Comstock Resources(US:CRK)2021-02-17 17:40Financial Performance - Oil and Gas Sales for Q4 2020 were $276.8 million, a 10% decrease compared to $308.6 million in Q4 2019[13] - Adjusted EBITDAX for Q4 2020 was $210.8 million, a 10% decrease compared to $234.8 million in Q4 2019[13] - Operating Cash Flow for Q4 2020 was $154.6 million (56¢ per share), an 18% decrease compared to $187.9 million in Q4 2019[13] - Adjusted Net Profit for Q4 2020 was $34.6 million (14¢ per share)[13] - For the full year 2020, Oil and Gas Sales were $993.1 million, a 21% increase compared to $821.4 million in 2019[15] - Adjusted EBITDAX for 2020 was $722.2 million, an 18% increase compared to $613.6 million in 2019[14] - Cash Flow from Operations for 2020 was $521.2 million, an 11% increase compared to $468.3 million in 2019[14] Production and Reserves - Gas production increased by 6% from the third quarter[11] - SEC Proved reserves grew 3% to 5.6 Tcfe[9] - Replaced 159% of production[9] - 6.6% of natural gas production was shut-in for offset frac activity and curtailments in Q4[18] - 2% of oil production was curtailed in Q4 due to low oil prices[18] Cost Structure and Capitalization - Lower well costs in 2020 by 16%, with 2-mile lateral wells averaging $1,026 per lateral foot in 2020 versus $1,215 in 2019[9] - The company ended the year with strong financial liquidity of $930 million[11]