Comstock Resources, Inc. Reports Third Quarter 2018 Financial and Operating Results
THIRD QUARTER 2018 FINANCIAL AND OPERATING RESULTS
Comstock's basis in the Bakken shale properties is the historical basis of the Jones Partnerships. The change in control results in a new basis for Comstock's assets and liabilities. The new basis is pushed down to Comstock for financial reporting purposes, resulting in Comstock's assets, liabilities and equity accounts being recognized at fair value upon the closing of the contribution.
References to "Successor" relate to the financial position and results of operations of the Company subsequent to
Financial Results for the Period
The financial results for the first period since closing the Jones Partnerships contribution is for 48 days from
Oil and gas sales for the period were
Comstock reported earnings of
Financial Results for the Period
The first 44 days of the third quarter from
Oil and gas sales were
Comstock reported a net loss of
Drilling Results
Comstock reported the results to date of its 2018 Haynesville/Bossier shale drilling program. During the first nine months of 2018, Comstock spent
Since the last operational update, Comstock has completed ten additional operated Haynesville shale wells. The average initial production rate of these wells was 25 MMcf per day. The ten operated wells had completed lateral lengths ranging from 4,502 feet to 9,865 feet, with an average completed lateral length of 7,629 feet. Each well was tested at initial production rates of 21 to 28 MMcf per day. Comstock has two (0.8 net) operated Haynesville shale wells that are in the process of being completed.
4th Quarter 2018 and 2019 Drilling Budget
The Company also announced drilling plans for the fourth quarter of 2018 and 2019. The Company's current plans are to operate four drilling rigs through 2018 increasing to five operated rigs in March of 2019. The Company currently plans to spend
Other
Comstock has planned a conference call for
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
OPERATING RESULTS
(In thousands, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
Transition Period | Transition Period | |||||||||||||||||||||||
Successor | Predecessor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||||||
August 14 through September 30, 2018 |
July 1 through August 13, 2018 |
2017 |
August 14 through September 30, 2018 |
January 1 through August 13, 2018 |
2017 |
|||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Natural gas sales................................................................................................ | $ | 36,393 | $ | 32,089 | $ | 56,164 | $ | 36,393 | $ | 147,897 | $ | 147,541 | ||||||||||||
Oil sales............................................................................................................. | 33,730 | 499 | 10,647 | 33,730 | 18,733 | 34,542 | ||||||||||||||||||
Total oil and gas sales...................................................................... | 70,123 | 32,588 | 66,811 | 70,123 | 166,630 | 182,083 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Production taxes................................................................................................ | 4,051 | 707 | 1,490 | 4,051 | 3,659 | 3,730 | ||||||||||||||||||
Gathering and transportation.............................................................................. | 3,450 | 3,109 | 4,755 | 3,450 | 11,841 | 12,428 | ||||||||||||||||||
Lease operating.................................................................................................. | 7,016 | 3,418 | 9,359 | 7,016 | 21,139 | 28,681 | ||||||||||||||||||
Depreciation, depletion and amortization........................................................... | 17,820 | 14,082 | 32,783 | 17,820 | 68,032 | 93,009 | ||||||||||||||||||
General and administrative................................................................................. | 3,303 | 3,044 | 6,174 | 3,303 | 15,699 | 19,134 | ||||||||||||||||||
Loss (gain) on sale of oil and gas properties...................................................... | (98 | ) | — | 1,060 | (98 | ) | 35,438 | 1,060 | ||||||||||||||||
Total operating expenses.............................................................................. | 35,542 | 24,360 | 55,621 | 35,542 | 155,808 | 158,042 | ||||||||||||||||||
Operating income................................................................................................... | 34,581 | 8,228 | 11,190 | 34,581 | 10,822 | 24,041 | ||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||
Gain (loss) from derivative financial instruments.............................................. | (2,015 | ) | (83 | ) | 1,430 | (2,015 | ) | 881 | 14,585 | |||||||||||||||
