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10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0000023194-21-000043
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance crk-20210331_htm.xml
Filing Contents
Balance Sheet 86 line items
Line Item Tag Value Unit Period
Preferred stock, shares authorized (in shares) TemporaryEquitySharesAuthorized 5.00M shares Point-in-time
Preferred stock, shares authorized (in shares) TemporaryEquitySharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $30.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $77.44M USD Point-in-time
Preferred stock, shares issued (in shares) TemporaryEquitySharesIssued 175,000.00 shares Point-in-time
Preferred stock, shares outstanding (in shares) TemporaryEquitySharesOutstanding 175,000.00 shares Point-in-time
Oil and gas sales AccountsReceivableNetCurrent $125.02M USD Point-in-time
Oil and gas sales AccountsReceivableNetCurrent $126.50M USD Point-in-time
Joint interest operations OilAndGasJointInterestBillingReceivablesCurrent $14.62M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.50 USD Point-in-time
Joint interest operations OilAndGasJointInterestBillingReceivablesCurrent $13.35M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.50 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 400.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 400.00M shares Point-in-time
From affiliates AccountsReceivableRelatedParties $6.16M USD Point-in-time
From affiliates AccountsReceivableRelatedParties $12.97M USD Point-in-time
Derivative financial instruments DerivativeAssetsCurrent $4.63M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 232.41M shares Point-in-time
Derivative financial instruments DerivativeAssetsCurrent $8.91M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 232.41M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 232.41M shares Point-in-time
Other current assets OtherAssetsCurrent $14.84M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 232.41M shares Point-in-time
Other current assets OtherAssetsCurrent $9.16M USD Point-in-time
Total current assets AssetsCurrent $244.04M USD Point-in-time
Total current assets AssetsCurrent $199.81M USD Point-in-time
Proved ProvedOilAndGasPropertySuccessfulEffortMethod $4.81B USD Point-in-time
Proved ProvedOilAndGasPropertySuccessfulEffortMethod $4.65B USD Point-in-time
Unproved UnprovedOilAndGasPropertySuccessfulEffortMethod $336.67M USD Point-in-time
Unproved UnprovedOilAndGasPropertySuccessfulEffortMethod $332.76M USD Point-in-time
Other PropertyPlantAndEquipmentOther $6.86M USD Point-in-time
Other PropertyPlantAndEquipmentOther $6.71M USD Point-in-time
Accumulated depreciation, depletion and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.01B USD Point-in-time
Accumulated depreciation, depletion and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $902.26M USD Point-in-time
Net property and equipment PropertyPlantAndEquipmentNet $4.08B USD Point-in-time
Net property and equipment PropertyPlantAndEquipmentNet $4.14B USD Point-in-time
Goodwill Goodwill $335.90M USD Point-in-time
Goodwill Goodwill $335.90M USD Point-in-time
Derivative financial instruments DerivativeAssetsNoncurrent $661.00K USD Point-in-time
Derivative financial instruments DerivativeAssetsNoncurrent $3.52M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $7.20M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $3.02M USD Point-in-time
Other assets OtherAssetsNoncurrent $37.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $40.00K USD Point-in-time
Total assets Assets $4.62B USD Point-in-time
Total assets Assets $4.74B USD Point-in-time
Accounts payable AccountsPayableCurrent $259.28M USD Point-in-time
Accounts payable AccountsPayableCurrent $280.70M USD Point-in-time
Accrued costs AccruedLiabilitiesCurrent $89.92M USD Point-in-time
Accrued costs AccruedLiabilitiesCurrent $133.02M USD Point-in-time
Operating leases OperatingLeaseLiabilityCurrent $2.15M USD Point-in-time
Operating leases OperatingLeaseLiabilityCurrent $2.28M USD Point-in-time
Derivative financial instruments DerivativeLiabilitiesCurrent $47.01M USD Point-in-time
Derivative financial instruments DerivativeLiabilitiesCurrent $60.82M USD Point-in-time
Total current liabilities LiabilitiesCurrent $441.59M USD Point-in-time
Total current liabilities LiabilitiesCurrent $433.58M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.80B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.52B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $200.58M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $170.43M USD Point-in-time
Derivative financial instruments DerivativeLiabilitiesNoncurrent $198.00K USD Point-in-time
