Comstock Resources, Inc. Reports Third Quarter 2019 Financial and Operating Results
On
Financial Results for the Three Months Ended
For the third quarter of 2019, Comstock reported a net loss available to common stockholders of
Comstock produced 97.2 billion cubic feet ("Bcf") of natural gas and 603,773 barrels of oil or 100.9 billion cubic feet of natural gas equivalent ("Bcfe") in the third quarter of 2019. The Company's natural gas production averaged 1,057 million cubic feet ("MMcf") per day, an increase of 135% over the second quarter of 2019. The growth in natural gas production was primarily attributable to the Covey Park acquisition which closed on
Comstock's average realized natural gas price, including hedging, was
Financial Results for the Nine Months Ended
For the first nine months of 2019, Comstock reported net income available to common stock of
Comstock produced 171.3 Bcf of natural gas and 2.1 million barrels of oil or 184.0 Bcfe in the first nine months of 2019. The Company's natural gas production averaged 628 MMcf per day. Oil production in the first nine months of 2019 averaged 7,723 barrels of oil per day. Pro forma production for the first nine months of 2019 including the operations of Covey Park was 325.7 Bcfe or 1,193 MMcfe per day.
Comstock's average realized natural gas price, including hedging, was
Drilling Results
Comstock reported the results to date of its 2019 Haynesville/
Since the last operational update, Comstock reported on 23 new
Bolt-on Acquisition
Comstock also announced that it acquired a privately-held company with
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, | |||||||||||||||||||||||
2019 | August 14 Through September 30, 2018 |
July 1 Through August 13, 2018 |
2019 | August 14 Through September 30, 2018 |
January 1 Through August 13, 2018 |
|||||||||||||||||||
(Predecessor) | (Predecessor) | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Natural gas sales........................................................................................................ | $ | 193,506 | $ | 36,393 | $ | 32,089 | $ | 375,589 | $ | 36,393 | $ | 147,897 | ||||||||||||
Oil sales..................................................................................................................... | 30,938 | 33,730 | 499 | 103,852 | 33,730 | 18,733 | ||||||||||||||||||
Total oil and gas sales...................................................................... | 224,444 | 70,123 | 32,588 | 479,441 | 70,123 | 166,630 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Production taxes........................................................................................................ | 6,966 | 4,051 | 707 | 18,732 | 4,051 | 3,659 | ||||||||||||||||||
Gathering and transportation...................................................................................... | 23,414 | 3,450 | 3,109 | 41,346 | 3,450 | 11,841 | ||||||||||||||||||
Lease operating.......................................................................................................... | 29,111 | 7,016 | 3,418 | 58,448 | 7,016 | 21,139 | ||||||||||||||||||
Exploration................................................................................................................ | 241 | — | — | 241 | — | — | ||||||||||||||||||
Depreciation, depletion and amortization................................................................... | 80,247 | 17,820 | 14,082 | 164,684 | 17,820 | 68,032 | ||||||||||||||||||
General and administrative........................................................................................ | 8,105 | 3,303 | 3,044 | 22,760 | 3,303 | 15,699 | ||||||||||||||||||
Loss (gain) on sale of oil and gas properties.............................................................. | — | (98 | ) | — | 25 | (98 | ) | 35,438 | ||||||||||||||||
Total operating expenses..................................................................................... | 148,084 | 35,542 | 24,360 | 306,236 | 35,542 | 155,808 | ||||||||||||||||||
Operating income........................................................................................................... | 76,360 | 34,581 | 8,228 | 173,205 | 34,581 | 10,822 | ||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||
Gain (loss) from derivative financial instruments...................................................... | 24,858 | (2,015 | ) | (83 | ) | 31,945 | (2,015 | ) | 881 | |||||||||||||||
Other income............................................................................................................. | 92 | 42 | 284 | 340 | 42 | 677 | ||||||||||||||||||
Interest expense......................................................................................................... | (51,015 | ) | (14,845 | ) | (22,140 | ) | (107,434 | ) | (14,845 | ) | (101,203 | ) | ||||||||||||
Transaction costs....................................................................................................... | (39,657 | ) | — | (2,549 | ) | (41,100 | ) | — | (2,866 | ) | ||||||||||||||
Total other income (expenses)............................................................................. | (65,722 | ) | (16,818 | ) | (24,488 | ) | (116,249 | ) | (16,818 | ) | (102,511 | ) | ||||||||||||
Income (loss) before income taxes................................................................................ | 10,638 | 17,763 | (16,260 | ) | 56,956 | 17,763 | (91,689 | ) | ||||||||||||||||
Provision for income taxes............................................................................................ | (3,847 | ) | (3,940 | ) | (605 | ) | (15,183 | ) | (3,940 | ) | (1,065 | ) | ||||||||||||
Net income (loss).......................................................................................................... | 6,791 | 13,823 | (16,865 | ) | 41,773 | 13,823 | (92,754 | ) | ||||||||||||||||
Preferred stock dividends.............................................................................................. | (8,128 | ) | — | — | (8,128 | ) | — | — | ||||||||||||||||
Net income (loss) available to common stockholders.................................................... | $ | (1,337 | ) | $ | 13,823 | $ | (16,865 | ) | $ | 33,645 | $ | 13,823 | $ | (92,754 | ) | |||||||||
Net income (loss) per share – basic and diluted.................................................................................... |
$ | (0.01 | ) | $ | 0.13 | $ | (1.09 | ) | $ | 0.26 | $ | 0.13 | $ | (6.08 | ) | |||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic....................................................................................................................... | 171,487 | 105,448 | 15,468 | 127,709 | 105,448 | 15,262 | ||||||||||||||||||
Diluted.................................................................................................................... | 171,487 | 105,463 | 15,468 | 127,709 | 105,463 | 15,262 |
OPERATING RESULTS
(In thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | August 14 Through September 30, 2018 |
July 1 Through August 13, 2018 |
2019 | August 14 Through September 30, 2018 | January 1 Through August 13, 2018 |
|||||||||||||||||||
(Predecessor) | (Predecessor) | |||||||||||||||||||||||
OPERATING CASH FLOW: | ||||||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 6,791 | $ | 13,823 | $ | (16,865 | ) | $ | 41,773 | $ | 13,823 | $ | (92,754 | ) | ||||||||||
Reconciling items: | ||||||||||||||||||||||||
Deferred income taxes........................................................................................... | 3,775 | 3,883 | 626 | 15,205 | 3,883 | 1,052 | ||||||||||||||||||
Depreciation, depletion and amortization............................................................... | 80,247 | 17,820 | 14,082 | 164,684 | 17,820 | 68,032 | ||||||||||||||||||
Unrealized loss from derivative financial instruments........................................... | 1,189 | 2,206 | 413 | 1,437 | 2,206 | 1,961 | ||||||||||||||||||
Amortization of debt discount............................................................................... | 6,009 | 822 | 6,190 | 9,206 | 822 | 29,457 | ||||||||||||||||||
Interest paid in-kind.............................................................................................. | — | — | 4,990 | — | — | 25,004 | ||||||||||||||||||
Stock-based compensation.................................................................................... | 1,088 | 329 | 803 | 2,359 | 329 | 3,912 | ||||||||||||||||||
Transaction costs................................................................................................... | 39,657 | — | 2,549 | 41,100 | — | 2,866 | ||||||||||||||||||
Covey Park July 2019 hedging settlements............................................................ | 4,574 | — | — | 4,574 | — | — | ||||||||||||||||||
Loss (gain) on sale of oil and gas properties.......................................................... | — | (98 | ) | — | 25 | (98 | ) | 35,438 | ||||||||||||||||
Operating cash flow........................................................................................... | 143,330 | 38,785 | 12,788 | 280,363 | 38,785 | 74,968 | ||||||||||||||||||
Transaction costs........................................................................................... | (39,657 | ) | — | (2,549 | ) | (41,100 | ) | — | (2,866 | ) | ||||||||||||||
Covey Park July 2019 hedging settlements.................................................... | (4,574 | ) | — | — | (4,574 | ) | — | — | ||||||||||||||||
Decrease (increase) in accounts receivable.................................................... | 27,670 | (44,884 | ) | 3,551 | 48,404 | (44,884 | ) | 2,834 | ||||||||||||||||
Decrease (increase) in other current assets.................................................... | 5,545 | (1,326 | ) | (304 | ) | 7,137 | (1,326 | ) | 337 | |||||||||||||||
Increase (decrease) in accounts payable and accrued expenses..................... | (22,534 | ) | 11,034 | (14,749 | ) | (7,424 | ) | 11,034 | 10,462 | |||||||||||||||
