Highest-materiality recent filing
Comstock to sell Haynesville interests to SOCAR for $1.65B; net debt to halve
SOCAR to pay $1.65B cash for 20% of Legacy Haynesville, 15% of Western Haynesville (reverts to 7.5% after 5 yrs/15% ROI), and 15% of Pinnacle Gas Services.
Comstock Q2 production up 16% QoQ; net income $0.03/sh; sells Pinnacle stake for $600M
Q2 production 113.1 Bcfe (+16% QoQ, +1% YoY); natural gas & oil sales $332M incl. $43.3M hedging gains.
Comstock Resources sells 27% stake in midstream subsidiary Pinnacle to Sixth Street for $600M
Sixth Street invests $600M for 27% non-controlling equity interest in Pinnacle Gas Services; Comstock retains 73% control.
Comstock Resources annual meeting approval of directors, auditor, say-on-pay
All five director nominees elected with >261M votes for; no close contests.
Comstock Resources Q1 adjusted EPS $0.15, revenue $338.6M
GAAP net income $112.5M ($0.38/diluted); adjusted net income $44.5M ($0.15/diluted).
Comstock Q4 net income $0.97/shr (adj $0.16); reserves jump to 7.0 Tcfe
Natural gas and oil sales $364M; production 111 Bcf in Q4 2025.
Comstock Resources Q3 net income $118M, adjusted EPS $0.09; $430M Shelby Trough sale
Q3 net income $118.1M ($0.40 diluted); adjusted net income $27.9M ($0.09 diluted).
Q2 natural gas & oil sales $344.3M; operating cash flow $209.6M ($0.71/diluted share).
Comstock Resources stockholders approve amendment to 2019 LTIP, increasing share pool by 10M
Stockholders re-elected all five director nominees: Allison, Burns, Davis, Foster, Turner.
Comstock Resources Q1: Net loss $115.4M on $322.4M hedging loss; adj. net income $53.8M
Sales $405M (incl. $8M hedging loss). Net loss $115.4M ($0.40/sh) due to $322.4M unrealized hedging loss.
Comstock Resources Q4 2024 net loss $55.3M; reserves drop to 3.8 Tcfe
Q4 2024 net loss $55.3M ($0.19/share); adjusted net income $46.3M ($0.16/share) excluding $126.9M unrealized hedging loss.
Comstock Resources reports Q3 net loss $25.7M; adjusted loss $0.17/sh on weak gas prices
Q3 net loss $25.7M ($0.09/sh); adjusted net loss $48.5M ($0.17/sh) on weak natural gas prices.
Comstock Resources posts Q2 net loss of $123M on weak natural gas prices
Net loss $123.2M ($0.43/share); adjusted net loss $58.2M ($0.20/share).
Comstock Resources re-elects five directors and ratifies EY as auditor for FY2024
92% of shares (269,213,261) represented at the June 11, 2024 annual meeting.
Comstock Resources reports Q1 2024 net loss of $14.5M amid weak nat gas prices
Natural gas and oil sales (including hedging gains of $48M) totaled $336M.
Comstock Resources issues $400M 6.75% senior notes due 2029
Issued $400M aggregate principal of 6.75% senior notes due March 1, 2029.
Comstock Resources announces $375M offering of 6.75% senior notes due 2029
$375M principal amount of 6.75% senior notes due 2029 to be offered in private placement.
Comstock Resources upsizes and prices $400M 6.75% senior notes due 2029
Aggregate principal increased to $400M from originally proposed $375M.
Comstock Resources completes private placement of 12.5M shares to Jones entities
Issued 12,500,000 shares of common stock to Arkoma Drilling L.P. and Williston Drilling L.P. on March 25, 2024.
Comstock Resources announces $100.5M equity investment by majority shareholder Jerry Jones
Jerry Jones invests $100.45M for 12.5M shares at $8.036/share, increasing ownership from 65% to ~67%.
Comstock Q4 net income $108.4M; suspends dividend, cuts rigs to 5 on weak nat gas
Q4 2023 net income $108.4M ($0.39/share); adjusted net income $27.9M ($0.10/share).
Comstock Q3 net income $14.7M on weak gas prices; forms midstream partnership with QCS
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.
Comstock Resources Q2 net loss $45.7M; adjusted net income break-even
Natural gas & oil sales $285.2M (incl $55.5M hedging); net loss $45.7M ($0.17/sh).
