2014

Comstock Resources, Inc. Reports Second Quarter 2013 Financial And Operating Results

FRISCO, Texas, July 29, 2013 /PRNewswire/ -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and six months ended June 30, 2013.  As previously reported, Comstock completed the divestiture of its West Texas operations on May 14, 2013, receiving proceeds of $823.7 million.  A gain on the sale of $230.6 million ($149.9 million after tax or $3.21 per share) was recognized in the quarter.  This gain and the operating results of the West Texas properties are reflected as discontinued operations in the Company's financial statements.

Financial Results for the Three Months and Six Months Ended June 30, 2013

Comstock reported net income of $129.7 million or $2.68 per share.  Included in net income was a net gain on sale of the Company's West Texas properties of $230.6 million ($149.9 million after tax or $3.21 per share).  Comstock reported a loss related to its continuing operations of $21.5 million or 45¢ per share for the three months ended June 30, 2013 as compared to income from continuing operations of $16.7 million or 35¢ per share for the three months ended June 30, 2012. 

The second quarter of 2013 results from continuing operations include an impairment of oil and gas properties and unevaluated leases of $10.1 million ($6.6 million after tax or 14¢ per share) and an unrealized gain from derivative financial instruments of $0.6 million ($0.4 million after tax or 1¢ per share).  Results for the three months ended June 30, 2012 also include an unrealized gain from derivative financial instruments of $34.8 million ($22.6 million after tax or 49¢ per share), a gain of $20.3 million ($13.2 million after tax or 28¢ per share) from the sale of oil and gas properties and impairments of $5.3 million ($3.4 million after tax or 7¢ per share).

Comstock's production from continuing operations in the second quarter of 2013 was 551,000 barrels of oil and 14.2 billion cubic feet of natural gas or 17.5 billion cubic feet of natural gas equivalent ("Bcfe") as compared to the 24.5 Bcfe produced in the second quarter of 2012.  Oil production in the second quarter, which averaged 6,048 barrels of oil per day, grew 26% from the 4,803 barrels per day produced in the first quarter of 2013 and increased 20% from oil production in the second quarter of 2012.  Gas production declined 35% from 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.

Comstock's average realized natural gas price improved by 86% to $3.71 per Mcf for the second quarter of 2013 as compared to $2.00 per Mcf realized in the second quarter of 2012.  The Company's average realized oil price, including hedging gains, decreased by 2% to $105.30 per barrel for the second quarter of 2013 as compared to $107.71 per barrel for the second quarter of 2012.  Oil and gas sales from continuing operations (including realized gains or losses from hedging) of $110.7 million for the second quarter increased by 19% as compared to 2012's second quarter sales of $93.0 million.  Operating cash flow from continuing operations (before changes in working capital accounts) was $66.0 million in the second quarter of 2013, which represented a 24% increase as compared to $53.4 million in the second quarter of 2012.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, from continuing operations of $83.9 million in the second quarter of 2013, increased 28% over EBITDAX from continuing operations of $65.5 million in the second quarter of 2012.

Comstock reported net income of $102.6 million, or $2.12 per diluted share, for the six months ended June 30, 2013 as compared to net income of $8.5 million or 18¢ per diluted share for the six months ended June 30, 2012.  The loss from continuing operations for the first six months of 2013 was $46.0 million, or 95¢ per diluted share, as compared to income from continuing operations of $18.1 million or 38¢ per diluted share for the same period in 2012.

The 2013 results include an unrealized loss from derivative financial instruments of $8.1 million ($5.3 million after tax or 11¢ per diluted share), a gain of $7.9 million ($5.1 million or 11¢ per diluted share) on the sale of marketable securities and impairments of oil and gas properties and unevaluated leases of $12.6 million ($8.2 million after tax, or 17¢ per diluted share).  Results for the six months ended June 30, 2012 included an unrealized gain on derivatives of $24.6 million ($16.0 million after tax or 34¢ per diluted share), a gain of $27.1 million ($17.6 million after tax or 38¢ per diluted share) from the sale of oil and gas properties, a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per diluted share), and impairments of oil and gas properties and unevaluated leases of $6.7 million ($4.4 million or 9¢ per diluted share). 

