COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2019 FINANCIAL AND OPERATING RESULTS
Financial Results for the Three Months Ended
For the fourth quarter of 2019, Comstock reported net income available to common stockholders of
Comstock produced 121.5 billion cubic feet ("Bcf") of natural gas and 576,665 barrels of oil or 125.0 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2019. Natural gas production averaged 1,321 million cubic feet ("MMcf") per day, an increase of 293% over natural gas production in the fourth quarter of 2018. The growth in natural gas production was primarily attributable to the acquisition of Covey Park and the successful results from Comstock's
Comstock's average realized natural gas price in the fourth quarter of 2019, including hedging, decreased to
Financial Results for the Year Ended
For the year ended
Comstock produced 292.8 Bcf of natural gas and 2.7 million barrels of oil or 308.9 Bcfe for the year ended
Drilling Results
Total expenditures in 2019 for drilling and development activities was
Since its last operational update, Comstock reported on an additional 20 Haynesville shale wells. The average initial production rate of these wells was 24 MMcf per day. The wells had completed lateral lengths ranging from 4,337 feet to 10,191 feet, with an average completed lateral length of 6,926 feet. Each well was tested at initial production rates of 15 to 45 MMcf per day. Comstock currently has 15 (7.8 net) operated
2019 Proved Oil & Gas Reserves
Comstock also announced that proved oil and natural gas reserves as of
The following table reflects the changes in the proved reserve estimates since the end of 2018:
Oil (MMBbls) |
Natural Gas (Bcf) |
Total (Bcfe) |
||||||||||
Proved Reserves: | ||||||||||||
Proved Reserves at |
23.6 | 2,282.8 | 2,424.4 | |||||||||
Production | (2.7 | ) | (292.8 | ) | (308.9 | ) | ||||||
Acquisitions | 0.2 | 3,023.1 | 3,024.5 | |||||||||
Extensions and discoveries | 0.3 | 315.3 | 316.8 | |||||||||
Divestitures | (0.1 | ) | (49.5 | ) | (49.9 | ) | ||||||
Revisions: | ||||||||||||
Price | (0.5 | ) | (228.5 | ) | (231.5 | ) | ||||||
Performance and Other | (4.1 | ) | 291.1 | 266.6 | ||||||||
Proved Reserves at |
16.7 | 5,341.5 | 5,442.0 |
The significant growth in proved reserves was primarily attributable to acquisitions, including the Covey Park acquisition, which added 3.0 Tcfe to proved reserves. The Company also added 583 Bcfe related to its 2019 drilling activities and to performance and other revisions. Lower oil and natural gas prices reduced proved reserves by 232 Bcfe. Based on the 2019 proved reserve additions, Comstock's "all-in" finding costs were approximately
2020 Drilling Budget
The Company also announced its current drilling plans for 2020. Comstock's planned capital expenditures for 2020 total
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 |
Twelve Months Ended |
|||||||||||||||||||
2019 | 2018 | 2019 | through |
through |
||||||||||||||||
(Predecessor) | ||||||||||||||||||||
Natural gas sales | $ | 260,206 | $ | 107,843 | $ | 635,795 | $ | 144,236 | $ | 147,897 | ||||||||||
Oil sales | 29,042 | 45,655 | 132,894 | 79,385 | 18,733 | |||||||||||||||
