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

04 Nov, 2013, 16:10 ET from Comstock Resources, Inc.

FRISCO, Texas, Nov. 4, 2013 /PRNewswire/ -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2013. 

Financial Results for the Three Months and Nine Months Ended September 30, 2013 Comstock reported a net loss of $24.0 million or 52¢ per share for the three months ended September 30, 2013 as compared to a loss from continuing operations of $44.2 million or 95¢ per share for the three months ended September 30, 2012.  The third quarter of 2013 results include an unrealized loss from derivative financial instruments of $3.8 million ($2.5 million after tax or 5¢ per share), an impairment of unevaluated leases of $3.0 million ($1.9 million after tax or 4¢ per share), and a loss of $2.2 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements.  Results for the three months ended September 30, 2012 included an unrealized loss from derivative financial instruments of $11.1 million ($7.2 million after tax or 16¢ per share), an impairment of unevaluated leases of $1.4 million ($0.9 million after tax or 2¢ per share), and a loss of $2.8 million ($1.8 million after tax or 4¢ per share) from the sale of oil and gas properties.

Comstock's production in the third quarter of 2013 included 632,000 barrels of oil and 13.6 billion cubic feet of natural gas or 17.4 billion cubic feet of natural gas equivalent ("Bcfe").  Oil production in the third quarter averaged 6,870 barrels of oil per day, which increased 14% from the 6,048 barrels per day produced in the second quarter of 2013, and was 30% higher than oil production in the third quarter of 2012 of 5,295 barrels per day.  Gas production in the quarter declined 32% from the same period in 2012 due to the lack of drilling activity in the Company's Haynesville shale natural gas properties.

Comstock's average realized price for natural gas improved by 37% to $3.33 per Mcf for the third quarter of 2013 as compared to $2.43 per Mcf realized in the third quarter of 2012.  The Company's average realized price for oil, after hedging losses, decreased by 7% to $99.20 per barrel for the third quarter of 2013 as compared to $106.10 per barrel for the third quarter of 2012.  Oil and gas sales (including realized gains or losses from hedging) of $108.0 million for the third quarter increased by 8% as compared to 2012's third quarter sales from continuing operations of $100.4 million.  Operating cash flow (before changes in working capital accounts) was $62.9 million in the third quarter of 2013, which represented a 5% increase as compared to operating cash flow from continuing operations of $59.7 million in the third quarter of 2012.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $81.8 million in the third quarter of 2013, increased 11% over EBITDAX from continuing operations of $73.7 million in the third quarter of 2012.

Comstock reported net income of $78.5 million, or $1.63 per share, for the nine months ended September 30, 2013 as compared to a net loss of $21.9 million or 47¢ per share for the nine months ended September 30, 2012.  $148.6 million, or $3.08 per share, is related to the Company's West Texas operations that were sold on May 14, 2013, which resulted in a gain of $230.6 million ($149.9 million after tax). The loss from continuing operations for the first nine months of 2013 was $70.1 million, or $1.45 per share, as compared to a loss from continuing operations of $26.1 million or 56¢ per share for the same period in 2012.

The 2013 operating results include an unrealized loss from derivative financial instruments of $12.0 million ($7.8 million after tax or 17¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, impairments of oil and gas properties and unevaluated leases of $15.6 million ($10.1 million after tax, or 22¢ per share) and a loss of $2.1 million ($1.4 million after tax or 3¢ per share) from oil and gas property sales and settlements.  Results for the nine months ended September 30, 2012 included an unrealized gain on derivatives of $13.5 million ($8.8 million after tax or 19¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per 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 share), and impairments of oil and gas properties and unevaluated leases of $8.1 million ($5.3 million or 11¢ per share). 

Oil production related to Comstock's continuing operations for the nine months ended September 30, 2013 increased 17% to 1,615,000 barrels as compared to 1,379,000 barrels for the same period in 2012.  Gas production decreased 32% to 43.4 Bcf for the first nine months of 2013 as compared to 64.1 Bcf for the same period of 2012.  Comstock's average realized price for natural gas increased 44% to $3.39 per Mcf for the first nine months of 2013 as compared to $2.35 per Mcf for the first nine months of 2012.  The Company's average realized price for oil for the first nine months of 2013 of $104.49 per barrel, including hedging gains, was 1% below the average realized price of $105.37 per barrel for the first nine months of 2012.  Oil and gas sales related to continuing operations increased by 7% to $316.1 million in the first nine months of 2013 as compared to the sales in the first nine months of 2012 of $295.9 million.  Operating cash flow related to continuing operations (before changes in working capital accounts) of $185.2 million in the first nine months of 2013 increased 6% from operating cash flow of $174.7 million for 2012's first nine months.  EBITDAX related to continuing operations increased 12% to $238.2 million for the first nine months of 2013 from $212.1 million for the first nine months of 2012.

