Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent

Comstock Resources Inc.

Publié le 04 novembre 2015

Comstock Resources, Inc. Reports Third Quarter 2015 Financial and Operating Results

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter

Comstock Resources, Inc. Reports Third Quarter 2015 Financial and Operating Results

COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2015
FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, November 4, 2015 - Comstock Resources, Inc. ('Comstock' or the 'Company') (NYSE: CRK) today reported financial and operating results for the three months and nine months ended September 30, 2015.

Financial Results for the Three Months and Nine Months Ended September 30, 2015

Low oil and natural gas prices continue to adversely impact the Company's financial results and have resulted in a significant impairment of the Company's producing properties being recorded this quarter. Comstock reported a net loss of $545.0 million, or $11.81 per share, for the third quarter of 2015 as compared to a net loss of $1.9 million, or 4¢ per share, for the third quarter of 2014. The third quarter 2015 results include a charge to impair certain producing oil and gas properties and unevaluated leases of $549.8 million, recognition of a valuation allowance on deferred tax assets primarily resulting from the large impairment provision of $189.4 million, an unrealized gain from derivative financial instruments of $0.7 million and a net gain on extinguishment of debt of $51.1 million. Financial results for the third quarter of 2014 included an unrealized gain from derivative financial instruments of $12.4 million and exploratory dry hole costs of $11.4 million. Excluding these items from each quarter's results, the net loss for the third quarter of 2015 would have been $48.9 million, or $1.06 per share, as compared to a net loss of $2.2 million, or 5¢ per share, in the third quarter of 2014.

On July 22, 2015, Comstock closed the previously announced sale of its Burleson County, Texas properties and received net proceeds of $103 million. A portion of the proceeds were used to retire debt through purchases of the Company's notes on the open market. As of September 30, 2015, Comstock had repurchased $100.9 million of face value of bonds at a purchase price of $37.8 million.

Comstock produced 13.5 billion cubic feet of natural gas and 635,000 barrels of oil, or 17.3 billion cubic feet of natural gas equivalent ('Bcfe'), in the third quarter of 2015. Natural gas production in the third quarter of 2015 grew by 40% from 9.6 billion cubic feet in the third quarter of 2014 and by 22% from 11.1 billion cubic feet in the second quarter of 2015 due primarily to the resumption of the Haynesville shale drilling program in early 2015. Haynesville gas production has increased by 119% compared to the first quarter of 2015. Oil production in the third quarter of 2015 averaged 6,903 barrels of oil per day compared to 12,228 barrels per day in the third quarter of 2014. The decrease in oil production is due to the sale of the Company's Burleson County, Texas properties and the absence of drilling in the South Texas Eagle Ford.

Oil and natural gas prices have declined substantially in 2015. Comstock's average realized natural gas price, including realized hedging gains, decreased 34% to $2.53 per Mcf in the third quarter of 2015 as compared to $3.85 per Mcf realized in the third quarter of 2014. The Company's average realized oil price declined by 54% to $43.63 per barrel in the third quarter of 2015 as compared to $95.59 per barrel, including realized hedging gains or losses, in the third quarter of 2014. As a result of lower realized prices, oil and gas sales (including realized losses from hedging) declined by 57% to $61.8 million as compared to 2014's third quarter sales of $144.6 million. Operating cash flow (before changes in working capital accounts) of $4.5 million for the third quarter of 2015 also declined from operating cash flow of $100.5 million for the third quarter of 2014. EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, was $36.0 million in the third quarter of 2015 as compared to EBITDAX of $114.4 million in the third quarter of 2014.

Comstock reported a net loss of $758.6 million, or $16.45 per share, for the first nine months of 2015 as compared to net income of $1.2 million, or 2¢ per diluted share, for the first nine months of 2014. The 2015 results include a loss on sale of oil and gas properties of $111.8 million, impairments on oil and gas properties and unevaluated leases of $615.7 million, the valuation allowance on deferred tax assets of $189.4 million, drilling rig termination fees of $1.7 million, an unrealized gain from derivative financial instruments of $1.3 million and a net gain on extinguishment of debt of $55.6 million. Financial results for the nine months ended September 30, 2014 included an unrealized gain from derivative financial instruments of $2.9 million, an exploration charge of $11.4 million, and an impairment of oil and gas properties of $0.3 million. Excluding these items from each period's results, the net loss for the first nine months of 2015 would have been $145.7 million, or $3.16 per share, as compared to net income of $5.1 million, or 10¢ per diluted share, in the first nine months of 2014.

Comstock produced 32.7 billion cubic feet of natural gas and 2.6 million barrels of oil, or 48.3 Bcfe, in the first nine months of 2015. Oil production in the nine months ended September 30, 2015 averaged 9,500 barrels of oil per day, and natural gas production averaged 120 Mmcf per day.

Comstock's average realized natural gas price, including realized hedging gains, decreased 43% to $2.47 per Mcf in the first nine months of 2015 as compared to $4.34 per Mcf realized in the first nine months of 2014. The Company's average realized oil price decreased by 50% to $48.08 per barrel in the first nine months of 2015 as compared to $95.71 per barrel, including realized hedging losses, in the first nine months of 2014. Oil and gas sales (including realized gains or losses from hedging) in the nine months ended September 30, 2015 of $205.6 million decreased by 53% as compared to $436.9 million in the nine months ended September 30, 2014. Operating cash flow (before changes in working capital accounts) decreased 87% to $39.5 million for the first nine months of 2015 as compared to $305.8 million of operating cash flow from continuing operations for the first nine months of 2014. EBITDAX decreased 64% to $123.5 million in the first nine months of 2015 from EBITDAX of $346.0 million in the first nine months of 2014.

2015 Drilling Results

Comstock reported the results to date of its 2015 drilling program. During the first nine months of 2015, Comstock spent $199.9 million on its development and exploration activities and $9.3 million on acreage and other acquisition costs. Capital expenditures for the third quarter of 2015 were $32.6 million as compared to the $123.1 million spent in the first quarter of 2015 and $53.5 million in the second quarter of 2015.

During the first nine months of 2015, Comstock drilled eight Haynesville shale wells (7.6 net), and had one Haynesville shale well (1.0 net) in the process of drilling. The Company also completed four horizontal Eagle Ford shale wells (2.2 net) in South Texas which were drilled in 2014. In addition, the Company also drilled four wells (4.0 net) and completed eight wells on its Burleson County, Texas properties which were sold in July 2015.

Comstock has completed all of its Haynesville shale wells using the Company's enhanced completion design. The average initial production rate of the first eight wells of the program was 24 million cubic feet ('MMcf') per day. Three of these wells located in DeSoto Parish, Louisiana have been completed since the Company's last report. The Ramsey 7-18 #1 well was drilled to a total vertical depth of 11,127 feet with a 7,124 foot lateral. This well has been tested with an initial production rate of 23 MMcf per day. The second well, the Holmes 29-32 #1 was drilled to a total vertical depth of 11,371 feet with a 7,102 foot lateral. This well has been tested with an initial production rate of 28 MMcf per day. The third well, the Gamble 4-33 #1 was drilled to a total vertical depth of 11,520 feet with a 7,547 foot lateral. This well has been tested with an initial production rate of 24 MMcf per day.

Other

Comstock has planned a conference call for 10:00 a.m. Central Time on November 4, 2015 to discuss the operational and financial results for the third quarter of 2015. Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 866-300-8761 (international dial-in use 412-455-6227) and provide access code 48643656 when prompted. If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com. The web replay will be available for approximately one week. A replay of the conference call will be available beginning at 1:00 p.m. CT November 4, 2015 and will continue until 10:59 p.m. November 11, 2015. To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US). The conference call access code is 48643656.

This press release may contain 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management ' s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company 's stock is traded on the New York Stock Exchange under the symbol CRK

HUG#1963925

Lire la suite de l'article sur www.noodls.com

Comstock Resources Inc.

EXPLORATEUR
CODE : CRK
ISIN : US2057682039
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Comstock Res. est une société développant des projet miniers de pétrole et de gaz basée aux Etats-Unis D'Amerique.

Son principal projet en exploration est CHAMIZAL au Mexique.

Comstock Res. est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 160,9 millions US$ (144,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 03 juillet 2008 à 90,61 US$, et son plus bas niveau récent le 27 mai 2016 à 0,55 US$.

