Comstock Resources(US:CRK)2025-07-02 11:292024 Accomplishments - Natural gas prices averaged $1.98 per Mcf, a 30-year low excluding 2020[6] - The company increased its hedging program, improving realized gas price by 20% in 2024 and targeting 50% of expected production for 2025 and 2026[6] - The company added $100.5 million through an equity private placement and enhanced liquidity with a $400 million senior notes offering[6] - The company more than doubled its Western Haynesville acreage by adding 265,000 net acres at a cost of $401 per acre[6] - The company's drilling program replaced 170% of 2024 production and drove 6% reserve growth with 899 Bcfe of drilling related proved reserve additions, achieving an overall finding cost of $1.00 per Mcfe[6] Drilling and Efficiency - The company completed its first horseshoe well, the Sebastian 11 5, with a 9,382-foot lateral and a 31 MMcf per day initial production rate[11] - D&C costs for two 9,200-foot horseshoe laterals is $32 million or $1,740 per lateral foot, resulting in D&C Savings of $530 per lateral foot or 23%[11] - 13 operated Legacy Haynesville wells were turned to sales in Q1 2025 with an average lateral length of 12,367 ft and an average IP rate of 24 Mmcf/d[25] - One operated Western Haynesville well was turned to sales in Q1 2025 with a lateral length of 10,306 ft and an IP rate of 41 Mmcf/d[29] Financials and Outlook - The company spent $902 million in 2024 to add 899 Bcfe of Proved Reserves achieving all in finding costs of $1.00 per Mcfe[58] - As of March 31, 2025, the company had $33 million in cash and cash equivalents and $3.099 billion in total debt[62] - The company has strong financial liquidity of $1.0 billion[73]