0000023194-14-000004.txt : 20140210 0000023194-14-000004.hdr.sgml : 20140210 20140210161437 ACCESSION NUMBER: 0000023194-14-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140210 DATE AS OF CHANGE: 20140210 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: 14588830 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 form8kfeb102014.htm COMSTOCK RESOURCES, INC. FORM 8-K form8kfeb102014.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 10, 2014

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

On February 10, 2014, Comstock Resources, Inc. ("Comstock") announced financial results for the three months and year ended December 31, 2013.  A copy of the press release announcing Comstock's earnings and operating results for the three months and year ended December 31, 2013 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.

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.


Item 9.01                      Financial Statements and Exhibits
 
Exhibit 99.1
Press Release dated February 10, 2014.

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 10, 2014
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
President and Chief Financial Officer


EX-99.1 2 exhibit99pnt1feb2014.htm EXHIBIT 99.1 exhibit99pnt1feb2014.htm
Exhibit 99.1
 
 
5300 Town and Country Blvd., Suite 500
comstock resources, inc. logo
Frisco, Texas 75034
Telephone: (972) 668-8834
Contact: Gary H. Guyton
Director of Planning and Investor Relations
 
Web Site: www.comstockresources.com

NEWS RELEASE
For Immediate Release
 
COMSTOCK RESOURCES, INC. REPORTS
FOURTH QUARTER AND ANNUAL 2013
FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 10, 2014 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2013.

Financial Results for the Three Months and Year ended December 31, 2013

Comstock reported a loss from continuing operations of $36.6 million or 79¢ per share for the three months ended December 31, 2013 as compared to a loss from continuing operations of $77.0 million or $1.66 per share for the three months ended December 31, 2012.  The fourth quarter of 2013 results included certain unusual items, including a loss on early retirement of debt of $17.9 million ($11.6 million after tax or 25¢ per share), impairment of unevaluated leases of $18.1 million ($11.8 million after tax or 26¢ per share) and an unrealized gain from derivative financial instruments of $1.3 million ($0.8 million after tax or 2¢ per share).  Results for the three months ended December 31, 2012 included impairments of unevaluated leases and oil and gas properties of  $78.6 million ($51.1 million after tax or $1.10 per share) and an unrealized loss from derivative financial instruments of $2.0 million ($1.3 million after tax or 3¢ per share).

Comstock's production in the fourth quarter of 2013 was 699,000 barrels of oil and 12.2 billion cubic feet of natural gas or 16.4 billion cubic feet of natural gas equivalent ("Bcfe").  Oil production in the fourth quarter averaged 7,598 barrels of oil per day, which represented an increase of 11% from the 6,870 barrels per day produced in the third quarter of 2013, and a 69% increase in oil production from continuing operations in the fourth quarter of 2012 of 4,489 barrels per day.  Gas production in the fourth quarter declined 31% from the same period in 2012 due to the lack of natural gas focused drilling activity.

Comstock's average realized price for natural gas improved by 12% to $3.36 per Mcf for the fourth quarter of 2013 as compared to $3.00 per Mcf realized in the fourth quarter of 2012.  The Company's average realized price for oil, after hedging gains, decreased by 15% to $93.58 per barrel for the fourth quarter of 2013 as compared to $110.42 per barrel for the fourth quarter of 2012.  Oil and gas sales (including realized gains from hedging) of $106.5 million for the fourth quarter increased by 8% as compared to 2012's fourth quarter sales from continuing operations of $98.7 million.  Operating cash flow (before changes in working capital accounts) was $64.1 million in the fourth quarter of 2013, which represented a 9% increase as compared to operating cash flow from continuing operations of $58.9 million in the fourth quarter of 2012.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $78.9 million in the fourth quarter of 2013, increased 6% over EBITDAX from continuing operations of $74.1 million in the fourth quarter of 2012.
 
 
 
 
 

 
 
 
 
Comstock reported net income of $41.0 million, or 85¢ per share, for the year ended December 31, 2013 as compared to a net loss of $100.1 million or $2.16 per share for the year ended December 31, 2012.  Of the 2013 net income, $147.8 million, or $3.07 per share, is attributable to the sale of the Company's West Texas operations in May 2013, which resulted in a gain of $230.0 million ($148.6 million after tax). The loss from continuing operations for 2013 was $106.7 million, or $2.22 per share, as compared to a loss from continuing operations of $103.1 million or $2.22 per share in 2012.

