Comstock Q2 production up 16% QoQ; net income $0.03/sh; sells Pinnacle stake for $600M

COMSTOCK RESOURCES INC

Q2 production 113.1 Bcfe (+16% QoQ, +1% YoY); natural gas & oil sales $332M incl. $43.3M hedging gains.
Net income available to company $8.8M ($0.03/diluted); adjusted net income $8.3M ($0.03); adjusted EBITDAX $245M.
Sold 27% noncontrolling interest in Pinnacle Gas Services for $600M; proceeds used to retire Pinnacle preferred equity and debt.
Turned 16 operated wells to sales; five Western Haynesville wells averaged 33 MMcf/d IP.
Production cost $0.77/Mcfe; unhedged operating margin 70% (74% hedged).

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