STATE OF NEVADA | 001-03262 | 94-1667468 | ||
(State or other | (Commission File Number) | (I.R.S. Employer | ||
jurisdiction incorporation) | Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | 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 | ||||||||
Item 9.01 Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EX-99.1 |
COMSTOCK RESOURCES, INC. |
|||||
Dated: October 31, 2011 | By: | /s/ ROLAND O. BURNS | |||
Roland O. Burns | |||||
Senior Vice President and Chief Financial Officer | |||||
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5300 Town and Country Blvd., Suite 500 Frisco, Texas 75034 Telephone: (972) 668-8800 Contact: Roland O. Burns Sr. Vice President and Chief Financial Officer Web Site: www.comstockresources.com |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||
Revenues: |
||||||||||||||||||
Oil and gas sales |
$ | 119,422 | $ | 79,720 | $ | 319,911 | $ | 276,491 | ||||||||||
Operating expenses: |
||||||||||||||||||
Production taxes |
141 | 3,062 | 2,230 | 9,543 | ||||||||||||||
Gathering and transportation |
8,101 | 4,101 | 20,340 | 12,308 | ||||||||||||||
Lease operating |
12,527 | 13,002 | 36,512 | 41,150 | ||||||||||||||
Exploration |
447 | 1,238 | 10,066 | 2,506 | ||||||||||||||
Depreciation, depletion and amortization |
77,518 | 46,796 | 212,532 | 163,603 | ||||||||||||||
Impairment of oil and gas properties |
| 26 | | 213 | ||||||||||||||
(Gain) loss on sale of properties |
(26 | ) | | 57 | 797 | |||||||||||||
General and administrative |
8,628 | 9,400 | 25,973 | 28,965 | ||||||||||||||
Total operating expenses |
107,336 | 77,625 | 307,710 | 259,085 | ||||||||||||||
Operating income |
12,086 | 2,095 | 12,201 | 17,406 | ||||||||||||||
Other income (expenses): |
||||||||||||||||||
Interest and other income |
187 | 105 | 580 | 408 | ||||||||||||||
Interest expense |
(9,988 | ) | (7,108 | ) | (30,682 | ) | (22,551 | ) | ||||||||||
Gain on sale of marketable securities |
2,484 | | 32,213 | 5,692 | ||||||||||||||
Total other income (expenses) |
(7,317 | ) | (7,003 | ) | 2,111 | (16,451 | ) | |||||||||||
Income (loss) before income taxes |
4,769 | (4,908 | ) | 14,312 | 955 | |||||||||||||
Benefit from (provision for) income taxes |
(3,460 | ) | 208 | (6,650 | ) | 68 | ||||||||||||
Net income (loss) |
$ | 1,309 | $ | (4,700 | ) | $ | 7,662 | $ | 1,023 | |||||||||
Net income (loss) per share: |
||||||||||||||||||
Basic |
$ | 0.03 | $ | (0.10 | ) | $ | 0.16 | $ | 0.02 | |||||||||
Diluted |
$ | 0.03 | $ | (0.10 | ) | $ | 0.16 | $ | 0.02 | |||||||||
Weighted average shares outstanding: |
||||||||||||||||||
Basic |
46,011 | 45,623 | 45,992 | 45,537 | ||||||||||||||
Diluted |
46,011 | 45,623 | 45,992 | 45,589 | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
OPERATING CASH FLOW: |
||||||||||||||||
Net income (loss) |
