0000023194-16-000063.txt : 20160801 0000023194-16-000063.hdr.sgml : 20160801 20160801163255 ACCESSION NUMBER: 0000023194-16-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160801 DATE AS OF CHANGE: 20160801 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: 161797637 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 form8kaug12016.htm COMSTOCK RESOURCES, INC. FORM 8-K
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):  August 1, 2016

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 August 1, 2016, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the three months and six months ended June 30, 2016.  A copy of the press release announcing Comstock's earnings and operating results for the three months and six months ended June 30, 2016 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 8.01 Other Events
The information provided in Item 2.02 is incorporated by reference into this Item 8.01.
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 August 1, 2016 announcing financial and operating results for the three and six months ended June 30, 2016

 

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: August 1, 2016
By:
/s/ ROLAND O. BURNS
   
Roland O. Burns
   
President and Chief Financial Officer

EX-99.1 2 exhibit99pnt1.htm EXHIBIT 99.1
Exhibit 99.1
        
 
        5300 Town and Country Blvd., Suite 500
        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
SECOND QUARTER 2016 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, August 1, 2016 – 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, 2016.
Financial Results for the Three Months Ended June 30, 2016

Comstock produced 13.5 billion cubic feet ("Bcf") of natural gas and 355,000 barrels of oil or 15.6 billion cubic feet of natural gas equivalent ("Bcfe") in the second quarter of 2016.  Natural gas production averaged 149 million cubic feet ("MMcf") per day, an increase of 22% over natural gas production in the second quarter of 2015.  The increase is attributable to the Company's successful Haynesville shale drilling program that commenced in 2015.  Oil production in the second quarter of 2016, which averaged 3,900 barrels of oil per day, declined by 62% from the 10,200 barrels per day produced in the second quarter of 2015.  The decrease in oil production is primarily due to the sale of the Company's Burleson County, Texas properties in 2015 and the lack of drilling in the South Texas Eagle Ford shale properties in 2015 and 2016.

Oil and natural gas prices improved during the second quarter of 2016 from prices in the first quarter of 2016 but declined from prices in the second quarter of 2015.  Comstock's realized natural gas price in the second quarter of 2016 improved to $1.99 per Mcf (including hedging gains) from $1.89 per Mcf in the first quarter of 2016 but decreased 16% as compared to the $2.37 per Mcf realized in the second quarter of 2015.  Comstock's average oil price improved to $42.21 per barrel in the second quarter of 2016 from the first quarter price of $26.44 per barrel but declined by 24% as compared to $55.34 per barrel in the second quarter of 2015.  The lower realized prices resulted in oil and gas sales declining by 46% to $41.8 million (including realized hedging gains) as compared to 2015's second quarter sales of $77.3 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $19.3 million in the second quarter of 2016 as compared to EBITDAX of $47.7 million in the second quarter of 2015.

Comstock reported net income of $4.9 million or $0.41 per diluted share for the second quarter of 2016 (after giving effect to the Company's one-for-five reverse stock split that became effective when the stock market opened today) as compared to a net loss of $135.1 million or $14.64 per share (as adjusted for the stock split) for the second quarter of 2015.  The second quarter of 2016 results include impairments on oil and gas properties of $1.7 million, an unrealized loss from derivative financial instruments of $1.1 million, a net loss on sales of oil and gas properties of $1.6 million, an income tax charge to reflect a change in state law of $0.1 million and a gain on extinguishment of debt of $56.2 million.  Financial results for the second quarter of 2015 included a loss related to the sale of oil and gas properties of $111.8 million, impairments on oil and gas properties and unevaluated leases of $25.0 million, unrealized hedging gains of $0.6 million and a net gain on extinguishment of debt of $7.3 million.  Excluding these items from each period's results, the net loss for the second quarter of 2016 would have been $46.8 million or $4.05 per share as compared to net loss of $51.2 million or $5.56 per share in the second quarter of 2015.
 
 

 
Comstock produced 27.3 Bcf of natural gas and 772,000 barrels of oil, or 32.0 Bcfe, in the first six months of 2016 compared to 19.3 Bcf of natural gas and 1,960,000 barrels of oil or 31.0 Bcfe in the first six months of 2015.  Natural gas production was up 42% over the first six months of 2015 while oil production declined by 61%.

