0000023194-12-000036.txt : 20120730 0000023194-12-000036.hdr.sgml : 20120730 20120730171300 ACCESSION NUMBER: 0000023194-12-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 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: 12994444 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 form8kjuly3012.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kjuly3012.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):  July 30, 2012

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 July 30, 2012, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and six months ended June 30, 2012.  A copy of the press release announcing Comstock's earnings and operating results for the three months and six months ended June 30, 2012 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 July 30, 2012.

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:  July 30, 2012
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
Senior Vice President and Chief Financial Officer
EX-99.1 2 exhibit99pnt1july30.htm EXHIBIT 99.1 exhibit99pnt1july30.htm
 
Exhibit 99.1
 
 
5300 Town and Country Blvd., Suite 500
comstock resources, inc. logo
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
SECOND QUARTER 2012 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, July 30, 2012 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the three months and six months ended June 30, 2012.

Financial Results for the Three Months and Six Months Ended June 30, 2012

Low natural gas prices continue to adversely impact the Company's financial results in the second quarter of 2012 as Comstock reported a net loss of $10.3 million or 22¢ per share as compared to net income of $3.9 million or 8¢ per diluted share for the three months ended June 30, 2011.  The second quarter of 2012 results included a $5.3 million ($3.4 million after tax, or 7¢ per diluted share) impairment on certain natural gas properties as well as a gain of $20.3 million ($13.2 million after tax or 28¢ per diluted share) from the sale of oil and gas properties.  Results for the three months ended June 30, 2011 included a gain on sale of marketable securities of $8.5 million ($5.5 million after tax or 12¢ per diluted share).

Comstock's production in the second quarter of 2012 of 583 thousand barrels of oil and 21.9 billion cubic feet of natural gas or 25.4 billion cubic feet of natural gas equivalent ("Bcfe") increased 6% over the 24.0 Bcfe produced in the second quarter of 2011.  Oil production increased 267% over 2011's second quarter.  Oil production in the second quarter, which averaged 6,400 barrels of oil per day, grew 14% from the 5,600 barrels per day produced in the first quarter of 2012.
 
Comstock's average realized natural gas price of $2.03 per Mcf for the second quarter of 2012 was 52% lower than the $4.19 per Mcf realized for the second quarter of 2011.  The Company's average realized oil price for the second quarter of 2012, including hedging gains, was $103.37 per barrel, which was 2% higher than the second quarter of 2011's average price of $101.02.  Comstock's higher oil production in the second quarter only partially offset the effect of the extraordinarily low natural gas prices as oil and gas sales for the second quarter of 2012 decreased by 7% to $104.7 million as compared to 2011's second quarter sales of $112.5 million.  Oil sales composed 58% of total sales in the quarter as compared to only 14% in the second quarter of 2011.  Operating cash flow (before changes in working capital accounts) of $61.3 million in the second quarter of 2012 was 20% lower than operating cash flow of $77.1 million for the second quarter of 2011, and EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $74.6 million in the second quarter of 2012 decreased 14% from EBITDAX of $87.1 million in the second quarter of 2011.  The lower natural gas prices not only caused revenues, cash flow, EBITDAX and earnings to decline but also resulted in an increase to the Company's depreciation, depletion and amortization expense in the quarter due to the exclusion of a substantial amount of the Company's undeveloped natural gas reserves from proved reserves.
 
 
 
 
 
 

 
 
 
 
Comstock reported a net loss of $3.4 million or 7¢ per share for the first six months of 2012 as compared to net income of $6.4 million or 13¢ per diluted share for the six months ended June 30, 2011.  The 2012 results include a gain of $27.1 million ($17.6 million after tax or 38¢ per diluted share) from the sale of oil and gas properties which generated net proceeds of $146.1 million and a gain of $26.6 million ($17.3 million or 37¢ per share) on the sale of marketable securities which generated net proceeds of $37.7 million.  The six months 2012 financial results also included impairments of oil and gas properties and unevaluated leases of $6.7 million ($4.4 million after tax, or 9¢ per diluted share).  Results for the six months ended June 30, 2011 included a gain on sale of marketable securities of $29.7 million ($19.3 million after tax or 42¢ per diluted share), impairments of unevaluated leases of $9.5 million ($6.1 million or 13¢ per share), and a loss on early extinguishment of debt of $1.1 million ($0.7 million or 2¢ per share).

