Comstock Resources(US:CRK)2024-10-30 20:20Financial Performance - Comstock's natural gas and oil sales for Q3 2024 totaled $305 million, including realized hedging gains of $51.4 million, despite a 2% increase in production[5]. - The operating cash flow for Q3 2024 was $152 million, equating to $0.52 per diluted share[3]. - Comstock reported an adjusted net loss of $48.5 million, or $0.17 per share, for the third quarter[5]. - For the nine months ended September 30, 2024, total natural gas and oil sales were $919.1 million, including realized hedging gains of $160 million[7]. - Comstock's net loss for the nine months ended September 30, 2024, was $163.4 million, or $0.57 per share[7]. - Adjusted net loss for Q3 2024 was $(48,509) thousand, compared to an adjusted net income of $11,734 thousand in Q3 2023[20]. - Operating cash flow for Q3 2024 was $152,253 thousand, down from $167,230 thousand in Q3 2023, a decrease of 9%[22]. - Free cash deficit from operations for Q3 2024 was $(44,125), an improvement from $(154,451) in Q3 2023, indicating a reduction of 71.4%[23]. - Free cash deficit after acquisition and divestiture activity for Q3 2024 was $(51,711), an improvement from $(174,449) in Q3 2023, indicating a reduction of 70.4%[23]. Production and Sales - Natural gas production for Q3 2024 was 133,116 MMcf, a 2% increase from 130,528 MMcf in Q3 2023[19]. - Total production for Q3 2024 reached 133,198 MMcfe, compared to 130,629 MMcfe in Q3 2023, reflecting a 2% growth[19]. - Natural gas sales decreased to $252,650 thousand in Q3 2024 from $304,141 thousand in Q3 2023, a decline of 17%[19]. - Comstock turned eight (5.4 net) operated wells to sales in Q3 2024, with an average initial production of 21 MMcf per day[10]. Pricing and Costs - The average realized natural gas price was $1.90 per Mcf before hedging and $2.28 per Mcf after hedging[5]. - Average natural gas price per Mcf was $1.90 in Q3 2024, down from $2.33 in Q3 2023, a decline of 18%[19]. - The production cost per Mcfe averaged $0.77 in Q3 2024, with an unhedged operating margin of 60%[6]. - Total production costs for Q3 2024 were $101,864 thousand, compared to $110,992 thousand in Q3 2023, a decrease of 8%[19]. - Unhedged operating margin for Q3 2024 was 60%, down from 64% in Q3 2023[19]. Capital Expenditures and Financial Position - Total exploration and development capital expenditures for the nine months ended September 30, 2024, were $661,635 thousand, compared to $957,812 thousand in the same period of 2023, a decrease of 31%[19]. - The bank group reaffirmed a $2.0 billion borrowing base and approved amendments to certain financial covenants under its $1.5 billion revolving credit facility[11]. - Total current assets decreased to $299,712 as of September 30, 2024, from $461,493 at the end of 2023, a decline of 35.1%[25]. - Long-term debt increased to $2,949,181 as of September 30, 2024, compared to $2,640,391 at the end of 2023, reflecting an increase of 11.7%[26]. - Total liabilities rose to $3,951,008 as of September 30, 2024, up from $3,870,432 at the end of 2023, marking an increase of 2.1%[26]. - Cash and cash equivalents decreased to $13,772 as of September 30, 2024, from $16,669 at the end of 2023, a decrease of 17.0%[25]. - Accounts receivable decreased to $155,857 as of September 30, 2024, down from $231,430 at the end of 2023, a decline of 32.6%[25]. - Total stockholders' equity attributable to Comstock decreased to $2,295,271 as of September 30, 2024, from $2,358,414 at the end of 2023, a decrease of 2.7%[26]. Revenue from Services - Gas services revenue for Q3 2024 was $50,847 thousand, down from $71,287 thousand in Q3 2023, a decline of 29%[19]. - Contributions from midstream partners amounted to $19,000 in Q3 2024, with no contributions reported in Q3 2023[23].