secwatch.observer — SEC 8-K summary
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Issuer:     COMSTOCK RESOURCES INC (CRK)
CIK:        0000023194
Form:       8-K
Filed at:   2021-08-03T23:59:59+00:00
Accession:  0000023194-21-000065
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/23194/000002319421000065/0000023194-21-000065-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/23194/000002319421000065/crk-20210803.htm
  HTML page:      https://secwatch.observer/filing/0000023194-21-000065

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer