COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2019 FINANCIAL AND OPERATING RESULTS
FRISCO, TX, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2019. On July 16, 2019, Comstock completed the acquisition of Covey Park Energy LLC ("Covey Park"). The Company's annual financial results include the results of operations of Covey Park beginning on July 16, 2019. On August 14, 2018, the Company completed transactions in which entities controlled by Dallas businessman Jerry Jones contributed Bakken Shale properties to the Company in exchange for a controlling interest in the Company (the "Jones Contribution"). The 2019 results and the period from August 14, 2018 through December 31, 2018 reflect the Jones Contribution, while results for the period from January 1, 2018 through August 13, 2018 reflect the historical results of Comstock for that period (the "Predecessor").
Financial Results for the Three Months Ended December 31, 2019
For the fourth quarter of 2019, Comstock reported net income available to common stockholders of $40.8 million or $0.19 per diluted share. Net income available to common stockholders as adjusted to exclude certain items not related to normal operating activities for the fourth quarter of 2019 was $49.1 million or $0.22 per diluted share. These items included $4.1 million in non-cash interest amortization resulting from adjusting debt assumed in the Covey Park acquisition to fair value; $4.6 million of non-cash accretion resulting from adjusting the preferred stock issued in connection with the Covey Park acquisition to fair value; and $0.4 million in unrealized hedging gains.
Comstock produced 121.5 billion cubic feet ("Bcf") of natural gas and 576,665 barrels of oil or 125.0 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2019. Natural gas production averaged 1,321 million cubic feet ("MMcf") per day, an increase of 293% over natural gas production in the fourth quarter of 2018. The growth in natural gas production was primarily attributable to the acquisition of Covey Park and the successful results from Comstock's Haynesville shale drilling activities in 2019. Oil production in the fourth quarter of 2019 decreased to 6,268 barrels of oil per day from 9,155 barrels per day produced in the fourth quarter of 2018 due primarily to expected production declines from the Bakken Shale properties acquired in the Jones Contribution.
Comstock's average realized natural gas price in the fourth quarter of 2019, including hedging, decreased to $2.30 per Mcf as compared to $3.28 per Mcf realized in the fourth quarter of 2018. The Company's average realized oil price in the fourth quarter of 2019, including hedging, decreased to $50.36 per barrel as compared to $54.96 per barrel in the fourth quarter of 2018. Oil and gas sales were $308.6 million (including realized hedging gains) in the fourth quarter of 2019 as compared to sales of $147.7 million in the fourth quarter of 2018. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $234.8 million in the fourth quarter of 2019 increased by 109% over EBITDAX of $112.5 million for the fourth quarter of 2018. The Company's operating cash flow generated in the fourth quarter of 2019 of $187.9 million increased 97% over operating cash flow of $95.6 million in the fourth quarter of 2018.
Financial Results for the Year Ended December 31, 2019
For the year ended December 31, 2019, Comstock reported a net income available to common stockholders of $74.5 million or $0.52 per diluted share. Net income available to common stockholders as adjusted to exclude certain items not related to normal operating activities primarily due to the closing of the Covey Park acquisition for the year ended December 31, 2019 was $122.3 million or $0.77 per diluted share. These items included $31.9 million of advisory and legal fees, severance costs and other change of control payments; $7.1 million in non-cash interest amortization resulting from adjusting debt assumed in the Covey Park acquisition to fair value; $3.5 million of hedging settlements related to July production that were received prior to closing the Covey Park acquisition; $4.6 million of non-cash accretion resulting from adjusting the preferred stock issued in connection with the Covey Park acquisition to fair value; and $0.7 million in unrealized hedging gains.
Comstock produced 292.8 Bcf of natural gas and 2.7 million barrels of oil or 308.9 Bcfe for the year ended December 31, 2019. Natural gas production averaged 802 MMcf per day and oil production averaged 7,356 barrels of oil per day. On a proforma basis, assuming the Covey Park acquisition had been completed on January 1, 2019, oil and natural gas production would have been 7,416 barrels per day and 1,190 MMcf per day, respectively. Comstock's average realized natural gas price after hedging was $2.35 per Mcf and realized oil price after hedging was $49.64 per barrel for the year. Oil and gas sales for 2019 were $821.4 million (including realized hedging gains and losses), EBITDAX was $613.6 million and operating cash flow generated was $468.3 million.
