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.
Comstock Resources (NYSE: CRK) will release its third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 10:00 a.m. CT. Interested participants must register in advance to receive the call-in details. The call will also be available via live webcast. A replay of the call will be accessible for twelve months starting from the broadcast.
Comstock is recognized as a leading independent natural gas producer, primarily operating in the Haynesville Shale region.
Comstock Resources (CRK) reported strong second-quarter results for 2022, generating $190 million in free cash flow. The company retired $271 million in senior notes, reducing its annualized leverage ratio to 1.2x. Adjusted net income was $274 million or $1.00 per diluted share, a significant increase in EBITDAX by 105% to $515 million. Oil and gas sales surged 86% year-over-year to $604 million. The company also completed a strategic acquisition and achieved certification for natural gas production under MiQ standards.
Comstock Resources, Inc. (NYSE:CRK) is set to release its second quarter 2022 results on August 1, 2022 after market close. A conference call will follow on August 2, 2022 at 10:00 a.m. CT to discuss the results. Interested participants must register via the provided link to receive the dial-in number. The call will also be accessible in listen-only mode on the company's website. A replay will be available for twelve months post-call. Comstock Resources is recognized for its natural gas production, particularly in the Haynesville Shale region.
Comstock Resources reported strong financial results for Q1 2022, generating free cash flow of $68 million and reducing debt by $85 million.
Adjusted EBITDAX rose by 27% to $333 million, with revenues reaching $408 million, a 23% increase year-over-year. Operating cash flow surged 44%, amounting to $297 million or $1.07 per diluted share. Despite a reported net loss of $115.7 million due to hedging losses, adjusted net income was $136 million or $0.51 per diluted share. Comstock turned 33 new wells to sales with an average production of 29 MMcf per day.
Comstock Resources (CRK) has announced the early redemption of its 7.50% Senior Notes due 2025, with an outstanding amount of $244.4 million. The total redemption price will be approximately $249.0 million, payable on May 15, 2022, including accrued interest. The redemption will be funded using cash on hand and borrowings from its revolving credit facility. Notices of redemption are being sent to all registered holders of the notes.
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.