Net cash provided by (used for) operating activities................................ | $ | 109,780 | $ | 3,609 | $ | (1,263 | ) | $ | 282,806 | $ | 3,609 | $ | 85,735 | |||||||||||
ADJUSTED EBITDAX: | ||||||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 6,791 | $ | 13,823 | $ | (16,865 | ) | $ | 41,773 | $ | 13,823 | $ | (92,754 | ) | ||||||||||
Interest expense......................................................................................................... | 51,015 | 14,845 | 22,140 | 107,434 | 14,845 | 101,203 | ||||||||||||||||||
Income taxes............................................................................................................. | 3,847 | 3,940 | 605 | 15,183 | 3,940 | 1,065 | ||||||||||||||||||
Depreciation, depletion and amortization................................................................... | 80,247 | 17,820 | 14,082 | 164,684 | 17,820 | 68,032 | ||||||||||||||||||
Unrealized loss from derivative financial instruments............................................... | 1,189 | 2,206 | 413 | 1,437 | 2,206 | 1,961 | ||||||||||||||||||
Stock-based compensation........................................................................................ | 1,088 | 329 | 803 | 2,359 | 329 | 3,912 | ||||||||||||||||||
Exploration expense.................................................................................................. | 241 | — | — | 241 | — | — | ||||||||||||||||||
Transaction costs....................................................................................................... | 39,657 | — | 2,549 | 41,100 | — | 2,866 | ||||||||||||||||||
Covey Park July 2019 hedging settlements................................................................ | 4,574 | — | — | 4,574 | — | — | ||||||||||||||||||
Loss (gain) on sale of oil and gas properties.............................................................. | — | (98 | ) | — | 25 | (98 | ) | 35,438 | ||||||||||||||||
Total Adjusted EBITDAX........................................................................ | $ | 188,649 | $ | 52,865 | $ | 23,727 | $ | 378,810 | $ | 52,865 | $ | 121,723 |
As of September 30, 2019 |
As of December 31, 2018 |
||||||||||||||||||||||||||||||||
BALANCE SHEET DATA: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents........................................................................................................... | $ | 53,243 | $ | 23,193 | |||||||||||||||||||||||||||||
Other current assets..................................................................................................................... | 152,878 | 120,833 | |||||||||||||||||||||||||||||||
Derivative financial instruments.................................................................................................. | 84,260 | 15,401 | |||||||||||||||||||||||||||||||
Property and equipment, net........................................................................................................ | 3,917,010 | 1,667,979 | |||||||||||||||||||||||||||||||
Other........................................................................................................................................... | 344,918 | 360,434 | |||||||||||||||||||||||||||||||
Total assets............................................................................................................................. | $ | 4,552,309 | $ | 2,187,840 | |||||||||||||||||||||||||||||
Current liabilities......................................................................................................................... | $ | 389,460 | $ | 206,853 | |||||||||||||||||||||||||||||
Long-term debt............................................................................................................................ | 2,508,074 | 1,244,363 | |||||||||||||||||||||||||||||||
Deferred income taxes................................................................................................................. | 188,218 | 161,917 | |||||||||||||||||||||||||||||||
Other non-current liabilities......................................................................................................... | 10,264 | — | |||||||||||||||||||||||||||||||
Asset retirement obligation.......................................................................................................... | 11,095 | 5,136 | |||||||||||||||||||||||||||||||
Preferred stock............................................................................................................................ | 375,000 | — | |||||||||||||||||||||||||||||||
Stockholders' equity.................................................................................................................... | 1,070,198 | 569,571 | |||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity................................................................................. | $ | 4,552,309 | $ | 2,187,840 |
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||
