Comstock Rscs Stock Price, News & Analysis

Comstock Resources (NYSE:CRK) will release its first quarter 2022 results on May 3, 2022, after market close. A conference call is set for 10:00 a.m. CT on May 4, 2022. Interested parties can join by dialing 844-776-7840 or 661-378-9538 for international calls. The conference call will also be accessible via a live broadcast on the company’s website. A replay will be available from 1:00 p.m. CT on May 4 until 1:00 p.m. CT on May 11.

Comstock Resources (NYSE: CRK) reported financial results for Q4 and the year ended December 31, 2021. The company generated $105 million in free cash flow for Q4 and $262 million for the year. Revenues for Q4 reached $379.9 million, a 37% increase from the previous year, despite incurred hedging losses. Adjusted net income for Q4 was $99 million or $0.37 per diluted share. The company's production increased 12% to 1,348 MMcfe per day. Plans for 2022 include a capital budget of $750 million to $800 million focused on drilling and completions.

Comstock Resources (CRK) reported a significant increase in its proved oil and natural gas reserves, totaling 6.1 trillion cubic feet equivalent (Tcfe) as of December 31, 2021, up from 5.6 Tcfe in 2020. The company's reserve estimates, audited under SEC guidelines, show 37% of these reserves developed and 98% operated by Comstock. The PV-10 Value of future cash flows is approximately $6.8 billion, based on average prices of $3.33 per Mcf for gas and $62.38 per barrel for oil. In 2021, Comstock produced 1.2 million barrels of oil and 489.3 Bcf of natural gas, achieving a reserve replacement ratio of 199%.

Comstock Resources (CRK) plans to release its fourth quarter 2021 results on February 15, 2022, after the market closes. A conference call to discuss the results will be held on February 16, 2022, at 10:00 a.m. CT. Investors can join the call by dialing 844-776-7840 or 661-378-9538 for international participants. The call will also be accessible via a live webcast on Comstock's website. A replay will be available from February 16, 2022, at 1:00 p.m. CT until February 23, 2022. Comstock focuses on natural gas production in the Haynesville Shale region.

Comstock Resources has completed the sale of non-operated Bakken shale properties for $154 million, effective October 1, 2021. This divestiture, involving 442 producing wells, will result in a pre-tax loss of $150-$160 million for the company. Proceeds from this sale will partially fund the acquisition of 22,175 net acres in the Haynesville shale for $36.4 million, which includes interests in 38 producing wells. The acquisition is expected to enhance Comstock's drilling inventory by adding 52.2 high-quality locations and is projected to close by year-end.

Comstock Resources (CRK) reported strong third-quarter financial results for 2021, generating $84 million in free cash flow. Adjusted net income was $91 million or $0.34 per diluted share, significantly up from the previous year. Production rose 25% to 1,424 MMcfe per day, with revenues reaching $394 million, an 86% increase year-on-year. However, a $292.7 million net loss was reported due to unrealized losses on hedging contracts. The company also announced a partnership to certify its natural gas production for environmental standards, aiming for MiQ certification in 2022.

Comstock Resources (NYSE: CRK) has partnered with MiQ to certify its natural gas production in North Louisiana and East Texas, aiming for MiQ certification by mid-2022. This partnership emphasizes Comstock's commitment to environmental standards, with current production of about 2.0 billion cubic feet of natural gas per day. The company has reduced GHG emissions intensity by 38% and methane emissions intensity by 16% over the past three years. Responsible Energy Solutions, LLC will be the third-party auditor for this certification process, further enhancing Comstock's focus on sustainability.

Comstock Resources (CRK) announced a $154 million asset sale to Northern Oil & Gas, involving non-operated interests in over 400 producing wells in the Bakken shale, with production exceeding 4,500 barrels of oil equivalent per day. The sale, closing in Q4, is expected to incur a pre-tax loss of $130-$140 million. Proceeds will be reinvested in Comstock’s Haynesville shale development, accelerating the completion of 13 drilled but uncompleted wells and possibly funding additional leasehold acquisitions and drilling activities in 2022.

Comstock Resources (NYSE:CRK) is set to release its third quarter 2021 results on November 2, 2021, after market hours. A conference call will follow on November 3, 2021, at 10:00 a.m. CT. Investors can participate by dialing 844-776-7840 or accessing the live stream via Comstock's website. A replay of the call will be available from 1:00 p.m. CT on November 3 until 12:00 p.m. CT on November 10. Comstock is recognized for its operations in the Haynesville Shale region.