Comstock Q3 net income $14.7M on weak gas prices; forms midstream partnership with QCS

COMSTOCK RESOURCES INC

2023-Q3 EPS reported $0.37 revenue$1,154,526,000

Q3 2023: natural gas and oil sales $315.8M (incl. $10.3M hedging gains); net income $14.7M ($0.05/share); adjusted EPS $0.04.
Weak natural gas prices weighed heavily on results; production cost averaged $0.85/Mcfe.
Drilled 13 operated wells; turned 21 to sales; two Western Haynesville wells IP 34-35 MMcf/d.
Declared quarterly dividend of $0.125/share, payable Dec 15 to holders of record Dec 1.
Formed midstream partnership with Quantum Capital Solutions; QCS commits $300M to build out Western Haynesville system over several years.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

COMSTOCK RESOURCES INC reported the quarter ended September 30, 2023 results: revenue $315.8 million, net income $14.7 million or $0.05 per share, EPS $0.05 per share.

Period: the quarter ended September 30, 2023
Revenue: $315.8 million
Net income: $14.7 million or $0.05 per share
EPS: $0.05 per share
Result: reported results

Exact text from the filing

of 2023 's Third Quarter • Continued weak natural gas prices weighed heavily on the third quarter results. • Natural gas and oil sales, including realized hedging gains, were $316 million. • Operating cash flow was $167 million or $0.60 per diluted share. • Adjusted EBITDAX for the quarter was $209 million. • Adjusted net income was $11.7 million for the quarter.

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Source: SEC EDGAR

accession 0000950170-23-056358

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