Haynesville/ Bossier | Cotton Valley |
Bakken | Eagle Ford | Other | Total | ||||||||||||||||||||||
Gas production (MMcf)............................................................................ | 91,289 | 1,114 | 1,764 | 94 | 2,975 | 97,236 | |||||||||||||||||||||
Oil production (Mbbls)......................................................................... | 2 | 10 | 508 | 79 | 4 | 603 | |||||||||||||||||||||
Total production (MMcfe)........................................................................ | 91,304 | 1,175 | 4,818 | 565 | 2,997 | 100,859 | |||||||||||||||||||||
Natural gas sales................................................................................. | $ | 186,010 | $ | 2,153 | $ | (1,018 | ) | $ | 193 | $ | 6,168 | $ | 193,506 | ||||||||||||||
Natural gas hedging settlements(1).................................................................... | — | — | — | — | — | 26,030 | |||||||||||||||||||||
Total natural gas including hedging.................................................................. | 186,010 | 2,153 | (1,018 | ) | 193 | 6,168 | 219,536 | ||||||||||||||||||||
Oil sales................................................................................. | 198 | 556 | 25,717 | 4,213 | 254 | 30,938 | |||||||||||||||||||||
Oil hedging settlements(1).................................................................... | — | — | — | — | — | 17 | |||||||||||||||||||||
Total oil including hedging.................................................................. | 198 | 556 | 25,717 | 4,213 | 254 | 30,955 | |||||||||||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 186,208 | $ | 2,709 | $ | 24,699 | $ | 4,406 | $ | 6,422 | $ | 250,491 | |||||||||||||||
Average gas price (per Mcf)............................................................................... | $ | 2.04 | $ | 1.93 | $ | (0.58 | ) | $ | 2.05 | $ | 2.07 | $ | 1.99 | ||||||||||||||
Average gas price including hedging (per Mcf)............................................................................... | $ | 2.26 | |||||||||||||||||||||||||
Average oil price (per barrel)............................................................................ | $ | 76.36 | $ | 55.47 | $ | 50.54 | $ | 53.65 | $ | 67.91 | $ | 51.24 | |||||||||||||||
Average oil price including hedging (per barrel)............................................................................ | $ | 51.27 | |||||||||||||||||||||||||
Average price (per Mcfe)............................................................................. | $ | 2.04 | $ | 2.31 | $ | 5.13 | $ | 7.80 | $ | 2.14 | $ | 2.23 | |||||||||||||||
Average price including hedging (per Mcfe)............................................................................. | $ | 2.48 | |||||||||||||||||||||||||
Production taxes................................................................................. | $ | 3,918 | $ | 65 | $ | 2,554 | $ | 176 | $ | 253 | $ | 6,966 | |||||||||||||||
Gathering and transportation................................................................. | $ | 21,388 | $ | 237 | $ | — | $ | — | $ | 1,789 | $ | 23,414 | |||||||||||||||
Lease operating.......................................................................... | $ | 17,112 | $ | 3,741 | $ | 5,940 | $ | 109 | $ | 2,209 | $ | 29,111 | |||||||||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.04 | $ | 0.06 | $ | 0.53 | $ | 0.31 | $ | 0.08 | $ | 0.07 | |||||||||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.23 | $ | 0.20 | $ | — | $ | — | $ | 0.60 | $ | 0.23 | |||||||||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.19 | $ | 3.18 | $ | 1.23 | $ | 0.19 | $ | 0.74 | $ | 0.29 | |||||||||||||||
Oil and Gas Capital Expenditures: | |||||||||||||||||||||||||||
Acquisitions................................................................. | $ | 2,055,623 | $ | — | $ | — | $ | — | $ | — | $ | 2,055,623 | |||||||||||||||
Development leasehold.................................................................... | 2,392 | 15 | — | — | — | 2,407 | |||||||||||||||||||||
Development drilling and completion................................................................. | 167,443 | 11 | 1,982 | 311 | — | 169,747 | |||||||||||||||||||||
Other development................................................................. | 1,502 | — | — | — | — | 1,502 | |||||||||||||||||||||
Total........................................................................... | $ | 2,226,960 | $ | 26 | $ | 1,982 | $ | 311 | $ | — | $ | 2,229,279 |
(1) Included in gain (loss) from derivative financial instruments in operating results
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Period August 14, 2018 Through September 30, 2018 | ||||||||||||||||||||
Haynesville/ Bossier | Cotton Valley |
Bakken | Other | Total | ||||||||||||||||
Gas production (MMcf)............................................................................ | 12,237 | 536 | 1,272 | 53 | 14,098 | |||||||||||||||
