Comstock Resources(CRK) - 2025 Q1 - Quarterly Results

Financial Performance - Comstock reported natural gas and oil sales of $405.0 million in Q1 2025, a significant increase from $335.9 million in Q1 2024[5] - Adjusted net income for Q1 2025 was $53.8 million, or $0.18 per diluted share, compared to a loss of $8.5 million in Q1 2024[25] - The net loss for Q1 2025 was $115.4 million, or $0.40 per share, primarily due to a pre-tax unrealized loss on hedging contracts of $322.4 million[5] - The net loss for Q1 2025 was $115,393, significantly higher than the net loss of $14,474 in Q1 2024[28] - Operating cash flow for the quarter was $239.0 million, or $0.81 per diluted share[7] - Operating cash flow for Q1 2025 was $238,988, compared to $182,015 in Q1 2024, representing a 31.2% increase[28] Production and Operations - Comstock's production cost per Mcfe averaged $0.83, an increase from $0.76 in Q1 2024[22] - The company turned fourteen (11.3 net) operated wells to sales in Q1 2025, with an average initial production rate of 25 MMcf per day[7] - Comstock drilled seven (6.9 net) operated horizontal Haynesville/Bossier shale wells in Q1 2025[9] - Comstock's unhedged operating margin was 77% in Q1 2025, compared to 63% in Q1 2024[22] Assets and Liabilities - Total current assets increased to $338,976 in Q1 2025 from $284,034 in Q1 2024, marking a 19.3% growth[31] - Cash and cash equivalents rose to $32,875 in Q1 2025, up from $6,799 in Q1 2024, indicating a substantial increase in liquidity[31] - Long-term debt increased to $3,050,034 in Q1 2025 from $2,952,090 in Q1 2024, reflecting a 3.3% rise[31] - Total liabilities grew to $4,324,363 in Q1 2025, compared to $4,048,553 in Q1 2024, representing a 6.8% increase[31] - Stockholders' equity attributable to Comstock decreased to $2,121,497 in Q1 2025 from $2,241,023 in Q1 2024, a decline of 5.4%[31] Partnerships and Contributions - Contributions from midstream partner increased to $59,500 in Q1 2025 from $6,000 in Q1 2024, showing a significant rise in partnership support[28] - The company reported a decrease in accounts payable and accrued expenses by $31,141 in Q1 2025, compared to a decrease of $115,470 in Q1 2024[28] Borrowing and Credit - The bank group reaffirmed a $2.0 billion borrowing base under its $1.5 billion revolving credit facility[12]