Comstock's average realized natural gas price, including realized hedging gains, decreased 20% to $1.94 per Mcf in the six months ended June 30, 2016 as compared to $2.43 per Mcf realized in the six months ended June 30, 2015.  The Company's average realized oil price decreased by 32% to $33.69 per barrel in the six months ended June 30, 2016 as compared to $49.53 per barrel in the six months ended June 30, 2015.  Oil and gas sales (including realized gains or losses from hedging) in the six months ended June 30, 2016 of $79.0 million decreased by 45% as compared to $143.8 million in the six months ended June 30, 2015.  EBITDAX decreased 60% to $34.0 million in the six months ended June 30, 2016 from EBITDAX of $87.5 million in the six months ended June 30, 2015.

Comstock reported a net loss of $51.7 million, or $4.82 per share (after adjustment for the stock split), for the six months ended June 30, 2016 as compared to a net loss of $213.6 million, or $23.18 per share (as adjusted for the stock split), for the six months ended June 30, 2015.  The 2016 results include impairments on oil and gas properties and unevaluated leases of $32.2 million, a loss on sale and exchanges of oil and gas properties of $0.9 million, an income tax charge to reflect a change in state law of $4.5 million, an unrealized gain from derivative financial instruments of $1.4 million and a net gain on extinguishment of debt of $89.6 million.  Financial results for the six months ended June 30, 2015 included the loss on sale of oil and gas properties of $111.8 million, impairment on oil and gas properties and unevaluated leases of $65.9 million, drilling rig termination fees of $1.8 million, an unrealized gain from derivative financial instruments of $0.6 million and a net gain on extinguishment of debt of $4.5 million.  Excluding these items from each period's results, the net loss for the six months ended June 30, 2016 would have been $102.2 million, or $9.52 per share, as compared to a net loss of $100.3 million, or $10.88 per share, in the six months ended June 30, 2015 (in each case as adjusted for the stock split).
2016 First Six Months Drilling Results

During the first six months of 2016, Comstock spent $30.3 million on its development and exploration activities after commencing drilling in March 2016.  Comstock has drilled three (2.8 net) successful Haynesville shale horizontal gas wells. In addition to the successful Ramsey 4-9 #1 well reported on earlier, the Company completed two additional successful wells in DeSoto Parish, Louisiana.  The Harrison 30-31 #1 was drilled to a total vertical depth of 11,259 feet with a 7,063 foot lateral.  This well was completed using the Company's enhanced completion design, and was tested with an initial production rate of 24 MMcf per day.  The Company's third 2016 well, the Holmes 29-20 #1 was drilled to a total vertical depth of 11,473 feet with a 7,451 foot lateral.  This well was also tested with an initial production rate of 24 MMcf per day. Wells offset to the three 2016 wells experienced a 13 MMcf per day increase in production as a result of the fracture stimulation to the new wells.

Debt Reduction

The Company continues to take steps to improve its balance sheet.  Through June 30, 2016, the Company has retired $107.3 million in principal amount of its long-term debt, comprised of $87.5 million of its 7¾% Senior Notes due in 2019 and $19.8 million of its 9½% Senior Notes due in 2020.  The senior notes were acquired in several transactions in exchange for shares of the Company's common stock and $3.5 million in cash for aggregate consideration of $17.0 million, plus accrued interest.  The retirement of the senior notes will save the Company annual interest payments of $8.7 million and $28.4 million of total interest to maturity.  In combination with repurchases made in 2015, the Company has retired 34% of its senior unsecured notes which had a total principal amount of $236.9 million resulting in annual interest savings of $20.6 million and $83.0 million of total interest to maturity.
 
 
 
 
 
 
 
Proved Oil & Gas Reserves

Comstock also provided an estimate of its proved oil and natural gas reserves as of June 30, 2016, which were estimated at 8.1 million barrels of crude oil and 655.5 Bcf of natural gas or 704 Bcfe as compared to total proved reserves as of December 31, 2015 of 625 Bcfe.  56% of the proved reserves at June 30, 2016 are classified as proved developed and 98% are operated by Comstock.  The present value of proved reserves based on a 10% discount factor was $357.4 million as of June 30, 2016.  Reserves estimates for 2016 were based on the average prices of $2.07 per Mcf for natural gas and $37.86 per barrel for oil as compared to $2.34 per Mcf for natural gas and $46.88 per barrel for oil in 2015.

