Company Overview - Comstock Resources (CRK) reported a quarterly loss of $0.20 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.17, compared to break-even earnings per share a year ago [5] - The company posted revenues of $246.83 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 13.37%, and down from $288.21 million in the same quarter last year [6] - Over the last four quarters, Comstock has surpassed consensus EPS estimates only once [6] Earnings Outlook - The upcoming quarterly earnings estimate for Comstock is projected at -$0.03 on revenues of $330.1 million for the next quarter, and -$0.13 on revenues of $1.33 billion for the current fiscal year [12] - The consensus EPS estimate for the upcoming report is $1.29 per share, reflecting a year-over-year change of +9.3%, with a recent revision of 1.4% higher over the last 30 days [3] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently ranked in the bottom 22% of over 250 Zacks industries, indicating a challenging environment for companies in this sector [2] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [2] Stock Performance - Comstock shares have increased by approximately 14.2% since the beginning of the year, slightly underperforming the S&P 500's gain of 14.5% [8] - The current estimate revisions trend for Comstock is mixed, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [11]

[Highlights of 2024's Second Quarter](index=1&type=section&id=Highlights%20of%202024%27s%20Second%20Quarter) Comstock reported an adjusted net loss of $58.2 million in Q2 2024 due to weak natural gas prices, despite generating $118 million in operating cash flow and bringing 15 new wells online - Financial results were heavily weighed down by **very weak natural gas prices**[7](index=7&type=chunk) - Natural gas and oil sales, including realized hedging gains, were **$278 million**[7](index=7&type=chunk) - Operating cash flow was **$118 million**, or **$0.41 per diluted share**[7](index=7&type=chunk) - Adjusted EBITDAX for the quarter was **$167 million**[7](index=7&type=chunk) - Adjusted net loss was **$58.2 million**, or **$0.20 per share**[7](index=7&type=chunk) - Liquidity was enhanced with a **$400 million**, **6.75% senior notes issuance**[7](index=7&type=chunk) - The Haynesville shale drilling program turned **15 (14.4 net) operated wells** to sales with an average initial production of **21 MMcf per day**[7](index=7&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Comstock reported a Q2 2024 net loss of $123.2 million, with an adjusted net loss of $58.2 million, primarily due to low natural gas prices, while hedging improved realized prices [Second Quarter 2024 Financial Results](index=1&type=section&id=Financial%20Results%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202024) Q2 2024 saw natural gas and oil sales of $278.2 million and a net loss of $123.2 million, with an adjusted net loss of $58.2 million, largely due to low gas prices and hedging losses Q2 2024 Key Financial Metrics | Metric | Value | | :--- | :--- | | Natural Gas & Oil Sales (incl. hedging) | $278.2 million | | Operating Cash Flow | $118.1 million | | Net Loss | ($123.2 million) | | Net Loss per Share | ($0.43) | | Adjusted Net Loss | ($58.2 million) | | Adjusted Net Loss per Share | ($0.20) | Q2 2024 Pricing and Costs | Metric | Value (per Mcf/Mcfe) | | :--- | :--- | | Realized Gas Price (unhedged) | $1.65 | | Realized Gas Price (hedged) | $2.12 | | Production Cost | $0.84 | | Unhedged Operating Margin | 50% | | Hedged Operating Margin | 61% | - The quarterly net loss was significantly impacted by a pre-tax **$85.8 million unrealized loss** on hedging contracts held for risk management[5](index=5&type=chunk) [First Half 2024 Financial Results](index=2&type=section&id=Financial%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024) For the first half of 2024, Comstock reported $614.1 million in natural gas and oil sales and a net loss of $137.7 million, with an adjusted net loss of $66.8 million H1 2024 Key Financial Metrics | Metric | Value | | :--- | :--- | | Natural Gas & Oil Sales (incl. hedging) | $614.1 million | | Operating Cash Flow | $300.1 million | | Net Loss | ($137.7 million) | | Net Loss per Share | ($0.49) | | Adjusted Net Loss | ($66.8 million) | | Adjusted Net Loss per Share | ($0.24) | H1 2024 Production Costs and Margins | Metric | Value (per Mcfe) | | :--- | :--- | | Production Cost | $0.79 | | Unhedged Operating Margin | 57% | | Hedged Operating Margin | 65% | [Drilling Results](index=2&type=section&id=Drilling%20Results) In Q2 2024, Comstock drilled 11 (9.2 net) Haynesville/Bossier shale wells with an average lateral length of 11,346 