$ | 1,309 | $ | (4,700 | ) | $ | 7,662 | $ | 1,023 | |||||||
Reconciling items: |
||||||||||||||||
Deferred income taxes |
3,972 | 174 | 6,593 | 131 | ||||||||||||
Depreciation, depletion and amortization |
77,518 | 46,796 | 212,532 | 163,603 | ||||||||||||
Dry hole costs and lease impairments |
365 | | 9,819 | | ||||||||||||
Impairment of oil and gas properties |
| 26 | | 213 | ||||||||||||
Gain on sale of assets |
(2,510 | ) | | (32,156 | ) | (4,895 | ) | |||||||||
Debt issuance costs and discount amortization |
948 | 608 | 3,351 | 1,834 | ||||||||||||
Stock-based compensation |
3,946 | 4,388 | 10,958 | 12,930 | ||||||||||||
Operating cash flow |
85,548 | 47,292 | 218,759 | 174,839 | ||||||||||||
Excess income taxes from stock-based
compensation |
| 28 | 612 | (1,503 | ) | |||||||||||
Decrease (increase) in accounts receivable |
1,673 | 9,550 | (4,958 | ) | 8,096 | |||||||||||
Decrease (increase) in other current assets |
10,729 | (8 | ) | 2,275 | 49,428 | |||||||||||
Increase (decrease) in accounts payable and
accrued expenses |
1,697 | (6,850 | ) | 861 | 18,376 | |||||||||||
Net cash provided by operating activities |
$ | 99,647 | $ | 50,012 | $ | 217,549 | $ | 249,236 | ||||||||
EBITDAX: |
||||||||||||||||
Net income (loss) |
$ | 1,309 | $ | (4,700 | ) | $ | 7,662 | $ | 1,023 | |||||||
Interest expense |
9,988 | 7,108 | 30,682 | 22,551 | ||||||||||||
Income taxes expense (benefit) |
3,460 | (208 | ) | 6,650 | (68 | ) | ||||||||||
Depreciation, depletion and amortization |
77,518 | 46,796 | 212,532 | 163,603 | ||||||||||||
Exploration |
447 | 1,238 | 10,066 | 2,506 | ||||||||||||
Impairment of oil and gas properties |
| 26 | | 213 | ||||||||||||
Gain on sale of assets |
(2,510 | ) | | (32,156 | ) | (4,895 | ) | |||||||||
Stock-based compensation |
3,946 | 4,388 | 10,958 | 12,930 | ||||||||||||
EBITDAX |
$ | 94,158 | $ | 54,648 | $ | 246,394 | $ | 197,863 | ||||||||
As of September 30, | ||||||||
2011 | 2010 | |||||||
BALANCE SHEET DATA: |
||||||||
Cash and cash equivalents |
$ | 4,544 | $ | 4,350 | ||||
Marketable securities |
31,707 | 70,661 | ||||||
Other current assets |
53,477 | 35,761 | ||||||
Property and equipment, net |
2,090,554 | 1,817,962 | ||||||
Other |
15,863 | 7,856 | ||||||
Total assets |
$ | 2,196,145 | $ | 1,936,590 | ||||
Current liabilities |
$ | 153,352 | $ | 104,577 | ||||
Long-term debt |
746,774 | 528,238 | ||||||
Deferred income taxes |
223,237 | 224,686 | ||||||
Other non-current liabilities |
9,649 | 9,575 | ||||||
Stockholders equity |
1,063,133 | 1,069,514 | ||||||
Total liabilities and stockholders equity |
$ | 2,196,145 | $ | 1,936,590 | ||||
For the Three Months Ended September 30, 2011 | For the Three Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | North | South | |||||||||||||||||||||||||||||
