Comstock Resources Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Comstock Resources Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and operational assets.</b>

AI Summary

COMSTOCK RESOURCES INC (CRK) filed a Annual Report (10-K) with the SEC on February 16, 2024. Comstock Resources Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial elements such as retained earnings and additional paid-in capital are reported as of December 31, 2023. The company's oil and gas properties, specifically in the Western Haynesville area, are detailed. Information regarding natural gas reserves and pricing per thousand cubic feet for the period is included.

Why It Matters

For investors and stakeholders tracking COMSTOCK RESOURCES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Comstock Resources' financial health and operational status for the 2023 fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed information on oil and gas properties, reserves, and pricing is essential for understanding the company's core business and its position within the energy market.

Risk Assessment

Risk Level: — COMSTOCK RESOURCES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the energy sector is inherently volatile, posing medium risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Comstock Resources' performance and outlook in the current energy market.

Key Numbers

• 20231231 — Fiscal Year End (Period of Report)
• 20240216 — Filing Date (Date Filed)
• 1311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• COMSTOCK RESOURCES INC (company) — Filer
• CRK (company) — Ticker Symbol
• NV (company) — State of Incorporation
• FRISCO (company) — Business Address City
• TX (company) — Business Address State
• 9726688800 (dollar_amount) — Business Phone

FAQ

Industry Context

Comstock Resources operates in the Crude Petroleum & Natural Gas industry, focusing on the exploration and production of oil and natural gas.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's reported oil and gas reserves and production data.
3. Assess the company's debt structure and liquidity as presented in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year, so no prior period comparison is available within this specific data extract.

Key Financial Figures

• $0.50 — ch registered Common Stock, par value $0.50 (per share) CRK New York Stock Exch
• $2.5 billion — erves of 4.9 Tcfe with a PV 10 Value of $2.5 billion as of December 31, 2023 based on SEC pr
• $5.2 billion — ices and 6.6 Tcfe with a PV 10 Value of $5.2 billion based on our alternative price case. Ou
• $1.3 billion — Successful Drilling Program. We spent $1.3 billion on exploration and development activiti
• $1.2 billion — Haynesville and Bossier shale. We spent $1.2 billion on drilling and completion activities a
• $53.0 million — completion activities and an additional $53.0 million on other development costs. We drilled
• $98.6 million — an active leasing program at a cost of $98.6 million. In 2022, we added 104,314 net Haynesvi
• $54.4 million — ugh acquisitions and direct leasing for $54.4 million. In 2021, we acquired approximately 17,
• $34.7 million — ded interests in 37 producing wells for $34.7 million. We also leased 32,556 net acres in the
• $22.9 million — et acres in the Western Haynesville for $22.9 million. 7 COMSTOCK RESOURCES, INC. Weste
• $30.0 million — ch we acquired in 2022. We had invested $30.0 million in these midstream assets including the
• $300 million — ion costs. Quantum agreed to fund up to $300 million for the future build out of the gatheri
• $41.3 million — in 55 (6.7 net) non-operated wells for $41.3 million. In 2022, we sold our interests in cert
• $4.1 m — nstrategic, non-operated properties for $4.1 million, which included working interests
• $138.1 million — ated properties in the Bakken shale for $138.1 million after selling expenses. The Bakken shal

Filing Documents

• crk-20231231.htm (10-K) — 3136KB
• crk-ex4_4.htm (EX-4.4) — 35KB
• crk-ex10_6.htm (EX-10.6) — 337KB
• crk-ex21.htm (EX-21) — 13KB
• crk-ex23_1.htm (EX-23.1) — 7KB
• crk-ex23_2.htm (EX-23.2) — 12KB
• crk-ex31_1.htm (EX-31.1) — 12KB
• crk-ex31_2.htm (EX-31.2) — 12KB
• crk-ex32_1.htm (EX-32.1) — 6KB
• crk-ex32_2.htm (EX-32.2) — 6KB
• crk-ex97_1.htm (EX-97.1) — 34KB
• crk-ex99_1.htm (EX-99.1) — 65KB
• img15376905_0.jpg (GRAPHIC) — 187KB
• img15376905_1.jpg (GRAPHIC) — 173KB
• img15376905_2.jpg (GRAPHIC) — 77KB
• img208346091_0.jpg (GRAPHIC) — 19KB
• img262291087_0.jpg (GRAPHIC) — 135KB
• 0000950170-24-016532.txt (&nbsp;) — 14613KB
• crk-20231231.xsd (EX-101.SCH) — 1584KB
• crk-20231231_htm.xml (XML) — 2882KB

Risk Factors

Risk Factors 23 1B. Unresolved Staff Comments 29 1C. Cybersecurity 29 2.

Properties

Properties 30 3.

Legal Proceedings

Legal Proceedings 30 4. Mine Safety Disclosures 30 Part II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 6. [Reserved] 31 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 9A .

Controls and Procedures

Controls and Procedures 40 9B . Other Information 42 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 42 Part III 10 . Directors, Executive Officers and Corporate Governance 42 11 .

Executive Compensation

Executive Compensation 42 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 13 . Certain Relationships and Related Transactions, and Director Independence 43 14 . Principal Accountant Fees and Services 43 Part IV 15 . Exhibits and Financial Statement Schedules 44 16. Form 10-K Summary 45 1 COMSTOCK RESOURCES, INC. CAUTIONARY NOTE REGARDING FOR WARD-LOOKING STATEMENTS This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can in some instances be identified by their use of terms such as "expect," "estimate," "anticipate," "project," "plan," "intend," "believe" and similar terms. All statements, other than statements of historical facts, included in this report, are forward-looking statements, including all statements regarding: amount and timing of future production of natural gas and oil; amount, nature and timing of expected capital expenditures; the number of anticipated wells to be drilled after the date hereof; the availability of exploration and development opportunities; our future financial or operating results; our future cash flow and anticipated liquidity; future operating costs including lease operating expenses, administrative costs and other expenses; finding and development costs; our business strategy; and other plans and objectives for future operations. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to: the risks described in "Risk Factors" and elsewhere in this report; the volatility

BUSINESS

ITEM 1. BUSINESS We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast markets. As of December 31, 2023, 99% of our proved reserves were in the Haynesville and Bossier shale play. We are focused on creating value through the development of our substantial inventory of highly economic and low-risk drilling opportunities in the Haynesville and Bossier shales and through our exploration activities in our Western Haynesville play. Our common stock is listed and traded on the New York Stock Exchange under the symbol "CRK". Our operations are primarily concentrated in Louisiana and Texas. Our natural gas and oil properties are estimated to have proved reserves of 4.9 Tcfe with a PV 10 Value of $2.5 billion as of December 31, 2023 based on SEC prices and 6.6 Tcfe with a PV 10 Value of $5.2 billion based on our alternative price case. Our proved reserves are principally natural gas, which are 56% developed as of December 31, 2023 with an average reserve life of approximately 9 years. Strengths High Quality Properties . As of December 31, 2023, we had 717,875 acres (552,712 net) in the Haynesville and Bossier shale plays, located in North Louisiana and East Texas, including our Western Haynesville area. Our Haynesville/Bossier shale properties have extensive development and exploration potential. Advances in drilling and completion technology have allowed us to increase the reserves recovered through longer horizontal lateral length and substantially larger well stimulations. As a result of the improved economic returns, we have focused our development activities primarily on drilling Haynesville and Bossier horizontal wells since 2015. Our Haynesville and Bossier shale positions are located in one of the premier North American natural gas basins and have access to the growing Gulf

View Full Filing

View this 10-K filing on SEC EDGAR