Derivative financial instruments DerivativeLiabilitiesNoncurrent $2.36M USD Point-in-time
Long-term operating leases OperatingLeaseLiabilityNoncurrent $5.07M USD Point-in-time
Long-term operating leases OperatingLeaseLiabilityNoncurrent $740.00K USD Point-in-time
Reserve for future abandonment costs AssetRetirementObligationsNoncurrent $19.91M USD Point-in-time
Reserve for future abandonment costs AssetRetirementObligationsNoncurrent $18.15M USD Point-in-time
Reserve for future abandonment costs AssetRetirementObligationsNoncurrent $19.29M USD Point-in-time
Reserve for future abandonment costs AssetRetirementObligationsNoncurrent $18.61M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $492.00K USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $479.00K USD Point-in-time
Total liabilities Liabilities $3.18B USD Point-in-time
Total liabilities Liabilities $3.43B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock$0.50 par, 400,000,000 shares authorized, 232,411,218 and 232,414,718 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively CommonStockValue $116.21M USD Point-in-time
Common stock$0.50 par, 400,000,000 shares authorized, 232,411,218 and 232,414,718 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively CommonStockValue $116.21M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.10B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.10B USD Point-in-time
Accumulated earnings (deficit) RetainedEarningsAccumulatedDeficit $-83.26M USD Point-in-time
Accumulated earnings (deficit) RetainedEarningsAccumulatedDeficit $55.18M USD Point-in-time
Total stockholders' equity StockholdersEquity $1.27B USD Point-in-time
Total stockholders' equity StockholdersEquity $1.14B USD Point-in-time
Total stockholders' equity StockholdersEquity $1.13B USD Point-in-time
Total stockholders' equity StockholdersEquity $1.17B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.62B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.74B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Total oil and gas sales RevenueFromContractWithCustomerExcludingAssessedTax $340.49M USD 1 Quarter
Total oil and gas sales RevenueFromContractWithCustomerExcludingAssessedTax $225.88M USD 1 Quarter
Production and ad valorem taxes ProductionAndSeveranceTaxesOperatingExpense $8.40M USD 1 Quarter
Production and ad valorem taxes ProductionAndSeveranceTaxesOperatingExpense $9.65M USD 1 Quarter
Gathering and transportation GasGatheringAndTransportationCost $29.46M USD 1 Quarter
Gathering and transportation GasGatheringAndTransportationCost $28.41M USD 1 Quarter
Lease operating LeaseOperatingExpenses $24.56M USD 1 Quarter
Lease operating LeaseOperatingExpenses $25.88M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $109.13M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $110.42M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $8.72M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $8.03M USD 1 Quarter
Exploration ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts - USD 1 Quarter
Exploration ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts $27.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $70.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 - USD 1 Quarter
Total operating expenses OperatingExpenses $180.76M USD 1 Quarter
Total operating expenses OperatingExpenses $181.86M USD 1 Quarter
Operating income OperatingIncomeLoss $44.02M USD 1 Quarter
Operating income OperatingIncomeLoss $159.73M USD 1 Quarter
Gain (loss) from derivative financial instruments GainLossOnDerivativeInstrumentsNetPretax $61.90M USD 1 Quarter
Gain (loss) from derivative financial instruments GainLossOnDerivativeInstrumentsNetPretax $-21.75M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $313.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $281.00K USD 1 Quarter
Interest expense InterestExpense $63.81M USD 1 Quarter
Interest expense InterestExpense $52.81M USD 1 Quarter
Loss on early retirement of debt GainsLossesOnExtinguishmentOfDebt $-238.54M USD 1 Quarter
Loss on early retirement of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Total other income (expenses) NonoperatingIncomeExpense $-323.82M USD 1 Quarter
Total other income (expenses) NonoperatingIncomeExpense $9.40M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $53.42M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-164.09M USD 1 Quarter
Benefit from (provision for) income taxes IncomeTaxExpenseBenefit $-29.97M USD 1 Quarter
Benefit from (provision for) income taxes IncomeTaxExpenseBenefit $11.39M USD 1 Quarter
Net income (loss) NetIncomeLoss $42.03M USD 1 Quarter
