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Comstock Resources, Inc. reports recurring developments as an independent natural gas producer focused on the Haynesville Shale in North Louisiana and East Texas. Company news centers on quarterly financial and operating results, natural gas and oil sales, cash flow, adjusted EBITDAX, hedging effects and reserve measures tied to natural gas prices.
Operational updates focus on drilling and completions in the Western Haynesville and legacy Haynesville areas, including wells turned to sales, lateral lengths, initial production rates and well costs. Comstock announcements also cover asset sales, material agreements and capital-structure matters related to its exploration and production business.
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Comstock Resources (NYSE:CRK) will release its first quarter 2023 results on May 2, 2023, post-market close. A conference call to discuss these results is scheduled for 10:00 a.m. CT on May 3, 2023. Interested parties can register to participate via a dedicated link, receiving a dial-in number and PIN for access. The call will also be available in listen-only mode on the company's website. A replay will be accessible for twelve months starting from 1:00 p.m. CT on May 3, 2023. Comstock Resources focuses on natural gas production, particularly in the Haynesville Shale region.
Comstock Resources reported strong financial results for fiscal 2022, generating $673 million in free cash flow, with production increasing 7% in Q4 2022 to 1,445 MMcfe per day. Annual oil and gas sales reached $2.3 billion, a 58% increase from 2021. Adjusted net income for 2022 was $1.0 billion, or $3.73 per diluted share. The company successfully drilled 73 operated wells and plans to allocate $950 million to $1.15 billion for drilling and completion in 2023. Comstock declared a $0.125 per share quarterly dividend, to be paid on March 15, 2023. A conference call is scheduled for February 15, 2023, to discuss results further.
Comstock Resources, Inc. (CRK) reported a 9% increase in its proved natural gas and oil reserves, totaling 6.7 trillion cubic feet equivalent (Tcfe) as of December 31, 2022, up from 6.1 Tcfe in 2021. The reserves, primarily natural gas (98% operated), have a present value of approximately $15.5 billion. In 2022, Comstock produced 501.1 billion cubic feet of natural gas equivalent, with fourth-quarter production averaging 1,445 million cubic feet per day, a 7% increase year-over-year. The company invested $1.032 billion in drilling and development activities, successfully adding 1.1 Tcfe to its reserves, replacing 216% of its 2022 production.
Comstock Resources (NYSE:CRK) will release its fourth quarter and annual 2022 results on February 14, 2023, after market close. A conference call is scheduled for 10:00 a.m. CT on February 15, 2023 to discuss these results. Interested participants must register to obtain dial-in information. The call will also be available live in listen-only mode via a designated URL.
Furthermore, a replay of the call will be accessible for twelve months starting from 1:00 p.m. CT on February 15, 2023, through the webcast link. Comstock Resources focuses on natural gas production in the Haynesville Shale region.
Comstock Resources, Inc. (NYSE: CRK) announced that as of November 30, 2022, all outstanding shares of its Series B Convertible Preferred Stock have been converted into 43,750,000 shares of common stock. This conversion follows the initial issuance in July 2019, linked to the acquisition of Covey Park Energy LLC, and strengthens Comstock's balance sheet. Currently, there are 277,507,678 common shares outstanding, with the Jerry Jones family holding 66% ownership. The company focuses on natural gas production in the Haynesville shale region.
Comstock Resources (CRK) has appointed Trey Newell as Vice President of Corporate Development and Lori Kanaman as Vice President of Marketing. Newell, with over two decades in the midstream energy sector, aims to expand Comstock's natural gas markets in the Haynesville shale region. Kanaman brings 30 years of marketing experience in natural gas, previously focusing on the Haynesville and Permian basins. The company has seen a leadership change, with the departure of David Terry and Whitney Ward, who left to pursue other opportunities.
Comstock Resources (NYSE: CRK) announced a new senior secured revolving credit facility extending its existing credit facility's maturity to November 15, 2027. The initial borrowing base is set at $2.0 billion, with an elected commitment of $1.5 billion. This five-year, reserve-based facility was arranged by Wells Fargo Securities and includes a syndicate of 17 participating banks. The company specializes in natural gas production, particularly in the Haynesville shale region of North Louisiana and East Texas.