Comstock Resources reports Q4 2021 adjusted EPS $0.37, production up 12% YoY

COMSTOCK RESOURCES INC

2021-FY EPS reported -$1.12 revenue$1,850,730,000

Q4 2021 adjusted net income $98.8M ($0.37 diluted); GAAP net income $356M ($1.30) due to $469.8M unrealized hedging gain.
Generated $105M free cash flow in Q4; paid down $190M of debt during the quarter.
Q4 production averaged 1,348 MMcfe/d (99% natural gas), up 12% YoY.
Full-year 2021 revenues $1.4B (incl. $419.9M hedging losses); adjusted net income $303M ($1.16 diluted).
2022 drilling budget $750-800M; plans to drill 67 (52.1 net) operated horizontal wells using 5-7 rigs.

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