Louisiana | Texas | Other | Total | Louisiana | Texas | Other | Total | |||||||||||||||||||||||||
Oil production (thousand barrels) |
26 | 163 | 6 | 195 | 27 | 33 | 111 | 171 | ||||||||||||||||||||||||
Gas production (MMcf) |
21,710 | 2,714 | 633 | 25,057 | 12,134 | 3,404 | 616 | 16,154 | ||||||||||||||||||||||||
Total production (MMcfe) |
21,862 | 3,691 | 671 | 26,224 | 12,295 | 3,602 | 1,288 | 17,185 | ||||||||||||||||||||||||
Oil sales |
$ | 1,963 | $ | 14,520 | $ | 543 | $ | 17,026 | $ | 1,932 | $ | 2,434 | $ | 6,797 | $ | 11,163 | ||||||||||||||||
Gas sales |
86,075 | 13,138 | 3,183 | 102,396 | 50,183 | 15,578 | 2,796 | 68,557 | ||||||||||||||||||||||||
Total oil and gas sales |
$ | 88,038 | $ | 27,658 | $ | 3,726 | $ | 119,422 | $ | 52,115 | $ | 18,012 | $ | 9,593 | $ | 79,720 | ||||||||||||||||
Average oil price (per barrel) |
$ | 76.93 | $ | 89.18 | $ | 88.54 | $ | 87.55 | $ | 71.71 | $ | 74.05 | $ | 60.68 | $ | 64.97 | ||||||||||||||||
Average gas price (per Mcf) |
$ | 3.96 | $ | 4.84 | $ | 5.03 | $ | 4.09 | $ | 4.14 | $ | 4.58 | $ | 4.54 | $ | 4.24 | ||||||||||||||||
Average price (per Mcfe) |
$ | 4.03 | $ | 7.49 | $ | 5.55 | $ | 4.55 | $ | 4.24 | $ | 5.00 | $ | 7.45 | $ | 4.64 | ||||||||||||||||
Production taxes |
$ | (1,103 | ) | $ | 1,155 | $ | 89 | $ | 141 | $ | 1,832 | $ | 700 | $ | 530 | $ | 3,062 | |||||||||||||||
Gathering and transportation |
$ | 7,630 | $ | 369 | $ | 102 | $ | 8,101 | $ | 3,574 | $ | 433 | $ | 94 | $ | 4,101 | ||||||||||||||||
Lease operating |
$ | 8,188 | $ | 3,464 | $ | 875 | $ | 12,527 | $ | 7,076 | $ | 3,031 | $ | 2,895 | $ | 13,002 | ||||||||||||||||
Production taxes (per Mcfe) |
$ | (0.05 | ) | $ | 0.31 | $ | 0.13 | $ | 0.01 | $ | 0.15 | $ | 0.19 | $ | 0.41 | $ | 0.18 | |||||||||||||||
Gathering
and transportation (per Mcfe) |
$ | 0.35 | $ | 0.10 | $ | 0.15 | $ | 0.31 | $ | 0.29 | $ | 0.12 | $ | 0.07 | $ | 0.24 | ||||||||||||||||
Lease operating (per Mcfe) |
$ | 0.37 | $ | 0.94 | $ | 1.31 | $ | 0.47 | $ | 0.58 | $ | 0.85 | $ | 2.25 | $ | 0.75 | ||||||||||||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||||||||||||||||
Leasehold costs |
$ | 10,509 | $ | 3,241 | $ | 2,911 | $ | 16,661 | $ | 11,023 | $ | 57,031 | $ | 30 | $ | 68,084 | ||||||||||||||||
Exploratory drilling |
4,201 | 7,721 | | 11,922 | 26,423 | 6,376 | | 32,799 | ||||||||||||||||||||||||
Development drilling |
64,350 | 50,969 | 757 | 116,076 | 44,992 | (105 | ) | 1,404 | 46,291 | |||||||||||||||||||||||
Other development |
1,706 | 512 | 77 | 2,295 | 342 | 1,026 | 259 | 1,627 | ||||||||||||||||||||||||
Total |
$ | 80,766 | $ | 62,443 | $ | 3,745 | $ | 146,954 | $ | 82,780 | $ | 64,328 | $ | 1,693 | $ | 148,801 | ||||||||||||||||
For the Nine Months Ended September 30, 2011 | For the Nine Months Ended September 30, 2010 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | North | South | |||||||||||||||||||||||||||||