feet, turning 15 (14.4 net) wells to sales with average initial production of 21 MMcf per day - In Q2 2024, Comstock drilled **11 (9.2 net) operated horizontal Haynesville/Bossier shale wells**[12](index=12&type=chunk) - The average lateral length for wells drilled in Q2 was **11,346 feet**[12](index=12&type=chunk) - Since the last operational update, **15 (14.4 net) operated wells** were turned to sales, with an average initial daily production rate of **21 MMcf per day** and an average completed lateral length of **9,802 feet**[13](index=13&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) The financial statements detail Comstock's Q2 and H1 2024 net losses, production volumes, prices, costs, and balance sheet changes, with non-GAAP reconciliations for key metrics [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Comstock reported total revenues of $246.8 million and a net loss of $123.2 million for Q2 2024, with a six-month net loss of $137.7 million, reversing prior year's net income Consolidated Statements of Operations (in thousands, except per share) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Total Revenues** | $246,830 | $288,211 | $582,602 | $777,789 | | **Operating Income (Loss)** | $(92,493) | $(17,067) | $(105,340) | $128,553 | | **Net Income (Loss)** | $(123,249) | $(45,706) | $(137,723) | $88,797 | | **Diluted Net Income (Loss) per Share** | $(0.43) | $(0.17) | $(0.49) | $0.32 | [Operating Results](index=4&type=section&id=OPERATING%20RESULTS) Q2 2024 saw increased total production to 130,949 MMcfe, but average realized gas prices fell to $2.12 per Mcf, while capital expenditures decreased to $221.0 million Production Volumes | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | Natural gas production (MMcf) | 130,861 | 126,307 | 270,304 | 253,374 | | Total production (MMcfe) | 130,949 | 126,386 | 270,464 | 253,612 | Average Price and Cost per Mcfe | | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Average price including hedging | $2.12 | $2.26 | | Total production costs | $0.84 | $0.84 | Capital Expenditures (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | Total exploration and development | $221,019 | $321,988 | $477,243 | $646,694 | [Non-GAAP Financial Measures](index=6&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) Non-GAAP reconciliations show a Q2 2024 Adjusted Net Loss of $58.2 million, Adjusted EBITDAX of $166.7 million, and a free cash flow deficit of $104.0 million Adjusted Net Income (Loss) Reconciliation (in thousands) | | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net income (loss) | $(123,249) | $(45,706) | | Unrealized loss from derivative financial instruments | 85,804 | 59,989 | | **Adjusted net income (loss)** | **$(58,214)** | **$1,039** | Adjusted EBITDAX (in thousands) | | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Adjusted EBITDAX** | **$166,705** | **$182,155** | Free Cash Flow (Deficit) (in thousands) | | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Operating cash flow | $118,134 | $145,497 | | Less: Capital Expenditures & other | $(211,151) | $(328,958) | | **Free cash deficit from operations** | **$(104,017)** | **$(183,461)** | [Consolidated Balance Sheets](index=8&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2024, Comstock's total assets increased to $6.32 billion, total liabilities rose to $3.96 billion due to long-term debt, and stockholders' equity slightly decreased to $2.37 billion Balance Sheet Summary (in thousands) | | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $323,407 | $461,493 | | **Property and equipment, net** | $5,574,617 | $5,384,771 | | **Total Assets** | **$6,324,525** | **$6,253,623** | | **Total Current Liabilities** | $552,275 | $681,491 | | **Long-term debt** | $2,856,045 | $2,640,391 | | **Total Liabilities** | **$3,958,620** | **$3,870,432** | | **Total Stockholders' Equity** | **$2,365,905** | **$2,383,191** | [Corporate Information](index=2&type=section&id=Corporate%20Information) Comstock Resources, a leading independent natural gas producer focused on the Haynesville shale, will host a conference call on July 31, 2024, to discuss its Q2 2024 results - A conference call to discuss Q2 2024 results is scheduled for **10:00 a.m. Central Time on July 31, 2024**[15](index=15&type=chunk) - Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas[18](index=18&type=chunk)

~~~ The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/w3stws2d. Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas. FRISCO, TX, June 24, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release its second quarter 2024 results on July 30, 2024 after the market closes and host its ...