Oil production (Mbbls)......................................................................... | — | 5 | 536 | 1 | 542 | |||||||||||||||
Total production (MMcfe)........................................................................ | 12,237 | 566 | 4,487 | 61 | 17,351 | |||||||||||||||
Natural gas sales................................................................................. | $ | 32,995 | $ | 1,770 | $ | 1,466 | $ | 162 | $ | 36,393 | ||||||||||
Natural gas hedging settlements(1).................................................................... | — | — | — | — | 191 | |||||||||||||||
Total natural gas including hedging.................................................................. | 32,995 | 1,770 | 1,466 | 162 | 36,584 | |||||||||||||||
Oil sales................................................................................. | — | 320 | 33,240 | 170 | 33,730 | |||||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 32,995 | 2,090 | 34,706 | 332 | $ | 70,314 | |||||||||||||
Average gas price (per Mcf)............................................................................... | $ | 2.70 | $ | 3.30 | $ | 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)............................................................................. | $ | 2.70 | $ | 3.69 | $ | 7.73 | $ | 5.44 | $ | 4.04 | ||||||||||
Average price including hedging (per Mcfe)............................................................................. | $ | 4.05 | ||||||||||||||||||
Production taxes................................................................................. | $ | 776 | $ | 37 | $ | 3,214 | $ | 24 | $ | 4,051 | ||||||||||
Gathering and transportation................................................................. | $ | 3,231 | $ | 189 | $ | — | $ | 30 | $ | 3,450 | ||||||||||
Lease operating.......................................................................... | $ | 1,988 | $ | 1,627 | $ | 3,250 | $ | 151 | $ | 7,016 | ||||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.06 | $ | 0.07 | $ | 0.72 | $ | 0.42 | $ | 0.23 | ||||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.26 | $ | 0.33 | $ | — | $ | 0.50 | $ | 0.20 | ||||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.17 | $ | 2.87 | $ | 0.72 | $ | 2.46 | $ | 0.41 | ||||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||||||
Acquisitions................................................................. | $ | 17,905 | $ | — | $ | — | $ | — | $ | 17,905 | ||||||||||
Development leasehold.................................................................... | 475 | — | — | — | 475 | |||||||||||||||
Development drilling and completion................................................................. | 33,404 | — | 15,615 | — | 49,019 | |||||||||||||||
Other development................................................................. | 7,810 | — | — | — | 7,810 | |||||||||||||||
Total........................................................................... | $ | 59,594 | $ | — | $ | 15,615 | $ | — | $ | 75,209 |
(1) Included in gain (loss) from derivative financial instruments in operating results
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Period July 1, 2018 Through August 13, 2018 (Predecessor) | ||||||||||||||||
Haynesville/ Bossier | Cotton Valley |
Other | Total | |||||||||||||
Gas production (MMcf)........................................................................................ | 11,342 | 464 | 70 | 11,876 | ||||||||||||
Oil production (Mbbls)..................................................................................... | — | 5 | 2 | 7 | ||||||||||||
Total production (MMcfe).................................................................................... | 11,342 | 498 | 79 | 11,919 | ||||||||||||
Natural gas sales............................................................................................. | $ | 30,533 | $ | 1,301 | $ | 255 | $ | 32,089 | ||||||||
Natural gas hedging settlements(1)................................................................................ | — | — | — | 330 | ||||||||||||
Total natural gas including hedging.............................................................................. | 30,533 | 1,301 | 255 | 32,419 | ||||||||||||
Oil sales.............................................................................................. | — | 386 | 113 | 499 | ||||||||||||
Total oil and gas sales including hedging.............................................................................. | $ | 30,533 | $ | 1,687 | $ | 368 | $ | 32,918 | ||||||||
Average gas price (per Mcf)........................................................................................... | $ | 2.69 | $ | 2.80 | $ | 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)......................................................................................... | $ | 2.69 | $ | 3.36 | $ | 4.66 | $ | 2.73 | ||||||||