Total oil and gas sales | 289,248 | 153,498 | 768,689 | 223,621 | 166,630 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Production taxes | 10,449 | 7,104 | 29,181 | 11,155 | 3,659 | |||||||||||||||
Gathering and transportation | 29,957 | 7,061 | 71,303 | 10,511 | 11,841 | |||||||||||||||
Lease operating | 28,835 | 13,720 | 87,283 | 20,736 | 21,139 | |||||||||||||||
Exploration | — | — | 241 | — | — | |||||||||||||||
Depreciation, depletion and amortization | 111,842 | 36,124 | 276,526 | 53,944 | 68,032 | |||||||||||||||
General and administrative, net | 6,484 | 8,096 | 29,244 | 11,399 | 15,699 | |||||||||||||||
Loss (gain) on sale of oil and gas properties | — | (57 | ) | 25 | (155 | ) | 35,438 | |||||||||||||
Total operating expenses | 187,567 | 72,048 | 493,803 | 107,590 | 155,808 | |||||||||||||||
Operating income | 101,681 | 81,450 | 274,886 | 116,031 | 10,822 | |||||||||||||||
Other income (expenses): | ||||||||||||||||||||
Gain from derivative financial instruments | 19,790 | 12,480 | 51,735 | 10,465 | 881 | |||||||||||||||
Other income | 282 | 131 | 622 | 173 | 677 | |||||||||||||||
Transaction costs | 90 | — | (41,010 | ) | — | (2,866 | ) | |||||||||||||
Interest expense | (54,107 | ) | (28,758 | ) | (161,541 | ) | (43,603 | ) | (101,203 | ) | ||||||||||
Total other income (expenses) | (33,945 | ) | (16,147 | ) | (150,194 | ) | (32,965 | ) | (102,511 | ) | ||||||||||
Income (loss) before income taxes | 67,736 | 65,303 | 124,692 | 83,066 | (91,689 | ) | ||||||||||||||
Provision for income taxes | (12,620 | ) | (15,004 | ) | (27,803 | ) | (18,944 | ) | (1,065 | ) | ||||||||||
Net income (loss) | 55,116 | 50,299 | 96,889 | 64,122 | (92,754 | ) | ||||||||||||||
Preferred stock dividends and accretion | (14,287 | ) | — | (22,415 | ) | — | — | |||||||||||||
Net income (loss) available to common stockholders | $ | 40,829 | $ | 50,299 | $ | 74,474 | $ | 64,122 | $ | (92,754 | ) | |||||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.48 | $ | 0.52 | $ | 0.61 | $ | (6.08 | ) | |||||||||
Diluted | $ | 0.19 | $ | 0.48 | $ | 0.52 | $ | 0.61 | $ | (6.08 | ) | |||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 187,280 | 105,457 | 142,750 | 105,453 | 15,262 | |||||||||||||||
Diluted | 284,100 | 105,457 | 187,378 | 105,459 | 15,262 |
OPERATING RESULTS
(In thousands)
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
OPERATING CASH FLOW: | 2019 | 2018 | 2019 | through |
through |
||||||||||||||
(Predecessor) | |||||||||||||||||||
Net income (loss) | $ | 55,116 | $ | 50,299 | $ | 96,889 | $ | 64,122 | $ | (92,754 | ) | ||||||||
Reconciling items: | |||||||||||||||||||
Deferred and non-current income taxes | 12,821 | 25,196 | 28,026 | 29,079 | 1,052 | ||||||||||||||
Depreciation, depletion and amortization | 111,842 | 36,124 | 276,526 | 53,944 | 68,032 | ||||||||||||||
Unrealized loss (gain) from derivative financial instruments | (488 | ) | (18,250 | ) | 949 | (16,044 | ) | 1,961 | |||||||||||
Amortization of debt discount, premium and issuance costs | 7,068 | 1,582 | 16,274 | 2,404 | 29,457 | ||||||||||||||
Interest paid in-kind | — | — | — | — | 25,004 | ||||||||||||||
