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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.
Comstock Resources, Inc. (NYSE: CRK) announced cash tender offers to purchase up to $750 million of its senior notes, including $375 million of 7.5% notes due 2025 and $325 million of 9.75% notes due 2026. The offers prioritize acceptance by tender date, with an early tender premium of $30 applicable for submissions before March 3, 2021. The purchases will be financed through a new debt offering due in 2029, and the offers will expire on March 17, 2021. The company is also seeking consent to eliminate restrictive covenants related to the notes.
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Comstock Resources reported its financial results for Q4 and the full year of 2020. For Q4, net income was $77.5 million, significantly aided by an unrealized gain of $80.2 million on hedging. Adjusted net income stood at $34.6 million, with natural gas production rising 6% to 1.2 MMcf per day. However, net loss for the full year reached $83.4 million due to a $124.5 million unrealized loss on derivatives. The company achieved an increase in total proved reserves to 5.6 Tcf of natural gas and 11.0 million Bbls of oil. Planned 2021 drilling budget is set at $510-$550 million.
Comstock Resources, Inc. (NYSE:CRK) has rescheduled its fourth quarter 2020 earnings release to February 16, 2021, after market close. The quarterly conference call will occur on February 17, 2021, at 10:00 a.m. CT. Investors can join the call by dialing 844-776-7840 for domestic or 661-378-9538 for international access. A replay will be available from 1:00 p.m. CT on February 17 until February 24. The company focuses on natural gas production, primarily in the Haynesville Shale region.
Comstock Resources, Inc. (NYSE:CRK) plans to release its fourth quarter 2020 results on February 17, 2021, after market hours. A conference call will follow on February 18, 2021, at 10:00 a.m. CT. Participants should connect at least 15 minutes early to ensure timely access. The call can be accessed via dial-in numbers and will also be live-streamed on Comstock's website. A replay will be available from February 18, 2021, at 1:00 p.m. CT until February 25, 2021.
Comstock Resources (NYSE: CRK) reported a net loss of $130.9 million, or $0.57 per share, for Q3 2020, primarily due to a $155.6 million unrealized loss on derivative instruments. Adjusted net loss was $13.8 million, or $0.06 per share. Natural gas production reached 102.6 Bcf, a 5% increase year-over-year, while oil production fell by 41% to 3,851 barrels per day. Average realized natural gas price dropped to $1.95 per Mcf, down from $2.26 a year earlier. Sales totaled $212.2 million, declining from $250.5 million in Q3 2019. Comstock plans to invest $525-$575 million in 2021 for drilling activities.
Comstock Resources, Inc. (NYSE:CRK) will release its third-quarter 2020 results on November 4, 2020, after market close. A conference call is scheduled for 10:00 a.m. CT on November 5, 2020. Participants should dial in 15 minutes early at 844-776-7840 or 661-378-9538 for international calls, using Conference ID 1275655. The call will be accessible via live stream, and a replay will be available until November 12, 2020.
Comstock focuses on the acquisition, development, and production of oil and natural gas in Texas, Louisiana, and North Dakota.
Comstock Resources, Inc. (NYSE: CRK) announced a public offering of $300 million in 9.75% Senior Notes due 2026, priced at 100.5% of par, increasing from the initially planned $200 million. The net proceeds, approximately $296 million, will be used to repay a portion of existing bank credit facility debt. The offering is expected to close on August 19, 2020, and the new notes will be treated as a single series with existing notes issued earlier this year. BofA Securities, BMO Capital Markets, and Wells Fargo Securities are lead managers for the offering.
Comstock Resources (NYSE: CRK) plans to offer an additional $200 million of its 9.75% senior unsecured notes due 2026, subject to market conditions. This issuance will be part of the previously issued $500 million notes from June 23, 2020, and will share the same terms. The proceeds from the offering will be used to repay existing borrowings under the company’s bank credit facility. The offering will utilize an effective shelf registration statement filed with the SEC and is managed by multiple leading financial institutions.
Comstock Resources reported a net loss of $60 million or $0.29 per share for Q2 2020, largely due to unrealized losses on derivative instruments as natural gas prices improved. Adjusted net income was $1.7 million or $0.01 per share. The company produced 116.5 Bcf of natural gas, a 185% increase from Q2 2019, but oil production decreased to 3,947 barrels per day. Average realized natural gas price fell to $1.88 per Mcf from $2.29 per Mcf year-over-year. Despite losses, operating cash flow rose 77% to $117.5 million compared to Q2 2019.