Average price including hedging (per Mcfe)......................................................................................... | $ | 2.76 | ||||||||||||||
Production taxes............................................................................................. | $ | 655 | $ | 29 | $ | 23 | $ | 707 | ||||||||
Gathering and transportation............................................................................. | $ | 2,985 | $ | 97 | $ | 27 | $ | 3,109 | ||||||||
Lease operating....................................................................................... | $ | 1,699 | $ | 1,545 | $ | 174 | $ | 3,418 | ||||||||
Production taxes (per Mcfe)......................................................................................... | $ | 0.06 | $ | 0.06 | $ | 0.29 | $ | 0.06 | ||||||||
Gathering and transportation (per Mcfe)........................................................................................ | $ | 0.26 | $ | 0.19 | $ | 0.34 | $ | 0.26 | ||||||||
Lease operating (per Mcfe)......................................................................................... | $ | 0.15 | $ | 3.10 | $ | 2.21 | $ | 0.29 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions............................................................................. | $ | 39,323 | $ | — | $ | — | $ | 39,323 | ||||||||
Development leasehold................................................................................ | 504 | — | — | 504 | ||||||||||||
Development drilling and completion.............................................................................. | 14,211 | — | — | 14,211 | ||||||||||||
Other development............................................................................. | 2,958 | — | — | 2,958 | ||||||||||||
Total....................................................................................... | $ | 56,996 | $ | — | $ | — | $ | 56,996 |
(1) Included in gain (loss) from derivative financial instruments in operating results
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||
Haynesville/ Bossier | Cotton Valley |
Bakken | Eagle Ford | Other | Total | ||||||||||||||||||||||
Gas production (MMcf)............................................................................ | 160,500 | 2,941 | 4,577 | 94 | 3,201 | 171,313 | |||||||||||||||||||||
Oil production (Mbbls)......................................................................... | 3 | 28 | 1,987 | 79 | 11 | 2,108 | |||||||||||||||||||||
Total production (MMcfe)........................................................................ | 160,518 | 3,108 | 16,502 | 565 | 3,271 | 183,964 | |||||||||||||||||||||
Natural gas sales................................................................................. | $ | 359,009 | $ | 6,826 | 2,839 | $ | 193 | $ | 6,722 | $ | 375,589 | ||||||||||||||||
Natural gas hedging settlements(1).................................................................... | — | — | — | — | — | 32,995 | |||||||||||||||||||||
Total natural gas including hedging.................................................................. | 359,009 | 6,826 | 2,839 | 193 | 6,722 | 408,584 | |||||||||||||||||||||
Oil sales................................................................................. | 223 | 1,533 | 97,214 | 4,213 | 669 | 103,852 | |||||||||||||||||||||
Oil hedging settlements(1).................................................................... | — | — | — | — | — | 387 | |||||||||||||||||||||
Total oil including hedging.................................................................. | 223 | 1,533 | 97,214 | 4,213 | 669 | 104,239 | |||||||||||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 359,232 | $ | 8,359 | $ | 100,053 | $ | 4,406 | $ | 7,391 | $ | 512,823 | |||||||||||||||
Average gas price (per Mcf)............................................................................... | $ | 2.24 | $ | 2.32 | $ | 0.62 | $ | 2.05 | $ | 2.10 | $ | 2.19 | |||||||||||||||
Average gas price including hedging (per Mcf)............................................................................... | $ | 2.39 | |||||||||||||||||||||||||
Average oil price (per barrel)............................................................................ | $ | 71.60 | $ | 55.16 | $ | 48.91 | $ | 53.65 | $ | 57.79 | $ | 49.26 | |||||||||||||||
Average oil price including hedging (per barrel)............................................................................ | $ | 49.44 | |||||||||||||||||||||||||
Average price (per Mcfe)............................................................................. | $ | 2.24 | $ | 2.69 | $ | 6.06 | $ | 7.80 | $ | 2.26 | $ | 2.61 | |||||||||||||||
Average price including hedging (per Mcfe)............................................................................. | $ | 2.79 | |||||||||||||||||||||||||
Production taxes................................................................................. | $ | 7,429 | $ | 272 | $ | 10,526 | $ | 176 | $ | 329 | $ | 18,732 | |||||||||||||||