Oil production related to continuing operations for the six months ended June 30, 2013 increased 10% to 983,000 barrels as compared to 892,000 barrels for the same period in 2012.  Gas production decreased 32% to 29.8 Bcf for the first half of 2013 as compared to 44.0 Bcf for the same period 2012.  Comstock's average realized natural gas price increased 48% to $3.42 per Mcf for the first six months of 2013 as compared to $2.31 per Mcf for the first six months of 2012.  The Company's average realized oil price for the first six months of 2013 of $107.89 per barrel, including hedging gains, was 3% above 2012's average realized price of $104.97 per barrel.  Oil and gas sales increased by 6% to $208.0 million in the first six months of 2013 as compared to the sales in the first six months of 2012 of $195.5 million.  Operating cash flow (before changes in working capital accounts) of $122.3 million in the first six months of 2013 increased 6% from 2012's first six months operating cash flow of $115.0 million.  EBITDAX increased 13% to $156.4 million for the first six months of 2013 from the first six months of 2012 of $138.4 million.

The operations of the Company's West Texas operations are reflected as discontinued operations due to the sale of such properties, which was completed on May 14, 2013.  The Company's income attributable to the discontinued operations including the gain recognized on the sale was $151.2 million or $3.13 per diluted share in the second quarter of 2013 as compared to a loss of $9.5 million (20¢ per share) in the second quarter of 2012.  For the six months ended June 30, 2013, the income from discontinued operations including the gain on the sale was $148.6 million or $3.07 per share as compared to a net loss of $9.6 million or 20¢ per share for the same period in 2012.  Comstock received $823.7 million in cash proceeds for its West Texas properties and had a gain on the sale of $230.6 million ($149.9 million after tax or $3.21 per share).

2013 Drilling Results

Comstock reported on the results to date of its 2013 drilling program related to its continuing operations which is focused on developing its Eagle Ford oil shale properties in South Texas.  During the first six months of 2013, Comstock spent $128.7 million on its continuing development and exploration activities and $4.8 million on acreage and other acquisition costs.  Comstock drilled 25 horizontal oil wells (15.2 net) and two horizontal natural gas wells (2.0 net) and had six oil wells (3.7 net) drilling at June 30, 2013.

Since the beginning of 2013, the Company has completed 25 (15.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012.  The 25 Eagle Ford shale wells that were completed had an average per well initial production rate of 796 barrels of oil equivalent ("BOE") per day.  The four wells with the highest initial production rates were Forrest Wheeler C #1H, Swenson B #1H, Swenson A #1H and Swenson B #2H.  These wells are located in McMullen County and had initial production rates of 1,337, 1,322, 1,222 and 1,143 BOE per day, respectively.  Beginning in June, the Company had six operated rigs drilling in the Eagle Ford shale program, an increase from the three rigs that were drilling in the first quarter.

The two natural gas wells were completed in the Bossier shale formation in DeSoto Parish, Louisiana in July and had an average per well initial production rate of 9 million cubic feet of natural gas per day under a restricted 16/64 inch choke.

Comstock has planned a conference call for 9:30 a.m. Central Time on July 30, 2013, to discuss the operational and financial results for the second quarter of 2013.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-318-8614 (international dial-in use 617-399-5133) and provide access code 42675964 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 12:30 p.m. ET July 30, 2013 and will continue until 11:59 p.m. August 6, 2013.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 58926292.

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 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 an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

 


COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands, except per share amounts)





Three Months Ended June 30,


Six Months Ended June 30,



2013


2012


2013


2012














Revenues:













    Oil and gas sales


$

107,820


$

90,329


$

202,840


$

194,101

    Gain on sale of oil and gas properties



81



20,338



81



27,065

        Total revenues



107,901



110,667



202,921



221,166














    Operating expenses:













    Production taxes



3,883



2,861



6,004



6,108

    Gathering and transportation



4,354



7,106



8,556



14,821

    Lease operating



12,962



12,193



26,168



25,651

    Exploration(1)



9,754



37



12,347



1,390

    Depreciation, depletion and amortization



85,244



85,675



170,211



162,986

    General and administrative



9,056



9,033



17,843



17,831

    Impairment of oil and gas properties



652



5,301



652



5,350

        Total operating expenses



125,905



122,206



241,781



234,137














Operating loss



(18,004)