Other income..................................................................................................... | 42 | 284 | 170 | 42 | 677 | 398 | ||||||||||||||||||
Interest expense................................................................................................. | (14,845 | ) | (22,140 | ) | (37,595 | ) | (14,845 | ) | (101,203 | ) | (107,250 | ) | ||||||||||||
Transaction costs............................................................................................... | — | (2,549 | ) | — | — | (2,866 | ) | — | ||||||||||||||||
Total other income (expenses)..................................................................... | (16,818 | ) | (24,488 | ) | (35,995 | ) | (16,818 | ) | (102,511 | ) | (92,267 | ) | ||||||||||||
Income (loss) before income taxes........................................................................ | 17,763 | (16,260 | ) | (24,805 | ) | 17,763 | (91,689 | ) | (68,226 | ) | ||||||||||||||
Benefit from (provision for) income taxes............................................................. | (3,940 | ) | (605 | ) | 69 | (3,940 | ) | (1,065 | ) | (883 | ) | |||||||||||||
Net income (loss)................................................................................................... | $ | 13,823 | $ | (16,865 | ) | $ | (24,736 | ) | $ | 13,823 | $ | (92,754 | ) | $ | (69,109 | ) | ||||||||
Net income (loss) per share – basic and diluted......................................... | $ | 0.13 | $ | (1.09 | ) | $ | (1.67 | ) | $ | 0.13 | $ | (6.08 | ) | $ | (4.74 | ) | ||||||||
Weighted average shares outstanding – Basic......................................................... | 106,448 | 15,468 | 14,796 | 106,448 | 15,262 | 14,591 | ||||||||||||||||||
Diluted............................................................................................................... | 106,463 | 15,468 | 14,796 | 106,463 | 15,262 | 14,591 |
(1) Includes
OPERATING RESULTS
(In thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Transition Period | Transition Period | ||||||||||||||||||||||||
Successor | Predecessor | Predecessor | Successor | Predecessor | Predecessor | ||||||||||||||||||||
August 14 through September 30, 2018 |
July 1 through August 13, 2018 |
2017 |
August 14 through September 30, 2018 |
January 1 through August 13, 2018 |
2017 |
||||||||||||||||||||
OPERATING CASH FLOW: | |||||||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 13,823 | $ | (16,865 | ) | $ | (24,736 | ) | $ | 13,823 | $ | (92,754 | ) | $ | (69,109 | ) | |||||||||
Reconciling items: | |||||||||||||||||||||||||
Deferred income taxes.......................................................................................... | 3,883 | 626 | (87 | ) | 3,883 | 1,052 | 768 | ||||||||||||||||||
Depreciation, depletion and amortization.............................................................. | 17,820 | 14,082 | 32,783 | 17,820 | 68,032 | 93,009 | |||||||||||||||||||
Unrealized loss (gain) from derivative financial instruments................................. | 2,206 | 413 | 2,026 | 2,206 | 1,961 | (9,233 | ) | ||||||||||||||||||
Amortization of debt discount, premium and issuance costs................................. | 822 | 6,190 | 9,914 | 822 | 29,457 | 24,914 | |||||||||||||||||||
Interest paid in-kind.............................................................................................. | — | 4,990 | 9,600 | — | 25,004 | 28,194 | |||||||||||||||||||
Stock-based compensation.................................................................................... | 329 | 803 | 1,640 | 329 | 3,912 | 4,455 | |||||||||||||||||||
Loss (gain) on sale of oil and gas properties......................................................... | (98 | ) | — | 1,060 | (98 | ) | 35,438 | 1,060 | |||||||||||||||||
Operating cash flow.......................................................................................... | 38,785 | 10,239 | 32,200 | 38,785 | 72,102 | 74,058 | |||||||||||||||||||
Decrease (increase) in accounts receivable.................................................. | (44,844 | ) | 3,551 | (2,295 | ) | (44,844 | ) | 2,834 | (11,952 | ) | |||||||||||||||
Decrease (increase) in other current assets.................................................. | (1,326 | ) | (304 | ) | 238 | (1,326 | ) | 337 | (670 | ) | |||||||||||||||
Increase (decrease) in accounts payable and accrued expenses................... | 11,034 | (14,749 | ) | 5,105 | 11,034 | 10,462 | 29,327 | ||||||||||||||||||
Net cash provided by operating activities.............................................. | $ | 3,609 | $ | (1,263 | ) | $ | 35,248 | $ | 3,609 | $ | 85,735 | $ | 90,763 | ||||||||||||