Comstock Resources 2023 annual meeting: all director nominees elected, proposals approved
All five director nominees re-elected; Morris E. Foster received 88.3% support, others >99%.
Comstock Resources Q1 2023 net income $134.5M ($0.49/share); adjusted EPS $0.33
Revenue (incl. hedging gains) of $390.4M; operating cash flow $254.9M ex. working capital.
Comstock Resources reports Q4 2022 adjusted EPS $1.05; 2022 free cash flow $673M
Q4 natural gas and oil sales $557.9M (after $183.7M hedging losses); adjusted net income $287.7M ($1.05 diluted EPS).
Comstock Resources reports 9% increase in proved reserves to 6.7 Tcfe as of Dec 31, 2022
Proved reserves 6.7 Tcfe, up 9% from 6.1 Tcfe in 2021; PV-10 value $15.5B.
All Series B Redeemable Convertible Preferred converted to 43,750,000 common shares effective Nov 30, 2022.
Comstock Resources SVP of Corporate Development David Terry resigns effective Nov 28
David J. Terry, SVP of Corporate Development, resigned on Nov 28, 2022 to pursue other opportunities.
Comstock Resources enters into $3.5B amended credit facility with $1.5B commitments, maturing 2027
Maximum credit amount $3.5B, borrowing base $2.0B, total lender commitments $1.5B.
Comstock reports record Q3 operating cash flow of $533M, reinstates quarterly dividend
Operating cash flow of $533M ($1.92/diluted share); free cash flow $286M.
Comstock Q2 2022 adj EPS $1.00, rev $604M, free cash flow $190M
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.
Comstock Resources shareholders vote to re-elect all directors and ratify auditor
All five director nominees elected: M. Jay Allison (195.6M for), Roland O. Burns (193.4M), Elizabeth B. Davis (194.4M), Morris E. Foster (176.7M), Jim L. Turner (194.3M).
Comstock Resources completes redemption of $244.4M of 7.50% senior notes due 2025
Redeemed all $244.4M aggregate principal of 7.50% senior notes due 2025 on May 15, 2022.
Comstock Resources Q1 2022 adjusted EPS $0.51, revenue $408M, EBITDAX up 27%
Revenue of $408M (after hedging losses) up 23% YoY; adjusted EBITDAX $333M (+27%).
Comstock Resources calls all $244.4M of 7.50% Senior Notes due 2025 for redemption
Outstanding principal amount of $244.4 million of 7.50% Senior Notes due 2025 to be redeemed.
Comstock Resources reports Q4 2021 adjusted EPS $0.37, production up 12% YoY
Q4 2021 adjusted net income $98.8M ($0.37 diluted); GAAP net income $356M ($1.30) due to $469.8M unrealized hedging gain.
Comstock Resources 2021 proved reserves up 9% to 6.1 Tcfe, PV-10 $6.8B
Proved reserves at Dec 31, 2021: 6.1 Tcfe (37% developed, 98% operated), up from 5.6 Tcfe at year-end 2020.
Comstock closes Bakken sale for $154M, acquires Haynesville acreage for $36.4M
Sold non-operated Bakken interests to Northern Oil & Gas for $154M; 442 wells (68.3 net) producing ~4,500 boe/d.
Comstock Resources Q3 adjusted EPS $0.34, production 1,424 MMcfe/d (+25%), free cash flow $84M
Adjusted net income of $91M ($0.34/diluted); GAAP net loss $293M from $393M unrealized hedging loss.
Comstock sells Bakken assets to Northern Oil & Gas for $154M cash; expects $130-140M pre-tax loss
Sale includes non-operated interests in 400+ wells (65.9 net) producing >4,500 boe/d (~65% oil).
Comstock Q2 adjusted net income $55M; production up 8% QoQ; refinancing cuts annual interest $28M
Adjusted net income to common stockholders of $55M ($0.22/diluted); GAAP net loss $184.1M due to $114M loss on early debt retirement and $205M unrealized hedging loss.
On November 28, 2022, Comstock Resources, Inc ("Comstock" or the "Company") announced that David J. Terry, formerly the Company's Senior Vice President of Corporate Development, has resigned effective November 28, 2022 to pursue other opportunities.
Max materiality 0.90 · Median 0.70 · Most common event earnings