The following table reflects the changes in the proved reserve estimates since the end of 2015:

     
Oil
(Mbbls)
    
Natural
Gas
(Bcf)
    
Total
(Bcfe)
  
Proved Reserves at December 31, 2015
    
9,229
    
569.6
    
625.0
  
Production
    
(772
)
  
(27.3
)
  
(32.0
)
Divestitures
    
(163
)
  
(3.7
)
  
(4.7
)
Extensions, discoveries and other
 revisions
    
1,376
    
143.0
    
151.3
  
Price related revisions
    
(1,556
)
  
(26.1
)
  
(35.4
)
                     
Proved Reserves at June 30, 2016
    
8,114
    
655.5
    
704.2
  
                     

Despite a very limited drilling program, Comstock achieved an all-in finding cost of 20¢ per Mcf with total proved reserve additions of 151 Bcf and capital expenditures of $30.3 million.

Comstock's proved undeveloped reserves at June 30, 2016 continue to be limited by the Company's available capital to develop the reserves in the future.  The proved reserve estimates included only 32 proved undeveloped locations on its Haynesville and Bossier shale properties.  The Company has a total of 705 operated locations, including 345 extended lateral locations, many of which would otherwise qualify as proved undeveloped locations.
Outlook for the Second Half of 2016 and 2017

With the substantial decline in oil and natural gas prices in 2015, which have continued into 2016, the Company continues to experience declining cash flows and reductions in its overall liquidity.  At current oil and natural gas prices, operating cash flow is not sufficient to cover the Company's fixed debt service costs, and capital expenditures have been funded with asset sale proceeds or from cash on hand.  Beginning in 2015, the Company redirected its drilling program to natural gas and drilled ten successful horizontal wells on Haynesville and Bossier shale properties in North Louisiana employing an enhanced completion design using longer laterals and larger well stimulations.  The well results were successful but natural gas prices substantially declined in response to a very warm winter.  In order to preserve liquidity, Comstock recently released its last operated rig after drilling and completing three additional successful Haynesville shale wells in 2016.  While the reduction in drilling activity will allow the Company to preserve more of the cash on its balance sheet, it will result in future reductions to natural gas production and proved oil and natural gas reserves.  Without any additional drilling in 2016, Comstock expects that its oil production in 2016 will be approximately 3,800 to 4,100 barrels per day and its natural gas production will average between 130 to 145 MMcf per day.  With no additional drilling in 2017, oil and gas production would continue to decline from 2016 levels to 2,800 to 3,100 barrels of oil per day and 90 to 100 MMcf of natural gas per day.  The expected production declines may offset the benefit of the recent improvement in natural gas prices. 
 
 
 
 
 
 
 
The Company is planning to restart its successful and proven Haynesville shale drilling program in October of this year. After returning one rig to service, Comstock plans to add a second in late 2016 and operate a two rig program in 2017.  To the extent that the drilling program is re-started the 2017 production levels would be substantially higher.  Comstock estimates that it can drill five (4.5 net) additional wells in 2016 and 19 (15.7 net) wells in 2017.  Natural gas production could average between 190 to 210 MMcf of natural gas per day in 2017 with this drilling program.  Capital expenditures for this program would approximate $46 million in the second half of 2016 and $147 million in 2017.  Restarting the drilling program is dependent on the successful completion of the recently announced exchange offers for the Company's senior notes which will free up cash flow from operations to allow the Company to restart its Haynesville shale drilling program.  To the extent that the exchange offers are not completed, Comstock will pursue other initiatives to enhance liquidity, which may not be sufficient to fund the drilling program.  Such initiatives could include additional asset divestitures or entering into a drilling joint venture on the Haynesville shale properties.

Comstock has planned a conference call for 10:00 a.m. Central Time on August 1, 2016, to discuss the operational and financial results for the second quarter of 2016.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 47910681 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 1:00 p.m. CT August 1, 2016 and will continue until 1:00 p.m. August 3, 2016.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 47910681.


This press release August 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 June 30,
 
  
Six Months Ended June 30,
 
 
  
2016
 
  
2015
 
  
2016
 
  
2015
 
Revenues:
  
(In thousands, except per share amounts)
  
Natural gas sales 
  
$
25,727
    
$
26,188
  
  
$
50,874
    
$
46,757
  
Oil sales
    
14,988
      
51,124
      
26,004
      
97,077
  
Total oil and gas sales
    
40,715
      
77,312
      
76,878
      
143,834
  
                                 
Operating expenses:
                                
Production taxes
    
1,327
      
3,807
      
2,513
      
6,781
  
Gathering and transportation
    
4,025
      
3,260
      
8,390
      
6,113
  
Lease operating
    
12,988
      
17,827
      
25,948
      
32,963
  
Exploration
    
—
      
23,040
      
7,753
      
65,269
  
Depreciation, depletion and amortization
    
36,029
      
90,573
      
74,865
      
182,462
  
General and administrative
    
5,663
      
7,176
      
11,238
      
15,142
  
Impairment of oil and gas properties
    
1,742
      
1,984
      
24,460
      
2,387
  
Loss on sales and exchange of oil and gas properties
    
1,647
      
111,830
      
907
      
111,830
  
Total operating expenses 
    
63,421
      
259,497
      
156,074
      
422,947
  
                                 
Operating loss 
    
(22,706
)
    
(182,185
)
    
(79,196
)
    
(279,113
)
                                 
Other income (expenses):
                                
Net gain on extinguishment of debt
    
56,196
      
7,267
      
89,576
      
4,532
  
Gain on derivative financial instruments
    
18
      
627
      
674
      
627
  
Other income 
    
314
      
356
      
595
      
643
  
Interest expense(1)
    
(28,882
)
    
(33,807
)
    
(58,826
)
    
(54,561
)
                                 
Total other income (expenses)
    
27,646
      
(25,557
)
    
32,019
      
(48,759
)
                                 
Income (loss) before income taxes
    
4,940
      
(207,742
)
    
(47,177
)
    
(327,872
)
(Provision for) benefit from income taxes
    
(88
)
    
72,674
      
(4,548
)
    
114,302
  
Income (loss)
  
$
4,852
    
$
(135,068
)
  
$
(51,725
)
  
$
(213,570
)
                                 
Net income (loss) per share – basic and diluted(2)
  
$
0.41
    
$
(14.64
)
  
$
(4.82
)
  
$
(23.18
)
                                 
Weighted average shares outstanding – basic and diluted(2)
    
11,557
      
9,224
      
10,729
      
9,215
  
 
              
(1)
  
$0.9 million of interest expense was capitalized for the six months ended June 30, 2015.
(2)
   All share and per share data has been restated to give effect to the Company's one-for-five reverse stock split which was effective on July 29, 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
    
2015
  
                                 
OPERATING CASH FLOW:
                                
                                 
Net income (loss)
  
$
4,852
    
$
(135,068
)
  
$
(51,725
)
  
$
(213,570
)
Reconciling items:
                                
Deferred income taxes
    
73
      
(73,094
)
    
4,519
      
(114,785
)
Depreciation, depletion and amortization
    
36,029
      
90,573
      
74,865
      
182,462
  
Impairment of oil and gas properties
    
1,742
      
1,984
      
24,460
      
2,387
  
Net loss on sales and exchange of oil and gas properties
    
1,647
      
111,830
      
907
      
111,830
  
Lease impairments and rig termination fees
    
—
      
23,040
      
7,753
      
65,269
  
Gain from derivative financial instruments
    
(18
)
    
(627
)
    
(674
)
    
(627
)
Cash settlements of derivative financial instruments
    
1,122
      
—
      
2,120
      
—
  
Amortization of debt discount, premium and issuance costs
    
1,252
      
1,503
      
2,533
      
2,564
  
Net gain on extinguishment of debt
    
(56,196
)
    
(7,267
)
    
(89,576
)
    
(4,532
)
Stock-based compensation
    
1,163
      
2,090
      
2,493
      
3,982
  
Operating cash flow
    
(8,334
)
    
14,964
      
(22,325
)
    