Comstock's production in the first half of 2012 of 50.8 Bcfe increased 16% over the 43.9 Bcfe produced in the first half of 2011.  Oil comprised 13% of production during this period in 2012 as compared to only 4% in 2011.  Natural gas prices were substantially weaker in the first six months of 2012 as compared to 2011's first six months.  Comstock's average realized natural gas price decreased 43% to $2.34 per Mcf for the first six months of 2012 as compared to $4.08 per Mcf for the first six months of 2011.  The Company's average realized oil price for the first six months of 2012 of $102.43 per barrel, including hedging gains, was 7% above 2011's average realized price of $95.89.  Oil and gas sales increased by 7% to $215.0 million in the first six months of 2012 as compared to 2011's first six months sales of $200.5 million.  The higher production level in the first half of 2012 was partially offset by the low natural gas prices.  Operating cash flow (before changes in working capital accounts) of $128.1 million in the first six months of 2012 decreased 4% from 2011's first six months operating cash flow of $133.2 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, increased 1% to $153.6 million in 2012's first six months from 2011's first six months EBITDAX of $152.2 million.

2012 Drilling Results

Comstock reported on the results to date of its 2012 drilling program.  During the first six months of 2012, Comstock has spent $314.3 million on development and exploration activities and $16.1 million on acreage and other acquisitions.  Comstock drilled 39 wells (31.0 net) and had five wells (3.6 net) drilling at June 30, 2012.  The wells drilled in the second quarter included eight (7.2 net) oil wells in West Texas and eight (7.0 net) oil wells in the Eagle Ford shale in South Texas.  At the end of the second quarter of 2012, the Company's six operated drilling rigs were all drilling oil wells in South Texas and West Texas as the Company has suspended its natural gas drilling operations until natural gas prices improve.

Since the beginning of 2012, the Company has completed 31 oil wells, fifteen in the vertical Wolfbone program in its West Texas region and sixteen in the horizontal Eagle Ford shale program in the South Texas region.  The sixteen Eagle Ford shale wells that were completed had an average per well initial production rate of 565 barrels of oil equivalent ("BOE") per day.  Of the eight new Eagle Ford wells completed this quarter, the Donnell C #1H, the Carlson C #1H and the Hubberd #3 H in McMullen County had the highest initial production rates at 938, 862 and 793 BOE per day, respectively.  These wells are being produced under the Company's restricted choke program.  Longer term production results from the first 29 Eagle Ford shale wells have confirmed the benefit of this program.  The twenty-nine wells, which have been producing for more than 90 days, had an average initial production rate of 679 BOE per day.  The 30 day per well production rate for these wells averaged 514 BOE per day and the 90 day per well production rate averaged 453 BOE per day, or 67% of the initial 24 hour test rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Since closing on the acquisition of acreage in Reeves County in West Texas, Comstock has drilled and completed thirteen operated vertical Wolfbone wells.  These wells were drilled to total depths of 11,370 to 12,786 feet and completed with 5 to 11 frac stages.  These wells have an average per well initial production rate of 374 BOE per day (78% oil).  Comstock's vertical Wolfbone wells continue to be some of the best vertical oil wells in the play.  Of the eight new wells reported on this quarter, three wells had initial production rates over 400 BOE per day including the Pat Garrett 38 #1 at 489 BOE, the Buffalo Bill 9 #1 at 517 BOE and the Trigger 40 #1 at 419 BOE.  Comstock is currently drilling its first horizontal well, the Monroe 35 #1-H, targeting the Wolfcamp shale formation.

Comstock has planned a conference call for 9:30 a.m. Central Time on July 31, 2012, to discuss the operational and financial results for the second quarter of 2012.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 866-277-1181 (international dial-in use 617-597-5358) and provide access code 75971610 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.  A replay of the conference call will be available beginning at 3:00 p.m. ET July 31, 2012 and will continue until 11:59 p.m. August 7, 2012.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 67963510.


