Comstock Q4 net income $108.4M; suspends dividend, cuts rigs to 5 on weak nat gas

COMSTOCK RESOURCES INC

2023-FY EPS reported $0.76 revenue$1,565,109,000

Q4 2023 net income $108.4M ($0.39/share); adjusted net income $27.9M ($0.10/share).
Natural gas & oil sales $353.5M incl. realized hedging; adj. EBITDAX $244M.
Proved reserves fell to 4.9 Tcfe from 6.7 Tcfe due to 56% lower natural gas pricing.
Plans to suspend quarterly dividend until nat gas prices improve; 2024 capex $750-$850M.
Operating rig count reduced from 7 to 5; 22 wells turned to sales avg 24 MMcf/d.

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 0.9

COMSTOCK RESOURCES INC reported the quarter ended December 31, 2023 results: revenue $353.5 million, net income $108.4 million or $0.39 per share, EPS $0.39 per share. Guidance initiated.

Period: the quarter ended December 31, 2023
Revenue: $353.5 million
Net income: $108.4 million or $0.39 per share
EPS: $0.39 per share
Guidance: initiated
Result: reported results

Exact text from the filing

Natural gas and oil sales in the fourth quarter of 2023 totaled $353.5 million (including realized hedging gains of $4.1 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2023 was $206.9 million, and net income available to common stockholders for the fourth quarter was $108.4 million or $0.39 per share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

COMSTOCK RESOURCES INC reported the year ended December 31, 2023 results: revenue $1.3 billion, net income $211.9 million or $0.76 per share, EPS $0.76 per share. Guidance initiated.

Period: the year ended December 31, 2023
Revenue: $1.3 billion
Net income: $211.9 million or $0.76 per share
EPS: $0.76 per share
Guidance: initiated
Result: reported results

Exact text from the filing

Natural gas and oil sales for the year ended December 31, 2023 totaled $1.3 billion (including realized hedging gains of $80.3 million). Operating cash flow (excluding changes in working capital) generated during the year was $774.5 million, and net income available to common stockholders was $211.9 million or $0.76 per share.

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Source: SEC EDGAR

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