-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JOyGCx38yOaPdEq6jAX41J/0ISixYVc+qjYKaKuIEs84B0JTgDybHp3J6PXMFdyM 31HlGd/FKEEFPgs+9jg78w== 0000023194-11-000006.txt : 20110207 0000023194-11-000006.hdr.sgml : 20110207 20110207171950 ACCESSION NUMBER: 0000023194-11-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20101231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110207 DATE AS OF CHANGE: 20110207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMSTOCK RESOURCES INC CENTRAL INDEX KEY: 0000023194 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 941667468 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03262 FILM NUMBER: 11579549 BUSINESS ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 BUSINESS PHONE: 9726688800 MAIL ADDRESS: STREET 1: 5300 TOWN AND COUNTRY BLVD STREET 2: STE 500 CITY: FRISCO STATE: TX ZIP: 75034 FORMER COMPANY: FORMER CONFORMED NAME: COMSTOCK TUNNEL & DRAINAGE CO DATE OF NAME CHANGE: 19880121 8-K 1 form8kfeb72011.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kfeb72011.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of Earliest Event Reported):  February 7, 2011

COMSTOCK RESOURCES, INC.

(Exact Name of Registrant as Specified in Charter)


STATE OF NEVADA
001-03262
94-1667468
(State or other
jurisdiction incorporation)
 
(Commission File Number)
(I.R.S. Employer
Identification Number)

5300 Town and Country Boulevard
Suite 500
Frisco, Texas 75034
(Address of principal executive offices)

(972) 668-8800
(Registrant's Telephone No.)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 

Item 2.02    Results of Operations and Financial Condition

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On February 7, 2011, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2010.  A copy of the press release announcing Comstock's earnings and operating results for the three months and year ended December 31, 2010 and other matters is attached hereto as Exhibit 99.1.

The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP").  Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows.  EBITDAX is presented in the earnings release because management believes that EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.  The non-GAAP financial measures described above should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

Item 9.01    Financial Statements and Exhibits
 
Exhibit 99.1
Press Release dated February 7, 2011.
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

   
COMSTOCK RESOURCES, INC.
     
     
Dated:  February 7, 2011
By:
/s/ M. JAY ALLISON
   
M. Jay Allison
   
President and Chief Executive Officer

EX-99.1 2 exhibit99pnt1feb72011.htm EXHIBIT 99.1 exhibit99pnt1feb72011.htm
Exhibit 99.1
 
 
 
5300 Town and Country Blvd., Suite 500
Frisco, Texas 75034
Telephone: (972) 668-8800
Contact: Roland O. Burns
Sr. Vice President and Chief Financial Officer
 
Web Site: www.comstockresources.com

NEWS RELEASE
 
For Immediate Release 
 
COMSTOCK RESOURCES, INC. REPORTS
FOURTH QUARTER and ANNUAL 2010
FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 7, 2011 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and year ended December 31, 2010.

Financial Results for the Three Months and Year Ended December 31, 2010

Comstock reported a net loss of $20.6 million or 45¢ per share for the three months ended December 31, 2010 as compared to a net loss of $6.8 million or 15¢ per share for the three months ended December 31, 2009.  Included in the net loss for the fourth quarter of 2010 is a loss of $25.8 million before income taxes ($16.8 million after tax) resulting from the sale of the Company's Mississippi properties in the quarter.  Excluding this loss on the divestiture, the net loss for the fourth quarter of 2010 would have been $3.8 million or 8¢ per share.

Production in the fourth quarter of 2010 was 17.3 billion cubic feet of natural gas equivalent ("Bcfe").  Production from the Company's Haynesville shale wells of 94.2 million cubic feet of natural gas equivalent ("MMcfe") per day accounted for 50% of the Company's total production of 187.6 MMcfe per day in the fourth quarter of 2010, as compared to 83.6 MMcfe per day (40%) during the fourth quarter of 2009.  Comstock completed eleven Haynesville shale wells during the fourth quarter of 2010, overcoming the shortage of pressure pumping completion services which impacted completion activity in the second and third quarters of 2010.  The increased Haynesville shale production was offset in part by the effect of 5 MMcfe per day of well shut-ins during the fourth quarter.