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 nine months of 2013, Comstock spent $234.1 million on its continuing development and exploration activities and $14.5 million on acreage acquisition costs.  Comstock drilled 47 horizontal oil wells (31.6 net) and two horizontal natural gas wells (2.0 net) and had 11 oil wells (8.3 net) in various stages of drilling at September 30, 2013.  For all of 2013 Comstock expects to spend $345 million to drill 78 horizontal wells (51.6 net).   Comstock is also budgeting to spend $140 million in 2013 to acquire additional acreage including bolt-on acreage to its successful Eagle Ford shale play in South Texas as well as exploratory acreage in several emerging oil plays.

Since the beginning of 2013, the Company has completed 42 (26.4 net) horizontal Eagle Ford shale wells including six (3.8 net) wells drilled in 2012.  The 42 Eagle Ford shale wells that were completed had an average per well initial production rate of 793 barrels of oil equivalent ("BOE") per day.  Comstock completed 17 Eagle Ford shale wells in the third quarter.  The four third quarter wells with the highest initial production rates were the Swenson C #4H, Forrest Wheeler D #1H and the Swenson #7H and #8H which are all located in McMullen County, Texas.  These wells had initial production rates of 1,033, 1,128, 1,021 and 1,190 BOE per day, respectively.

Comstock has planned a conference call for 10 a.m. Central Time on November 5, 2013, to discuss the operational and financial results for the third quarter of 2013.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-877-280-4957 (international dial-in use 857-244-7314) and provide access code 96651078 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 2:00 p.m. Central Time November 5, 2013 and will continue until 11:59 p.m. November 12, 2013.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 47625311.

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 September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

Revenues:

Oil and gas sales

$

111,590

$

97,141

$

314,430

$

291,242

Operating expenses:

Production taxes

4,168

3,098

10,172

9,206

Gathering and transportation

4,478

6,033

13,034

20,854

Lease operating

12,955

12,962

39,123

38,613

Exploration(1)

2,995

1,407

15,342

2,797

Depreciation, depletion and amortization

85,762

91,536

255,973

254,522

General and administrative

8,153

8,142

25,996

25,973

(Gain) loss on sale of oil and gas properties

2,165

2,794

2,084

(24,271)

Impairment of oil and gas properties

652

5,350

Total operating expenses

120,676

125,972

362,376

333,044

Operating loss

(9,086)

(28,831)

(47,946)

(41,802)

Other income (expenses):

Gain on sale of marketable securities

7,877

26,621

Realized gain (loss) from derivatives

(3,560)

3,293

1,641

4,658

Unrealized gain (loss) from derivatives

(3,835)

(11,112)

(11,962)

13,498

Interest and other income

423

153

864

675

Interest expense(2)

(20,530)

(15,527)

(57,348)

(41,181)

Total other income (expenses)

(27,502)

(23,193)

(58,928)

4,271

Loss before income taxes

(36,588)

(52,024)

(106,874)

(37,531)

Benefit from income taxes

12,554

7,812

36,792

11,446

Loss from continuing operations

(24,034)

(44,212)

(70,082)

(26,085)

Income from discontinued operations, net of income taxes

13,763

148,609

4,176

Net income (loss)

$

(24,034)

$

(30,449)

$

78,527

$

(21,909)

Net income (loss) per share:

Basic        — loss from continuing operations

$

(0.52)

$

(0.95)

$

(1.45)

$

(0.56)

             — income from discontinued operations

0.29

3.08

0.09

     — net income (loss)

$

(0.52)

$

(0.66)

$

1.63

$

(0.47)

Diluted      — loss from continuing operations

$

(0.52)

$

(0.95)

$

(1.45)

$

(0.56)

                 — income from discontinued operations

0.29

3.08

0.09

     — net income (loss)

$

(0.52)

$

(0.66)

$

1.63

$

(0.47)

Dividends per common share

$

0.125

$

$

0.25

$

Weighted average shares outstanding:

Basic

46,570

46,443

46,684

46,414

Diluted

46,570

46,443

46,684

46,414

(1)

Includes impairments of unevaluated leases of $3.0 million, $1.4 million, $14.9 million and $2.7 million in the three months and nine months ended September 30, 2013 and 2012, respectively.

(2)

$0.7 million, $3.3 million, $2.4 million and $9.4 million of interest expense was capitalized for the three months and nine months ended September 30, 2013 and 2012, respectively.

