Comstock Resources Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Comstock Resources Inc. filed its Q1 2024 10-Q, detailing financial positions and derivative contracts.</b>

AI Summary

COMSTOCK RESOURCES INC (CRK) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Comstock Resources Inc. filed a 10-Q report for the quarter ended March 31, 2024. The filing includes data related to Natural Gas Swap Contracts and Natural Gas Price Derivatives. Information on the company's Line of Credit and Revolving Credit Facility is detailed. Key financial metrics such as Common Stock and Additional Paid-In Capital are reported for Q1 2024 and Q1 2023. The report references specific dates for financial reporting periods, including 2024-03-31 and 2023-03-31.

Why It Matters

For investors and stakeholders tracking COMSTOCK RESOURCES INC, this filing contains several important signals. The 10-Q filing provides a quarterly update on Comstock Resources Inc.'s financial health, including details on credit facilities and derivative positions, which are crucial for understanding its operational and financial risk. Specific data points on natural gas derivatives and credit facilities offer insights into the company's hedging strategies and liquidity management, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — COMSTOCK RESOURCES INC shows moderate risk based on this filing. The company's reliance on natural gas derivatives and credit facilities indicates potential exposure to commodity price volatility and debt market conditions, as evidenced by the detailed reporting of swap contracts and credit lines.

Analyst Insight

Investors should review the specific terms and fair value of Comstock Resources Inc.'s natural gas derivative contracts and the utilization of its credit facilities to assess potential risks and opportunities.

Key Numbers

• 2024-03-31 — Conformed Period of Report (10-Q Filing)
• 2024-05-02 — Filed As Of Date (10-Q Filing)
• 2023-03-31 — Previous Period End Date (Comparison Data)
• 2022-12-31 — Prior Year End Date (Comparison Data)

Key Players & Entities

• COMSTOCK RESOURCES INC (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-02 (date) — Filed as of date
• CRK (company) — Ticker Symbol
• 5300 TOWN AND COUNTRY BLVD STE 500 (address) — Business Address
• FRISCO (location) — Business Address City
• NV (location) — State of Incorporation
• 9726688800 (phone) — Business Phone

FAQ

Risk Factors

• Natural Gas Price Derivatives [medium — financial]: The company utilizes natural gas swap and collar contracts to manage price volatility, with specific details provided for different contract durations and fair value inputs.
• Credit Facilities [medium — financial]: Comstock Resources Inc. has a revolving credit facility with specified minimum and maximum amounts, indicating its reliance on debt financing.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported for this period.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed.
• 2023-03-31: Prior Year Quarter End — Comparative financial data reference.

Glossary

NaturalGasSwapContractsMember

Represents contracts for swapping natural gas prices. (Indicates hedging activities against natural gas price fluctuations.)

Key Financial Figures

• $0.50 — ch registered Common Stock, par value $0.50 (per share) CRK New York Stock Exch
• $0 — he registrant's common stock, par value $0.50, as of May 1, 2024 was 292,202,274 .

Filing Documents

• crk-20240331.htm (10-Q) — 1198KB
• crk-ex31_1.htm (EX-31.1) — 13KB
• crk-ex31_2.htm (EX-31.2) — 13KB
• crk-ex32_1.htm (EX-32.1) — 7KB
• crk-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-051815.txt (&nbsp;) — 6228KB
• crk-20240331.xsd (EX-101.SCH) — 1008KB
• crk-20240331_htm.xml (XML) — 1059KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations – for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity – for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows – for the three months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

PART II. Other Information

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 23 2 PART 1 — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 3 COMSTOCK RESOURCES, INC. CONSOLIDATED BALANCE SHEETS As of March 31, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 6,420 $ 16,669 Accounts receivable: Natural gas and oil sales and gas services 83,756 166,639 Joint interest operations 34,811 48,704 From affiliates 13,445 16,087 Derivative financial instruments 141,821 126,775 Other current assets 77,811 86,619 Total current assets 358,064 461,493 Property and equipment: Natural gas and oil properties, successful efforts method: Proved 7,394,854 7,126,519 Unproved 400,792 343,419 Other 67,709 62,382 Accumulated depreciation, depletion and amortization ( 2,337,802 ) ( 2,147,549 ) Net property and equipment 5,525,553 5,384,771 Goodwill 335,897 335,897 Operating lease right-of-use assets 97,728 71,462 $ 6,317,242 $ 6,253,623 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 440,956 $ 523,260 Accrued costs 80,863 134,466 Operating leases 34,199 23,765 Total current liabilities 556,018 681,491 Long-term debt 2,702,375 2,640,391 Deferred income taxes 461,748 470,035 Derivative financial instruments 23,734 — Long-term operating leases 63,536 47,742 Reserve for future abandonment costs 31,249 30,773 Total liabilities 3,838,660 3,870,432 Commitments and contingencies Stockholders' equity: Common stock—$ 0.50 par, 400,000,000 shares authorized, 292,202,274 and 278,429,463 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 146,101 139,214 Additional paid-in capital 1,357,908 1,260,930 Accumulated earnings 941,949 958,270 Total stockholders' equity attributable to Comstock 2,445,958 2,358,414 Noncontrolling interest 32,624 24,777 Total stockholders' equity 2,478,582 2,383,191 $

View Full Filing

View this 10-Q filing on SEC EDGAR