Natural gas prices declined in the fourth quarter of 2010 as compared to natural gas prices during the fourth quarter of 2009.  Comstock's average realized natural gas price decreased 16% to $3.73 per Mcf for the fourth quarter of 2010 as compared to $4.43 per Mcf in the fourth quarter of 2009.  The Company's average realized oil price increased by 15% to $74.75 per barrel for the fourth quarter of 2010 as compared to $64.76 per barrel in the fourth quarter of 2009.  The lower natural gas prices resulted in a 21% decrease in oil and gas sales which were $72.7 million in the fourth quarter of 2010 as compared to 2009's fourth quarter sales of $91.9 million.  Operating cash flow (before changes in working capital accounts) was $44.9 million in t he fourth quarter of 2010 and EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $51.3 million.
 
 
 
 
 
 
 

 
 
 
 
 
Comstock reported a net loss of $19.6 million or 43¢ per share for the year ended December 31, 2010 as compared to a net loss of $36.5 million or 81¢ per share for the year ended December 31, 2009.  Excluding the loss resulting from the sale of the Mississippi properties, the net loss for the year ended December 31, 2010 would have been $2.8 million or 6¢ per share.  Production in 2010 increased 12% to 73.3 Bcfe as compared to the 65.5 Bcfe produced during 2009.  Comstock averaged $4.35 per Mcf for sales of its natural gas production in 2010, 5% higher than the $4.16 per Mcf realized during 2009.  Realized oil prices in 2010 averaged $68.35 per barrel, 34% higher than the $50.94 per barrel in 2009.  The higher production and improved oil and gas prices resulted in a 19% i ncrease in oil and gas sales for 2010, which were $349.1 million as compared with $292.6 million in 2009.  Operating cash flow (before changes in working capital accounts) generated by Comstock for 2010 was $219.7 million while EBITDAX was $249.1 million.

2010 Drilling Results

Comstock reported on the results of its 2010 drilling program.  The Company spent $537 million during 2010 on its exploration and development activities, $396 million of which was spent on drilling activities, $138 million of which was spent to acquire leases and $3 million of which was spent to acquire seismic data.  During 2010 Comstock drilled 78 wells (49.3 net wells).  The drilling program added 431 Bcfe of proved reserves in 2010 and were the primary driver of the Company’s 45% growth in proved oil and gas reserves achieved in 2010.  As of December 31, 2010, the Company also had seven wells in the process of drilling, including six in the Haynesville or Bossier shale and one in the Eagle Ford shale.
 
 
In the East Texas/North Louisiana region, Comstock drilled 73 wells (45.5 net) during 2010.  Seventy-two of the wells were Haynesville or Bossier shale wells.  Thirty-seven of the 72 Haynesville or Bossier shale wells drilled in 2010 were completed and put on production at an average per well initial production rate of 10.4 MMcfe per day.  Comstock had 35 (23.4 net) wells that were drilled in 2010 but were not completed due to unavailability of pressure pumping completion services.  Comstock has secured sufficient completion services in 2011 to allow the Company to complete these wells.  Comstock operates 26 (22.1 net) of the uncompleted wells.

In addition to its Haynesville shale horizontal drilling program, Comstock drilled two vertical wells during 2010.  Comstock successfully completed a Cotton Valley well in its Blocker field in East Texas and also completed the Julian Pasture #4 in its Ball Ranch field in South Texas.

