Company Quick10K Filing
Comstock Resources
Price7.94 EPS0
Shares186 P/E16
MCap1,473 P/FCF4
Net Debt2,455 EBIT237
TEV3,928 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-05
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-21
8-K 2020-08-14 Enter Agreement, Other Events, Exhibits
8-K 2020-08-13 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-08-05 Earnings
8-K 2020-06-23
8-K 2020-06-16
8-K 2020-06-12
8-K 2020-06-03
8-K 2020-05-19
8-K 2020-05-15
8-K 2020-05-13
8-K 2020-05-07
8-K 2020-04-13
8-K 2020-03-10
8-K 2020-02-26
8-K 2019-11-13
8-K 2019-11-07
8-K 2019-08-07
8-K 2019-07-15
8-K 2019-06-10
8-K 2019-06-07
8-K 2019-05-31
8-K 2019-05-09
8-K 2019-02-21
8-K 2019-02-04
8-K 2018-12-19
8-K 2018-11-08
8-K 2018-09-07
8-K 2018-09-01
8-K 2018-08-17
8-K 2018-08-16
8-K 2018-08-13
8-K 2018-08-10
8-K 2018-08-08
8-K 2018-08-03
8-K 2018-08-01
8-K 2018-07-20
8-K 2018-07-19
8-K 2018-07-16
8-K 2018-07-13
8-K 2018-07-10
8-K 2018-07-02
8-K 2018-06-05
8-K 2018-05-10
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-04-10
8-K 2018-04-02
8-K 2018-04-02
8-K 2018-02-26
8-K 2018-01-25
8-K 2017-12-31

CRK 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosure About Market Risk
Item 4: Controls and Procedures
Part II - Other Information
Item 6: Exhibits
EX-31.1 crk-ex311_6.htm
EX-31.2 crk-ex312_10.htm
EX-32.1 crk-ex321_7.htm
EX-32.2 crk-ex322_8.htm

Comstock Resources Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.63.62.61.50.5-0.52012201420172020
Assets, Equity
0.30.1-0.1-0.2-0.4-0.62012201420172020
Rev, G Profit, Net Income
1.61.10.60.1-0.4-0.92012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-03262

 

COMSTOCK RESOURCES, INC.

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

94-1667468

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

5300 Town and Country Blvd., Suite 500, Frisco, Texas 75034

(Address of principal executive offices)

Telephone No.: (972668-8800

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.50 (per share)

CRK

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  

Accelerated filer  

Non-accelerated filer 

Smaller reporting company   

Emerging growth company  

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

The number of shares outstanding of the registrant's common stock, par value $0.50, as of August 6, 2020 was 232,579,863.

 

 

 

 


 

COMSTOCK RESOURCES, INC.

QUARTERLY REPORT

For the Quarter Ended June 30, 2020

INDEX

 

 

Page

PART I. Financial Information

 

 

Item 1. Financial Statements (Unaudited):

 

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

4

Consolidated Statements of Operations – for the three months and six months ended June 30, 2020 and 2019

5

Consolidated Statements of Stockholders' Equity – for the three months and six months ended June 30, 2020 and 2019

6

Consolidated Statements of Cash Flows – for the six months ended June 30, 2020 and 2019

7

Notes to Consolidated Financial Statements

8

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

19

 

Item 3. Quantitative and Qualitative Disclosure About Market Risk

23

 

Item 4. Controls and Procedures

23

 

PART II. Other Information

 

 

Item 6. Exhibits

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3


 

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

June 30,

2020

 

 

December 31,

2019

 

ASSETS

 

(In thousands)

 

Cash and Cash Equivalents

 

$

11,595

 

 

$

18,532

 

Accounts Receivable:

 

 

 

 

 

 

 

 

Oil and gas sales

 

 

75,369

 

 

 

120,111

 

Joint interest operations

 

 

11,866

 

 

 

24,761

 

From affiliates

 

 

9,934

 

 

 

35,469

 

Derivative Financial Instruments

 

 

55,426

 

 

 

75,304

 

Income Taxes Receivable

 

 

10,218

 

 

 

5,109

 

Other Current Assets

 

 

13,202

 

 

 

10,399

 

Total current assets

 

 

187,610

 

 

 

289,685

 

Property and Equipment:

 

 

 

 

 

 

 

 

Oil and natural gas properties, successful efforts method:

 

 

 

 

 

 

 

 

Proved

 

 

4,309,659

 

 

 

4,077,513

 

Unproved

 

 

383,958

 

 

 

410,897

 

Other

 

 

6,610

 

 

 

6,866

 

Accumulated depreciation, depletion and amortization

 

 

(699,584

)

 

 

(486,473

)

Net property and equipment

 

 

4,000,643

 

 

 

4,008,803

 

Goodwill

 

 

335,897

 

 

 

335,897

 

Income Taxes Receivable

 

 

 

 

 

5,109

 

Derivative Financial Instruments

 

 

5,045

 

 

 

13,888

 

Operating Lease Right-of-Use Assets

 

 

3,992

 

 

 

3,509

 

Other Assets

 

 

231

 

 

 

231

 

 

 

$

4,533,418

 

 

$

4,657,122

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Accounts Payable

 

$

173,411

 

 

$

252,994

 

Accrued Costs

 

 

103,459

 

 

 

137,166

 

Operating Leases

 

 

2,331

 

 

 

1,994

 

Derivative Financial Instruments

 

 

11,765

 

 

 

222

 

Total current liabilities

 

 

290,966

 

 

 

392,376

 

Long-term Debt

 

 

2,501,803

 

 

 

2,500,132

 

Deferred Income Taxes

 

 

211,566

 

 

 

211,772

 

Derivative Financial Instruments

 

 

13,058

 

 

 

4,220

 

Long-term Operating Leases

 

 

1,661

 

 

 

1,515

 

Reserve for Future Abandonment Costs

 

 

18,994

 

 

 

18,151

 

Other Non-current Liabilities

 

 

2,869

 

 

 

6,351

 

Total liabilities

 

 

3,040,917

 

 

 

3,134,517

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Mezzanine Equity:

 

 

 

 

 

 

 

 

Preferred Stock — 5,000,000 shares authorized, 175,000 shares and 385,000 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively:

 

 

 

 

 

 

 

 

Series A 10% Convertible Preferred Stock, 210,000 shares issued and outstanding

 

 

 

 

204,583

 

Series B 10% Convertible Preferred Stock, 175,000 shares issued and outstanding

 

 

175,000

 

 

 

175,000

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock—$0.50 par, 400,000,000 shares authorized, 232,579,863 and 190,006,776 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

116,290

 

 

 

95,003

 

Additional paid-in capital

 

 

1,092,662

 

 

 

909,423

 

Accumulated earnings

 

 

108,549

 

 

 

138,596

 

Total stockholders' equity

 

 

1,317,501

 

 

 

1,143,022

 

 

 

$

4,533,418

 

 

$

4,657,122

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these statements.

 

 

4


 

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

172,362

 

 

$

91,951

 

 

$

379,601

 

 

$

182,083

 

Oil sales

 

 

7,173

 

 

 

36,165

 

 

 

25,812

 

 

 

72,914

 

Total oil and gas sales

 

 

179,535

 

 

 

128,116

 

 

 

405,413

 

 

 

254,997

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production taxes

 

 

6,445

 

 

 

5,827

 

 

 

12,012

 

 

 

11,766

 

Gathering and transportation

 

 

26,590

 

 

 

10,502

 

 

 

55,001

 

 

 

17,932

 

Lease operating

 

 

30,944

 

 

 

14,452

 

 

 

59,656

 

 

 

29,337

 

Depreciation, depletion and amortization

 

 

103,347

 

 

 

46,847

 

 

 

213,772

 

 

 

84,437

 

General and administrative

 

 

8,298

 

 

 

6,841

 

 

 

17,017

 

 

 

14,655

 

Exploration

 

 

 

 

 

 

 

 

27

 

 

 

 

Loss on sale of oil and gas properties

 

 

 

 

 

26

 

 

 

 

 

 

25

 

Total operating expenses

 

 

175,624

 

 

 

84,495

 

 

 

357,485

 

 

 

158,152

 

Operating income

 

 

3,911

 

 

 

43,621

 

 

 

47,928

 

 

 

96,845

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) from derivative financial instruments

 

 

(12,298

)

 

 

14,744

 

 

 

49,601

 

 

 

7,087

 

Other income (expense)

 

 

(9

)

 

 

155

 

 

 

304

 

 

 

248

 

Transaction costs

 

 

 

 

 

(1,443

)

 

 

 

 

 

(1,443

)

Interest expense

 

 

(52,064

)

 

 

(28,568

)

 

 

(104,874

)

 

 

(56,419

)

Loss on early extinguishment of debt

 

 

(861

)

 

 

 

 

 

(861

)

 

 

 

Total other income (expenses)

 

 

(65,232

)

 

 

(15,112

)

 

 

(55,830

)

 

 

(50,527

)

Income (loss) before income taxes

 

 

(61,321

)

 

 

28,509

 

 

 

(7,902

)

 

 

46,318

 

Benefit from (provision for) income taxes

 

 

11,445

 

 

 

(7,102

)

 

 

54

 

 

 

(11,336

)

Net income (loss)

 

 

(49,876

)

 

 

21,407

 

 

 

(7,848

)

 

 