Gathering and transportation................................................................. | $ | 38,980 | $ | 394 | $ | — | $ | — | $ | 1,972 | $ | 41,346 | |||||||||||||||
Lease operating.......................................................................... | $ | 26,742 | $ | 10,347 | $ | 18,665 | $ | 109 | $ | 2,585 | $ | 58,448 | |||||||||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.05 | $ | 0.09 | $ | 0.64 | $ | 0.31 | $ | 0.10 | $ | 0.10 | |||||||||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.24 | $ | 0.13 | $ | — | $ | — | $ | 0.60 | $ | 0.22 | |||||||||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.17 | $ | 3.32 | $ | 1.13 | $ | 0.19 | $ | 0.79 | $ | 0.32 | |||||||||||||||
Oil and Gas Capital Expenditures: | |||||||||||||||||||||||||||
Acquisitions................................................................. | $ | 2,055,623 | $ | — | $ | — | $ | — | $ | — | $ | 2,055,623 | |||||||||||||||
Development leasehold.................................................................... | 6,698 | 15 | — | — | — | 6,713 | |||||||||||||||||||||
Development drilling and completion................................................................. | 323,298 | 11 | 3,121 | 16,235 | — | 342,665 | |||||||||||||||||||||
Other development................................................................. | 6,218 | — | — | — | — | 6,218 | |||||||||||||||||||||
Total........................................................................... | $ | 2,391,837 | $ | 26 | $ | 3,121 | $ | 16,235 | $ | — | $ | 2,411,219 |
(1) Included in gain (loss) from derivative financial instruments in operating results
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Period January 1, 2018 Through August 13, 2018 (Predecessor) | |||||||||||||||||||
Haynesville/ Bossier | Cotton Valley |
Eagle Ford | Other | Total | |||||||||||||||
Gas production (MMcf)................................................................................ | 52,021 | 2,365 | 379 | 475 | 55,240 | ||||||||||||||
Oil production (Mbbls)............................................................................. | — | 27 | 247 | 13 | 287 | ||||||||||||||
Total production (MMcfe)............................................................................ | 52,021 | 2,528 | 1,860 | 554 | 56,963 | ||||||||||||||
Natural gas sales..................................................................................... | $ | 138,391 | $ | 6,527 | $ | 1,590 | $ | 1,389 | $ | 147,897 | |||||||||
Natural gas hedging settlements(1)........................................................................ | — | — | — | — | 2,842 | ||||||||||||||
Total natural gas including hedging...................................................................... | 138,391 | 6,527 | $ | 1,590 | $ | 1,389 | 150,739 | ||||||||||||
Oil sales..................................................................................... | — | 1,760 | 16,157 | 816 | 18,733 | ||||||||||||||
Total oil and gas sales including hedging...................................................................... | $ | 138,391 | $ | 8,287 | $ | 17,747 | $ | 2,205 | $ | 169,472 | |||||||||
Average gas price (per Mcf)................................................................................... | $ | 2.66 | $ | 2.76 | $ | 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)................................................................................. | $ | 2.66 | $ | 3.28 | $ | 9.54 | $ | 3.98 | $ | 2.93 | |||||||||
Average price including hedging (per Mcfe)................................................................................. | $ | 2.98 | |||||||||||||||||
Production taxes..................................................................................... | $ | 2,556 | $ | 124 | $ | 831 | $ | 148 | $ | 3,659 | |||||||||
Gathering and transportation..................................................................... | $ | 10,728 | $ | 483 | $ | 463 | $ | 167 | $ | 11,841 | |||||||||
Lease operating.............................................................................. | $ | 7,675 | $ | 7,935 | $ | 4,829 | $ | 700 | $ | 21,139 | |||||||||
Production taxes (per Mcfe)................................................................................. | $ | 0.05 | $ | 0.05 | $ | 0.45 | $ | 0.27 | $ | 0.06 | |||||||||
Gathering and transportation (per Mcfe)................................................................................ | $ | 0.21 | $ | 0.19 | $ | 0.25 | $ | 0.30 | $ | 0.21 | |||||||||
Lease operating (per Mcfe)................................................................................. | $ | 0.14 | $ | 3.14 | $ | 2.59 | $ | 1.26 | $ | 0.37 | |||||||||
Oil and Gas Capital Expenditures: | |||||||||||||||||||
Acquisitions..................................................................... | $ | 39,323 | $ | — | $ | — | $ | — | $ | 39,323 | |||||||||
Development leasehold........................................................................ | 2,848 | — | — | — | 2,848 | ||||||||||||||
