Comstock Resources (CRK) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -37.50%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.06 per share when it actually produced earnings of $0.04, delivering a surprise of -33.33%.Over the last four quarte ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Comstock Resources (CRK) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Februa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-03262 COMSTOCK RESOURCES, INC. Yes ☒ No ☐ (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) N ...

Comstock Resources, Inc. (NYSE:CRK) Q3 2023 Earnings Conference Call October 31, 2023 11:00 AM ET Company Participants Miles Allison - Chairman & CEO Roland Burns - President, CFO, Secretary & Director Daniel Harrison - COO Ron Mills - VP, Finance & IR Conference Call Participants Derrick Whitfield - Stifel Charles Meade - Johnson Rice & Company Jacob Roberts - TPH & Company Bertrand Donnes - Truist Securities Phillips Johnston - Capital One Securities Fernando Zavala - Pickering Energy Partners Leo Mariani ...

Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $0.9 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively, and $1.9 million and $1.5 million for the six months ended June 30, 2023 and 2022, respectively. Cash payments for operating leases associated with right-of-use assets included in cash used for investing activities were $41.0 million and $34.5 million for the three months ended June 30, 202 ...

Financial Data and Key Metrics Changes - In Q2 2023, production was 1.4 Bcfe per day, a 2% increase compared to Q2 2022. However, oil and gas sales were $285 million, down 53% year-over-year due to low natural gas prices [29][30] - For the first half of 2023, production averaged 1.4 Bcf per day, a 6% increase from the same period in 2022, while oil and gas sales totaled $676 million, a 33% decrease [30] - Adjusted net income for Q2 2023 was $1 million, compared to $274 million in Q2 2022, and for the first half of 2023, it was $93 million, down from $409 million in the prior year [29][30] Business Line Data and Key Metrics Changes - The company turned 17 successful operated wells to sales in Q2 2023, with an average lateral length of 10,887 feet, and connected 15 wells to sales since the last conference call [45][46] - The average initial production (IP) rate for the wells turned to sales was 21 million cubic feet equivalent per day [45] - D&C costs averaged $1,523 per foot in Q2 2023, a 4% decrease from Q1 2023, but a 15% increase compared to the full year 2022 [38] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas in Q2 2023 was $2.10, with realized gas prices averaging $1.81, reflecting a $0.29 differential [31][48] - The company is 49% hedged, which improved the realized gas price to $2.25 [48] Company Strategy and Development Direction - The company is focused on expanding its acreage position in the Western Haynesville and plans to turn another 37 wells to sales by year-end 2023 [24][36] - The strategy includes managing drilling activity levels in response to low natural gas prices while maintaining a strong balance sheet and financial liquidity [71][72] - The company aims to benefit from the anticipated growth in LNG demand, projecting an increase from 12 Bcf per day to 21 Bcf by 2027 [28][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future natural gas prices due to increasing LNG demand, despite current challenges from low prices and high drilling costs [27][42] - The company is committed to maintaining a strong balance sheet and financial liquidity, which totaled around $1.5 billion at the end of Q2 2023 [72] Other Important Information - The company plans to retain a quarterly dividend of $0.125 per common share [72] - D&C CapEx for Q3 2023 is expected to range between $240 million to $280 million, with full-year guidance remaining unchanged at $950 million to $1.15 billion [73] Q&A Session Summary Question: Details on Western Haynesville wells - Management highlighted the importance of well performance metrics beyond initial production rates, emphasizing ongoing evaluations of well productivity and operational efficiencies [62][64] Question: Production guidance trajectory - Management indicated that the exit rate for the year could exceed 1.5 Bcf per day, depending on the timing of well turnarounds [103][105] Question: Hedging strategy for 2024 - The company typically hedges around 40% of its production and is actively monitoring market conditions to secure revenue streams [125] Question: D&C cost changes - Management noted that efficiency improvements in frac crews and longer lateral lengths contributed to a decrease in D&C costs, despite some costs remaining stable [131][133]

2 Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in market prices for oil and gas, operating risks, liquidity risks, including risks relating to our debt, political and regulatory developments and legislation, and other risk factors and known trends and uncertainties as described in our Annual Report on Form 10-K for fiscal year 2022 and as updated and supplemented in our Quarterly Reports on ...

Comstock Resources, Inc. (NYSE:CRK) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Jay Allison – Chairman and Chief Executive Officer Roland Burns – President and Chief Financial Officer Dan Harrison – Chief Operating Officer Ron Mills – Vice President-Finance and Investor Relations Conference Call Participants Derrick Whitfield – Stifel Jacob Roberts – Tudor Pickering Holt & Company Bertrand Donnes – Truist Charles Meade – Johnson Rice Phillips Johnston – Capital One Securit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-03262 COMSTOCK RESOURCES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 94-166746 ...

2 Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in market prices for oil and gas, operating risks, liquidity risks, including risks relating to our debt, political and regulatory developments and legislation, and other risk factors and known trends and uncertainties as described in our Annual Report on Form 10-K for fiscal year 2022 and as updated and supplemented in our Quarterly Reports on ...