Comstock Resources(US:CRK)2023-08-02 16:00Financial Performance - Natural gas and oil sales for Q2 2023 were $229.8 million, a decrease of $631.6 million (73%) compared to $861.3 million in Q2 2022, primarily due to lower natural gas prices[23] - Average realized natural gas price for Q2 2023 was $1.81 per Mcf, down from $6.93 per Mcf in Q2 2022, representing a decline of 74.9%[24] - Net loss available to common stockholders for Q2 2023 was $45.7 million or $0.17 per share, compared to net income of $372.5 million or $1.36 per diluted share in Q2 2022[45] Operating Expenses - Lease operating expenses increased by $9.0 million (36%) to $34.0 million in Q2 2023 from $25.1 million in Q2 2022, attributed to higher water disposal and production costs[25] Capital Expenditures - Total capital expenditures for the first six months of 2023 were $714.9 million, an increase of $183.6 million (34.6%) from $531.3 million in the same period of 2022[29] - The company expects to fund future development and exploration activities through operating cash flow and borrowings under its bank credit facility, indicating flexibility in capital expenditures[30] Cash Flow - Cash flows from operating activities increased by $21.3 million (3%) to $717.9 million in the first six months of 2023 from $696.5 million in the same period in 2022[46] Debt and Financing - As of June 30, 2023, the company had approximately $2.2 billion in long-term debt, with $965.0 million at a fixed interest rate of 5.875% and $1.22 billion at 6.75%[183] Hedging Activities - The company had natural gas price collars hedging approximately 46.0 Bcf of 2023 production with an average floor price of $3.00 per MMBtu and ceiling price of $10.28 per MMBtu[33] Dividends - A dividend of $0.125 per share was authorized by the board of directors to be paid on September 15, 2023, to common stockholders of record on September 1, 2023[40]