Development drilling and completion..................................................................... | 90,840 | — | — | — | 90,840 | ||||||||||||||
Other development..................................................................... | 13,205 | — | 393 | 273 | 13,871 | ||||||||||||||
Total............................................................................... | $ | 146,216 | $ | — | $ | 393 | $ | 273 | $ | 146,882 |
(1) Included in gain (loss) from derivative financial instruments in operating results
PRO FORMA COMBINED OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||
Comstock | Covey Park |
Pro Forma Combined | Comstock | Covey Park(2) | Pro Forma Combined | ||||||||||||||||||||||||
Gas production (MMcf)...................................................................... | 97,236 | 10,654 | 107,890 | 171,313 | 141,610 | 312,923 | |||||||||||||||||||||||
Oil production (Mbbls)................................................................... | 603 | 2 | 605 | 2,108 | 22 | 2,130 | |||||||||||||||||||||||
Total production (MMcfe).................................................................. | 100,859 | 10,666 | 111,525 | 183,964 | 141,742 | 325,706 | |||||||||||||||||||||||
Natural gas sales........................................................................... | $ | 193,506 | $ | 22,680 | $ | 216,186 | $ | 375,589 | $ | 377,368 | $ | 752,957 | |||||||||||||||||
Natural gas hedging settlements(1).............................................................. | 26,030 | 8,863 | 34,893 | 32,995 | 12,687 | 45,682 | |||||||||||||||||||||||
Total natural gas including hedging............................................................ | 219,536 | 31,543 | 251,079 | 408,584 | 390,055 | 798,639 | |||||||||||||||||||||||
Oil sales............................................................................ | 30,938 | 68 | 31,006 | 103,852 | 1,233 | 105,085 | |||||||||||||||||||||||
Oil hedging settlements(1).............................................................. | 17 | — | 17 | 387 | — | 387 | |||||||||||||||||||||||
Total oil including hedging............................................................ | 30,955 | 68 | 31,023 | 104,239 | 1,233 | 105,472 | |||||||||||||||||||||||
Total oil and gas sales including hedging............................................................ | $ | 250,491 | $ | 31,611 | $ | 282,102 | $ | 512,823 | $ | 391,288 | $ | 904,111 | |||||||||||||||||
Average gas price (per Mcf)......................................................................... | $ | 1.99 | $ | 2.13 | $ | 2.00 | $ | 2.19 | $ | 2.66 | $ | 2.41 | |||||||||||||||||
Average gas price including hedging (per Mcf)......................................................................... | $ | 2.26 | $ | 2.96 | $ | 2.33 | $ | 2.39 | $ | 2.75 | $ | 2.55 | |||||||||||||||||
Average oil price (per barrel)....................................................................... | $ | 51.24 | $ | 34.00 | $ | 51.18 | $ | 49.26 | $ | 56.05 | $ | 49.33 | |||||||||||||||||
Average oil price including hedging (per barrel)....................................................................... | $ | 51.27 | $ | 34.00 | $ | 51.21 | $ | 49.44 | $ | 56.05 | $ | 49.51 | |||||||||||||||||
Average price (per Mcfe)....................................................................... | $ | 2.23 | $ | 2.13 | $ | 2.22 | $ | 2.61 | $ | 2.67 | $ | 2.64 | |||||||||||||||||
Average price including hedging (per Mcfe)....................................................................... | $ | 2.48 | $ | 2.96 | $ | 2.53 | $ | 2.79 | $ | 2.76 | $ | 2.78 | |||||||||||||||||
Production taxes........................................................................... | $ | 6,966 | $ | 588 | $ | 7,554 | $ | 18,732 | $ | 8,868 | $ | 27,600 | |||||||||||||||||
Gathering and transportation........................................................... | $ | 23,414 | $ | 2,546 | $ | 25,960 | $ | 41,346 | $ | 35,188 | $ | 76,534 | |||||||||||||||||
Lease operating..................................................................... | $ | 29,111 | $ | 2,782 | $ | 31,893 | $ | 58,448 | $ | 37,043 | $ | 95,491 | |||||||||||||||||
Production taxes (per Mcfe)....................................................................... | $ | 0.07 | $ | 0.06 | $ | 0.07 | $ | 0.10 | $ | 0.06 | $ | 0.08 | |||||||||||||||||
Gathering and transportation (per Mcfe)...................................................................... | $ | 0.23 | $ | 0.24 | $ | 0.23 | $ | 0.22 | $ | 0.25 | $ | 0.23 | |||||||||||||||||
Lease operating (per Mcfe)....................................................................... | $ | 0.29 | $ | 0.26 | $ | 0.29 | $ | 0.32 | $ | 0.26 | $ | 0.29 |
(1) Included in gain (loss) from derivative financial instruments in operating results
(2) Pro forma for an acquisition which completed on
Ronald E. Mills VP of Finance and Investor Relations 972-668-8834 rmills@comstockresources.com
Source: Comstock Resources, Inc.