(11,539)



(38,860)



(12,971)














Other income (expenses):













    Gain on sale of marketable securities







7,877



26,621

    Realized gain from derivatives



2,881



2,719



5,201



1,365

    Unrealized gain (loss) from derivatives



640



34,797



(8,127)



24,610

    Other income



196



283



441



522

    Interest expense(2)



(19,240)



(13,351)



(36,818)



(25,654)

        Total other income (expenses)



(15,523)



24,448



(31,426)



27,464














Income (loss) before income taxes



(33,527)



12,909



(70,286)



14,493

Benefit from income taxes



11,996



3,801



24,238



3,634

    Income (loss) from continuing operations



(21,531)



16,710



(46,048)



18,127

    Income (loss) from discontinued operations, net of income taxes



151,236



(9,545)



148,609



(9,587)

Net income


$

129,705


$

7,165


$

102,561


$

8,540














Net income (loss) per share:













    Basic    — income (loss) from continuing operations


$

(0.45)


$

0.35


$

(0.95)


$

0.38

                — income (loss) from discontinued operations



3.13



(0.20)



3.07



(0.20)

                — net income


$

2.68


$

0.15


$

2.12


$

0.18














    Diluted   — income (loss) from continuing operations


$

(0.45)


$

0.35


$

(0.95)


$

0.38

                 — income (loss) from discontinued operations



3.13



(0.20)



3.07



(0.20)

                 — net income


$

2.68


$

0.15


$

2.12


$

0.18














Dividends per common share


$

0.125


$


$

0.125


$














Weighted average shares outstanding:











    Basic



46,754



46,426



46,742



46,399

    Diluted



46,754



46,426



46,742



46,399

 













(1)

Includes impairments of unevaluated leases of $9.5  million, $— million, $11.9 million and $1.3 million in the three months and six months ended June 30, 2013 and 2012, respectively.

(2)

$0.7 million, $3.1 million, $1.7 million and $6.2 million of interest expense was capitalized for the three months and six months ended June 30, 2013 and 2012, respectively.

 

 

COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands)








Three Months Ended June 30,


Six Months Ended June 30,



2013


2012


2013


2012














OPERATING CASH FLOW:


























  Net income


$

129,705


$

7,165


$

102,561


$

8,540

  Reconciling items: 













      Income from discontinued operations



(151,236)



9,545



(148,609)



9,587

      Deferred income taxes



(11,993)



(3,685)



(24,238)



(3,435)

      Depreciation, depletion and amortization



85,244



85,675



170,211



162,986

      Impairment of oil and gas properties



652



5,301



652



5,350

      Dry hole costs and lease impairments



9,465





11,908



1,315

      Gain on sale of assets



(81)



(20,338)



(7,958)



(53,686)

      Unrealized (gain) loss on derivatives



(640)



(34,797)



8,127



(24,610)

      Debt issuance cost and discount amortization



1,631



1,159



3,218



2,103

      Stock-based compensation



3,222



3,325



6,440



6,860

          Operating cash flow from continuing operations



65,969



53,350



122,312



115,010

              Excess income taxes from stock-based compensation



273



265



2,015



1,670

              Decrease (increase) in accounts receivable



(3,790)



12,810



(20,760)



17,880

              Decrease (increase) in other current assets



(237)



(2,999)



243



(2,889)

              (Decrease) increase in accounts payable and accrued expenses



(20,310)



(62,611)



11,917



(14,283)

                  Net cash provided by continuing operations



41,905



815



115,727



117,338

                  Net cash provided by discontinued operations(1)



(31,244)



7,903



(7,715)



24,510

                  Net cash provided by operating activities


$

10,661


$

8,718


$

108,012


$

141,898





























(1)       $1.2 million, $6.7 million, $6.7 million and $11.8 million for the three months and six months ended June 30, 2013 and 2012, respectively, excluding working capital changes.














EBITDAX:


























      Net income (loss) from continuing operations


$

(21,531)


$

16,710


$

(46,048)


$

18,127

      Interest expense



19,240



13,351



36,818



25,654

      Benefit from income taxes



(11,996)



(3,801)



(24,238)



(3,634)

      Depreciation, depletion and amortization



85,244



85,675



170,211



162,986

      Exploration



9,754



37



12,347



1,390

      Impairments of oil and gas properties



652



5,301



652



5,350

      Gain on sale of assets



(81)



(20,338)



(7,958)



(53,686)

      Unrealized (gain) loss from derivatives



(640)



(34,797)



8,127



(24,610)

      Stock-based compensation



3,222



3,325



6,440



6,860

                        EBITDAX from continuing operations



83,864



65,463



156,351



138,437

                        EBITDAX from discontinued operations



4,684



7,901



13,651



13,960

                        Total EBITDAX


$

88,548


$

73,364


$

170,002


$

152,397






As of



June 30,
2013


December 31,
2012








BALANCE SHEET DATA:














      Cash and cash equivalents


$

263,737


$

4,471

      Marketable securities





12,312

      Derivative financial instruments



3,524



11,651

      Other current assets



67,245



46,652

      Assets of discontinued operations





518,934

      Property and equipment, net



1,909,809



1,958,687

      Other



17,907



19,944

          Total assets


$

2,262,222


$

2,572,651








      Current liabilities


$

122,126


$

112,893

      Liabilities of discontinued operations





33,280

      Long-term debt



883,324



1,324,383

      Deferred income taxes



209,529



149,901

      Other non-current liabilities



18,862



18,660

      Stockholders' equity



1,028,381



933,534

          Total liabilities and stockholders' equity


$

2,262,222


$

2,572,651

 

 

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)






For the Three Months Ended June 30, 2013



East Texas/
North
Louisiana



South Texas



Other



Continuing Operations




Discontinued Operations




Total

Oil production (Mbbls)



16




530




5




551




96




647

Gas production (MMcf)



12,038




1,782




386




14,206




141




14,347

Total production (MMcfe)



12,132




4,962




415




17,509




720




18,229

























Oil sales


$

1,453



$

53,128



$

492



$

55,073



$

8,043



$

63,116

Oil hedging gains(1)












2,881







2,881

    Total oil sales including hedging



1,453




53,128




492




57,954




8,043




65,997

Natural gas sales



43,145




7,969




1,633




52,747




783




53,530

    Total oil and gas sales and realized gains from derivatives


$

44,598



$

61,097



$

2,125



$

110,701



$

8,826



$

119,527

























Average oil price (per barrel)


$

94.00



$

100.23



$

101.36



$

100.06



$

83.34



$

97.57

Average oil price including hedging (per barrel)


$

94.00



$

100.23



$

101.36



$

105.30



$

83.34



$

102.02

Average gas price (per Mcf)


$

3.58



$

4.47



$

4.23



$

3.71



$

5.55



$

3.73

Average price (per Mcfe)


$

3.68



$

12.31



$

5.12



$

6.16



$

12.26



$

6.40

Average price including hedging (per Mcfe)


$

3.68



$

12.31



$

5.12



$

6.32



$

12.26



$

6.56

























Production taxes


$

929



$

2,810



$

144



$

3,883



$

427



$

4,310

Gathering and transportation


$

3,479



$

782



$

93



$

4,354



$

170



$

4,524

Lease operating


$

6,755



$

5,482



$

725



$

12,962



$

3,545



$

16,507

























Production taxes (per Mcfe)


$

0.08



$

0.57



$

0.35



$

0.22



$

0.59



$

0.24

Gathering and transportation (per Mcfe)


$

0.29



$

0.16



$

0.22



$

0.25



$

0.24



$

0.25

Lease operating (per Mcfe)


$

0.55



$

1.10



$

1.75



$

0.74



$

4.92



$

0.90

























Oil and Gas Capital Expenditures:
























    Exploratory leasehold


$



$

2,600



$



$

2,600



$

2,653



$

5,253

    Development leasehold



49




50







99







99

    Development drilling



9,259




62,461







71,720




32,077




103,797

    Other development



196




692




9




897




700




1,597

        Total


$

9,504



$

65,803

(2)


$

9



$

75,316



$

35,430



$

110,746

 











(1)

Reported as realized gain from derivatives in operating results.

(2)

Net of acreage and facility reimbursements received of $13.4 million from joint venture partner.