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.  For additional information, please visit Comstock's website at www.comstockresources.com.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)


   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2012
    
2011
    
2012
    
2011
  
                                 
Revenues:
                                
Oil and gas sales
  
$
104,690
    
$
112,451
    
$
215,025
    
$
200,489
  
Gain on sale of oil and gas properties
    
20,338
      
—
      
27,065
      
—
  
Total revenues
    
125,028
      
112,451
      
242,090
      
200,489
  
                                 
Operating expenses:
                                
Production taxes
    
3,380
      
1,363
      
7,017
      
2,089
  
Gathering and transportation
    
7,338
      
6,611
      
15,230
      
12,239
  
Lease operating
    
13,948
      
12,437
      
28,697
      
23,985
  
Exploration
    
37
      
82
      
1,390
      
9,619
  
Depreciation, depletion and amortization
    
90,083
      
74,689
      
169,180
      
135,014
  
Impairment of oil and gas properties
    
5,301
      
—
      
5,350
      
—
  
Loss on sale of oil and gas properties
    
—
      
(26
 )     
—
      
83
  
General and administrative
    
9,033
      
8,917
      
17,831
      
17,345
  
Total operating expenses
    
129,120
      
104,073
      
244,695
      
200,374
  
                                 
Operating income (loss)
    
(4,092
)
    
8,378
      
(2,605
)
    
115
  
                                 
Other income (expenses):
                                
Interest expense
    
(14,529
)
    
(10,410
)
    
(27,766
)
    
(20,694
)
Gain on sale of marketable securities
    
—
      
8,480
      
26,621
      
29,729
  
Other income
    
545
      
83
      
522
      
393
  
Total other income (expenses)
    
(13,984
)
    
(1,847
)
    
(623
)
    
9,428
  
                                 
Income (loss) before income taxes
    
(18,076
)
    
6,531
      
(3,228
)
    
9,543
  
Benefit from (provision for) income taxes
    
7,772
      
(2,582
)
    
(217
)
    
(3,190
)
Net income (loss)
  
$
(10,304
)
  
$
3,949
    
$
(3,445
)
  
$
6,353
  
                                 
Net income (loss) per share:
                                
Basic
  
$
(0.22
)
  
$
0.08
    
$
(0.07
)
  
$
0.13
  
Diluted
  
$
(0.22
)
  
$
0.08
    
$
(0.07
)
  
$
0.13
  
                                 
Weighted average shares outstanding:
                                
Basic
    
46,426
      
45,992
      
46,399
      
45,983
  
Diluted
    
46,426
      
45,992
      
46,399
      
45,983
  



 
 
 
 
 
 
 

 



 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2012
    
2011
    
2012
    
2011
  
                                 
OPERATING CASH FLOW:
                                
                                 
Net income (loss)
  
$
(10,304
)
  
$
3,949
    
$
(3,445
)
  
$
6,353
  
Reconciling items:
                                
    Deferred income taxes
    
(7,656
)
    
2,172
      
416
      
2,621
  
    Depreciation, depletion and amortization
    
90,083
      
74,689
      
169,180
      
135,014
  
    Impairment of oil and gas properties
    
5,301
      
—
      
5,350
      
—
  
    Dry hole costs and leasehold impairments
    
—
      
—
      
1,315
      
9,454
  
    Gain on sale of assets
    
(20,338
)
    
(8,506
)
    
(53,686
)
    
(29,646
)
    Debt issuance cost and discount amortization
    
1,159
      
938
      
2,103
      
2,403
  
    Unrealized loss on derivative financial instruments
    
(262
)
    
—
      
—
      
—
  
    Stock-based compensation
    
3,325
      
3,850
      
6,860
      
7,012
  
    Operating cash flow
    
61,308
      
77,092
      
128,093
      
133,211
  
    Excess income taxes from stock-based compensation
    
265
      
125
      
1,670
      
612
  
    (Increase) decrease in accounts receivable
    
9,796
      
(1,332
)
    
11,611
      
(6,631
)
    Increase in other current assets
    
(3,898
)
    
(7,338
)
    
(4,097
)
    
(8,454
)
    Increase (decrease) in accounts payable and accrued expenses
    
(58,753
)
    