In addition to the sale of the West Texas operations as noted above, the 2013 operating results also include a loss on early retirement of debt of $17.9 million ($11.6 million after tax or 25¢ per share), impairments of oil and gas properties and unevaluated leases of $33.6 million ($21.9 million after tax, or 47¢ per share), a gain of $7.9 million ($5.1 million or 11¢ per share) on the sale of marketable securities, an unrealized loss from derivative financial instruments of $10.7 million ($6.9 million after tax or 15¢ per share), and a loss of $2.0 million ($1.3 million after tax or 3¢ per share) from oil and gas property sales and settlements.  Results for the year ended December 31, 2012 included a gain on sale of marketable securities of $26.6 million ($17.3 million after tax or 37¢ per share), a gain of $24.3 million ($15.8 million after tax or 34¢ per share) from the sale of oil and gas properties, impairments of oil and gas properties and unevaluated leases of $86.7 million ($56.3 million or $1.21 per share), and an unrealized gain on derivatives of $11.5 million ($7.5 million after tax or 16¢ per share).

Oil production related to Comstock's continuing operations for the year ended December 31, 2013 increased 29% to 2.3 million barrels, as compared to 1.8 million barrels produced in 2012.  Gas production decreased 32% to 55.7 Bcf in 2013 as compared to 81.8 Bcf produced in 2012.  Comstock's average realized price for natural gas increased 36% to $3.38 per Mcf in 2013 as compared to $2.49 per Mcf for 2012.  The Company's average realized price for oil in 2013 including hedging gains of $101.19 per barrel, was 5% below the average realized price of $106.53 per barrel in 2012.  Oil and gas sales from continuing operations (including realized gains from hedging) increased by 7% to $422.6 million in 2013 as compared to $394.6 million of sales in 2012.  Operating cash flow related to continuing operations (before changes in working capital accounts) of $249.3 million in 2013 increased 7% from operating cash flow of $233.6 million in 2012.  EBITDAX related to continuing operations increased 11% to $317.0 million in 2013 from $286.2 million in 2012.


2013 Drilling Results

Comstock reported on the results of its 2013 drilling program related to its continuing operations, which was primarily focused on developing its Eagle Ford oil shale properties in South Texas.  During 2013, Comstock spent $343.6 million on its continuing development and exploration activities and $137.0 million on acreage acquisition costs.  Comstock drilled 75 horizontal oil wells (51.6 net) and two horizontal natural gas wells (2.0 net) and had eight oil wells (6.6 net) in various stages of drilling at December 31, 2013.

During 2013 the Company completed 63 of its Eagle Ford shale wells (42.0 net) including six wells (3.8 net) drilled in 2012.  The 63 Eagle Ford shale wells that were completed had an average per well initial production rate of 780 barrels of oil equivalent ("BOE") per day.  Comstock has completed an additional 21 Eagle Ford shale wells since its last operational update.  Most of these wells were put on production late in December 2013 or early in January 2014.  The six wells with the highest initial production rates are the Gloria Wheeler C #3H, the Gloria Wheeler C #1H, the Gloria Wheeler D #4H, the Gloria Wheeler A #4H, the Gloria Wheeler D #3H, and the Gloria Wheeler C #2H, all of which are located in McMullen County, Texas.  These wells had initial production rates of 1,340, 1,219, 1,113, 1,066, 1,054 and 1,025 BOE per day, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Comstock has planned a conference call for 10 a.m. Central Time on February 11, 2014, to discuss the operational and financial results for the fourth quarter of 2013.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 1-866-271-5140 (international dial-in use 617-213-8893) and provide access code 42466055 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 2:00 p.m. Central Time February 11, 2014 and will continue until 11:59 p.m. February 18, 2014.  To hear the replay, call 888-286-8010 (617-801-6888 if calling from outside the US).  The conference call ID number is 36171330.