Stock-based compensation | 1,661 | 665 | 4,020 | 994 | 3,912 | ||||||||||||||
Transaction costs | (90 | ) | — | 41,010 | — | — | |||||||||||||
Covey Park |
— | — | 4,574 | — | — | ||||||||||||||
Loss (gain) on sale of oil and gas properties | — | (57 | ) | 25 | (155 | ) | 35,438 | ||||||||||||
Operating cash flow | 187,930 | 95,559 | 468,293 | 134,344 | 72,102 | ||||||||||||||
Transaction costs | 90 | — | (41,010 | ) | — | — | |||||||||||||
Covey Park |
— | — | (4,574 | ) | — | — | |||||||||||||
(Increase) decrease in accounts receivable | (45,184 | ) | (16,164 | ) | 3,220 | (61,048 | ) | 2,834 | |||||||||||
(Increase) decrease in other current assets | 2,686 | (11,201 | ) | 9,823 | (12,527 | ) | 337 | ||||||||||||
Increase in accounts payable and accrued expenses | 22,909 | 30,499 | 15,485 | 41,533 | 10,462 | ||||||||||||||
Net cash provided by operating activities | $ | 168,431 | $ | 98,693 | $ | 451,237 | $ | 102,302 | $ | 85,735 | |||||||||
EBITDAX: | |||||||||||||||||||
Net income (loss) | $ | 55,116 | $ | 50,299 | $ | 96,889 | $ | 64,122 | $ | (92,754 | ) | ||||||||
Interest expense | 54,107 | 28,758 | 161,541 | 43,603 | 101,203 | ||||||||||||||
Income taxes | 12,620 | 15,004 | 27,803 | 18,944 | 1,065 | ||||||||||||||
Depreciation, depletion, and amortization | 111,842 | 36,124 | 276,526 | 53,944 | 68,032 | ||||||||||||||
Exploration | — | — | 241 | — | — | ||||||||||||||
Unrealized loss (gain) from derivative financial instruments | (488 | ) | (18,250 | ) | 949 | (16,044 | ) | 1,961 | |||||||||||
Stock-based compensation | 1,661 | 665 | 4,020 | 994 | 3,912 | ||||||||||||||
Transaction costs | (90 | ) | — | 41,010 | — | 2,866 | |||||||||||||
Covey Park |
— | — | 4,574 | — | — | ||||||||||||||
Loss (gain) on sale of oil and gas properties | — | (57 | ) | 25 | (155 | ) | 35,438 | ||||||||||||
Total EBITDAX | $ | 234,768 | $ | 112,543 | $ | 613,578 | $ | 165,408 | $ | 121,723 | |||||||||
As of |
|||||||||||||||||||
BALANCE SHEET: | 2019 | 2018 | |||||||||||||||||
Cash and cash equivalents | $ | 18,532 | $ | 23,193 | |||||||||||||||
Derivative financial instruments | 89,192 | 15,401 | |||||||||||||||||
Other current assets | 195,849 | 120,833 | |||||||||||||||||
Property and equipment, net | 4,008,803 | 1,667,979 | |||||||||||||||||
Other | 344,746 | 360,434 | |||||||||||||||||
Total assets | $ | 4,657,122 | $ | 2,187,840 | |||||||||||||||
Current liabilities | $ | 392,376 | $ | 206,853 | |||||||||||||||
Derivative financial instruments | 4,220 | — | |||||||||||||||||
Long-term debt | 2,500,132 | 1,244,363 | |||||||||||||||||
Deferred income taxes | 211,772 | 161,917 | |||||||||||||||||
Asset retirement obligation | 18,151 | 5,136 | |||||||||||||||||
Other non-current liabilities | 7,866 | — | |||||||||||||||||
Preferred stock | 379,583 | — | |||||||||||||||||
Stockholders' equity | 1,143,022 | 569,571 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,657,122 | $ | 2,187,840 |
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended |
||||||||||||||||
Bakken | Eagle Ford and Other | Total | ||||||||||||||
Gas production (Mmcf) | 115,332 | 1,529 | 4,660 | 121,521 | ||||||||||||
Oil production (Mbbls) | 3 | 478 | 96 | 577 | ||||||||||||