34,980
  
Excess income taxes from stock-based compensation
    
—
      
393
      
—
      
1,903
  
Decrease (increase) in accounts receivable
    
(3,956
)
    
2,044
      
331
      
17,125
  
Decrease (increase) in other current assets
    
(455
)
    
(124
)
    
(346
)
    
7,600
  
Increase (decrease) in accounts payable and accrued expenses
    
12,580
      
(53,267
)
    
(8,864
)
    
(37,370
)
Net cash provided by (used for) operating activities
  
$
(165
)
  
$
(35,990
)
  
$
(31,204
)
  
$
24,238
  
                                 
EBITDAX:
                                
                                 
Net income (loss)
  
$
4,852
    
$
(135,068
)
  
$
(51,725
)
  
$
(213,570
)
Interest expense
    
28,882
      
33,807
      
58,826
      
54,561
  
Income taxes
    
88
      
(72,674
)
    
4,548
      
(114,302
)
Depreciation, depletion and amortization
    
36,029
      
90,573
      
74,865
      
182,462
  
Exploration
    
—
      
23,040
      
7,753
      
65,269
  
Impairment of oil and gas properties
    
1,742
      
1,984
      
24,460
      
2,387
  
Net loss on sales and exchange of oil and gas properties
    
1,647
      
111,830
      
907
      
111,830
  
Gain from derivative financial instruments
    
(18
)
    
(627
)
    
(674
)
    
(627
)
Cash settlements of derivative financial instruments
    
1,122
      
—
      
2,120
      
—
  
Net gain on extinguishment of debt
    
(56,196
)
    
(7,267
)
    
(89,576
)
    
(4,532
)
Stock-based compensation
    
1,163
      
2,090
      
2,493
      
3,982
  
Total EBITDAX
  
$
19,311
    
$
47,688
    
$
33,997
    
$
87,460
  
 
                   
As of
  
                   
June 30,
2016
    
December 31,
2015
  
BALANCE SHEET DATA:
                                
                                 
Cash and cash equivalents
  
$
67,412
    
$
134,006
  
Other current assets
    
63,343
      
22,232
  
Property and equipment, net
    
915,350
      
1,038,420
  
Other
    
1,121
      
1,192
  
Total assets
  
$
1,047,226
    
$
1,195,850
  
                                 
Current liabilities
  
$
86,821
    
$
95,720
  
Long-term debt
    
1,145,190
      
1,249,330
  
Deferred income taxes
    
6,510
      
1,965
  
Asset retirement obligation
    
15,972
      
20,093
  
Stockholders' deficit
    
(207,267
)
    
(171,258
)
Total liabilities and stockholders' deficit
  
$
1,047,226
    
$
1,195,850
  
       
COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)



   
For the Three Months Ended June 30, 2016
  
   
East Texas/
North
Louisiana
    
South Texas
    
Other
    
Total
  
Oil production (Mbbls)
    
17
      
331
      
7
      
355
  
Gas production (MMcf)
    
11,878
      
1,316
      
325
      
13,519
  
Total production (MMcfe)
    
11,978
      
3,302
      
369
      
15,649
  
                                 
Oil sales
  
$
679
    
$
13,970
    
$
339
    
$
14,988
  
Natural gas sales
    
22,282
      
2,878
      
567
      
25,727
  
Natural gas hedging settlements(1)
    
—
      
—
      
—
      
1,122
  
Total natural gas including hedging
    
22,282
      
2,878
      
567
      
26,849
  
Total oil and gas sales including hedging
  
$
22,961
    
$
16,848
    
$
906
    
$
41,837
  
                                 
Average oil price (per barrel)
  
$
41.32
    
$
42.18
    
$
45.37
    
$
42.21
  
Average gas price (per Mcf)
  
$
1.88
    
$
2.19
    
$
1.74
    
$
1.90
  
Average gas price including hedging (per Mcf)
  
$
1.88
    
$
2.19
    
$
1.74
    
$
1.99
  
Average price (per Mcfe)
  
$
1.92
    
$
5.10
    
$
2.46
    
$
2.60
  
Average price including hedging (per Mcfe)
  