Comstock also reported early results from its drilling program on its Eagle Ford shale acreage in South Texas.  Comstock has drilled three wells (3.0 net), one in each of Atascosa, Karnes and McMullen counties.  These wells were all located in the oil window of the Eagle Ford shale play.  The NWR #1H was drilled in Atascosa County to a vertical depth of 8,706 feet with a 5,209 foot lateral.  After frac, this well produced an initial rate of 381 barrels of oil per day and is currently producing to sales on a restricted choke and is on a very shallow production decline.  The Rancho Tres Hijos #1H well was drilled in McMullen County to a vertical depth of 8,715 feet with a 4,091 foot lateral.  After frac, this well flowed at an initial rate approaching 432 barrels of oil per day and is currently producing to sales on a restricted choke and it is also on a very shallow production decline.  The third well, the Coates #1, was drilled in Karnes County to a vertical depth of 9,706 feet with a 5,422 foot lateral.  This well is currently flowing back frac fluids after its completion.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 

Comstock has planned a conference call for 9:30 a.m. Central Time on Tuesday, February 8, 2011, to discuss the operational and financial results for the fourth quarter of 2010.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-277-1181 (international dial-in use 617-597-5358) and provide access code 20977380 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)
 
   
Three Months Ended December 31,
    
Year Ended December 31,
  
   
2010
    
2009
    
2010
    
2009
  
                                 
Revenues:
                                
Oil and gas sales
  
$
72,650
    
$
91,921
    
$
349,141
    
$
292,583
  
Gain on sale of properties
    
—
      
213
      
—
      
213
  
Operating expenses:
                                
Production taxes
    
351
      
3,157
      
9,894
      
8,643
  
Gathering and transportation
    
4,948
      
4,734
      
17,256
      
8,696
  
Lease operating
    
12,375
      
12,545
      
53,525
      
53,560
  
Exploration
    
99
      
536
      
2,605
      
907
  
Depreciation, depletion and amortization
    
50,206
      
61,237
      
213,809
      
213,238
  
Impairment of oil and gas properties
    
11
      
—
      
224
      
115
  
Loss on sale of properties
    
25,835
      
—
      
26,632
      
—
  
General and administrative
    
8,235
      
11,613
      
37,200
      
39,172
  
                                 
Total operating expenses
    
102,060
      
93,822
      
361,145
      
324,331
  
                                 
Operating loss
    
(29,410
)
    
(1,688
)
    
(12,004
)
    
(31,535
)
                                 
Other income (expenses):
                                
Interest income
    
—
      
210
      
263
      
245
  
Other income
    
91
      
18
      
236
      
133
  
Gain on sale of marketable securities
    
10,837
      
—
      
16,529
      
—
  
Interest expense
    
(6,905
)
    
(7,779
)
    
(29,456
)
    
(16,086
)
                                 
Total other income (expenses)
    
4,023
      
(7,551
)
    
(12,428
)
    
(15,708
)
                                 
Loss before income taxes
    
(25,387
)
    
(9,239
)
    
(24,432
)
    
(47,243
)
Benefit from income taxes
    
4,778
      
2,472
      
4,846
      
10,772
  
Net loss
  
$
(20,609
)
  
$
(6,767
)
  
$
(19,586
)
  
$
(36,471
)
                                 
Net loss per share:
                                
Basic
  
$
(0.45
)
  
$
(0.15
)
  
$
(0.43
)
  
$
(0.81
)
Diluted
  
$
(0.45
)
  
$
(0.15
)
  
$
(0.43
)
  
$
(0.81
)
                                 
Weighted average shares outstanding:
                                
Basic
    
45,631
      
45,042
      
45,561
      
45,004
  
Diluted(1) 
    
45,631
      
45,042
      
45,561
      
45,004
  
 
   
(1)  Basic and diluted shares are the same due to the net loss.