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,
  
   
2013
    
2012
    
2013
    
2012
  
                                 
Revenues:
                                
Oil and gas sales
  
$
105,860
    
$
93,572
    
$
420,290
    
$
384,814
  
Gain on sale of oil and gas properties
    
51
      
—
      
—
      
24,271
  
Total revenues
    
105,911
      
93,572
      
420,290
      
409,085
  
                                 
Operating expenses:
                                
Production taxes
    
4,352
      
2,521
      
14,524
      
11,727
  
Gathering and transportation
    
4,211
      
5,411
      
17,245
      
26,265
  
Lease operating
    
13,721
      
12,635
      
52,844
      
51,248
  
Exploration(1) 
    
18,081
      
58,652
      
33,423
      
61,449
  
Depreciation, depletion and amortization
    
81,161
      
89,336
      
337,134
      
343,858
  
General and administrative
    
8,771
      
7,825
      
34,767
      
33,798
  
Loss on sale of oil and gas properties
    
—
      
—
      
2,033
      
—
  
Impairment of oil and gas properties
    
—
      
20,018
      
652
      
25,368
  
Total operating expenses
    
130,297
      
196,398
      
492,622
      
553,713
  
                                 
Operating loss
    
(24,386
)
    
(102,826
)
    
(72,332
)
    
(144,628
)
                                 
Other income (expenses):
                                
Gain on sale of marketable securities
    
—
      
—
      
7,877
      
26,621
  
Gains (losses) from derivative financial instruments
    
1,933
      
3,100
      
(8,388
)
    
21,256
  
Loss on early extinguishment of debt
    
(17,854
)
    
—
      
(17,854
)
    
—
  
Interest and other income
    
195
      
269
      
1,059
      
944
  
Interest expense(2) 
    
(15,894
)
    
(16,725
)
  
(73,242
)
  
(57,906
)
Total other income (expenses)
    
(31,620
)
    
(13,356
)
    
(90,548
)
    
(9,085
)
                                 
Loss before income taxes
    
(56,006
)
    
(116,182
)
    
(162,880
)
    
(153,713
)
Benefit from income taxes
    
19,365
      
39,188
      
56,157
      
50,634
  
Loss from continuing operations
    
(36,641
)
    
(76,994
)
    
(106,723
)
    
(103,079
)
Income (loss) from discontinued operations, net of
income taxes
    
(857
)
    
(1,157
)
    
147,752
      
3,019
  
Net income (loss)
  
$
(37,498
)
  
$
(78,151
)
  
$
41,029
    
$
(100,060
)
                                 
Net income (loss) per share:
                                
Basic    — loss from continuing operations
  
$
(0.79
)
  
$
(1.66
)
  
$
(2.22
)
  
$
(2.22
)
    — income (loss) from discontinued operations
    
(0.02
)
    
(0.02
)
    
3.07
      
0.06
  
    — net income (loss)
  
$
(0.81
)
  
$
(1.68
)
  
$
0.85
    
$
(2.16
)
                                 
Diluted— loss from continuing operations
  
$
(0.79
)
  
$
(1.66
)
  
$
(2.22
)
  
$
(2.22
)
— income (loss) from discontinued operations
    
(0.02
)
    
(0.02
)
    
3.07
      
0.06
  
— net income (loss)
  
$
(0.81
)
  
$
(1.68
)
  
$
0.85
    
$
(2.16
)
                                 
Dividends per common share
  
$
0.125
    
$
—
    
$
0.375
    
$
—
  
                                 
Weighted average shares outstanding:
                            
Basic
    
46,165
      
46,446
      
46,553
      
46,422
  
Diluted
    
46,165
      
46,446
      
46,553
      
46,422
  
      
 
(1)  Includes impairments of unevaluated leases of $18.1 million, $33.0 million, $58.6 million and $61.3 million for the three months and years ended December 31, 2013 and 2012, respectively.
(2)  $0.3 million, $1.9 million, $2.7 million and $11.4 million of interest expense was capitalized for the three months and years ended December 31, 2013 and 2012, respectively.
 
 
 
 
 

 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

   
Three Months Ended December 31,
    
Year Ended December 31,
  
   
2013
    
2012
    
2013
    
2012
  
                                 
OPERATING CASH FLOW:
                                
                                 
Net income (loss)
  
$
(37,498
)
  
$
(78,151
)
  
$
41,029
    
$
(100,060
)
Reconciling items:
                                
(Income) loss from discontinued operations
    
857
      
1,157
      
(147,752
)
    
(3,019
)
Deferred income taxes
    
(19,499
)
    
(39,237
)
    
(56,291
)
    
(50,472
)
Depreciation, depletion and amortization
    
81,161
      
89,336
      
337,134
      
343,858
  
Impairment of oil and gas properties
    
—
      
20,018
      
652
      
25,368
  
Dry hole costs and lease impairments
    
18,081
      
58,615
      
32,984
      
61,300
  
Gains on sales of assets
    
(51
)
    
—
      
(5,844
)
    
(50,892
)
(Gains) losses on derivative financial instruments
    
(1,933
)
    
(3,100
)
    
8,388
      
(21,256
)
Cash settlements of derivative financial instruments
    
652
      
5,108
      
2,293
      
9,766
  
Loss on early retirement of debt
    
17,854
      
—
      
17,854
      
—
  
Debt issuance cost and discount amortization
    
1,272
      
1,588
      
6,074
      
5,277
  
Stock-based compensation
    
3,224
      
3,539
      
12,785
      
13,728
  
Operating cash flow from continuing operations
    
64,120
      
58,873
      
249,306
      
233,598
  
Excess income taxes from stock-based compensation
    
—
      
20
      
2,016
      
1,701
  
Decrease (increase) in accounts receivable
    
39,819
      
5,433
      
(8,366
)
    
17,859
  
Decrease (increase) in other current assets
    
(231
)
    
(952
)
    
1,905
      
(2,665
)
Increase (decrease) in accounts payable and accrued expenses
    
(7,878
)
    
(37,850
)
    
64,261
      
(30,772
)
Net cash provided by continuing operations
    
95,830
      
25,524
      
309,122
      
219,721
  
Net cash provided by (used for) discontinued operations(1)
    
15
      
11,007
      
(7,715
)
    
42,508
  
Net cash provided by operating activities
  
$
95,845
    
$
36,531
    
$
301,407
    
$
262,229
  
                                         
                                   
(1)  $5.8 million, $5.1 million and $27.7 million for the three months ended December 31, 2012 and years ended  December 31, 2013 and 2012, respectively, excluding working capital changes.
                                 
EBITDAX:
                                
                                 
Net loss from continuing operations
  
$
(36,641
)
  
$
(76,994
)
  
$
(106,723
)
  
$
(103,079
)
Interest expense
    
15,894
      
16,725
      
73,242
      
57,906
  
Benefit from income taxes
    
(19,365
)
    
(39,188
)
    
(56,157
)
    
(50,634
)
Depreciation, depletion and amortization
    
81,161
      
89,336
      
337,134
      
343,858
  
Exploration
    
18,081
      
58,652
      
33,423
      
61,449
  
Impairments of oil and gas properties
    
—
      
20,018
      
652
      
25,368
  
Gains on sales of assets
    
(51
)
    
—
      
(5,844
)
    
(50,892
)
(Gains) losses on derivative financial instruments
    
(1,933
)
    
(3,100
)
    
8,388
      
(21,256
)
Cash settlements of derivative financial instruments
    
652
      
5,108
      
2,293
      
9,766
  
Loss on early retirement of debt
    
17,854
      
—
      
17,854
      
—
  
Stock-based compensation
    
3,224
      
3,539
      
12,785
      
13,728
  
EBITDAX from continuing operations
    
78,876
      
74,096
      
317,047
      
286,214
  
EBITDAX from discontinued operations
    
—
      
8,330
      
13,651
      
34,396
  
Total EBITDAX
  
$
78,876
    
$
82,426
    
$
330,698
    
$
320,610
  

   
As of
  
   
December 31,
  
   
2013
    
2012
  
                 
BALANCE SHEET DATA:
                
                 
Cash and cash equivalents
  
$
2,967
    
$
4,471
  
Marketable securities
    
—
      
12,312
  
Other current assets
    
53,197
      
46,652
  
Derivative financial instruments
    
970
      
11,651
  
Assets of discontinued operations
    
—
      
518,934
  
Property and equipment, net
    
2,066,735
      
1,958,687
  
Other
    
15,529
      
19,944
  
Total assets
  
$
2,139,398
    
$
2,572,651
  
                 
Current liabilities
  
$
194,995
    
$
112,893
  
Liabilities of discontinued operations
    
—
      
33,280
  
Long-term debt
    
798,700
      
1,324,383
  
Deferred income taxes
    
177,026
      
149,901
  
Other non-current liabilities
    
16,672
      
18,660
  
Stockholders' equity
    
952,005
      
933,534
  
Total liabilities and stockholders' equity
  
$
2,139,398
    
$
2,572,651
  
 
 
 
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

   
For the Three Months Ended December 31, 2013
  
   
East Texas/ North
Louisiana
    
South Texas
    
Other
    
Continuing
Operations
      
Discontinued Operations
      
Total
  
Oil production (Mbbls)
    
15
      
679
      
5
      
699
      
—
      
699
  
Gas production (MMcf)
    
10,081
      
1,785
      
382
      
12,248
      
—
      
12,248
  
Total production (MMcfe)
    
10,173
      
5,857
      
413
      
16,443
      
—
      
16,443
  
                                                 
Oil sales
  
$
1,474
    
$
62,810
    
$
480
    
$
64,764
    
$
—
    
$
64,764
  
Oil hedging gains(1) 
    
—
      
—
      
—
      
652
      
—
      
652
  
Total oil sales including hedging
    
1,474
      
62,810
      
480
      
65,416
      
—
      
65,416
  
Natural gas sales
    
31,984
      
7,530
      
1,582
      
41,096
      
—
      
41,096
  
Total oil and gas sales and realized losses from derivatives
  
$
33,458
    
$
70,340
    
$
2,062
    
$
106,512
    
$
—
    
$
106,512
  
                                                 
Average oil price
(per barrel)
  
$
96.32
    
$
92.55
    
$
93.60
    
$
92.64
    
$
—
    
$
92.64
  
Average oil price including hedging (per barrel)
  
$
96.32
    
$
92.55
    
$
93.60
    
$
93.58
    
$
—
    
$
93.58
  
Average gas price
(per Mcf)
  
$
3.17
    
$
4.22
    
$
4.14
    
$
3.36
    
$
—
    
$
3.36
  
Average price (per Mcfe)
  
$
3.29
    
$
12.01
    
$
4.99
    
$
6.44
    
$
—
    
$
6.44
  
Average price including hedging (per Mcfe)
  
$
3.29
    
$
12.01
    
$
4.99
    
$
6.48
    
$
—
    
$
6.48
  
                                                 
Production taxes
  
$
1,009
    
$
3,208
    
$
135
    
$
4,352
    
$
—
    
$
4,352
  
Gathering and transportation
  
$
3,185
    
$
926
    
$
100
    
$
4,211
    
$
—
    
$
4,211
  
Lease operating
  
$
7,268
    
$
5,876
    
$
577
    
$
13,721
    
$
—
    
$
13,721
  
                                                 
Production taxes (per Mcfe)
  
$
0.10
    
$
0.55
    
$
0.33
    
$
0.26
    
$
—
    
$
0.26
  
Gathering and transportation (per Mcfe)
  
$
0.31
    
$
0.16
    
$
0.24
    
$
0.26
    
$
—
    
$
0.26
  
Lease operating (per Mcfe)
  
$
0.72
    
$
1.00
    
$
1.40
    
$
0.84
    
$
—
    
$
0.84
  
                                                 
Oil and Gas Capital Expenditures:
                                                
Acquisitions
  
$
338
    
$
6,112
    
$
—
    
$
6,450
    
$
—
    
$
6,450
  
Exploratory leasehold
    
—
      
62,657
      
53,342
      
115,999
              
115,999
  
Development leasehold
    
21
      
74
      
—
      
95
      
—
      
95
  
Development drilling
    
196
      
108,140
      
—
      
108,336
      
—
      
108,336
  
Other development
    
204
      
928
      
4
      
1,136
      
—
      
1,136
  
Total
  
$
759
    
$
177,911
(2)
$
53,346
    
$
232,016
    
$
—
    
$
232,016
  
 
      
(1)  Realized gains from hedging activities are included in gains (losses) from derivative financial instruments in operating results.
(2)  Net of acreage and facility reimbursements received of $16.6 million from Company's Eagle Ford shale joint venture.