Drilling Results
Total expenditures in 2019 for drilling and development activities was $510.5 million. Comstock spent $485.4 million to develop its Haynesville and Bossier shale properties, including $468.5 million on drilling and completing wells and an additional $16.9 million on other development activity. Comstock drilled 82 (51.1 net) horizontal Haynesville or Bossier shale wells in 2019, which had an average lateral length of approximately 8,100 feet. Comstock also completed 19 (7.3 net) wells that were drilled in 2018. Fifty (36.0 net) of the wells drilled in 2019 were also completed in 2019. The Company currently expects the remaining 32 (15.1 net) wells drilled in 2019 will be completed in 2020, of which 18 (12.6 net) are operated wells. Comstock also spent $25.1 million of development costs on its other properties primarily on completing four (2.2 net) Eagle Ford shale wells during the year.
Since its last operational update, Comstock reported on an additional 20 Haynesville shale wells. The average initial production rate of these wells was 24 MMcf per day. The wells had completed lateral lengths ranging from 4,337 feet to 10,191 feet, with an average completed lateral length of 6,926 feet. Each well was tested at initial production rates of 15 to 45 MMcf per day. Comstock currently has 15 (7.8 net) operated Haynesville shale wells that are in the process of being completed.
2019 Proved Oil & Gas Reserves
Comstock also announced that proved oil and natural gas reserves as of December 31, 2019 were estimated at 5.3 Tcfe of natural gas and 16.7 million barrels of oil, or 5.4 Tcfe as compared to total proved reserves of 2.4 Tcfe as of December 31, 2018. The reserve estimates were determined under the SEC guidelines and were audited by the Company's independent reserve engineering firms. The 5.4 Tcfe of proved reserves at December 31, 2019 were 36% proved developed and 92% were operated by Comstock. The present value, using a 10% discount rate, or the future net cash flows before income taxes of the proved reserves (the "PV-10 Value") was approximately $3.3 billion, using average first of month 2019 prices of $2.58 per Mcf of natural gas and $55.69 per barrel for oil. The PV-10 Value increased 85% from the PV-10 Value in 2018 of $1.8 billion. The natural gas and oil prices used in determining the December 31, 2019 proved reserves estimates were 11% lower for natural gas and 9% lower for oil as compared to prices used at December 31, 2018.
The following table reflects the changes in the proved reserve estimates since the end of 2018:
Oil (MMBbls)
Natural Gas (Bcf)
Total (Bcfe)
Proved Reserves:
Proved Reserves at December 31, 2018
23.6
2,282.8
2,424.4
Production
(2.7
)
(292.8
)
(308.9
)
Acquisitions
0.2
3,023.1
3,024.5
Extensions and discoveries
0.3
315.3
316.8
Divestitures
(0.1
)
(49.5
)
(49.9
)
Revisions:
Price
(0.5
)
(228.5
)
(231.5
)
Performance and Other
(4.1
)
291.1
266.6
Proved Reserves at December 31, 2019
16.7
5,341.5
5,442.0
The significant growth in proved reserves was primarily attributable to acquisitions, including the Covey Park acquisition, which added 3.0 Tcfe to proved reserves. The Company also added 583 Bcfe related to its 2019 drilling activities and to performance and other revisions. Lower oil and natural gas prices reduced proved reserves by 232 Bcfe. Based on the 2019 proved reserve additions, Comstock's "all-in" finding costs were approximately $0.72 per Mcfe excluding price-related revisions ($0.77 per Mcfe including price-related revisions).
2020 Drilling Budget
The Company also announced its current drilling plans for 2020. Comstock's planned capital expenditures for 2020 total $421.0 million and exclusively focused on the Haynesville/Bossier shale. Comstock is currently planning to operate five drilling rigs in 2020 and will drill 46 (34.3 net) operated horizontal wells and complete the 18 (12.6 net) wells drilled in 2019.
Other
Comstock has planned a conference call for 10:00 a.m. Central Time on February 27, 2020, to discuss the 2019 operational and financial results. 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 4754719 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 February 27, 2020 and will continue until 1:00 p.m. March 5, 2020. To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US). The conference call access code is 4754719.
