Comstock Resources Q1 2022 adjusted EPS $0.51, revenue $408M, EBITDAX up 27%

COMSTOCK RESOURCES INC

2022-Q1 EPS reported -$0.50 revenue$524,841,000

Revenue of $408M (after hedging losses) up 23% YoY; adjusted EBITDAX $333M (+27%).
GAAP net loss $115.7M ($0.50 loss/share) from $320.3M unrealized hedging loss; adjusted net income $135.8M ($0.51/share).
Operating cash flow (ex-w/c) $296.5M ($1.07/diluted share); free cash flow $68M; debt reduction $85M.
Haynesville drilling: 15 operated wells turned to sales, avg initial production 29 MMcf/d.
Production cost $0.69/Mcfe; unhedged margin 85%, hedged 81%.

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