34,982

 

Preferred stock dividends and accretion

 

 

(10,126

)

 

 

 

 

 

(22,198

)

 

 

 

Net income (loss) available to common stockholders

 

$

(60,002

)

 

$

21,407

 

 

$

(30,046

)

 

$

34,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.29

)

 

$

0.20

 

 

$

(0.15

)

 

$

0.33

 

Diluted

 

$

(0.29

)

 

$

0.20

 

 

$

(0.15

)

 

$

0.33

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

208,904

 

 

 

105,457

 

 

 

198,910

 

 

 

105,457

 

Diluted

 

 

208,904

 

 

 

105,457

 

 

 

198,910

 

 

 

105,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these statements

5


 

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

 

 

 

 

 

 

 

Common

Shares

 

 

Common

Stock-

Par Value

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Earnings

 

 

Total

 

 

 

(In thousands)

 

Balance at January 1, 2019

 

 

105,871

 

 

$

52,936

 

 

$

452,513

 

 

$

64,122

 

 

$

569,571

 

Stock-based compensation

 

 

(3

)

 

 

(2

)

 

 

650

 

 

 

 

 

 

648

 

Net income

 

 

 

 

 

 

 

 

 

 

 

13,575

 

 

 

13,575

 

Balance at March 31, 2019

 

 

105,868

 

 

 

52,934

 

 

 

453,163

 

 

 

77,697

 

 

 

583,794

 

Stock-based compensation

 

 

74

 

 

 

37

 

 

 

586

 

 

 

 

 

 

623

 

Net income

 

 

 

 

 

 

 

 

 

 

 

21,407

 

 

 

21,407

 

Balance at June 30, 2019

 

 

105,942

 

 

$

52,971

 

 

$

453,749

 

 

$

99,104

 

 

$

605,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2020

 

 

190,007

 

 

$

95,003

 

 

$

909,423

 

 

$

138,596

 

 

$

1,143,022

 

Stock-based compensation

 

 

(24

)

 

 

(12

)

 

 

1,442

 

 

 

 

 

 

1,430

 

Income tax withholdings related to equity awards

 

 

(2

)

 

 

(1

)

 

 

(14

)

 

 

 

 

 

(15

)

Net income

 

 

 

 

 

 

 

 

 

 

 

42,028

 

 

 

42,028

 

Preferred dividend accretion

 

 

 

 

 

 

 

 

 

 

 

(2,500

)

 

 

(2,500

)

Payment of preferred dividends

 

 

 

 

 

 

 

 

 

 

 

(9,572

)

 

 

(9,572

)

Balance at March 31, 2020

 

 

189,981

 

 

 

94,990

 

 

 

910,851

 

 

 

168,552

 

 

 

1,174,393

 

Stock-based compensation

 

 

507

 

 

 

254

 

 

 

1,298

 

 

 

 

 

 

1,552

 

Issuances of common stock

 

 

42,092

 

 

 

21,046

 

 

 

190,592

 

 

 

 

 

 

211,638

 

Stock issuance costs

 

 

 

 

 

 

 

 

(10,079

)

 

 

 

 

 

(10,079

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(49,876

)

 

 

(49,876

)

Preferred dividend accretion

 

 

 

 

 

 

 

 

 

 

 

(2,917

)

 

 

(2,917

)

Payment of preferred dividends

 

 

 

 

 

 

 

 

 

 

 

(7,210

)

 

 

(7,210

)

Balance at June 30, 2020

 

 

232,580

 

 

$

116,290

 

 

$

1,092,662

 

 

$

108,549

 

 

$

1,317,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these statements

6


 

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

2019

 

 

 

(In thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

Net income (loss)

 

$

(7,848

)

$

34,982

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

Deferred income taxes

 

 

(206

)

 

11,430

 

Exploration

 

 

27

 

 

 

Loss on sale of oil and gas properties

 

 

 

 

25

 

Depreciation, depletion and amortization

 

 

213,772

 

 

84,437

 

Gain on derivative financial instruments

 

 

(49,601

)

 

(7,087

)

Cash settlements of derivative financial instruments

 

 

98,703

 

 

7,335

 

Amortization of debt discount and issuance costs

 

 

14,726

 

 

3,197

 

Stock-based compensation

 

 

2,982

 

 

1,271

 

Loss on early extinguishment of debt

 

 

861

 

 

 

Decrease in accounts receivable

 

 

83,172

 

 

20,734

 

Decrease (increase) in other current assets

 

 

(2,803

)

 

1,592

 

Increase (decrease) in accounts payable and accrued expenses

 

 

(87,694

)

 

15,110

 

Net cash provided by operating activities

 

 

266,091

 

 

173,026

 

CASH FLOWS FROM INVESTING ACTIVITIES: