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) plans to release its first quarter 2021 financial results on May 4, 2021, after market close. The company will host a conference call to discuss these results on May 5, 2021 at 10:00 a.m. CT. Participants are encouraged to dial in 15 minutes early for connection. A replay of the call will be available from 1:00 p.m. CT on May 5 until 1:00 p.m. CT on May 12, 2021. Comstock operates primarily in the Haynesville Shale region of North Louisiana and East Texas.
Comstock Resources, Inc. (NYSE: CRK) announced new early results of its cash tender offers to purchase up to $1.25 billion of its outstanding senior notes. The Aggregate Maximum Tender Amount was increased from $1.0 billion, and the 2026 Notes cap rose from $550 million to $780 million. As of March 3, 2021, approximately $1.9 billion of Notes were tendered. The purchase price will exceed the Aggregate Maximum Tender Amount, leading to a likely halt on further purchases after this Early Tender Date. Early tender premium details are included in the announcement.
Comstock Resources (NYSE:CRK) announced the pricing of its private placement of 6.75% senior notes due 2029, totaling $250.0 million, sold at 103% of par. The offering is set to close on March 4, 2021. The net proceeds, approximately $253.0 million, will fund an increase in the tender offer amounts for existing 7.5% and 9.75% senior notes and cover associated fees. These notes are not registered under the Securities Act and will be available for trading by eligible buyers.
Comstock Resources, Inc. (CRK) plans to offer an additional $250 million of 6.75% senior notes due 2029 in a private placement, contingent on market conditions. This issuance is part of a larger total of $1 billion expected to be issued on March 4, 2021. The proceeds will fund an increased maximum tender amount for existing senior notes due 2025 and 2026, along with associated fees. The new notes will be treated as a single series with existing 2029 notes and will not be registered under the Securities Act, limiting their sale in the U.S.
Comstock Resources (CRK) has amended its cash tender offers to purchase up to $1.0 billion of its outstanding senior notes. This increase from the previous $750.0 million includes raising the combined cap for 2026 Notes from $325.0 million to $550.0 million. The other terms of the Tender Offers remain unchanged. The offers are subject to specific conditions that can be waived by the Company. Investors should note that this announcement does not constitute an offer to sell or solicitation to buy any securities.
Comstock Resources, Inc. (NYSE:CRK) announced the pricing of a private placement of new 6.75% senior notes due 2029, totaling $1.0 billion, up from the initial $750.0 million proposal. The offering will close on March 4, 2021. The net proceeds are expected to be about $984.0 million and will fund concurrent tender offers for part of the Company's existing senior notes due 2025 and 2026, covering premiums, interest, and fees. These notes have not been registered under the Securities Act and are intended for qualified institutional buyers.
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.
Comstock Resources (CRK) announced plans for a private placement of senior notes due in 2029, depending on market conditions. The net proceeds will fund the repurchase of its 7.5% Senior Notes due 2025 and 9.75% Senior Notes due 2026. The tender offers for these notes were launched simultaneously. The securities are unregistered under the Securities Act and will be offered under specific exemptions. Comstock is a prominent independent natural gas producer in the Haynesville shale region of North Louisiana and East Texas.
Summary not available.
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.