 

 

COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

OPERATING CASH FLOW:

Net income (loss)

$

(24,034)

$

(30,449)

$

78,527

$

(21,909)

Reconciling items: 

Income from discontinued operations

(13,763)

(148,609)

(4,176)

Deferred income taxes

(12,554)

(7,800)

(36,792)

(11,235)

Depreciation, depletion and amortization

85,762

91,536

255,973

254,522

Impairment of oil and gas properties

652

5,350

Dry hole costs and lease impairments

2,995

1,370

14,903

2,685

(Gain) loss on sale of assets

2,165

2,794

(5,793)

(50,892)

Unrealized (gain) loss on derivatives

3,835

11,112

11,962

(13,498)

Debt issuance cost and discount amortization

1,584

1,586

4,802

3,689

Stock-based compensation

3,121

3,329

9,561

10,189

Operating cash flow from continuing operations

62,874

59,715

185,186

174,725

Excess income taxes from stock-based compensation

1

11

2,016

1,681

Decrease (increase) in accounts receivable

(27,425)

(5,454)

(48,185)

12,426

Decrease (increase) in other current assets

1,893

1,176

2,136

(1,713)

Increase in accounts payable and accrued expenses

60,222

21,361

72,139

7,078

Net cash provided by continuing operations

97,565

76,809

213,292

194,197

Net cash provided by (used for) discontinued operations(1)

(15)

6,991

(7,730)

31,501

Net cash provided by operating activities

$

97,550

$

83,800

$

205,562

$

225,698

(1)

$10.1 million, $6.7 million and $21.9 million for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, respectively, excluding working capital changes.

EBITDAX:

Net loss from continuing operations

$

(24,034)

$

(44,212)

$

(70,082)

$

(26,085)

Interest expense

20,530

15,527

57,348

41,181

Benefit from income taxes

(12,554)

(7,812)

(36,792)

(11,446)

Depreciation, depletion and amortization

85,762

91,536

255,973

254,522

Exploration

2,995

1,407

15,342

2,797

Impairments of oil and gas properties

652

5,350

(Gain) loss on sale of assets

2,165

2,794

(5,793)

(50,892)

Unrealized (gain) loss from derivatives

3,835

11,112

11,962

(13,498)

Stock-based compensation

3,121

3,329

9,561

10,189

EBITDAX from continuing operations

81,820

73,681

238,171

212,118

EBITDAX from discontinued operations

12,106

13,651

26,066

Total EBITDAX

$

81,820

$

85,787

$

251,822

$

238,184

As of

September 30,

2013

December 31, 2012

BALANCE SHEET DATA:

Cash and cash equivalents

$

228,353

$

4,471

Marketable securities

12,312

Other current assets

96,827

46,652

Derivative financial instruments

1,820

11,651

Assets of discontinued operations

518,934

Property and equipment, net

1,936,813

1,958,687

Other

13,576

19,944

Total assets

$

2,277,389

$

2,572,651

Current liabilities(1)

$

378,618(1)

$

112,893

Liabilities of discontinued operations

33,280

Long-term debt

688,260

1,324,383

Deferred income taxes

198,942

149,901

Other non-current liabilities

19,330

18,660

Stockholders' equity

992,239

933,534

Total liabilities and stockholders' equity

$

2,277,389

$

2,572,651

(1)       Includes $195.6 million of debt classified as short-term due to early redemption of senior notes.

 

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

For the Three Months Ended September 30, 2013

East Texas/ North

Louisiana

South Texas

Other

Continuing Operations

 

Discontinued Operations

 

Total

Oil production (Mbbls)

17

611

4

632

632

Gas production (MMcf)

11,364

1,833

415

13,612

13,612

Total production (MMcfe)

11,467

5,499

438

17,404

17,404

Oil sales

$

1,824

$

64,015

$

421

$

66,260

$

$

66,260

Oil hedging losses(1)

(3,560)

(3,560)

Total oil sales including hedging

1,824

64,015

421

62,700

62,700

Natural gas sales

36,484

7,301

1,545

45,330

45,330

Total oil and gas sales and realized losses from derivatives

$

38,308

$

71,316

$

1,966

$

108,030

$

$

108,030

Average oil price (per barrel)

$

105.60

$

104.77

$

111.61

$

104.83

$

$

104.83

Average oil price including hedging (per barrel)

$

105.60

$

104.77

$

111.61

$

99.20

$

$

99.20

Average gas price (per Mcf)

$

3.21

$

3.98

$

3.72

$

3.33

$

$

3.33

Average price (per Mcfe)

$

3.34

$

12.97

$

4.49

$

6.41

$

$

6.41

Average price including hedging (per Mcfe)

