Comstock Q2 adjusted net income $55M; production up 8% QoQ; refinancing cuts annual interest $28M

COMSTOCK RESOURCES INC

2021-Q2 EPS reported -$1.39 revenue$684,178,000

Adjusted net income to common stockholders of $55M ($0.22/diluted); GAAP net loss $184.1M due to $114M loss on early debt retirement and $205M unrealized hedging loss.
Production averaged 1,387 MMcfe/d (98% natural gas), up 8% from Q1 and 6% YoY; average realized price $2.57/Mcfe vs $1.96/Mcfe in Q2 2020.
Revenues $324.8M, up 40% YoY; Adjusted EBITDAX $251M, up 55%; operating cash flow $196M; free cash flow $20M in Q2.
Refinanced 9.75% senior notes with 5.875% notes, reducing annual interest by $28M; combined with March refi total annual savings $48M.
Drilled 42 operated wells in H1; 26 turned to sales; expects 25 wells in Q3; using five operated rigs after releasing one in May.

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