Comstock Res. possède 16 166 564 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Dans les médias de Comstock Resources Inc.
12/10/2012Mineweb features Comstock Metals, October 2012
Financements de Comstock Resources Inc.
30/08/2012Comstock Cancels Private Placement Announced on August 24, 2...
Projets de Comstock Resources Inc.
07/11/2013Comstock Outlines 3.25 Square Kilometre Area of Gold in Soil...
05/07/2013Comstock Announces the Start of the VG Phase 2 Drilling Prog...
03/06/2013Comstock's QV Project Drilling Started
18/04/2013Comstock Announces the Start of Drilling on the QV Project i...
22/10/2012CORRECTION: Comstock Drills 89.85 metres of 2.34 grams/tonne...
22/10/2012Comstock Drills 89.85 metres of 2.34 grams/tonne gold at QV ...
17/10/2012Eric Coffin, HRA Advisories, Reports on Comstock Metals’ Ini...
10/10/2012Comstock Drills Into Gold Discovery at QV
24/09/2012Comstock Provides an Update on VG Zone Drilling
07/09/2012Comstock Commences Drilling at VG Zone on QV Project
14/05/2012Comstock Metals high-grade gold silver discovery-drill-hole ...
Communiqués de Presse de Comstock Resources Inc.
01/08/2016Comstock Resources, Inc. Announces Senior Notes Exchange
01/08/2016Comstock Resources, Inc. Reports Second Quarter 2016 Financi...
27/07/2016Comstock Resources, Inc. Announces Rescheduled Second Quarte...
20/07/20164:21 pm Comstock announces a one-for-five reverse stock spli...
14/07/2016Comstock Resources, Inc. Announces Second Quarter 2016 Earni...
27/05/2016Comstock Resources, Inc: Continued Listing Plan Accepted by ...
25/01/2016Comstock Resources, Inc. Adds to Haynesville Inventory
22/01/2016The Zacks Analyst Blog Highlights: Apache, Comstock Resource...
16/12/2015A Change in Tides - Complementary Research on CTI BioPharma,...
04/11/2015Edited Transcript of CRK earnings conference call or present...
04/11/2015Comstock reports 3Q loss
04/11/2015Comstock Resources, Inc. Reports Third Quarter 2015 Financia...
04/11/20156:53 am Comstock beats by $0.21
01/10/2015Comstock Resources, Inc. Adopts Rights Plan to Protect Net O...
25/09/201515 Stocks Moving In Friday's After-Hours Trading
02/09/2015“Supersize” Fracking Could Keep Natural Gas Prices Low For Y...
13/08/2015Mid-Day Market Update: Thursday's Movers, China, Tesla And M...
08/08/201510-Q for Comstock Resources, Inc.
07/08/2015Comstock Resources Q2 Loss Narrower than Expected, Sales Top...
05/08/2015Edited Transcript of CRK earnings conference call or present...
05/08/2015Comstock Resources, Inc. Reports Second Quarter 2015 Financi...
05/08/2015Comstock reports 2Q loss
05/08/20158:02 am Comstock beats by $0.05
24/07/2015Signet Jewelers Set to Join the S&P 500; PAREXEL Internation...
14/07/2015Comstock Suffered a Major Fall in Its Share Price
07/07/2015Oil & Gas Stock Roundup: BP Resolves GoM Claims for $18.7B, ...
02/07/2015Comstock Resources Lowers Outlook in Line with Asset Sale - ...
01/07/2015Comstock Resources, Inc. Announces Divestiture of Burleson C...
01/07/20158:01 am Comstock divests of its oil and gas properties in Bu...
23/06/2015Watch These 10 After-Hours Movers Today
15/05/201510-Q for Comstock Resources, Inc.
23/04/2015Who Will Win: Weather Estimates or Rising Inventory Data?
24/03/2015Comstock Resources Gains on Revised '15 Capital Guidance - A...
24/03/2015Company News for March 24, 2015 - Corporate Summary
23/03/2015Comstock Resources, Inc. Announces Reduced 2015 Capital Budg...
06/03/2015Comstock Resources Prices Secured Notes Worth $700M - Analys...
06/03/2015Comstock boosts liquidity with secured bond
05/03/2015Comstock Resources, Inc. Announces Pricing of $700 Million o...
04/03/2015Comstock Resources, Inc. Announces Pricing of $700 Million o...
25/02/2015Comstock Resources, Inc. Announces Senior Secured Notes Offe...
01/08/2013Comstock Drills 57.15 metres of 1.01 grams per tonne gold st...
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
NYSE (CRK)Berlin (CX9.BE)
9,95+0.30%0,0000
NYSE
US$ 9,95
18/09 17:00 0,030
0,3%
Cours préc. Ouverture
9,92 9,97
Bas haut
9,84 10,26
Année b/h Var. YTD
7,28 -  12,16 11,30%
52 sem. b/h var. 52 sem.
7,28 -  13,31 -10,28%
Volume var. 1 mois
1 760 132 -9,38%
24hGold TrendPower© : 44
Produit
Développe
Recherche Lead - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
202412,43%9,9910,00
2023-35,45%9,9710,00
202269,47%9,9910,16
202185,13%9,9510,05
2020-41,34%8,504,05
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,08 AU$+0,50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 +4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
8,91 US$-2,73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,59 GBX-3,26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,05 CA$+10,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
2,06 CA$+0,00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
12,67 +0,88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,34 CA$+6,25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,19 AU$+2,70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,77 -2,21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
40,37 US$-0,22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+0,00%Trend Power :
Profitez de la hausse des actions aurifères
  • Inscrivez-vous à notre market briefing minier
    hebdomadaire
  • Recevez nos rapports sur les sociétés qui nous semblent
    présenter les meilleurs potentiels
  • Abonnement GRATUIT, aucune sollicitation
  • Offre limitée, inscrivez-vous maintenant !
Accédez directement au site.