$
1.92
    
$
5.10
    
$
2.46
    
$
2.67
  
                                 
Production taxes
  
$
548
    
$
725
    
$
54
    
$
1,327
  
Gathering and transportation
  
$
3,247
    
$
716
    
$
62
    
$
4,025
  
Lease operating
  
$
6,021
    
$
6,496
    
$
471
    
$
12,988
  
                                 
Production taxes (per Mcfe)
  
$
0.05
    
$
0.22
    
$
0.15
    
$
0.08
  
Gathering and transportation (per Mcfe)
  
$
0.27
    
$
0.22
    
$
0.17
    
$
0.26
  
Lease operating (per Mcfe)
  
$
0.50
    
$
1.96
    
$
1.27
    
$
0.83
  
                                 
Oil and Gas Capital Expenditures:
                                
Development leasehold
  
$
880
    
$
77
    
$
—
    
$
957
  
Development drilling
    
19,689
      
—
      
—
      
19,689
  
Other development
    
421
      
396
      
—
      
817
  
Total
  
$
20,990
    
$
473
  
$
—
    
$
21,463
  
  
              
(1)
  
Included in gain from derivative financial instruments in operating results.
 
  
 
 
 
 
 
 
 
 
 
 
 
 

 

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




   
For the Three Months Ended June 30, 2015
  
   
East Texas/
North
Louisiana
    
South Texas
    
Other
    
Total
  
Oil production (Mbbls)
    
16
      
891
      
17
      
924
  
Gas production (MMcf)
    
8,708
      
2,090
      
275
      
11,073
  
Total production (MMcfe)
    
8,804
      
7,435
      
377
      
16,616
  
                                 
Oil sales
  
$
858
    
$
49,271
    
$
995
    
$
51,124
  
Natural gas sales
    
19,614
      
5,890
      
684
      
26,188
  
Total oil and gas sales
  
$
20,472
    
$
55,161
    
$
1,679
    
$
77,312
  
                                 
Average oil price (per barrel)
  
$
53.44
    
$
55.31
    
$
58.78
    
$
55.34
  
Average gas price (per Mcf)
  
$
2.25
    
$
2.82
    
$
2.49
    
$
2.37
  
Average price (per Mcfe)
  
$
2.33
    
$
7.42
    
$
4.45
    
$
4.65
  
                                 
Production taxes
  
$
1,215
    
$
2,536
    
$
56
    
$
3,807
  
Gathering and transportation
  
$
2,320
    
$
874
    
$
66
    
$
3,260
  
Lease operating
  
$
6,528
    
$
10,697
    
$
602
    
$
17,827
  
                                 
Production taxes (per Mcfe)
  
$
0.14
    
$
0.34
    
$
0.15
    
$
0.23
  
Gathering and transportation (per Mcfe)
  
$
0.26
    
$
0.12
    
$
0.18
    
$
0.20
  
Lease operating (per Mcfe)
  
$
0.74
    
$
1.44
    
$
1.59
    
$
1.07
  
                                 
Oil and Gas Capital Expenditures:
                                
Exploratory leasehold
  
$
—
    
$
5,557
    
$
66
    
$
5,623
  
Exploratory drilling
    
—
      
—
      
771
      
771
  
Development drilling
    
32,793
      
6,578
      
—
      
39,371
  
Other development
    
628
      
7,100
      
48
      
7,776
  
Total
  
$
33,421
    
$
19,235
  
$
885
    
$
53,541
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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



   
For the Six Months Ended June 30, 2016
  
   
East Texas/
North
Louisiana
    
South Texas
    
Other
    
Total
  
Oil production (Mbbls)
    
37
      
719
      
16
      
772
  
Gas production (MMcf)
    
24,035
      
2,609
      
610
      
27,344
  
Total production (MMcfe)
    
24,255
      
7,015
      
704
      
31,974
  
                                 
Oil sales
  
$
1,275
    
$
24,134
    
$
595
    
$
26,004
  
Natural gas sales
    
44,239
      
5,588
      
1,047
      
50,874
  
Natural gas hedging settlements(1)
    
—
      
—
      
—
      
2,120
  
Total natural gas including hedging
    
44,239
      
5,588
      
1,047
      
52,994
  
Total oil and gas sales including hedging
  
$
45,514
    
$
29,722
    
$
1,642
    
$
78,998
  
                                 
Average oil price (per barrel)
  