EBITDAX: | |||||||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 13,823 | $ | (16,865 | ) | $ | (24,736 | ) | $ | 13,823 | $ | (92,754 | ) | $ | (69,109 | ) | |||||||||
Interest expense........................................................................................................ | 14,845 | 22,140 | 37,595 | 14,845 | 101,203 | 107,250 | |||||||||||||||||||
Income taxes............................................................................................................. | 3,940 | 605 | (69 | ) | 3,940 | 1,065 | 883 | ||||||||||||||||||
Depreciation, depletion and amortization.................................................................. | 17,820 | 14,082 | 32,783 | 17,820 | 68,032 | 93,009 | |||||||||||||||||||
Unrealized loss (gain) from derivative financial instruments..................................... | 2,206 | 413 | 2,026 | 2,206 | 1,961 | (9,233 | ) | ||||||||||||||||||
Stock-based compensation........................................................................................ | 329 | 803 | 1,640 | 329 | 3,912 | 4,455 | |||||||||||||||||||
Transaction costs...................................................................................................... | — | 2,549 | — | — | 2,866 | — | |||||||||||||||||||
Loss on sale of oil and gas properties....................................................................... | (98 | ) | — | 1,060 | (98 | ) | 35,438 | 1,060 | |||||||||||||||||
Total EBITDAX.................................................................................... | $ | 52,865 | $ | 23,727 | $ | 50,299 | $ | 52,865 | $ | 121,723 | $ | 128,315 |
Successor | Predecessor | |||||||
As of September 30, 2018 |
As of December 31, 2017 |
|||||||
Balance Sheet Data: | ||||||||
Cash and cash equivalents........................................................................................................... | $ | 31,780 | $ | 61,255 | ||||
Assets held for sale..................................................................................................................... | — | 198,615 | ||||||
Other current assets..................................................................................................................... | 99,692 | 42,635 | ||||||
Property and equipment, net........................................................................................................ | 1,593,602 | 607,929 | ||||||
Other........................................................................................................................................... | 369,302 | 19,985 | ||||||
Total assets........................................................................................................................... | $ | 2,094,376 | $ | 930,419 | ||||
Current liabilities......................................................................................................................... | $ | 180,118 | $ | 168,489 | ||||
Long-term debt............................................................................................................................ | 1,242,844 | 1,110,529 | ||||||
Deferred income taxes................................................................................................................. | 145,565 | 10,266 | ||||||
Asset retirement obligation.......................................................................................................... | 4,738 | 10,407 | ||||||
Stockholders' equity (deficit)....................................................................................................... | 521,111 | (369,272 | ) | |||||
Total liabilities and stockholders' equity (deficit)................................................................. | $ | 2,094,376 | $ | 930,419 |
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Successor | ||||||||||||||||
For the Period August 14, 2018 through September 30, 2018 | ||||||||||||||||
Haynesville / Cotton Valley | Bakken | Other | Total | |||||||||||||
Gas production (MMcf)............................................................................ | 12,773 | 1,272 | 53 | 14,098 | ||||||||||||
Oil production (Mbbls)......................................................................... | 5 | 536 | 1 | 542 | ||||||||||||
Total production (MMcfe)........................................................................ | 12,803 | 4,487 | 61 | 17,351 | ||||||||||||
Natural gas sales................................................................................. | $ | 34,765 | $ | 1,466 | $ | 162 | $ | 36,393 | ||||||||
Natural gas hedging settlements(1).................................................................... | — | — | — | 191 | ||||||||||||
Total natural gas including hedging.................................................................. | 34,765 | 1,466 | 162 | 36,584 | ||||||||||||
