COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

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FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

Highlights of 2024's Fourth Quarter

  • Natural gas and oil sales, including realized hedging gains, were $336 million.
  • Operating cash flow was $223 million or $0.76 per share.
  • Adjusted EBITDAX for the quarter was $252 million.
  • Adjusted net income was $46.3 million or $0.16 per share for the quarter.
  • Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
  • Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.
  • 2024 Drilling Results
  • Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.
  • Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

Well

 

Vertical Depth (feet)

 

Completed Lateral (feet)

 

Initial Production Rate (MMcf per day)

 

 

 

 

 

 

 

Hodges #1

 

16,705

 

11,405

 

39

Powell  #1

 

18,081

 

9,758

 

42

Hogue #1

 

18,872

 

12,055

 

44

Deornellas A #1

 

18,975

 

10,884

 

42

Deornellas B #2

 

17,552

 

9,473

 

40

Miles #1

 

15,921

 

10,584

 

34

  • These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.
  • 2024 Proved Oil and Gas Reserves
  • Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent ("Tcfe") as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value"), was approximately $1.6 billion using the Company's average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.
  • The very low natural gas prices used to determine proved reserves resulted in many of the Company's proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company's basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.
  • The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

 

SEC

 

 

NYMEX

 

 

(Bcfe)

 

Proved Reserves:

 

 

 

 

 

Proved Reserves at December 31, 2023

 

4,943.5

 

 

 

6,654.4

 

Production

 

(527.8

)

 

 

(528.0

)

Extensions and discoveries

 

531.3

 

 

 

899.4

 

Divestitures

 

(2.4

)

 

 

(3.0

)

Revisions

 

(1,180.5

)

 

 

(0.3

)

Proved Reserves at December 31, 2024

 

3,764.1

 

 

 

7,022.5

 

  • Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.
  • 2025 Budget
  • In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

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CRK 4th Quarter 2024 Results

February 18, 2025

https://investors.comstockresources.com/static-files/518d3af8-d51a-...

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