Comstock Resources posts Q2 net loss of $123M on weak natural gas prices

COMSTOCK RESOURCES INC

2024-Q2 EPS reported -$0.49 revenue$582,602,000

Net loss $123.2M ($0.43/share); adjusted net loss $58.2M ($0.20/share).
Realized gas price $1.65/Mcf unhedged, $2.12/Mcf after hedging; sales $278.2M incl. $60.6M hedging gains.
Operating cash flow $118.1M; production up 4% YoY.
Issued $400M 6.75% senior notes to enhance liquidity.
15 (14.4 net) operated Haynesville wells turned to sales; avg. initial production 21 MMcf/d.

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