Comstock Q2 2022 adj EPS $1.00, rev $604M, free cash flow $190M

COMSTOCK RESOURCES INC

2022-Q2 EPS reported $0.96 revenue$1,515,668,000

Adjusted net income $274M ($1.00 diluted); GAAP net $372.5M ($1.36) incl. $184.5M unrealized hedging gain and $46.8M debt retirement loss.
Oil and gas sales after hedging $604M, up 86% YoY; unhedged operating margin 89%, hedged 85%.
Free cash flow $190M; retired $271M senior notes, leverage ratio reduced to 1.2x.
Acquired ~60,000 net acres, 145-mile pipeline, gas plant for $36M; 16 operated wells turned to sales avg. 26 MMcf/d.
Achieved MiQ methane certification for all operated production (~2.0 Bcf/d).

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