Total Production (Mmcfe) | 115,351 | 4,394 | 5,235 | 124,980 | ||||||||||||
Natural gas sales | $ | 250,671 | $ | (881 | ) | $ | 10,416 | $ | 260,206 | |||||||
Natural gas hedging settlements (a) | — | — | — | 19,302 | ||||||||||||
Total natural gas including hedging | 250,671 | (881 | ) | 10,416 | 279,508 | |||||||||||
Oil sales | 164 | 23,419 | 5,459 | 29,042 | ||||||||||||
Oil hedging settlements (a) | — | — | — | — | ||||||||||||
Total oil including hedging | 164 | 23,419 | 5,459 | 29,042 | ||||||||||||
Total oil and gas sales including hedging | $ | 250,835 | $ | 22,538 | $ | 15,875 | $ | 308,550 | ||||||||
Average gas price (per Mcf) | $ | 2.17 | $ | (0.58 | ) | $ | 2.24 | $ | 2.14 | |||||||
Average gas price including hedging (per Mcf) | $ | 2.30 | ||||||||||||||
Average oil price (per barrel) | $ | 53.12 | $ | 49.03 | $ | 56.86 | $ | 50.36 | ||||||||
Average oil price including hedging (per barrel) | $ | 50.36 | ||||||||||||||
Average price (per Mcfe) | $ | 2.17 | $ | 5.13 | $ | 3.03 | $ | 2.31 | ||||||||
Average price including hedging (per Mcfe) | $ | 2.47 | ||||||||||||||
Production taxes | $ | 7,165 | $ | 2,650 | $ | 634 | $ | 10,449 | ||||||||
Gathering and transportation | $ | 28,144 | $ | — | $ | 1,813 | $ | 29,957 | ||||||||
Lease operating | $ | 18,639 | $ | 4,803 | $ | 5,393 | $ | 28,835 | ||||||||
Production taxes (per Mcfe) | $ | 0.06 | $ | 0.60 | $ | 0.12 | $ | 0.08 | ||||||||
Gathering and transportation (per Mcfe) | $ | 0.24 | $ | — | $ | 0.35 | $ | 0.24 | ||||||||
Lease operating (per Mcfe) | $ | 0.17 | $ | 1.10 | $ | 1.03 | $ | 0.23 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions | $ | 41,828 | $ | — | $ | — | $ | 41,828 | ||||||||
Development leasehold | 888 | — | 2 | 890 | ||||||||||||
Development drilling and completion | 145,215 | 2,359 | 3,386 | 150,960 | ||||||||||||
Other development | 3,121 | — | — | 3,121 | ||||||||||||
Total | $ | 191,052 | $ | 2,359 | $ | 3,388 | $ | 196,799 |
(a) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Three Months Ended |
||||||||||||||||
Bakken | Eagle Ford and Other | Total | ||||||||||||||
Gas production (Mmcf) | 27,176 | 2,583 | 1,174 | 30,933 | ||||||||||||
Oil production (Mbbls) | — | 828 | 15 | 843 | ||||||||||||
Total Production (Mmcfe) | 27,176 | 7,550 | 1,261 | 35,987 | ||||||||||||
Natural gas sales | $ | 96,029 | $ | 7,447 | $ | 4,367 | $ | 107,843 | ||||||||
Natural gas hedging settlements (a) | — | — | — | (6,402 | ) | |||||||||||
Total natural gas including hedging | 96,029 | 7,447 | 4,367 | 101,441 | ||||||||||||
Oil sales | — | 44,810 | 845 | 45,655 | ||||||||||||
Oil hedging settlements (a) | — | — | — | 632 | ||||||||||||
Total oil including hedging | — | 44,810 | 845 | 46,287 | ||||||||||||
Total oil and gas sales including hedging | $ | 96,029 | $ | 52,257 | $ | 5,212 | $ | 147,728 | ||||||||
Average gas price (per Mcf) | $ | 3.53 | $ | 2.88 | $ | 3.72 | $ | 3.49 | ||||||||
Average gas price including hedging (per Mcf) | $ | 3.28 | ||||||||||||||
Average oil price (per barrel) | $ | — | $ | 54.13 | $ | 56.33 | $ | 54.21 | ||||||||
Average oil price including hedging (per barrel) | $ | 54.96 | ||||||||||||||