$

3.34

$

12.97

$

4.49

$

6.21

$

$

6.21

Production taxes

$

771

$

3,269

$

128

$

4,168

$

$

4,168

Gathering and transportation

$

3,508

$

869

$

101

$

4,478

$

$

4,478

Lease operating

$

6,683

$

5,647

$

625

$

12,955

$

$

12,955

Production taxes (per Mcfe)

$

0.07

$

0.59

$

0.29

$

0.24

$

$

0.24

Gathering and transportation (per Mcfe)

$

0.31

$

0.16

$

0.23

$

0.26

$

$

0.26

Lease operating (per Mcfe)

$

0.58

$

1.03

$

1.43

$

0.74

$

$

0.74

Oil and Gas Capital Expenditures:

Exploratory leasehold

$

$

9,575

$

$

9,575

$

$

9,575

Development leasehold

2

81

83

83

Development drilling

4,167

100,019

104,186

104,186

Other development

833

420

5

1,258

1,258

  Total

$

5,002

$

110,095(2)

$

5

$

115,102

$

$

115,102

(1)    Reported as realized loss 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 September 30, 2012

East Texas/ North

Louisiana

South Texas

Other

Continuing Operations

 

Discontinued Operations

 

Total

Oil production (Mbbls)

22

457

8

487

172

659

Gas production (MMcf)

17,633

1,937

480

20,050

202

20,252

Total production (MMcfe)

17,770

4,677

526

22,973

1,235

24,208

Oil sales

$

2,103

$

45,514

$

777

$

48,394

$

14,678

$

63,072

Oil hedging gains(1)

3,293

3,293

Total oil sales including hedging

2,103

45,514

777

51,687

14,678

66,365

Natural gas sales

41,342

5,680

1,725

48,747

1,076

49,823

Total oil and gas sales and realized gains from derivatives

$

43,445

$

51,194

$

2,502

$

100,434

$

15,754

$

116,188

Average oil price (per barrel)

$

92.33

$

99.69

$

99.77

$

99.34

$

85.24

$

95.66

Average oil price including hedging (per barrel)

$

92.33

$

99.69

$

99.77

$

106.10

$

85.24

$

100.65

Average gas price (per Mcf)

$

2.34

$

2.93

$

3.59

$

2.43

$

5.33

$

2.46

Average price (per Mcfe)

$

2.44

$

10.95

$

4.76

$

4.23

$

12.76

$

4.66

Average price including hedging (per Mcfe)

$

2.44

$

10.95

$

4.76

$

4.37

$

12.76

$

4.80

Production taxes

$

699

$

2,243

$

156

$

3,098

$

758

$

3,856

Gathering and transportation

$

5,503

$

432

$

98

$

6,033

$

349

$

6,382

Lease operating

$

8,341

$

3,658

$

963

$

12,962

$

2,541

$

15,503

Production taxes (per Mcfe)

$

0.04

$

0.48

$

0.30

$

0.13

$

0.61

$

0.16

Gathering and transportation (per Mcfe)

$

0.31

$

0.09

$

0.19

$

0.26

$

0.28

$

0.26

Lease operating (per Mcfe)

$

0.47

$

0.78

$

1.82

$

0.57

$

2.06

$

0.64

Oil and Gas Capital Expenditures:

Exploratory leasehold

$

1,895

$

1,787

$

$

3,682

$

4,135

$

7,817

Development leasehold

120

116

236

236

Exploratory drilling

408

497

905

905

Development drilling

9,418

21,706

31,124

58,410

89,534

Other development

257

166

64

487

487

   Total

$

12,098

$

24,272(2)

$

64

$

36,434

$

62,545

$

98,979

(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.

 

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

For the Nine Months Ended September 30, 2013

East Texas/ North

Louisiana

South Texas

Other

Continuing Operations

 

Discontinued Operations

 

Total

Oil production (Mbbls)

49

1,551

15

1,615

270

1,885

Gas production (MMcf)

36,801

5,396

1,249

43,446

410

43,856

Total production (MMcfe)

37,094

14,703

1,337

53,134

2,031

55,165

Oil sales

$

4,781

$

160,689

$

1,603

$

167,073

$

22,777

$

189,850

Oil hedging gains(1)

1,641

1,641

Total oil sales including hedging

4,781

160,689

1,603

168,714

22,777

191,491

Natural gas sales

120,786

21,741

4,830

147,357

2,348

149,705

Total oil and gas sales and realized gains from derivatives

$

125,567

$

182,430

$

6,433

$

316,071

$

25,125

$

341,196

Average oil price (per barrel)

$

97.97

$

103.59

$

109.09

$

103.47

$

84.30

$

100.72

Average oil price including hedging (per barrel)

$

97.97

$

103.59

$

109.09

$

104.49

$

84.30

$

101.59

Average gas price (per Mcf)

$

3.28

$

4.03

$

3.87

$

3.39

$

5.73

$

3.41

Average price (per Mcfe)

$

3.39

$

12.41

$

4.81

$

5.92

$

12.37

$

6.16

Average price including hedging (per Mcfe)

$

3.39

$

12.41

$

4.81

$

5.95

$

12.37

$

6.19

Production taxes

$

1,469

$

8,299

$

404

$

10,172

$

1,120

$

11,292

Gathering and transportation

$

10,544

$

2,263

$

227

$

13,034

$

501

$

13,535

Lease operating

$

20,931

$

15,841

$

2,351

$

39,123

$

9,853

$

48,976

Production taxes (per Mcfe)

$

0.04

$

0.56

$

0.30

$

0.19

$

0.55

$

0.20

Gathering and transportation (per Mcfe)

$

0.28

$

0.15

$

0.17

$

0.25

$

0.25

$

0.25

Lease operating (per Mcfe)

$

0.57

$

1.09

$

1.76

$

0.73

$

4.85

$

0.89

Oil and Gas Capital Expenditures:

Exploratory leasehold

$

$

14,114

$

$

14,114

$

8,856

$

22,970

Development leasehold

51

315

366

366

Development drilling

16,473

213,221

229,694

81,735

311,429

Other development

2,105

2,249

69

4,423

880

5,303

   Total

$

18,629

$

229,899(2)

$

69

$

248,597

$

91,471

$

340,068

(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of acreage and facility reimbursements received of $34.9 million from joint venture partner.

 

COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)

For the Nine Months Ended September 30, 2012

East Texas/ North

Louisiana

South Texas

Other

Continuing Operations

 

Discontinued Operations

 

Total

Oil production (Mbbls)

69

1,285

25

1,379

369

1,748

Gas production (MMcf)

55,745

6,807

1,541

64,093

474

64,567

Total production (MMcfe)

56,162

14,514

1,693

72,369

2,686

75,055

Oil sales

$

6,714

$

131,373

$

2,582

$

140,669

$

31,311

$

171,980

Oil hedging gains(1)

4,658

4,658

Total oil sales including hedging

6,714

131,373

2,582

145,327

31,311

176,638

Natural gas sales

125,438

20,472

4,663

150,573

2,767

153,340

Total oil and gas sales and realized gains from derivatives

$

132,152

$

151,845

$

7,245

$

295,900

$

34,078

$

329,978

Average oil price (per barrel)

$

96.75

$

102.27

$

102.07

$

101.99

$

84.91

$

98.39

Average oil price including hedging (per barrel)

$

96.75

$

102.27

$

102.07

$

105.37

$

84.91

$

101.05

Average gas price (per Mcf)

$

2.25

$

3.01

$

3.03

$

2.35

$

5.84

$

2.37

Average price (per Mcfe)

$

2.35

$

10.46

$

4.28

$

4.02

$

12.69

$

4.33

Average price including hedging (per Mcfe)

$

2.35

$

10.46

$

4.28

$

4.09

$

12.69

$

4.40

Production taxes

$

2,106

$

6,526

$

574

$

9,206

$

1,667

$

10,873

Gathering and transportation

$

18,580

$

1,939

$

335

$

20,854

$

758

$

21,612

Lease operating

$

24,979

$

10,512

$

3,122

$

38,613

$

5,587

$

44,200

Production taxes (per Mcfe)

$

0.04

$

0.45

$

0.34

$

0.13

$

0.62

$

0.14

Gathering and transportation (per Mcfe)

$

0.33

$

0.13

$

0.20

$

0.29

$

0.28

$

0.29

Lease operating (per Mcfe)

$

0.44

$

0.73

$

1.84

$

0.53

$

2.08

$

0.59

Oil and Gas Capital Expenditures:

Acquisitions

$

$

$

$

$

3,235

$

3,235

Exploratory leasehold

5,264

4,886

10,150

12,149

22,299

Development leasehold

549

1,332

1,881

1,881

Exploratory drilling

976

2,825

3,801

3,801

Development drilling

99,962

158,268

258,230

137,467

395,697

Other development

1,241

991

195

2,427

2,427

   Total

$

107,992

$

168,302(2)

$

195

$

276,489

$

152,851

$

429,340

(1)    Reported as realized gain from derivatives in operating results.

(2)    Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.

 

SOURCE Comstock Resources, Inc.



RELATED LINKS

http://www.comstockresources.com