Oil sales................................................................................. | 320 | 33,240 | 170 | 33,730 | ||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 35,085 | $ | 34,706 | $ | 332 | $ | 70,314 | ||||||||
Average gas price (per Mcf)............................................................................... | $ | 2.72 | $ | 1.15 | $ | 3.07 | $ | 2.58 | ||||||||
Average gas price including hedging (per Mcf)............................................................................... |
$ | 2.59 | ||||||||||||||
Average oil price (per barrel)............................................................................ | $ | 64.00 | $ | 62.01 | $ | 140.66 | $ | 62.21 | ||||||||
Average price (per Mcfe)............................................................................. | $ | 2.74 | $ | 7.73 | $ | 5.44 | $ | 4.04 | ||||||||
Average price including hedging (per Mcfe)............................................................................. |
$ | 4.05 | ||||||||||||||
Production taxes................................................................................. | $ | 813 | $ | 3,214 | $ | 24 | $ | 4,051 | ||||||||
Gathering and transportation................................................................. | $ | 3,420 | $ | — | $ | 30 | $ | 3,450 | ||||||||
Lease operating.......................................................................... | $ | 3,615 | $ | 3,250 | $ | 151 | $ | 7,016 | ||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.06 | $ | 0.72 | $ | 0.40 | $ | 0.23 | ||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.27 | $ | — | $ | 0.50 | $ | 0.20 | ||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.28 | $ | 0.72 | $ | 2.46 | $ | 0.41 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions................................................................. | $ | 17,905 | $ | — | $ | — | $ | 17,905 | ||||||||
Development leasehold.................................................................... | 475 | — | — | 475 | ||||||||||||
Development drilling....................................................................... | 33,404 | 15,615 | — | 49,019 | ||||||||||||
Other development................................................................. | 7,810 | — | — | 7,810 | ||||||||||||
Total........................................................................... | $ | 59,594 | $ | 15,615 | $ | — | $ | 75,209 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||
For the Period July 1, 2018 through August 13, 2018 | ||||||||||||
Haynesville / Cotton Valley | Other | Total | ||||||||||
Gas production (MMcf)............................................................................ | 11,806 | 70 | 11,876 | |||||||||
Oil production (Mbbls)......................................................................... | 5 | 2 | 7 | |||||||||
Total production (MMcfe)........................................................................ | 11,840 | 79 | 11,919 | |||||||||
Natural gas sales................................................................................. | $ | 31,834 | $ | 255 | $ | 32,089 | ||||||
Natural gas hedging settlements(1).................................................................... | — | — | 330 | |||||||||
Total natural gas including hedging.................................................................. | 31,834 | 255 | 32,419 | |||||||||
Oil sales................................................................................. | 386 | 113 | 499 | |||||||||
Total oil and gas sales including hedging.................................................................. | $ | 32,220 | $ | 368 | $ | 32,918 | ||||||
Average gas price (per Mcf)............................................................................... | $ | 2.70 | $ | 3.64 | $ | 2.70 | ||||||
Average gas price including hedging (per Mcf)............................................................................... |
$ | 2.73 | ||||||||||
Average oil price (per barrel)............................................................................ | $ | 68.87 | $ | 71.37 | $ | 69.42 | ||||||
Average price (per Mcfe)............................................................................. | $ | 2.72 | $ | 4.66 | $ | 2.73 | ||||||
Average price including hedging (per Mcfe)............................................................................. |
$ | 2.76 | ||||||||||
Production taxes................................................................................. | $ | 684 | $ | 23 | $ | 707 | ||||||
Gathering and transportation................................................................. | $ | 3,082 | $ | 27 | $ | 3,109 | ||||||