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 engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota. 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,
Twelve Months Ended December 31,
2019
2018
2019
August 14, 2018 through December 31, 2018
January 1, 2018 through August 13, 2018
(Predecessor)
Natural gas sales
$
260,206
$
107,843
$
635,795
$
144,236
$
147,897
Oil sales
29,042
45,655
132,894
79,385
18,733
Total oil and gas sales
289,248
153,498
768,689
223,621
166,630
Operating expenses:
Production taxes
10,449
7,104
29,181
11,155
3,659
Gathering and transportation
29,957
7,061
71,303
10,511
11,841
Lease operating
28,835
13,720
87,283
20,736
21,139
Exploration
—
—
241
—
—
Depreciation, depletion and amortization
111,842
36,124
276,526
53,944
68,032
General and administrative, net
6,484
8,096
29,244
11,399
15,699
Loss (gain) on sale of oil and gas properties
—
(57
)
25
(155
)
35,438
Total operating expenses
187,567
72,048
493,803
107,590
155,808
Operating income
101,681
81,450
274,886
116,031
10,822
Other income (expenses):
Gain from derivative financial instruments
19,790
12,480
51,735
10,465
881
Other income
282
131
622
173
677
Transaction costs
90
—
(41,010
)
—
(2,866
)
Interest expense
(54,107
)
(28,758
)
(161,541
)
(43,603
)
(101,203
)
Total other income (expenses)
(33,945
)
(16,147
)
(150,194
)
(32,965
)
(102,511
)
Income (loss) before income taxes
67,736
65,303
124,692
83,066
(91,689
)
Provision for income taxes
(12,620
)
(15,004
)
(27,803
)
(18,944
)
(1,065
)
Net income (loss)
55,116
50,299
96,889
64,122
(92,754
)
Preferred stock dividends and accretion
(14,287
)
—
(22,415
)
—
—
Net income (loss) available to common stockholders
$
40,829
$
50,299
$
74,474
$
64,122
$
(92,754
)
Net income (loss) per share:
Basic
$
0.22
$
0.48
$
0.52
$
0.61
$
(6.08
)
Diluted
$
0.19
$
0.48
$
0.52
$
0.61
$
(6.08
)
Weighted average shares outstanding:
Basic
187,280
105,457
142,750
105,453
15,262
Diluted
284,100
105,457
187,378
105,459
15,262
COMSTOCK RESOURCES, INC. OPERATING RESULTS (In thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
OPERATING CASH FLOW:
2019
2018
2019
August 14, 2018 through December 31, 2018
January 1, 2018 through August 13, 2018
(Predecessor)
Net income (loss)
$
55,116
$
50,299
$
96,889
$
64,122
$
(92,754
)
Reconciling items:
Deferred and non-current income taxes
12,821
25,196
28,026
29,079
1,052
Depreciation, depletion and amortization
111,842
36,124
276,526
53,944
68,032
Unrealized loss (gain) from derivative financial instruments
(488
)
(18,250
)
949
(16,044
)
1,961
Amortization of debt discount, premium and issuance costs
7,068
1,582
16,274
2,404
29,457
Interest paid in-kind
—
—
—
—
25,004
Stock-based compensation
1,661
665
4,020
994
3,912
Transaction costs
(90
)
—
41,010
—
—
Covey Park July 2019 hedging settlements
—
—
4,574
—
—
Loss (gain) on sale of oil and gas properties
—
(57
)
25
(155
)
35,438
Operating cash flow
187,930
95,559
468,293
134,344
72,102
Transaction costs
90
—
(41,010
)
—
—
Covey Park July 2019 hedging settlements
—
—
(4,574
)
—
—
(Increase) decrease in accounts receivable
(45,184
)
(16,164
)
3,220
(61,048
)
2,834
(Increase) decrease in other current assets
2,686
(11,201
)
9,823
(12,527
)
337
Increase in accounts payable and accrued expenses
22,909
30,499
15,485
41,533
10,462
Net cash provided by operating activities
$
168,431
$
98,693
$
451,237
$
102,302
$
85,735
EBITDAX:
Net income (loss)
$
55,116
$
50,299
$
96,889
$
64,122
$
(92,754
)
Interest expense
54,107
28,758
161,541
43,603
101,203
Income taxes
12,620
15,004
27,803