Average price (per Mcfe) | $ | 3.53 | $ | 6.92 | $ | 4.13 | $ | 4.27 | ||||||||
Average price including hedging (per Mcfe) | $ | 4.11 | ||||||||||||||
Production taxes | $ | 1,976 | $ | 5,001 | $ | 127 | $ | 7,104 | ||||||||
Gathering and transportation | $ | 6,722 | $ | — | $ | 339 | $ | 7,061 | ||||||||
Lease operating | $ | 4,130 | $ | 5,820 | $ | 3,771 | $ | 13,721 | ||||||||
Production taxes (per Mcfe) | $ | 0.07 | $ | 0.66 | $ | 0.10 | $ | 0.20 | ||||||||
Gathering and transportation (per Mcfe) | $ | 0.25 | $ | — | $ | 0.27 | $ | 0.20 | ||||||||
Lease operating (per Mcfe) | $ | 0.15 | $ | 0.77 | $ | 2.99 | $ | 0.37 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions | $ | 3,108 | $ | — | $ | — | $ | 3,108 | ||||||||
Development leasehold | 1,240 | — | — | 1,240 | ||||||||||||
Development drilling and completion | 72,962 | 26,764 | — | 99,726 | ||||||||||||
Other development | 5,802 | — | — | 5,802 | ||||||||||||
Total | $ | 83,112 | $ | 26,764 | $ | — | $ | 109,876 |
(a) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Year Ended |
||||||||||||||||
Bakken | Eagle Ford and Other | Total | ||||||||||||||
Gas production (Mmcf) | 275,832 | 6,106 | 10,896 | 292,834 | ||||||||||||
Oil production (Mbbls) | 6 | 2,465 | 214 | 2,685 | ||||||||||||
Total Production (Mmcfe) | 275,869 | 20,896 | 12,179 | 308,944 | ||||||||||||
Natural gas sales | $ | 609,680 | $ | 1,958 | $ | 24,157 | $ | 635,795 | ||||||||
Natural gas hedging settlements (a) | — | — | — | 52,297 | ||||||||||||
Total natural gas including hedging | 609,680 | 1,958 | 24,157 | 688,092 | ||||||||||||
Oil sales | 387 | 120,633 | 11,874 | 132,894 | ||||||||||||
Oil hedging settlements (a) | — | — | — | 387 | ||||||||||||
Total oil including hedging | 387 | 120,633 | 11,874 | 133,281 | ||||||||||||
Total oil and gas sales including hedging | $ | 610,067 | $ | 122,591 | $ | 36,031 | $ | 821,373 | ||||||||
Average gas price (per Mcf) | $ | 2.21 | $ | 0.32 | $ | 2.22 | $ | 2.17 | ||||||||
Average gas price including hedging (per Mcf) | $ | 2.35 | ||||||||||||||
Average oil price (per barrel) | $ | 62.38 | $ | 48.94 | $ | 55.49 | $ | 49.49 | ||||||||
Average oil price including hedging (per barrel) | $ | 49.64 | ||||||||||||||
Average price (per Mcfe) | $ | 2.21 | $ | 5.87 | $ | 2.96 | $ | 2.49 | ||||||||
Average price including hedging (per Mcfe) | $ | 2.66 | ||||||||||||||
Production taxes | $ | 14,594 | $ | 13,176 | $ | 1,411 | $ | 29,181 | ||||||||
Gathering and transportation | $ | 67,124 | $ | — | $ | 4,179 | $ | 71,303 | ||||||||
Lease operating | $ | 45,381 | $ | 23,468 | $ | 18,434 | $ | 87,283 | ||||||||
Production taxes (per Mcfe) | $ | 0.05 | $ | 0.63 | $ | 0.12 | $ | 0.09 | ||||||||
Gathering and transportation (per Mcfe) | $ | 0.24 | $ | — | $ | 0.34 | $ | 0.23 | ||||||||
Lease operating (per Mcfe) | $ | 0.17 | $ | 1.12 | $ | 1.51 | $ | 0.29 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions | $ | 2,097,451 | $ | — | $ | — | $ | 2,097,451 | ||||||||
Development leasehold | 7,586 | — | 17 | 7,603 | ||||||||||||
Development drilling and completion | 468,513 | 5,480 | 19,632 | 493,625 | ||||||||||||
