Comstock Resources Files Q2 2024 10-Q

TL;DR

CRK Q2 10-Q is in. Shows collar contracts & senior notes. All good.

AI Summary

Comstock Resources Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational activities, including information on their natural gas collar contracts and senior notes. The company's principal executive offices are located in Frisco, Texas.

Why It Matters

This filing provides investors with an update on Comstock Resources' financial health and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas sector, which is subject to significant price fluctuations and regulatory changes.

Key Numbers

• 2024-06-30 — Reporting Period End Date (The 10-Q covers financial activities up to this date.)
• 2024-01-01 — Reporting Period Start Date (The 10-Q covers financial activities from this date.)
• NV — State of Incorporation (Comstock Resources Inc. is incorporated in Nevada.)

Key Players & Entities

• COMSTOCK RESOURCES INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 5300 TOWN AND COUNTRY BLVD STE 500 FRISCO TX 75034 (location) — Company's business and mailing address
• Senior Notes 5.875% Due 2030 (financial_instrument) — Mentioned in relation to fair value inputs
• Natural Gas Collar Contracts (financial_instrument) — Details provided for Year Two and other swap contracts

FAQ

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 July 31, 2024 was 292,260,645

Filing Documents

• crk-20240630.htm (10-Q) — 1593KB
• 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
• 0000950170-24-089131.txt ( ) — 7224KB
• crk-20240630.xsd (EX-101.SCH) — 995KB
• crk-20240630_htm.xml (XML) — 1409KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations – for the three months and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity – for the three months and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows – for the six months ended June 30, 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 23

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 2 PART 1 — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 3 COMSTOCK RESOURCES, INC. CONSOLIDATED BALANCE SHEETS As of June 30, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Cash and cash equivalents $ 19,270 $ 16,669 Accounts receivable: Natural gas and oil sales and gas services 113,413 166,639 Joint interest operations 30,902 48,704 From affiliates 10,884 16,087 Derivative financial instruments 79,649 126,775 Other current assets 69,289 86,619 Total current assets 323,407 461,493 Property and equipment: Natural gas and oil properties, successful efforts method: Proved 7,617,670 7,126,519 Unproved 408,705 343,419 Other 79,841 62,382 Accumulated depreciation, depletion and amortization ( 2,531,599 ) ( 2,147,549 ) Net property and equipment 5,574,617 5,384,771 Goodwill 335,897 335,897 Operating lease right-of-use assets 90,604 71,462 $ 6,324,525 $ 6,253,623 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 377,909 $ 523,260 Accrued costs 139,414 134,466 Operating leases 34,952 23,765 Total current liabilities 552,275 681,491 Long-term debt 2,856,045 2,640,391 Deferred income taxes 415,604 470,035 Derivative financial instruments 47,366 — Long-term operating leases 55,621 47,742 Reserve for future abandonment costs 31,709 30,773 Total liabilities 3,958,620 3,870,432 Commitments and contingencies Stockholders' equity: Common stock—$ 0.50 par, 400,000,000 shares authorized, 292,260,645 and 278,429,463 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 146,130 139,214 Additional paid-in capital 1,358,549 1,260,930 Accumulated earnings 815,639 958,270 Total stockholders' equity attributable to Comstock 2,320,318 2,358,414 Noncontrolling interest 45,587 24,777 Total stockholders' equity 2,365,905 2,383,191 $

View Full Filing

View this 10-Q filing on SEC EDGAR