 

 

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)






For the Three Months Ended June 30, 2012



East Texas/
North
Louisiana


South Texas


Other


Continuing Operations



Discontinued Operations



Total

Oil production (Mbbls)



20



425



14



459



124



583

Gas production (MMcf)



19,012



2,210



526



21,748



145



21,893

Total production (MMcfe)



19,129



4,762



613



24,504



885



25,389




















Oil sales


$

1,860


$

43,385


$

1,502


$

46,747


$

9,520


$

56,267

Oil hedging gains(1)









2,719





2,719

    Total oil sales including hedging



1,860



43,385



1,502



49,466



9,520



58,986

Natural gas sales



36,594



5,656



1,332



43,582



887



44,469

    Total oil and gas sales and realized gains from derivatives


$

38,454


$

49,041


$

2,834


$

93,048


$

10,407


$

103,455




















Average oil price (per barrel)


$

95.33


$

101.98


$

104.92


$

101.79


$

77.19


$

96.58

Average oil price including hedging (per barrel)


$

95.33


$

101.98


$

104.92


$

107.71


$

77.19


$

101.25

Average gas price (per Mcf)


$

1.92


$

2.56


$

2.53


$

2.00


$

6.12


$

2.03

Average price (per Mcfe)


$

2.01


$

10.30


$

4.62


$

3.69


$

11.76


$

3.97

Average price including hedging (per Mcfe)


$

2.01


$

10.30


$

4.62


$

3.80


$

11.76


$

4.07




















Production taxes


$

606


$

1,992


$

263


$

2,861


$

519


$

3,380

Gathering and transportation


$

6,244


$

735


$

127


$

7,106


$

232


$

7,338

Lease operating


$

7,977


$

3,135


$

1,081


$

12,193


$

1,755


$

13,948




















Production taxes (per Mcfe)


$

0.03


$

0.42


$

0.43


$

0.12


$

0.59


$

0.13

Gathering and transportation (per Mcfe)


$

0.33


$

0.15


$

0.21


$

0.29


$

0.26


$

0.29

Lease operating (per Mcfe)


$

0.42


$

0.66


$

1.76


$

0.49


$

1.98


$

0.55




















Oil and Gas Capital Expenditures:



















    Exploratory leasehold


$

1,774


$

1,611


$


$

3,385


$

4,373


$

7,758

    Development leasehold



84







84





84

    Exploratory drilling



200



1,923





2,123





2,123

    Development drilling



22,336



72,124





94,460



44,541



139,001

    Other development



(42)



218



(18)



158



(336)



(178)

        Total


$

24,352


$

75,876


$

(18)


$

100,210


$

48,578


$

148,788

 









(1)

Reported as realized gain from derivatives in operating results.

 

 


COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)














For the Six Months Ended June 30, 2013



East Texas/
North
Louisiana



South Texas



Other



Continuing Operations




Discontinued Operations



Total

Oil production (Mbbls)



32




940




11




983




270



1,253

Gas production (MMcf)



25,437




3,563




834




29,834




410



30,244

Total production (MMcfe)



25,627




9,204




899




35,730




2,031



37,761
























Oil sales


$

2,957



$

96,674



$

1,182



$

100,813



$

22,777


$

123,590

Oil hedging gains(1)












5,201






5,201

    Total oil sales including hedging



2,957




96,674




1,182




106,014




22,777



128,791

Natural gas sales



84,302




14,440




3,285




102,027




2,348



104,375

    Total oil and gas sales and realized gains from derivatives


$

87,259



$

111,114



$

4,467



$

208,041



$

25,125


$

233,166
























Average oil price (per barrel)


$

93.79



$

102.83



$

108.22



$

102.60



$

84.30


$

98.65

Average oil price including hedging (per barrel)


$

93.79



$

102.83



$

108.22



$

107.89



$

84.30


$

102.80

Average gas price (per Mcf)


$

3.31



$

4.05



$

3.94



$

3.42



$

5.73


$

3.45

Average price (per Mcfe)


$

3.40



$

12.07



$

4.97



$

5.68



$

12.37


$

6.04

Average price including hedging (per Mcfe)