 
 
 
 
 
 
 
 

 

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

   
For the Three Months Ended December 31, 2012
  
   
East Texas/ North
Louisiana
    
South Texas
    
Other
    
Continuing
Operations
      
Discontinued Operations
      
Total
  
Oil production (Mbbls)
    
12
      
394
      
7
      
413
      
148
      
561
  
Gas production (MMcf)
    
15,340
      
1,833
      
496
      
17,669
      
254
      
17,923
  
Total production (MMcfe)
    
15,412
      
4,198
      
536
      
20,146
      
1,144
      
21,290
  
                                                 
Oil sales
  
$
1,042
    
$
38,870
    
$
582
    
$
40,494
    
$
11,390
    
$
51,884
  
Oil hedging gains(1) 
    
—
      
—
      
—
      
5,108
      
—
      
5,108
  
Total oil sales including hedging
    
1,042
      
38,870
      
582
      
45,602
      
11,390
      
56,992
  
Natural gas sales
    
44,816
      
6,451
      
1,811
      
53,078
      
1,641
      
54,719
  
Total oil and gas sales and realized gains from derivatives
  
$
45,858
    
$
45,321
    
$
2,393
    
$
98,680
    
$
13,031
    
$
111,711
  
                                                 
Average oil price
(per barrel)
  
$
86.72
    
$
98.61
    
$
85.94
    
$
98.06
    
$
76.87
    
$
92.46
  
Average oil price including hedging (per barrel)
  
$
86.72
    
$
98.61
    
$
85.94
    
$
110.42
    
$
76.87
    
$
101.56
  
Average gas price
(per Mcf)
  
$
2.92
    
$
3.52
    
$
3.65
    
$
3.00
    
$
6.46
    
$
3.05
  
Average price (per Mcfe)
  
$
2.98
    
$
10.80
    
$
4.47
    
$
4.64
    
$
11.39
    
$
5.01
  
Average price including hedging (per Mcfe)
  
$
2.98
    
$
10.80
    
$
4.47
    
$
4.90
    
$
11.39
    
$
5.25
  
                                                 
Production taxes
  
$
407
    
$
1,992
    
$
122
    
$
2,521
    
$
627
    
$
3,148
  
Gathering and transportation
  
$
4,692
    
$
473
    
$
246
    
$
5,411
    
$
289
    
$
5,700
  
Lease operating
  
$
6,130
    
$
5,618
    
$
887
    
$
12,635
    
$
3,785
    
$
16,420
  
                                                 
Production taxes (per Mcfe)
  
$
0.03
    
$
0.47
    
$
0.23
    
$
0.13
    
$
0.55
    
$
0.15
  
Gathering and transportation (per Mcfe)
  
$
0.30
    
$
0.11
    
$
0.46
    
$
0.27
    
$
0.25
    
$
0.27
  
Lease operating (per Mcfe)
  
$
0.40
    
$
1.35
    
$
1.65
    
$
0.62
    
$
3.31
    
$
0.77
  
                                                 
Oil and Gas Capital Expenditures:
                                                
Exploratory leasehold
  
$
2,136
    
$
1,456
    
$
—
    
$
3,592
    
$
3,786
    
$
7,378
  
Development leasehold
    
218
      
58
      
—
      
276
      
—
      
276
  
Exploratory drilling
    
217
      
1,299
      
—
      
1,516
      
—
      
1,516
  
Development drilling
    
(59
)
    
39,949
      
—
      
39,890
      
45,091
      
84,981
  
Other development
    
488
      
792
      
21
      
1,301
      
—
      
1,301
  
Total
  
$
3,000
    
$
43,554
(2)
$
21
    
$
46,575
    
$
48,877
    
$
95,452
  
 
      
(1)  Realized gains from hedging activities are included in realized gains (losses) from derivative financial instruments in operating results.
(2)  Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.