18,944
1,065
Depreciation, depletion, and amortization
111,842
36,124
276,526
53,944
68,032
Exploration
—
—
241
—
—
Unrealized loss (gain) from derivative financial instruments
(488
)
(18,250
)
949
(16,044
)
1,961
Stock-based compensation
1,661
665
4,020
994
3,912
Transaction costs
(90
)
—
41,010
—
2,866
Covey Park July 2019 hedging settlements
—
—
4,574
—
—
Loss (gain) on sale of oil and gas properties
—
(57
)
25
(155
)
35,438
Total EBITDAX
$
234,768
$
112,543
$
613,578
$
165,408
$
121,723
As of December 31,
BALANCE SHEET:
2019
2018
Cash and cash equivalents
$
18,532
$
23,193
Derivative financial instruments
89,192
15,401
Other current assets
195,849
120,833
Property and equipment, net
4,008,803
1,667,979
Other
344,746
360,434
Total assets
$
4,657,122
$
2,187,840
Current liabilities
$
392,376
$
206,853
Derivative financial instruments
4,220
—
Long-term debt
2,500,132
1,244,363
Deferred income taxes
211,772
161,917
Asset retirement obligation
18,151
5,136
Other non-current liabilities
7,866
—
Preferred stock
379,583
—
Stockholders' equity
1,143,022
569,571
Total liabilities and stockholders' equity
$
4,657,122
$
2,187,840
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)
For the Three Months Ended December 31, 2019
Haynesville
Bakken
Eagle Ford and Other
Total
Gas production (Mmcf)
115,332
1,529
4,660
121,521
Oil production (Mbbls)
3
478
96
577
Total Production (Mmcfe)
115,351
4,394
5,235
124,980
Natural gas sales
$
250,671
$
(881
)
$
10,416
$
260,206
Natural gas hedging settlements (a)
—
—
—
19,302
Total natural gas including hedging
250,671
(881
)
10,416
279,508
Oil sales
164
23,419
5,459
29,042
Oil hedging settlements (a)
—
—
—
—
Total oil including hedging
164
23,419
5,459
29,042
Total oil and gas sales including hedging
$
250,835
$
22,538
$
15,875
$
308,550
Average gas price (per Mcf)
$
2.17
$
(0.58
)
$
2.24
$
2.14
Average gas price including hedging (per Mcf)
$
2.30
Average oil price (per barrel)
$
53.12
$
49.03
$
56.86
$
50.36
Average oil price including hedging (per barrel)
$
50.36
Average price (per Mcfe)
$
2.17
$
5.13
$
3.03
$
2.31
Average price including hedging (per Mcfe)
$
2.47
Production taxes
$
7,165
$
2,650
$
634
$
10,449
Gathering and transportation
$
28,144
$
—
$
1,813
$
29,957
Lease operating
$
18,639
$
4,803
$
5,393
$
28,835
Production taxes (per Mcfe)
$
0.06
$
0.60
$
0.12
$
0.08
Gathering and transportation (per Mcfe)
$
0.24
$
—
$
0.35
$
0.24
Lease operating (per Mcfe)
$
0.17
$
1.10
$
1.03
$
0.23
Oil and Gas Capital Expenditures:
Acquisitions
$
41,828
$
—
$
—
$
41,828
Development leasehold
888
—
2
890
Development drilling and completion
145,215
2,359
3,386
150,960
Other development
3,121
—
—
3,121
Total
$
191,052
$
2,359
$
3,388
$
196,799
(a) 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 December 31, 2018
Haynesville
Bakken
Eagle Ford and Other
Total
Gas production (Mmcf)
27,176
2,583
1,174
30,933
Oil production (Mbbls)
—
828
15
843
Total Production (Mmcfe)
27,176
7,550
1,261
35,987
Natural gas sales
$
96,029
$
7,447
$
4,367
$
107,843
Natural gas hedging settlements (a)
—
—
—
(6,402
)
Total natural gas including hedging
96,029
7,447
4,367
101,441
Oil sales
—
44,810
845
45,655
Oil hedging settlements (a)
—
—
—
632
Total oil including hedging
—
44,810
845
46,287
Total oil and gas sales including hedging
$
96,029
$
52,257
$
5,212
$
147,728
Average gas price (per Mcf)
$
3.53
$
2.88
$
3.72
$
3.49
Average gas price including hedging (per Mcf)
$
3.28
Average oil price (per barrel)
$
—
$
54.13
$
56.33
$
54.21
Average oil price including hedging (per barrel)