$

3.40



$

12.07



$

4.97



$

5.82



$

12.37


$

6.17
























Production taxes


$

698



$

5,030



$

276



$

6,004



$

1,120


$

7,124

Gathering and transportation


$

7,036



$

1,394



$

126



$

8,556



$

501


$

9,057

Lease operating


$

14,248



$

10,194



$

1,726



$

26,168



$

9,853


$

36,021
























Production taxes (per Mcfe)


$

0.03



$

0.55



$

0.31



$

0.17



$

0.55


$

0.19

Gathering and transportation (per Mcfe)


$

0.27



$

0.15



$

0.14



$

0.24



$

0.25


$

0.24

Lease operating (per Mcfe)


$

0.56



$

1.11



$

1.92



$

0.73



$

4.85


$

0.95
























Oil and Gas Capital Expenditures:























    Exploratory leasehold


$



$

4,539



$



$

4,539



$

8,856


$

13,395

    Development leasehold



49




234







283






283

    Development drilling



12,306




113,202







125,508




81,735



207,243

    Other development



1,272




1,829




64




3,165




880



4,045

        Total


$

13,627



$

119,804

(2)


$

64



$

133,495



$

91,471


$

224,966
















(1)

Reported as realized gain from derivatives in operating results.

(2)

Net of acreage and facility reimbursements received of $21.5 million from joint venture partner.

 

 

COMSTOCK RESOURCES, INC.

REGIONAL OPERATING RESULTS

(In thousands, except per unit amounts)






For the Six Months Ended June 30, 2012



East Texas/
North
Louisiana


South Texas


Other


Continuing Operations



Discontinued Operations



Total

Oil production (Mbbls)



47



828



17



892



197



1,089

Gas production (MMcf)



38,112



4,870



1,061



44,043



272



44,315

Total production (MMcfe)



38,392



9,837



1,167



49,396



1,451



50,847




















Oil sales


$

4,611


$

85,859


$

1,805


$

92,275


$

16,633


$

108,908

Oil hedging gains(1)









1,365





1,365

    Total oil sales including hedging



4,611



85,859



1,805



93,640



16,633



110,273

Natural gas sales



84,096



14,792



2,938



101,826



1,691



103,517

    Total oil and gas sales and realized gains from derivatives


$

88,707


$

100,651


$

4,743


$

195,466


$

18,324


$

213,790




















Average oil price

(per barrel)


$

98.91


$

103.70


$

103.10


$

103.44


$

84.61


$

100.04

Average oil price including hedging (per barrel)


$

98.91


$

103.70


$

103.10


$

104.97


$

84.61


$

101.29

Average gas price per Mcf)


$

2.21


$

3.04


$

2.77


$

2.31


$

6.22


$

2.34

Average price (per Mcfe)


$

2.31


$

10.23


$

4.06


$

3.93


$

12.63


$

4.18

Average price including hedging (per Mcfe)


$

2.31


$

10.23


$

4.06


$

3.96


$

12.63


$

4.20




















Production taxes


$

1,407


$

4,283


$

418


$

6,108


$

909


$

7,017

Gathering and transportation


$

13,077


$

1,507


$

237


$

14,821


$

409


$

15,230

Lease operating


$

16,638


$

6,854


$

2,159


$

25,651


$

3,046


$

28,697




















Production taxes (per Mcfe)


$

0.04


$

0.44


$

0.36


$

0.12


$

0.63


$

0.14

Gathering and transportation (per Mcfe)


$

0.34


$

0.15


$

0.20


$

0.30


$

0.28


$

0.30

Lease operating (per Mcfe)


$

0.43


$

0.70


$

1.85


$

0.52


$

2.10


$

0.56




















Oil and Gas Capital Expenditures:



















    Acquisitions


$


$


$


$


$

3,235


$

3,235

    Exploratory leasehold



3,369



3,099





6,468



8,014



14,482

    Development leasehold



429



1,216





1,645





1,645

    Exploratory drilling



568



2,328





2,896





2,896

    Development drilling



90,544



136,562





227,106



79,057



306,163

    Other development



984



825



131



1,940





1,940

        Total


$

95,894


$

144,030


$

131


$

240,055


$

90,306


$

330,361









(1)

Reported as realized gain from derivatives in operating results.

SOURCE Comstock Resources, Inc.



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