Other development | 9,339 | — | — | 9,339 | ||||||||||||
Total | $ | 2,582,889 | $ | 5,480 | $ | 19,649 | $ | 2,608,018 |
(a) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Period |
||||||||||||||||
Bakken | Eagle Ford and Other | Total | ||||||||||||||
Gas production (Mmcf) | 39,413 | 3,855 | 1,763 | 45,031 | ||||||||||||
Oil production (Mbbls) | — | 1,364 | 21 | 1,385 | ||||||||||||
Total Production (Mmcfe) | 39,413 | 12,037 | 1,888 | 53,338 | ||||||||||||
Natural gas sales | $ | 129,024 | $ | 8,913 | $ | 6,299 | $ | 144,236 | ||||||||
Natural gas hedging settlements (a) | — | — | — | (6,211 | ) | |||||||||||
Total natural gas including hedging | 129,024 | 8,913 | 6,299 | 138,025 | ||||||||||||
Oil sales | — | 78,050 | 1,335 | 79,385 | ||||||||||||
Oil hedging settlements (a) | — | — | — | 632 | ||||||||||||
Total oil including hedging | — | 78,050 | 1,335 | 80,017 | ||||||||||||
Total oil and gas sales including hedging | $ | 129,024 | $ | 86,963 | $ | 7,634 | $ | 218,042 | ||||||||
Average gas price (per Mcf) | $ | 3.27 | $ | 2.31 | $ | 3.57 | $ | 3.20 | ||||||||
Average gas price including hedging (per Mcf) | $ | 3.07 | ||||||||||||||
Average oil price (per barrel) | $ | — | $ | 57.24 | $ | 63.57 | $ | 57.34 | ||||||||
Average oil price including hedging (per barrel) | $ | 57.80 | ||||||||||||||
Average price (per Mcfe) | $ | 3.27 | $ | 7.22 | $ | 4.04 | $ | 4.19 | ||||||||
Average price including hedging (per Mcfe) | $ | 4.09 | ||||||||||||||
Production taxes | $ | 2,752 | $ | 8,215 | $ | 188 | $ | 11,155 | ||||||||
Gathering and transportation | $ | 9,953 | $ | — | $ | 558 | $ | 10,511 | ||||||||
Lease operating | $ | 6,118 | $ | 9,070 | $ | 5,548 | $ | 20,736 | ||||||||
Production taxes (per Mcfe) | $ | 0.07 | $ | 0.68 | $ | 0.10 | $ | 0.21 | ||||||||
Gathering and transportation (per Mcfe) | $ | 0.25 | $ | — | $ | 0.30 | $ | 0.20 | ||||||||
Lease operating (per Mcfe) | $ | 0.16 | $ | 0.76 | $ | 2.94 | $ | 0.38 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions | $ | 21,013 | $ | — | $ | — | $ | 21,013 | ||||||||
Development leasehold | 1,715 | — | — | 1,715 | ||||||||||||
Development drilling and completion | 106,366 | 42,379 | — | 148,745 | ||||||||||||
Other development | 13,612 | — | — | 13,612 | ||||||||||||
Total | $ | 142,706 | $ | 42,379 | $ | — | $ | 185,085 |
(a) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
For the Period |
||||||||||||||||
Bakken | Eagle Ford and Other | Total | ||||||||||||||
Gas production (Mmcf) | 52,021 | — | 3,219 | 55,240 | ||||||||||||
Oil production (Mbbls) | — | — | 287 | 287 | ||||||||||||
Total Production (Mmcfe) | 52,021 | — | 4,942 | 56,963 | ||||||||||||
Natural gas sales | $ | 138,391 | $ | — | $ | 9,506 | $ | 147,897 | ||||||||
Natural gas hedging settlements (a) | — | — | — | 2,842 | ||||||||||||
Total natural gas including hedging | 138,391 | — | 9,506 | 150,739 | ||||||||||||
Oil sales | — | — | 18,733 | 18,733 | ||||||||||||
Oil hedging settlements (a) | — | — | — | — | ||||||||||||
Total oil including hedging | — | — | 18,733 | 18,733 | ||||||||||||
Total oil and gas sales including hedging | $ | 138,391 | $ | — | $ | 28,239 | $ | 169,472 | ||||||||