$
54.96
Average price (per Mcfe)
$
3.53
$
6.92
$
4.13
$
4.27
Average price including hedging (per Mcfe)
$
4.11
Production taxes
$
1,976
$
5,001
$
127
$
7,104
Gathering and transportation
$
6,722
$
—
$
339
$
7,061
Lease operating
$
4,130
$
5,820
$
3,771
$
13,721
Production taxes (per Mcfe)
$
0.07
$
0.66
$
0.10
$
0.20
Gathering and transportation (per Mcfe)
$
0.25
$
—
$
0.27
$
0.20
Lease operating (per Mcfe)
$
0.15
$
0.77
$
2.99
$
0.37
Oil and Gas Capital Expenditures:
Acquisitions
$
3,108
$
—
$
—
$
3,108
Development leasehold
1,240
—
—
1,240
Development drilling and completion
72,962
26,764
—
99,726
Other development
5,802
—
—
5,802
Total
$
83,112
$
26,764
$
—
$
109,876
(a) Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)
For the Year Ended December 31, 2019
Haynesville
Bakken
Eagle Ford and Other
Total
Gas production (Mmcf)
275,832
6,106
10,896
292,834
Oil production (Mbbls)
6
2,465
214
2,685
Total Production (Mmcfe)
275,869
20,896
12,179
308,944
Natural gas sales
$
609,680
$
1,958
$
24,157
$
635,795
Natural gas hedging settlements (a)
—
—
—
52,297
Total natural gas including hedging
609,680
1,958
24,157
688,092
Oil sales
387
120,633
11,874
132,894
Oil hedging settlements (a)
—
—
—
387
Total oil including hedging
387
120,633
11,874
133,281
Total oil and gas sales including hedging
$
610,067
$
122,591
$
36,031
$
821,373
Average gas price (per Mcf)
$
2.21
$
0.32
$
2.22
$
2.17
Average gas price including hedging (per Mcf)
$
2.35
Average oil price (per barrel)
$
62.38
$
48.94
$
55.49
$
49.49
Average oil price including hedging (per barrel)
$
49.64
Average price (per Mcfe)
$
2.21
$
5.87
$
2.96
$
2.49
Average price including hedging (per Mcfe)
$
2.66
Production taxes
$
14,594
$
13,176
$
1,411
$
29,181
Gathering and transportation
$
67,124
$
—
$
4,179
$
71,303
Lease operating
$
45,381
$
23,468
$
18,434
$
87,283
Production taxes (per Mcfe)
$
0.05
$
0.63
$
0.12
$
0.09
Gathering and transportation (per Mcfe)
$
0.24
$
—
$
0.34
$
0.23
Lease operating (per Mcfe)
$
0.17
$
1.12
$
1.51
$
0.29
Oil and Gas Capital Expenditures:
Acquisitions
$
2,097,451
$
—
$
—
$
2,097,451
Development leasehold
7,586
—
17
7,603
Development drilling and completion
468,513
5,480
19,632
493,625
Other development
9,339
—
—
9,339
Total
$
2,582,889
$
5,480
$
19,649
$
2,608,018
(a) Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)
For the Period August 14, 2018 through December 31, 2018
Haynesville
Bakken
Eagle Ford and Other
Total
Gas production (Mmcf)
39,413
3,855
1,763
45,031
Oil production (Mbbls)
—
1,364
21
1,385
Total Production (Mmcfe)
39,413
12,037
1,888
53,338
Natural gas sales
$
129,024
$
8,913
$
6,299
$
144,236
Natural gas hedging settlements (a)
—
—
—
(6,211
)
Total natural gas including hedging
129,024
8,913
6,299
138,025
Oil sales
—
78,050
1,335
79,385
Oil hedging settlements (a)
—
—
—
632
Total oil including hedging
—
78,050
1,335
80,017
Total oil and gas sales including hedging
$
129,024
$
86,963
$
7,634
$
218,042
Average gas price (per Mcf)
$
3.27
$
2.31
$
3.57
$
3.20
Average gas price including hedging (per Mcf)
$
3.07
Average oil price (per barrel)
$
—
$
57.24
$
63.57
$
57.34
Average oil price including hedging (per barrel)
$
57.80
Average price (per Mcfe)
$
3.27
$
7.22
$
4.04
$
4.19
Average price including hedging (per Mcfe)
$
4.09
Production taxes
$
2,752
$
8,215
$
188
$
11,155
Gathering and transportation
$
9,953
$
—
$
558
$
10,511
Lease operating
$
6,118
$
9,070
$
5,548
$
20,736
Production taxes (per Mcfe)
$
0.07
$
0.68
$
0.10
$
0.21
Gathering and transportation (per Mcfe)
$
0.25
$
—
$
0.30
$