$
34.92
    
$
33.55
    
$
37.53
    
$
33.69
  
Average gas price (per Mcf)
  
$
1.84
    
$
2.07
    
$
1.72
    
$
1.86
  
Average gas price including hedging (per Mcf)
  
$
1.84
    
$
2.07
    
$
1.72
    
$
1.94
  
Average price (per Mcfe)
  
$
1.88
    
$
4.24
    
$
2.33
    
$
2.40
  
Average price including hedging (per Mcfe)
  
$
1.88
    
$
4.24
    
$
2.33
    
$
2.47
  
                                 
Production taxes
  
$
1,129
    
$
1,289
    
$
95
    
$
2,513
  
Gathering and transportation
  
$
6,861
    
$
1,394
    
$
135
    
$
8,390
  
Lease operating
  
$
12,073
    
$
12,870
    
$
1,005
    
$
25,948
  
                                 
Production taxes (per Mcfe)
  
$
0.05
    
$
0.18
    
$
0.13
    
$
0.08
  
Gathering and transportation (per Mcfe)
  
$
0.28
    
$
0.20
    
$
0.19
    
$
0.26
  
Lease operating (per Mcfe)
  
$
0.50
    
$
1.84
    
$
1.43
    
$
0.81
  
                                 
Oil and Gas Capital Expenditures:
                                
Development leasehold
  
$
975
    
$
114
    
$
—
    
$
1,089
  
Development drilling
    
26,793
      
5
      
—
      
26,798
  
Other development
    
656
      
1,799
      
—
      
2,455
  
Total
  
$
28,424
    
$
1,918
  
$
—
    
$
30,342
  
 
                                                                 
(1)   Included in gain from derivative financial instruments in operating results.       
                               
                               
 

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



   
For the Six Months Ended June 30, 2015
  
   
East Texas/
North
Louisiana
    
South Texas
    
Other
    
Total
  
Oil production (Mbbls)
    
32
      
1,881
      
47
      
1,960
  
Gas production (MMcf)
    
14,690
      
4,008
      
575
      
19,273
  
Total production (MMcfe)
    
14,880
      
15,295
      
859
      
31,034
  
                                 
Oil sales
  
$
1,583
    
$
93,019
    
$
2,475
    
$
97,077
  
Natural gas sales
    
33,994
      
11,376
      
1,387
      
46,757
  
Total oil and gas sales
  
$
35,577
    
$
104,395
    
$
3,862
    
$
143,834
  
                                 
Average oil price (per barrel)
  
$
49.95
    
$
49.45
    
$
52.37
    
$
49.53
  
Average gas price (per Mcf)
  
$
2.31
    
$
2.84
    
$
2.41
    
$
2.43
  
Average price (per Mcfe)
  
$
2.39
    
$
6.83
    
$
4.50
    
$
4.63
  
                                 
Production taxes
  
$
1,892
    
$
4,757
    
$
132
    
$
6,781
  
Gathering and transportation
  
$
4,234
    
$
1,722
    
$
157
    
$
6,113
  
Lease operating
  
$
12,439
    
$
19,253
    
$
1,271
    
$
32,963
  
                                 
Production taxes (per Mcfe)
  
$
0.13
    
$
0.31
    
$
0.15
    
$
0.22
  
Gathering and transportation (per Mcfe)
  
$
0.28
    
$
0.11
    
$
0.18
    
$
0.20
  
Lease operating (per Mcfe)
  
$
0.84
    
$
1.26
    
$
1.49
    
$
1.06
  
                                 
Oil and Gas Capital Expenditures:
                                
Exploratory leasehold
  
$
—
    
$
5,949
    
$
979
    
$
6,928
  
Development leasehold
    
377
      
—
      
—
      
377
  
Exploratory drilling
    
—
      
7,350
      
4,184
      
11,534
  
Development drilling
    
55,226
      
78,644
      
—
      
133,870
  
Other development
    
3,125
      
20,765
      
48
      
23,938
  
Total
  
$
58,728
    
$
112,708
  
$
5,211
    
$
176,647
  
 
                                                                 
(1)   Included in gain from derivative financial instruments in operating results.       
                               
                               
 

 
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