 
 
 
 
 
 
 
 
 

 

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

   
For the Year Ended December 31, 2013
  
   
East Texas/ North
Louisiana
    
South Texas
    
Other
    
Continuing
Operations
      
Discontinued Operations
      
Total
  
Oil production (Mbbls)
    
64
      
2,230
      
20
      
2,314
      
270
      
2,584
  
Gas production (MMcf)
    
46,882
      
7,181
      
1,631
      
55,694
      
410
      
56,104
  
Total production (MMcfe)
    
47,267
      
20,560
      
1,750
      
69,577
      
2,031
      
71,608
  
                                                 
Oil sales
  
$
6,255
    
$
223,499
    
$
2,083
    
$
231,837
    
$
22,777
    
$
254,614
  
Oil hedging gains(1) 
    
—
      
—
      
—
      
2,293
      
—
      
2,293
  
Total oil sales including hedging
    
6,255
      
223,499
      
2,083
      
234,130
      
22,777
      
256,907
  
Natural gas sales
    
152,770
      
29,271
      
6,412
      
188,453
      
2,348
      
190,801
  
Total oil and gas sales and realized gains from derivatives
  
$
159,025
    
$
252,770
    
$
8,495
    
$
422,583
    
$
25,125
    
$
447,708
  
                                                 
Average oil price
(per barrel)
  
$
97.57
    
$
100.23
    
$
105.10
    
$
100.20
    
$
84.30
    
$
98.54
  
Average oil price including hedging (per barrel)
  
$
97.57
    
$
100.23
    
$
105.10
    
$
101.19
    
$
84.30
    
$
99.42
  
Average gas price
(per Mcf)
  
$
3.26
    
$
4.08
    
$
3.93
    
$
3.38
    
$
5.73
    
$
3.40
  
Average price (per Mcfe)
  
$
3.36
    
$
12.29
    
$
4.85
    
$
6.04
    
$
12.37
    
$
6.22
  
Average price including hedging (per Mcfe)
  
$
3.36
    
$
12.29
    
$
4.85
    
$
6.07
    
$
12.37
    
$
6.25
  
                                                 
Production taxes
  
$
2,478
    
$
11,507
    
$
539
    
$
14,524
    
$
1,120
    
$
15,644
  
Gathering and transportation
  
$
13,729
    
$
3,189
    
$
327
    
$
17,245
    
$
501
    
$
17,746
  
Lease operating
  
$
28,199
    
$
21,717
    
$
2,928
    
$
52,844
    
$
9,853
    
$
62,697
  
                                                 
Production taxes (per Mcfe)
  
$
0.05
    
$
0.56
    
$
0.31
    
$
0.21
    
$
0.55
    
$
0.22
  
Gathering and transportation (per Mcfe)
  
$
0.29
    
$
0.16
    
$
0.19
    
$
0.25
    
$
0.25
    
$
0.25
  
Lease operating (per Mcfe)
  
$
0.60
    
$
1.05
    
$
1.67
    
$
0.76
    
$
4.85
    
$
0.87
  
                                                 
Oil and Gas Capital Expenditures:
                                                
Acquisitions
  
$
338
    
$
6,112
    
$
—
    
$
6,450
    
$
—
    
$
6,450
  
Exploratory leasehold
    
—
      
76,771
      
53,342
      
130,113
      
8,856
      
138,969
  
Development leasehold
    
72
      
389
      
—
      
461
      
—
      
461
  
Development drilling
    
16,669
      
321,361
      
—
      
338,030
      
81,735
      
419,765
  
Other development
    
2,309
      
3,177
      
73
      
5,559
      
880
      
6,439
  
Total
  
$
19,388
    
$
407,810
(2)
$
53,415
    
$
480,613
    
$
91,471
    
$
572,084
  
 
      
(1)  Realized gains from hedging activities are included in gains (losses) from derivative financial instruments in operating results.
(2) Net of acreage and facility reimbursements received of $51.5 million from Company's Eagle Ford shale joint venture.