0.20
Lease operating (per Mcfe)
$
0.16
$
0.76
$
2.94
$
0.38
Oil and Gas Capital Expenditures:
Acquisitions
$
21,013
$
—
$
—
$
21,013
Development leasehold
1,715
—
—
1,715
Development drilling and completion
106,366
42,379
—
148,745
Other development
13,612
—
—
13,612
Total
$
142,706
$
42,379
$
—
$
185,085
(a) Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC. REGIONAL OPERATING RESULTS (In thousands, except per unit amounts)
For the Period January 1, 2018 through August 13, 2018 (Predecessor)
Haynesville
Bakken
Eagle Ford and Other
Total
Gas production (Mmcf)
52,021
—
3,219
55,240
Oil production (Mbbls)
—
—
287
287
Total Production (Mmcfe)
52,021
—
4,942
56,963
Natural gas sales
$
138,391
$
—
$
9,506
$
147,897
Natural gas hedging settlements (a)
—
—
—
2,842
Total natural gas including hedging
138,391
—
9,506
150,739
Oil sales
—
—
18,733
18,733
Oil hedging settlements (a)
—
—
—
—
Total oil including hedging
—
—
18,733
18,733
Total oil and gas sales including hedging
$
138,391
$
—
$
28,239
$
169,472
Average gas price (per Mcf)
$
2.66
$
—
$
2.95
$
2.68
Average gas price including hedging (per Mcf)
$
2.73
Average oil price (per barrel)
$
—
$
—
$
65.23
$
65.23
Average oil price including hedging (per barrel)
$
65.23
Average price (per Mcfe)
$
2.66
$
—
$
5.71
$
2.93
Average price including hedging (per Mcfe)
$
2.98
Production taxes
$
2,556
$
—
$
1,103
$
3,659
Gathering and transportation
$
10,728
$
—
$
1,113
$
11,841
Lease operating
$
7,675
$
—
$
13,464
$
21,139
Production taxes (per Mcfe)
$
0.05
$
—
$
0.22
$
0.06
Gathering and transportation (per Mcfe)
$
0.21
$
—
$
0.23
$
0.21
Lease operating (per Mcfe)
$
0.15
$
—
$
2.72
$
0.37
Oil and Gas Capital Expenditures:
Acquisitions
$
39,323
$
—
$
—
$
39,323
Development leasehold
2,848
—
—
2,848
Development drilling and completion
90,840
—
—
90,840
Other development
13,205
—
666
13,871
Total
$
146,216
$
—
$
666
$
146,882
(a) Included in gain from derivative financial instruments in operating results.
COMSTOCK RESOURCES, INC. PRO FORMA OPERATING RESULTS (In thousands, except per unit amounts)
For the Twelve Months Ended December 31, 2019
Comstock
Covey Park (b)
Pro Forma Combined
Gas production (Mmcf)
292,834
141,610
434,444
Oil production (Mbbls)
2,685
22
2,707
Total Production (Mmcfe)
308,944
141,742
450,686
Natural gas sales
$
635,795
$
377,368
$
1,013,163
Natural gas hedging settlements (a)
52,297
12,687
64,984
Total natural gas including hedging
688,092
390,055
1,078,147
Oil sales
132,894
1,233
134,127
Oil hedging settlements (a)
387
—
387
Total oil including hedging
133,281
1,233
134,514
Total oil and gas sales including hedging
$
821,373
$
391,288
$
1,212,661
Average gas price (per Mcf)
$
2.17
$
2.66
$
2.33
Average gas price including hedging (per Mcf)
$
2.35
$
2.75
$
2.48
Average oil price (per barrel)
$
49.49
$
56.05
$
49.55
Average oil price including hedging (per barrel)
$
49.64
$
56.05
$
49.69
Average price (per Mcfe)
$
2.49
$
2.67
$
2.55
Average price including hedging (per Mcfe)
$
2.66
$
2.76
$
2.69
Production taxes
$
29,181
$
8,868
$
38,049
Gathering and transportation
$
71,303
$
35,188
$
106,491
Lease operating
$
87,283
$
37,043
$
124,326
Production taxes (per Mcfe)
$
0.09
$
0.06
$
0.08
Gathering and transportation (per Mcfe)
$
0.23
$
0.25
$
0.24
Lease operating (per Mcfe)
$
0.28
$
0.26
$
0.28
Included in gain from derivative financial instruments in operating results.
Pro forma for an acquisition which completed on March 5, 2019.
Ron Mills
VP of Finance and Investor Relations
972-668-8834 (Direct)
rmills@comstockresources.com