Louisiana | Texas | Other | Total | Louisiana | Texas | Other | Total | |||||||||||||||||||||||||
Oil production (thousand barrels) |
89 | 385 | 18 | 492 | 114 | 114 | 329 | 557 | ||||||||||||||||||||||||
Gas production (MMcf) |
56,706 | 8,494 | 1,962 | 67,162 | 39,401 | 11,307 | 1,949 | 52,657 | ||||||||||||||||||||||||
Total production (MMcfe) |
57,237 | 10,801 | 2,075 | 70,113 | 40,085 | 11,993 | 3,924 | 56,002 | ||||||||||||||||||||||||
Oil sales |
$ | 8,000 | $ | 35,885 | $ | 1,654 | $ | 45,539 | $ | 8,570 | $ | 8,571 | $ | 19,951 | $ | 37,092 | ||||||||||||||||
Gas sales |
224,069 | 40,458 | 9,845 | 274,372 | 174,031 | 55,637 | 9,731 | 239,399 | ||||||||||||||||||||||||
Total oil and gas sales |
$ | 232,069 | $ | 76,343 | $ | 11,499 | $ | 319,911 | $ | 182,601 | $ | 64,208 | $ | 29,682 | $ | 276,491 | ||||||||||||||||
Average oil price (per barrel) |
$ | 90.25 | $ | 93.32 | $ | 88.73 | $ | 92.59 | $ | 75.14 | $ | 75.01 | $ | 60.62 | $ | 66.54 | ||||||||||||||||
Average gas price (per Mcf) |
$ | 3.95 | $ | 4.76 | $ | 5.02 | $ | 4.09 | $ | 4.42 | $ | 4.92 | $ | 4.99 | $ | 4.55 | ||||||||||||||||
Average price (per Mcfe) |
$ | 4.05 | $ | 7.07 | $ | 5.54 | $ | 4.56 | $ | 4.56 | $ | 5.35 | $ | 7.56 | $ | 4.94 | ||||||||||||||||
Production taxes |
$ | (1,009 | ) | $ | 2,653 | $ | 586 | $ | 2,230 | $ | 6,618 | $ | 1,308 | $ | 1,617 | $ | 9,543 | |||||||||||||||
Gathering and transportation |
$ | 18,840 | $ | 1,182 | $ | 318 | $ | 20,340 | $ | 10,573 | $ | 1,443 | $ | 292 | $ | 12,308 | ||||||||||||||||
Lease operating |
$ | 23,183 | $ | 10,451 | $ | 2,878 | $ | 36,512 | $ | 21,838 | $ | 10,360 | $ | 8,952 | $ | 41,150 | ||||||||||||||||
Production taxes (per Mcfe) |
$ | (0.02 | ) | $ | 0.25 | $ | 0.28 | $ | 0.03 | $ | 0.17 | $ | 0.11 | $ | 0.41 | $ | 0.17 | |||||||||||||||
Gathering
and transportation (per Mcfe) |
$ | 0.33 | $ | 0.11 | $ | 0.15 | $ | 0.29 | $ | 0.26 | $ | 0.12 | $ | 0.07 | $ | 0.22 | ||||||||||||||||
Lease operating (per Mcfe) |
$ | 0.41 | $ | 0.96 | $ | 1.39 | $ | 0.52 | $ | 0.54 | $ | 0.86 | $ | 2.29 | $ | 0.73 | ||||||||||||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||||||||||||||||
Leasehold costs |
$ | 25,893 | $ | 22,506 | $ | 4,222 | $ | 52,621 | $ | 50,401 | $ | 79,875 | $ | 158 | $ | 130,434 | ||||||||||||||||
Exploratory drilling |
31,091 | 46,516 | | 77,607 | 49,861 | 6,376 | | 56,237 | ||||||||||||||||||||||||
Development drilling |
283,377 | 75,310 | 1,530 | 360,217 | 197,486 | 2,065 | 1,404 | 200,955 | ||||||||||||||||||||||||
Other development |
3,557 | 1,621 | 369 | 5,547 | 2,217 | 2,349 | 760 | 5,326 | ||||||||||||||||||||||||
Total |
$ | 343,918 | $ | 145,953 | $ | 6,121 | $ | 495,992 | $ | 299,965 | $ | 90,665 | $ | 2,322 | $ | 392,952 | ||||||||||||||||
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