 
 
 
 
 
 
 

 




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

   
For the Year Ended December 31, 2012
  
   
East Texas/ North
Louisiana
    
South Texas
    
Other
    
Continuing
Operations
      
Discontinued Operations
      
Total
  
Oil production (Mbbls)
    
81
      
1,679
      
32
      
1,792
      
517
      
2,309
  
Gas production (MMcf)
    
71,085
      
8,640
      
2,037
      
81,762
      
728
      
82,490
  
Total production (MMcfe)
    
71,574
      
18,712
      
2,229
      
92,515
      
3,830
      
96,345
  
                                                 
Oil sales
  
$
7,756
    
$
170,243
    
$
3,164
    
$
181,163
    
$
42,701
    
$
223,864
  
Oil hedging gains(1) 
    
—
      
—
      
—
      
9,766
      
—
      
9,766
  
Total oil sales including hedging
    
7,756
      
170,243
      
3,164
      
190,929
      
42,701
      
223,630
  
Natural gas sales
    
170,254
      
26,923
      
6,474
      
203,651
      
4,408
      
208,059
  
Total oil and gas sales and realized gains from derivatives
  
$
178,010
    
$
197,166
    
$
9,638
    
$
394,580
    
$
47,109
    
$
441,689
  
                                                 
Average oil price
(per barrel)
  
$
95.27
    
$
101.41
    
$
98.66
    
$
101.09
    
$
82.60
    
$
96.95
  
Average oil price including hedging (per barrel)
  
$
95.27
    
$
101.41
    
$
98.66
    
$
106.53
    
$
82.60
    
$
101.18
  
Average gas price
(per Mcf)
  
$
2.40
    
$
3.12
    
$
3.18
    
$
2.49
    
$
6.05
    
$
2.52
  
Average price (per Mcfe)
  
$
2.49
    
$
10.54
    
$
4.32
    
$
4.16
    
$
12.30
    
$
4.48
  
Average price including hedging (per Mcfe)
  
$
2.49
    
$
10.54
    
$
4.32
    
$
4.27
    
$
12.30
    
$
4.58
  
                                                 
Production taxes
  
$
2,513
    
$
8,518
    
$
696
    
$
11,727
    
$
2,294
    
$
14,021
  
Gathering and transportation
  
$
23,272
    
$
2,412
    
$
581
    
$
26,265
    
$
1,047
    
$
27,312
  
Lease operating
  
$
31,109
    
$
16,130
    
$
4,009
    
$
51,248
    
$
9,372
    
$
60,620
  
                                                 
Production taxes (per Mcfe)
  
$
0.04
    
$
0.46
    
$
0.31
    
$
0.13
    
$
0.60
    
$
0.15
  
Gathering and transportation (per Mcfe)
  
$
0.33
    
$
0.13
    
$
0.26
    
$
0.28
    
$
0.27
    
$
0.28
  
Lease operating (per Mcfe)
  
$
0.42
    
$
0.86
    
$
1.80
    
$
0.55
    
$
2.45
    
$
0.63
  
                                                 
Oil and Gas Capital Expenditures:
                                                
Acquisitions
  
$
—
    
$
—
    
$
—
    
$
—
    
$
3,235
    
$
3,235
  
Exploratory leasehold
    
7,400
      
6,342
      
—
      
13,742
      
15,935
      
29,677
  
Development leasehold
    
767
      
1,390
      
—
      
2,157
      
—
      
2,157
  
Exploratory drilling
    
1,193
      
4,124
      
—
      
5,317
      
—
      
5,317
  
Development drilling
    
99,903
      
198,217
      
—
      
298,120
      
182,558
      
480,678
  
Other development
    
1,729
      
1,783
      
216
      
3,728
      
—
      
3,728
  
Total
  
$
110,992
    
$
211,856
(2)
$
216
    
$
323,064
    
$
201,728
    
$
524,792
  
 
      
(1)  Realized gains from hedging activities are included in gains (losses) from derivative financial instruments in operating results.
(2)  Net of pre-formation cost reimbursements of $23.8 million from the Company's Eagle Ford shale joint venture.

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