Average gas price (per Mcf) | $ | 2.66 | $ | — | $ | 2.95 | $ | 2.68 | ||||||||
Average gas price including hedging (per Mcf) | $ | 2.73 | ||||||||||||||
Average oil price (per barrel) | $ | — | $ | — | $ | 65.23 | $ | 65.23 | ||||||||
Average oil price including hedging (per barrel) | $ | 65.23 | ||||||||||||||
Average price (per Mcfe) | $ | 2.66 | $ | — | $ | 5.71 | $ | 2.93 | ||||||||
Average price including hedging (per Mcfe) | $ | 2.98 | ||||||||||||||
Production taxes | $ | 2,556 | $ | — | $ | 1,103 | $ | 3,659 | ||||||||
Gathering and transportation | $ | 10,728 | $ | — | $ | 1,113 | $ | 11,841 | ||||||||
Lease operating | $ | 7,675 | $ | — | $ | 13,464 | $ | 21,139 | ||||||||
Production taxes (per Mcfe) | $ | 0.05 | $ | — | $ | 0.22 | $ | 0.06 | ||||||||
Gathering and transportation (per Mcfe) | $ | 0.21 | $ | — | $ | 0.23 | $ | 0.21 | ||||||||
Lease operating (per Mcfe) | $ | 0.15 | $ | — | $ | 2.72 | $ | 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 | — | 666 | 13,871 | ||||||||||||
Total | $ | 146,216 | $ | — | $ | 666 | $ | 146,882 |
(a) Included in gain from derivative financial instruments in operating results.
PRO FORMA OPERATING RESULTS
(In thousands, except per unit amounts)
For the Twelve Months Ended |
||||||||||||
Comstock | Covey Park (b) | Pro Forma Combined | ||||||||||
Gas production (Mmcf) | 292,834 | 141,610 | 434,444 | |||||||||
Oil production (Mbbls) | 2,685 | 22 | 2,707 | |||||||||
Total Production (Mmcfe) | 308,944 | 141,742 | 450,686 | |||||||||
Natural gas sales | $ | 635,795 | $ | 377,368 | $ | 1,013,163 | ||||||
Natural gas hedging settlements (a) | 52,297 | 12,687 | 64,984 | |||||||||
Total natural gas including hedging | 688,092 | 390,055 | 1,078,147 | |||||||||
Oil sales | 132,894 | 1,233 | 134,127 | |||||||||
Oil hedging settlements (a) | 387 | — | 387 | |||||||||
Total oil including hedging | 133,281 | 1,233 | 134,514 | |||||||||
Total oil and gas sales including hedging | $ | 821,373 | $ | 391,288 | $ | 1,212,661 | ||||||
Average gas price (per Mcf) | $ | 2.17 | $ | 2.66 | $ | 2.33 | ||||||
Average gas price including hedging (per Mcf) | $ | 2.35 | $ | 2.75 | $ | 2.48 | ||||||
Average oil price (per barrel) | $ | 49.49 | $ | 56.05 | $ | 49.55 | ||||||
Average oil price including hedging (per barrel) | $ | 49.64 | $ | 56.05 | $ | 49.69 | ||||||
Average price (per Mcfe) | $ | 2.49 | $ | 2.67 | $ | 2.55 | ||||||
Average price including hedging (per Mcfe) | $ | 2.66 | $ | 2.76 | $ | 2.69 | ||||||
Production taxes | $ | 29,181 | $ | 8,868 | $ | 38,049 | ||||||
Gathering and transportation | $ | 71,303 | $ | 35,188 | $ | 106,491 | ||||||
Lease operating | $ | 87,283 | $ | 37,043 | $ | 124,326 | ||||||
Production taxes (per Mcfe) | $ | 0.09 | $ | 0.06 | $ | 0.08 | ||||||
Gathering and transportation (per Mcfe) | $ | 0.23 | $ | 0.25 | $ | 0.24 | ||||||
Lease operating (per Mcfe) | $ | 0.28 | $ | 0.26 | $ | 0.28 |
- Included in gain from derivative financial instruments in operating results.
- Pro forma for an acquisition which completed on
March 5, 2019 .
Ron Mills VP of Finance and Investor Relations 972-668-8834 (Direct) rmills@comstockresources.com
Source: Comstock Resources, Inc.