Lease operating.......................................................................... | $ | 3,244 | $ | 174 | $ | 3,418 | ||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.06 | $ | 0.29 | $ | 0.06 | ||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.26 | $ | 0.34 | $ | 0.26 | ||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.27 | $ | 2.21 | $ | 0.29 | ||||||
Oil and Gas Capital Expenditures: | ||||||||||||
Acquisitions................................................................. | $ | 39,323 | $ | — | $ | 39,323 | ||||||
Development leasehold.................................................................... | 504 | — | 504 | |||||||||
Development drilling....................................................................... | 14,211 | — | 14,211 | |||||||||
Other development................................................................. | 2,958 | — | 2,958 | |||||||||
Total........................................................................... | $ | 56,996 | $ | — | $ | 56,996 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Three Months Ended September 30, 2017 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf)................................... | 19,590 | 318 | 79 | 19,987 | ||||||||||||
Oil production (Mbbls).................................... | 12 | 211 | 6 | 229 | ||||||||||||
Total production (MMcfe)................................ | 19,660 | 1,582 | 120 | 21,362 | ||||||||||||
Natural gas sales............................................... | $ | 54,673 | $ | 1,282 | $ | 209 | $ | 56,164 | ||||||||
Natural gas hedging settlements(1).................... | — | — | — | 3,456 | ||||||||||||
Total natural gas including hedging............ | 54,673 | 1,282 | 209 | 59,620 | ||||||||||||
Oil sales............................................................ | 537 | 9,791 | 319 | 10,647 | ||||||||||||
Total oil and gas sales including hedging.................................................. |
$ | 55,210 | $ | 11,073 | $ | 528 | $ | 70,267 | ||||||||
Average gas price (per Mcf)............................ | $ | 2.79 | $ | 4.03 | $ | 2.65 | $ | 2.81 | ||||||||
Average gas price including hedging (per Mcf)........................................................ |
$ | 2.98 | ||||||||||||||
Average oil price (per barrel)........................... | $ | 46.33 | $ | 46.46 | $ | 46.17 | $ | 46.45 | ||||||||
Average price (per Mcfe)................................. | $ | 2.81 | $ | 7.00 | $ | 4.40 | $ | 3.13 | ||||||||
Average price including hedging (per Mcfe)...................................................... |
$ | 3.29 | ||||||||||||||
Production taxes............................................... | $ | 934 | $ | 514 | $ | 42 | $ | 1,490 | ||||||||
Gathering and transportation............................ | $ | 4,258 | $ | 374 | $ | 123 | $ | 4,755 | ||||||||
Lease operating................................................. | $ | 5,749 | $ | 3,410 | $ | 200 | $ | 9,359 | ||||||||
Production taxes (per Mcfe)............................. | $ | 0.05 | $ | 0.32 | $ | 0.35 | $ | 0.07 | ||||||||
Gathering and transportation (per Mcfe).......... | $ | 0.22 | $ | 0.24 | $ | 1.03 | $ | 0.22 | ||||||||
Lease operating (per Mcfe)............................... | $ | 0.29 | $ | 2.16 | $ | 1.66 | $ | 0.44 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Development leasehold................................ | $ | 867 | $ | 16 | $ | — | $ | 883 | ||||||||
Development drilling.................................... | 40,017 | — | — | 40,017 | ||||||||||||
Other development....................................... | 1,798 | 188 | 312 | 2,298 | ||||||||||||
Total........................................................... | $ | 42,682 | $ | 204 | $ | 312 | $ | 43,198 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Period January 1, 2018 through August 13, 2018 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf)................................... | 54,386 | 379 | 475 | 55,240 | ||||||||||||
Oil production (Mbbls).................................... | 27 | 247 | 13 | 287 | ||||||||||||
Total production (MMcfe)................................ | 54,549 | 1,860 | 554 | 56,963 | ||||||||||||
Natural gas sales............................................... | $ | 144,918 | $ | 1,590 | $ | 1,389 | $ | 147,897 | ||||||||
Natural gas hedging settlements(1).................... | — | — | — | 2,842 | ||||||||||||
Total natural gas including hedging............ | 144,918 | 1,590 | 1,389 | 150,739 | ||||||||||||
Oil sales............................................................ | 1,760 | 16,157 | 816 | 18,733 | ||||||||||||
Total oil and gas sales including hedging.................................................. |
