
Gas Sales 40,554 35,161 53,003 128,718
Total Oil & Gas Sales $42,562 $61,152 $63,975 $167,689
Average oil price
(per barrel) $24.49 $25.31 $25.82 $25.40
Average gas price
(per thousand cubic
feet - Mcf) $4.25 $4.58 $4.88 $4.58
Average price (per
Mcf equivalent) $4.24 $4.42 $4.77 $4.50
Lifting Costs $8,733 $12,448 $11,236 $32,417
Lifting Costs (per
Mcf equivalent) $0.87 $0.90 $0.84 $0.87
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)
Quarter Ended Year Ended
December 31, December 31,
Income Statement Data: 2001 2000 2001 2000
Revenues:
Oil and gas sales 24,168 52,827 167,689 169,350
Other income 330 111 711 352
24,498 52,938 168,400 169,702
Expenses:
Oil and gas operating 7,353 8,054 32,417 29,707
Exploration 844 1,364 4,215 3,192
Depreciation, depletion and
amortization 12,733 12,450 49,191 44,958
Impairment of oil & gas
properties 1,400 --- 1,400 ---
General and administrative, net 1,901 1,518 4,351 3,537
Interest 5,258 6,171 20,737 24,611
29,489 29,557 112,311 106,005
Net income (loss) before income
taxes (4,991) 23,381 56,089 63,697
Provision for income taxes 1,747 (8,183) (19,631) (22,294)
Net income (loss) (3,244) 15,198 36,458 41,403
Preferred stock dividends (405) (420) (1,604) (2,471)
Net income (loss) attributable
to common stock (3,649) 14,778 34,854 38,932
Net income (loss) per share:
Basic (0.13) 0.52 1.20 1.48
Diluted (0.10) 0.44 1.06 1.21
Weighted average common and
common stock equivalent shares
outstanding:
Basic 28,510 28,620 29,030 26,290
Diluted 33,558 34,781 34,552 34,219
Cash flow from operations (A) 12,991 37,308 110,092 112,128
Cash flow from operations per
share(A):
Basic 0.46 1.30 3.79 4.27
Diluted 0.39 1.07 3.19 3.28
EBITDA 15,244 43,366 131,632 136,458
(A) Before changes in working capital accounts
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SOURCE Comstock Resources, Inc.
CONTACT: Roland O. Burns, Sr. Vice President and Chief Financial Officer
of Comstock Resources, Inc., +1-972-668-8800
URL: http://www.comstockresources.com
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