 
 

 
 
 


 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

   
Three Months Ended
December 31,
    
Year Ended December 31,
  
   
2010
    
2009
    
2010
    
2009
  
                                 
OPERATING CASH FLOW:
                                
Net loss
  
$
(20,609
)
  
$
(6,767
)
  
$
(19,586
)
  
$
(36,471
)
Reconciling items:
                                
    Deferred income taxes
    
(4,748
)
    
8,478
      
(4,617
)
    
30,796
  
    Depreciation, depletion and amortization
    
50,206
      
61,237
      
213,809
      
213,238
  
    Impairment of oil and gas properties
    
11
      
—
      
224
      
115
  
    (Gain) loss on sale of assets
    
14,998
      
(213
)
    
10,103
      
(213
)
    Debt issuance costs and discount amortization
    
602
      
554
      
2,436
      
1,162
  
    Stock-based compensation
    
4,447
      
4,250
      
17,377
      
15,783
  
Operating cash flow
    
44,907
      
67,539
      
219,746
      
224,410
  
Excess tax benefit from stock-based compensation
    
12
      
(123
)
    
(1,491
)
    
(1,097
)
Decrease (increase) in accounts receivable
    
(12,528
)
    
(10,046
)
    
(4,432
)
    
1,997
  
Decrease (increase) in other current assets
    
(1,358
)
    
(4,549
)
    
48,070
      
(27,927
)
Increase (decrease) in accounts payable and accrued expenses
    
31,393
      
5,586
      
49,769
      
(21,126
)
                                 
Net cash provided by operating activities
  
$
62,426
    
$
58,407
    
$
311,662
    
$
176,257
  
                                 
EBITDAX:
                                
Net loss
  
$
(20,609
)
  
$
(6,767
)
  
$
(19,586
)
  
$
(36,471
)
Interest expense
    
6,905
      
7,779
      
29,456
      
16,086
  
Income tax benefit
    
(4,778
)
    
(2,472
)
    
(4,846
)
    
(10,772
)
Depreciation, depletion and amortization
    
50,206
      
61,237
      
213,809
      
213,238
  
Impairment of oil and gas properties
    
11
      
—
      
224
      
115
  
(Gain) loss on sale of assets
    
14,998
      
(213
)
    
10,103
      
(213
)
Stock-based compensation
    
4,447
      
4,250
      
17,377
      
15,783
  
Exploration
    
99
      
536
      
2,605
      
907
  
                                 
EBITDAX
  
$
51,279
    
$
64,350
    
$
249,142
    
$
198,673
  
 
   
As of December 31,
  
   
2010
    
2009
  
                 
BALANCE SHEET DATA:
                
Cash and cash equivalents
  
$
1,732
    
$
90,472
  
Income taxes receivable
    
—
      
42,402
  
Marketable securities
    
84,637
      
95,973
  
Other current assets
    
49,362
      
44,539
  
Property and equipment, net
    
1,816,248
      
1,576,287
  
Other
    
12,235
      
9,288
  
                 
Total assets
  
$
1,964,214
    
$
1,858,961
  
                 
Accounts payable and accrued expenses
  
$
155,064
    
$
94,771
  
Long-term debt
    
513,372
      
470,836
  
Deferred income taxes
    
217,993
      
220,682
  
Other non-current liabilities
    
9,254
      
6,561
  
Stockholders' equity
    
1,068,531
      
1,066,111
  
                 
Total liabilities and stockholders' equity
  
$
1,964,214
    
$
1,858,961
  
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

   
For the Three Months Ended
December 31, 2010
    
For the Three Months Ended
December 31, 2009
  
   
East Texas/
                      
East Texas/
                    
   
North
    
South
                
North
    
South
              
   
Louisiana
    
Texas
    
Other
    
Total
    
Louisiana
    
Texas
    
Other
    
Total
  
Oil production (thousand barrels)
    
33
      
43
      
82
      
158
      
43
      
42
      
106
      
191
  
Gas production (MMcf)
    
12,637
      
3,130
      
549
      
16,316
      
12,770
      
4,356
      
817
      
17,943
  
Total production (MMcfe)
    
12,835
      
3,383
      
1,042
      
17,260
      
13,031
      
4,603
      
1,454
      
19,088
  
                                                                 
Oil sales
  
$
2,667
    
$
3,517
    
$
5,573
    
$
11,757
    
$
3,125
    
$
3,034
    
$
6,199
    
$
12,358
  
Gas sales
    
45,356
      
13,278
      
2,259
      
60,893
      
50,623
      
19,279
      
3,671
      
73,573
  
Gas hedging gains
    
—
      
—
      
—
      
—
      
—
      
5,990
      
—
      
5,990
  
Total gas sales
    
45,356
      
13,278
      
2,259
      
60,893
      
50,623
      
25,269
      
3,671
      
79,563
  
Total oil and gas sales
  
$
48,023
    
$
16,795
    
$
7,832
    
$
72,650
    
$
53,748
    
$
28,303
    
$
9,870
    
$
91,921
  
                                                                 
Average oil price (per barrel)
  
$
80.63
    
$
83.16
    
$
68.03
    
$
74.75
    
$
72.04
    
$
73.78
    
$
58.31
    
$
64.76
  
Average gas price (per Mcf)
  
$
3.59
    
$
4.24
    
$
4.11
    
$
3.73
    
$
3.96
    
$
4.43
    
$
4.49
    
$
4.10
  
Average gas price including hedging (per Mcf)
  
$
3.59
    
$
4.24
    
$
4.11
    
$
3.73
    
$
3.96
    
$
5.80
    
$
4.49
    
$
4.43
  
Average price (per Mcfe)
  
$
3.74
    
$
4.96
    
$
7.52
    
$
4.21
    
$
4.12
    
$
4.85
    
$
6.79
    
$
4.50
  
Average price including hedging (per Mcfe)
  
$
3.74
    
$
4.96
    
$
7.52
    
$
4.21
    
$
4.12
    
$
6.15
    
$
6.79
    
$
4.82
  
                                                                 
Production taxes
  
$
(781
)
  
$
682
    
$
450
    
$
351
    
$
2,906
    
$
(329
)
  
$
580
    
$
3,157
  
Gathering and transportation
  
$
4,189
    
$
643
    
$
116
    
$
4,948
    
$
4,031
    
$
587
    
$
116
    
$
4,734
  
Lease operating
  
$
6,162
    
$
3,667
    
$
2,546
    
$
12,375
    
$
6,207
    
$
3,478
    
$
2,860
    
$
12,545
  
Production taxes (per Mcfe)
  
$
(0.06
)
  
$
0.20
    
$
0.43
    
$
0.02
    
$
0.22
    
$
(0.07
)
  
$
0.40
    
$
0.17
  
Gathering and transportation (per Mcfe)
  
$
0.33
    
$
0.19
    
$
0.11
    
$
0.29
    
$
0.31
    
$
0.13
    
$
0.08
    
$
0.25
  
Lease operating (per Mcfe)
  
$
0.48
    
$
1.09
    
$
2.45
    
$
0.71
    
$
0.48
    
$
0.75
    
$
1.97
    
$
0.65
  
                                                                 
Oil and Gas Capital Expenditures:
                                                                
Leasehold costs
  
$
5,387
    
$
2,100
    
$
15
    
$
7,502
    
$
17,343
    
$
173
    
$
79
    
$
17,595
  
Exploratory drilling
    
9,718
      
19,185
      
—
      
28,903
      
10,196
      
4
      
—
      
10,200
  
Development drilling
    
96,913
      
7,441
      
101
      
104,455
      
61,162
      
846
      
152
      
62,160
  
Other development
    
34
      
210
      
78
      
322
      
538
      
430
      
17
      
985
  
Total
  
$
112,052
    
$
28,936
    
$
194
    
$
141,182
    
$
89,239
    
$
1,453
    
$
248
    
$
90,940
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
 
   
For the Year Ended
December 31, 2010
    
For the Year Ended
December 31, 2009
  
   
East Texas/
                      
East Texas/
                    
   
North
    
South
                
North
    
South
              
   
Louisiana
    
Texas
    
Other
    
Total
    
Louisiana
    
Texas
    
Other
    
Total
  
Oil production (thousand barrels)
    
147
      
157
      
411
      
715
      
210
      
164
      
401
      
775
  
Gas production (MMcf)
    
52,038
      
14,437
      
2,498
      
68,973
      
39,048
      
18,921
      
2,851
      
60,820
  
Total production (MMcfe)
    
52,920
      
15,376
      
4,966
      
73,262
      
40,309
      
19,902
      
5,257
      
65,468
  
                                                                 
Oil sales
  
$
11,237
    
$
12,088
    
$
25,524
    
$
48,849
    
$
11,310
    
$
9,344
    
$
18,802
    
$
39,456
  
Gas sales
    
219,387
      
68,915
      
11,990
      
300,292
      
141,632
      
74,572
      
10,601
      
226,805
  
Gas hedging gains
    
—
      
—
      
—
      
—
      
—
      
26,322
      
—
      
26,322
  
Total gas sales
    
219,387
      
68,915
      
11,990
      
300,292
      
141,632
      
100,894
      
10,601
      
253,127
  
Total oil and gas sales
  
$
230,624
    
$
81,003
    
$
37,514
    
$
349,141
    
$
152,942
    
$
110,238
    
$
29,403
    
$
292,583
  
                                                                 
Average oil price (per barrel)
  
$
76.37
    
$
77.21
    
$
62.10
    
$
68.35
    
$
53.83
    
$
57.19
    
$
46.88
    
$
50.94
  
Average gas price (per Mcf)
  
$
4.22
    
$
4.77
    
$
4.80
    
$
4.35
    
$
3.63
    
$
3.94
    
$
3.72
    
$
3.73
  
Average gas price including hedging (per Mcf)
  
$
4.22
    
$
4.77
    
$
4.80
    
$
4.35
    
$
3.63
    
$
5.33
    
$
3.72
    
$
4.16
  
Average price (per Mcfe)
  
$
4.36
    
$
5.27
    
$
7.55
    
$
4.77
    
$
3.79
    
$
4.22
    
$
5.59
    
$
4.07
  
Average price including hedging (per Mcfe)
  
$
4.36
    
$
5.27
    
$
7.55
    
$
4.77
    
$
3.79
    
$
5.54
    
$
5.59
    
$
4.47
  
                                                                 
Production taxes
  
$
5,837
    
$
1,990
    
$
2,067
    
$
9,894
    
$
4,862
    
$
2,041
    
$
1,740
    
$
8,643
  
Gathering and transportation
  
$
14,762
    
$
2,086
    
$
408
    
$
17,256
    
$
5,475
    
$
2,773
    
$
448
    
$
8,696
  
Lease operating
  
$
28,000
    
$
14,027
    
$
11,498
    
$
53,525
    
$
26,696
    
$
14,536
    
$
12,328
    
$
53,560
  
Production taxes (per Mcfe)
  
$
0.11
    
$
0.13
    
$
0.42
    
$
0.14
    
$
0.12
    
$
0.10
    
$
0.33
    
$
0.13
  
Gathering and transportation (per Mcfe)
  
$
0.28
    
$
0.14
    
$
0.08
    
$
0.24
    
$
0.14
    
$
0.14
    
$
0.09
    
$
0.13
  
Lease operating (per Mcfe)
  
$
0.53
    
$
0.91
    
$
2.31
    
$
0.72
    
$
0.66
    
$
0.73
    
$
2.34
    
$
0.82
  
                                                                 
Oil and Gas Capital Expenditures:
                                                                
Leasehold costs
  
$
55,788
    
$
81,975
    
$
173
    
$
137,936
    
$
26,887
    
$
817
    
$
234
    
$
27,938
  
Exploratory drilling
    
59,579
      
25,561
      
—
      
85,140
      
99,113
      
1,936
      
—
      
101,049
  
Development drilling
    
294,399
      
9,506
      
1,505
      
305,410
      
178,349
      
27,279
      
273
      
205,901
  
Other development
    
2,251
      
2,559
      
838
      
5,648
      
4,574
      
4,662
      
343
      
9,579
  
Total
  
$
412,017
    
$
119,601
    
$
2,516
    
$
534,134
    
$
308,923
    
$
34,694
    
$
850
    
$
344,467
  

 
 
 
 
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