$ | 146,678 | $ | 17,747 | $ | 2,205 | $ | 169,472 | ||||||||
Average gas price (per Mcf)............................ | $ | 2.66 | $ | 4.20 | $ | 2.92 | $ | 2.68 | ||||||||
Average gas price including hedging (per Mcf)........................................................ |
$ | 2.73 | ||||||||||||||
Average oil price (per barrel)........................... | $ | 64.71 | $ | 65.46 | $ | 62.00 | $ | 65.23 | ||||||||
Average price (per Mcfe)................................. | $ | 2.69 | $ | 9.54 | $ | 3.98 | $ | 2.93 | ||||||||
Average price including hedging (per Mcfe)...................................................... |
$ | 2.98 | ||||||||||||||
Production taxes............................................... | $ | 2,680 | $ | 831 | $ | 148 | $ | 3,659 | ||||||||
Gathering and transportation............................ | $ | 11,211 | $ | 463 | $ | 167 | $ | 11,841 | ||||||||
Lease operating................................................. | $ | 15,610 | $ | 4,829 | $ | 700 | $ | 21,139 | ||||||||
Production taxes (per Mcfe)............................. | $ | 0.05 | $ | 0.45 | $ | 0.27 | $ | 0.06 | ||||||||
Gathering and transportation (per Mcfe).......... | $ | 0.21 | $ | 0.25 | $ | 0.30 | $ | 0.21 | ||||||||
Lease operating (per Mcfe)............................... | $ | 0.28 | $ | 2.59 | $ | 1.26 | $ | 0.37 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions................................................. | $ | 39,323 | $ | — | $ | — | $ | 39,323 | ||||||||
Development leasehold................................ | 2,848 | — | — | 2,848 | ||||||||||||
Development drilling.................................... | 90,840 | — | — | 90,840 | ||||||||||||
Other development....................................... | 13,205 | 393 | 273 | 13,871 | ||||||||||||
Total........................................................... | $ | 146,216 | $ | 393 | $ | 273 | $ | 146,882 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Nine Months Ended September 30, 2017 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf).............................. | 49,800 | 1,071 | 436 | 51,307 | ||||||||||||
Oil production (Mbbls)............................... | 39 | 682 | 16 | 737 | ||||||||||||
Total production (MMcfe).......................... | 50,034 | 5,162 | 534 | 55,730 | ||||||||||||
Natural gas sales......................................... | $ | 142,217 | $ | 4,150 | $ | 1,174 | $ | 147,541 | ||||||||
Natural gas hedging settlements(1)............... | — | — | — | 5,352 | ||||||||||||
Total natural gas including hedging...... | 142,217 | 4,150 | 1,174 | 152,893 | ||||||||||||
Oil sales...................................................... | 1,820 | 31,953 | 769 | 34,542 | ||||||||||||
Total oil and gas sales including hedging............................................. |
$ | 144,037 | $ | 36,103 | $ | 1,943 | $ | 187,435 | ||||||||
Average gas price (per Mcf)....................... | $ | 2.86 | $ | 3.87 | $ | 2.69 | $ | 2.88 | ||||||||
Average gas price including hedging (per Mcf).................................................. |
$ | 2.98 | ||||||||||||||
Average oil price (per barrel)...................... | $ | 46.67 | $ | 46.87 | $ | 46.90 | $ | 46.86 | ||||||||
Average price (per Mcfe)............................ | $ | 2.88 | $ | 6.99 | $ | 3.64 | $ | 3.27 | ||||||||
Average price including hedging (per Mcfe)................................................. |
$ | 3.36 | ||||||||||||||
Production taxes.......................................... | $ | 1,928 | $ | 1,664 | $ | 138 | $ | 3,730 | ||||||||
Gathering and transportation....................... | $ | 10,962 | $ | 1,279 | $ | 187 | $ | 12,428 | ||||||||
Lease operating........................................... | $ | 16,748 | $ | 10,956 | $ | 977 | $ | 28,681 | ||||||||
Production taxes (per Mcfe)....................... | $ | 0.04 | $ | 0.32 | $ | 0.26 | $ | 0.07 | ||||||||
Gathering and transportation (per Mcfe)..... | $ | 0.22 | $ | 0.25 | $ | 0.35 | $ | 0.22 | ||||||||
Lease operating (per Mcfe)......................... | $ | 0.33 | $ | 2.12 | $ | 1.83 | $ | 0.51 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Development leasehold........................... | $ | 1,426 | $ | 521 | $ | — | $ | 1,947 | ||||||||
Development drilling.............................. | 120,856 | 705 | — | 121,561 | ||||||||||||
Other development.................................. | 4,382 | 1,485 | 435 | 6,302 | ||||||||||||
Total...................................................... | $ | 126,664 | $ | 2,711 | $ | 435 | $ | 129,810 |
(1) Included in gain from derivative financial instruments in operating results.
Comstock Resources Gary H. Guyton Director of Planning and Investor Relations (972) 668-8834