Comstock Resources ( (CRK) ) has released its Q3 earnings. Here is a breakdown of the information Comstock Resources presented to its investors.
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Comstock Resources, Inc. is an independent natural gas producer focused on the development of the Haynesville shale in North Louisiana and East Texas, and its stock is traded on the New York Stock Exchange under the symbol CRK.
In the third quarter of 2024, Comstock Resources faced challenges due to weak natural gas prices, which significantly impacted its financial outcomes. Despite a 2% increase in production, the company’s natural gas and oil sales, including hedging gains, totaled $305 million, and it reported an operating cash flow of $152 million.
Key financial metrics for the quarter included an adjusted EBITDAX of $202 million and an adjusted net loss of $48.5 million, amounting to $0.17 per share. The company strategically managed its operations with reduced completion activity, turning eight operated wells to sales, and successfully undertaking its first horseshoe Haynesville well with a notable production rate of 31 MMcf per day. The Western Haynesville exploratory play also showed progress with reduced well costs and expanded acreage.
Looking ahead, Comstock’s management remains focused on its exploratory and development activities, particularly in the Western Haynesville play, with more wells expected to be turned to sales in late 2024 and early 2025. The reaffirmation of its $2 billion borrowing base provides financial stability for continued operational endeavors.