(1,572
)
    
4,621
      
(836
)
    Net cash provided by operating activities
  
$
8,718
    
$
66,975
    
$
141,898
    
$
117,902
  
                                 
EBITDAX:
                                
                                 
Net income (loss)
  
$
(10,304
)
  
$
3,949
    
$
(3,445
)
  
$
6,353
  
Interest expense
    
14,529
      
10,410
      
27,766
      
20,694
  
Income taxes
    
(7,772
)
    
2,582
      
217
      
3,190
  
Depreciation, depletion and amortization
    
90,083
      
74,689
      
169,180
      
135,014
  
Exploration
    
37
      
82
      
1,390
      
9,619
  
Impairments
    
5,301
      
—
      
5,350
      
—
  
Gain on sale of assets
    
(20,338
)
    
(8,506
)
    
(53,686
)
    
(29,646
)
Unrealized loss on derivative financial instruments
    
(262
)
    
—
      
—
      
—
  
Stock-based compensation
    
3,325
      
3,850
      
6,860
      
7,012
  
EBITDAX
  
$
74,599
    
$
87,056
    
$
153,632
    
$
152,236
  
 
   
As of June 30,
  
   
2012
    
2011
  
                 
BALANCE SHEET DATA:
                
                 
Cash and cash equivalents
  
$
3,505
    
$
3,556
  
Marketable securities
    
15,204
      
62,482
  
Derivative financial instruments
    
18,536
      
—
  
Other current assets
    
48,817
      
64,447
  
Property and equipment, net
    
2,547,219
      
2,021,287
  
Other
    
28,031
      
16,677
  
Total assets
  
$
2,661,312
    
$
2,168,449
  
                 
Accounts payable and accrued expenses
  
$
176,726
    
$
172,024
  
Long-term debt
    
1,223,235
      
691,640
  
Deferred income taxes
    
203,530
      
217,992
  
Other non-current liabilities
    
16,528
      
9,508
  
Stockholders' equity
    
1,041,293
      
1,077,285
  
Total liabilities and stockholders' equity
  
$
2,661,312
    
$
2,168,449
  
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     
 
For the Three Months Ended June 30, 2012
    
For the Three Months Ended June 30, 2011
  
     
East Texas/
North
Louisiana
      
South
Texas
      
West
Texas
      
Other
      
Total
      
East Texas/
North
Louisiana
      
South
Texas
      
Other
      
Total
  
Oil production (Mbbls)
    
20
      
425
      
124
      
14
      
583
      
29
      
128
      
2
      
159
  
Gas production (MMcf)
    
19,012
      
2,210
      
145
      
526
      
21,893
      
19,552
      
2,915
      
529
      
22,996
  
Total production (MMcfe)
    
19,129
      
4,762
      
885
      
613
      
25,389
      
19,728
      
3,679
      
547
      
23,954
  
                                                                         
Oil sales
  
$
1,860
    
$
43,970
    
$
10,169
    
$
1,503
    
$
57,502
    
$
3,092
    
$
12,726
    
$
305
    
$
16,123
  
Hedging gains
    
—
      
2,220
      
499
      
—
      
2,719
      
—
      
—
      
—
      
—
  
Total oil including hedging
    
1,860
      
46,190
      
10,668
      
1,503
      
60,221
      
3,092
      
12,726
      
305
      
16,123
  
Natural gas sales
    
36,594
      
5,656
      
887
      
1,332
      
44,469
      
79,384
      
14,170
      
2,774
      
96,328
  
Total oil and gas sales
  
$
38,454
    
$
51,846
    
$
11,555
    
$
2,835
    
$
104,690
    
$
82,476
    
$
26,896
    
$
3,079
    
$
112,451
  
                                                                         
                                                                         
Average oil price (per barrel)
  
$
95.33
    
$
103.36
    
$
84.27
    
$
104.92
    
$
98.70
    
$
105.40
    
$
99.88
    
$
107.06
    
$
101.02
  
Average oil price including hedging (per barrel)
  
$
95.33
    
$
108.58
    
$
86.50
    
$
104.92
    
$
103.37
    
$
105.40
    
$
99.88
    
$
107.06
    
$
101.02
  
Average gas price (per Mcf)
  
$
1.92
    
$
2.56
    
$
6.12
    
$
2.53
    
$
2.03
    
$
4.06
    
$
4.86
    
$
5.24
    
$
4.19
  
Average price (per Mcfe)
  
$
2.01
    
$
10.42
    
$
12.49
    
$
4.62
    
$
4.02
    
$
4.18
    
$
7.31
    
$
5.63
    
$
4.69
  
Average price including hedging (per Mcfe)
  
$
2.01
    
$
10.89
    
$
13.06
    
$
4.62
    
$
4.12
    
$
4.18
    
$
7.31
    
$
5.63
    
$
4.69
  
                                                                         
Production taxes
  
$
606
    
$
1,992
    
$
519
    
$
263
    
$
3,380
    
$
65
    
$
1,116
    
$
182
    
$
1,363
  
Gathering and transportation
  
$
6,244
    
$
735
    
$
232
    
$
127
    
$
7,338
    
$
6,134
    
$
356
    
$
121
    
$
6,611
  
Lease operating
  
$
7,977
    
$
3,135
    
$
1,755
    
$
1,081
    
$
13,948
    
$
7,796
    
$
3,620
    
$
1,021
    
$
12,437
  
Production taxes (per Mcfe)
  
$
0.03
    
$
0.42
    
$
0.59
    
$
0.43
    
$
0.13
    
$
—
    
$
0.30
    
$
0.33
    
$
0.06
  
Gathering and transportation (per Mcfe)
  
$
0.33
    
$
0.15
    
$
0.26
    
$
0.21
    
$
0.29
    
$
0.31
    
$
0.10
    
$
0.22
    
$
0.28
  
Lease operating (per Mcfe)
  
$
0.42
    
$
0.66
    
$
1.98
    
$
1.76
    
$
0.55
    
$
0.40
    
$
0.98
    
$
1.87
    
$
0.51
  
                                                                         
Oil and Gas Capital Expenditures:
                                                                  
Acquisitions
  
$
—
    
$
—
    
$
(98
)
  
$
—
    
$
(98
)
  
$
—
    
$
—
    
$
—
    
$
—
  
Exploratory leasehold
    
1,774
      
1,611
      
4,471
      
—
      
7,856
      
4,224
      
17,508
      
1,311
      
23,043
  
Development leasehold
    
84
      
—
      
—
      
—
      
84
      
185
      
77
      
—
      
262
  
Exploratory drilling
    
200
      
1,923
      
—
      
—
      
2,123
      
10,046
      
18,367
      
—
      
28,413
  
Development drilling
    
22,336
      
71,456
      
45,209
      
—
      
139,001
      
123,439
      
12,803
      
675
      
136,917
  
Other development
    
(41
)
    
(104
)
    
(15
)
    
(18
)
    
(178
)
    
998
      
1,015
      
198
      
2,211
  
Total
  
$
24,353
    
$
74,886
    
$
49,567
    
$
(18
)
  
$
148,788
    
$
138,892
    
$
49,770
    
$
2,184
    
$
190,846
  


 
 
 
 
 

 

 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

     
 
For the Six Months Ended June 30, 2012
    
For the Six Months Ended June 30, 2011
  
     
East Texas/
North
Louisiana
      
South
Texas
      
West
Texas
      
Other
      
Total
      
East Texas/
North
Louisiana
      
South
Texas
      
Other
      
Total
  
Oil production (Mbbls)
    
47
      
828
      
197
      
17
      
1,089
      
63
      
222
      
12
      
297
  
Gas production (MMcf)
    
38,112
      
4,870
      
272
      
1,061
      
44,315
      
34,996
      
5,780
      
1,329
      
42,105
  
Total production (MMcfe)
    
