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

29 Jul, 2013, 16:05 ET from Comstock Resources, Inc.

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.



RELATED LINKS

http://www.comstockresources.com