One stock that might be an intriguing choice for investors right now is Comstock Resources, Inc. (CRK) . This is because this security in the Oil and Gas - Exploration and Production - United States space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective. In fact, over the past month, current quarter estimates have narrowed from a loss of 15 cents per share to a loss of 14 cents per share, while current year estimates have narrowed from a los ...

Financial Data and Key Metrics Changes - Oil and gas sales, including hedging, were $336 million in the quarter, a decline of 14% from the first quarter of 2023 despite a 10% increase in production [48][53] - Cash flow from operations was $182 million or $0.65 per share, with adjusted EBITDAX at $230 million [48][53] - Adjusted net loss was $0.03 per share for the quarter, compared to income of $92 million in the first quarter of 2023 [53] Business Line Data and Key Metrics Changes - In the first quarter, the company drilled 16 successful operated Haynesville and Bossier Shale horizontal wells, with an average initial production (IP) rate of 27 million cubic feet per day [49][57] - The average lateral length of the wells drilled was 909,227 feet [49] - Four new Western Haynesville wells were turned to sales, each with IP rates of 35 million to 38 million cubic feet per day [50] Market Data and Key Metrics Changes - The quarterly NYMEX settlement price averaged $2.24, which was $0.17 lower than the average Henry Hub spot price of $2.41 [54] - Realized gas price during the first quarter averaged $2.06, reflecting a $0.18 differential to the settlement price [54] Company Strategy and Development Direction - The company aims to be a significant supplier to the growing LNG market, with a long-term goal to develop its Western Haynesville acreage [19][78] - The company has reduced its capital expenditures (CapEx) by 33% to 41% from the 2023 level due to the low-price environment [76] - The company is focused on maintaining strong financial liquidity, which totaled over $1.3 billion at the end of the first quarter [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the weak natural gas price environment and emphasized the importance of managing costs and liquidity [21][79] - The company is optimistic about the future demand for natural gas driven by LNG exports starting in the second half of next year [78] - Management expressed confidence in the resource potential of the Western Haynesville, noting improvements in well performance and EURs [26][27] Other Important Information - The company added 198,000 net acres to its Western Haynesville play, increasing its total acreage position to over 450,000 net acres [45][47] - The company has a strong hedge position, being 50% hedged for the fourth quarter of this year and about a third hedged for 2025 and 2026 [51] Q&A Session Summary Question: How does the capital efficiency of the Western Haynesville investment compare to the industry? - Management indicated that while the Western Haynesville is being developed at a higher cost, it also has significantly larger reserves, making it a long-term investment [89][90] Question: What is the activity required to hold the resource in light of recent leasing success? - Management stated that 95% of the newly acquired acreage is held by production, and there is no immediate need to increase drilling activity in the low-price environment [96]

(Mark One) For the quarterly period ended March 31, 2024 Commission File No. 001-03262 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electroni ...

Comstock Resources (CRK) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.33 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 62.50%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.16 per share when it actually produced earnings of $0.10, delivering a surprise of -37.50%.Over the last four quarters, t ...

Exhibit 99.1 5300 Town and Country Blvd., Suite 500 Frisco, Texas 75034 Telephone: (972) 668-8834 Contact: Ron Mills VP of Finance and Investor Relations Web Site: www.comstockresources.com NEWS RELEASE For Immediate Release COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS FRISCO, TEXAS, May 1, 2024 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2024. Highlights of 2024's F ...

FRISCO, TX, April 05, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release first quarter 2024 results on May 1, 2024 after the market closes and host its quarterly conference call at 10:00 a.m. CT on May 2, 2024 to discuss the first quarter results.   Parties interested in participating in the conference call telephonically will need to register at https://register.vevent.com/register/BI8bd2e2b2cbc74630942006e39bfd6cb5. Upon registering to participate in the conference call, partici ...

FRISCO, TX, April 02, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) ("Comstock" or the "Company") announced today the pricing of its private placement of new 6.75% senior unsecured notes due 2029 in the aggregate amount of $400.0 million, which was increased from the originally proposed $375.0 million (the "Notes"). The Notes will be issued at 93% of par. The offering is expected to close on April 9, 2024, subject to customary closing conditions. The aggregate net proceeds from the sale of th ...