38,392
      
9,837
      
1,451
      
1,167
      
50,847
      
35,375
      
7,110
      
1,404
      
43,889
  
                                                                         
Oil sales
  
$
4,611
    
$
86,444
    
$
17,282
    
$
1,806
    
$
110,143
    
$
6,037
    
$
21,365
    
$
1,111
    
$
28,513
  
Hedging gains
    
—
      
1,091
      
274
      
—
      
1,365
      
—
      
—
      
—
      
—
  
Total oil including hedging
    
4,611
      
87,535
      
17,556
      
1,806
      
111,508
      
6,037
      
21,365
      
1,111
      
28,513
  
Natural gas sales
    
84,096
      
14,792
      
1,691
      
2,938
      
103,517
      
137,994
      
27,320
      
6,662
      
171,976
  
Total oil and gas sales
  
$
88,707
    
$
102,327
    
$
19,247
    
$
4,744
    
$
215,025
    
$
144,031
    
$
48,685
    
$
7,773
    
$
200,489
  
                                                                         
                                                                         
Average oil price (per barrel)
  
$
98.91
    
$
104.41
    
$
87.92
    
$
103.10
    
$
101.17
    
$
95.64
    
$
96.36
    
$
88.82
    
$
95.89
  
Average oil price including hedging (per barrel)
  
$
98.91
    
$
105.73
    
$
89.31
    
$
103.10
    
$
102.43
    
$
95.64
    
$
96.36
    
$
88.82
    
$
95.89
  
Average gas price (per Mcf)
  
$
2.21
    
$
3.04
    
$
6.22
    
$
2.77
    
$
2.34
    
$
3.94
    
$
4.73
    
$
5.01
    
$
4.08
  
Average price (per Mcfe)
  
$
2.31
    
$
10.29
    
$
13.08
    
$
4.07
    
$
4.20
    
$
4.07
    
$
6.85
    
$
5.54
    
$
4.57
  
Average price including hedging (per Mcfe)
  
$
2.31
    
$
10.40
    
$
13.26
    
$
4.07
    
$
4.23
    
$
4.07
    
$
6.85
    
$
5.54
    
$
4.57
  
                                                                         
Production taxes
  
$
1,407
    
$
4,283
    
$
909
    
$
418
    
$
7,017
    
$
94
    
$
1,498
    
$
497
    
$
2,089
  
Gathering and transportation
  
$
13,077
    
$
1,507
    
$
409
    
$
237
    
$
15,230
    
$
11,210
    
$
813
    
$
216
    
$
12,239
  
Lease operating
  
$
16,638
    
$
6,854
    
$
3,046
    
$
2,159
    
$
28,697
    
$
14,995
    
$
6,987
    
$
2,003
    
$
23,985
  
Production taxes (per Mcfe)
  
$
0.04
    
$
0.44
    
$
0.63
    
$
0.36
    
$
0.14
    
$
—
    
$
0.21
    
$
0.35
    
$
0.05
  
Gathering and transportation (per Mcfe)
  
$
0.34
    
$
0.15
    
$
0.28
    
$
0.20
    
$
0.30
    
$
0.32
    
$
0.11
    
$
0.15
    
$
0.28
  
Lease operating (per Mcfe)
  
$
0.43
    
$
0.70
    
$
2.10
    
$
1.85
    
$
0.56
    
$
0.42
    
$
0.99
    
$
1.43
    
$
0.54
  
                                                                         
Oil and Gas Capital Expenditures:
                                                                  
Acquisitions
  
$
—
    
$
—
    
$
3,235
    
$
—
    
$
3,235
    
$
—
    
$
—
    
$
—
    
$
—
  
Exploratory leasehold
    
3,369
      
3,099
      
8,014
      
—
      
14,482
      
15,069
      
19,188
      
1,311
      
35,568
  
Development leasehold
    
429
      
1,216
      
—
      
—
      
1,645
      
315
      
77
      
—
      
392
  
Exploratory drilling
    
568
      
2,328
      
—
      
—
      
2,896
      
26,890
      
38,795
      
—
      
65,685
  
Development drilling
    
90,544
      
135,894
      
79,725
      
—
      
306,163
      
219,027
      
24,341
      
773
      
244,141
  
Other development
    
985
      
615
      
209
      
131
      
1,940
      
1,851
      
1,109
      
292
      
3,252
  
Total
  
$
95,895
    
$
143,152
    
$
91,183
    
$
131
    
$
330,361
    
$
263,152
    
$
83,510
    
$
2,376
    
$
349,038
  




 
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