Net income (loss) NetIncomeLoss $-134.12M USD 1 Quarter
Preferred stock dividends and accretion PreferredStockDividendsAndAccretion $4.32M USD 1 Quarter
Preferred stock dividends and accretion PreferredStockDividendsAndAccretion $12.07M USD 1 Quarter
Net income (loss) available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $29.96M USD 1 Quarter
Net income (loss) available to common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $-138.44M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.60 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.16 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.15 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.60 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 231.38M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 188.92M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 231.38M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 285.17M shares 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-134.12M USD 1 Quarter
Net income (loss) ProfitLoss $42.03M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $11.33M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-30.15M USD 1 Quarter
Exploration NoncashExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts - USD 1 Quarter
Exploration NoncashExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts $27.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $70.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 - USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $109.13M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $110.42M USD 1 Quarter
(Gain) loss on derivative financial instruments GainLossOnSaleOfCommodityContracts $61.90M USD 1 Quarter
(Gain) loss on derivative financial instruments GainLossOnSaleOfCommodityContracts $-21.75M USD 1 Quarter
Cash settlements of derivative financial instruments DerivativeCashReceivedPaidOnHedge $-8.68M USD 1 Quarter
Cash settlements of derivative financial instruments DerivativeCashReceivedPaidOnHedge $45.42M USD 1 Quarter
Amortization of debt discount and issuance costs AmortizationOfFinancingCostsAndDiscounts $8.49M USD 1 Quarter
Amortization of debt discount and issuance costs AmortizationOfFinancingCostsAndDiscounts $7.20M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.69M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.43M USD 1 Quarter
Loss on early retirement of debt GainsLossesOnExtinguishmentOfDebt $-238.54M USD 1 Quarter
Loss on early retirement of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
(Increase) decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $-54.30M USD 1 Quarter
(Increase) decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $7.03M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherCurrentAssets $-4.78M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherCurrentAssets $3.83M USD 1 Quarter
Decrease in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-56.31M USD 1 Quarter
Decrease in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-11.05M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $150.12M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $193.27M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $143.49M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $165.75M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $200.00K USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets - USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-165.55M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-143.49M USD 1 Quarter
Borrowings on bank credit facility ProceedsFromLinesOfCredit $57.00M USD 1 Quarter
Borrowings on bank credit facility ProceedsFromLinesOfCredit $145.00M USD 1 Quarter
Repayments on bank credit facility RepaymentsOfLinesOfCredit $57.00M USD 1 Quarter
Repayments on bank credit facility RepaymentsOfLinesOfCredit $95.00M USD 1 Quarter
Issuance of 6.75% Senior Notes ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Issuance of 6.75% Senior Notes ProceedsFromIssuanceOfSeniorLongTermDebt $1.26B USD 1 Quarter
Retirement of 7.50% and 9.75% Senior Notes RepaymentsOfSeniorDebt $1.26B USD 1 Quarter
Retirement of 7.50% and 9.75% Senior Notes RepaymentsOfSeniorDebt - USD 1 Quarter
Preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $4.32M USD 1 Quarter
Preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $9.57M USD 1 Quarter
Debt and stock issuance costs PaymentOfFinancingAndStockIssuanceCosts $47.00K USD 1 Quarter
Debt and stock issuance costs PaymentOfFinancingAndStockIssuanceCosts $20.09M USD 1 Quarter
Income tax withholdings on equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $15.00K USD 1 Quarter
Income tax withholdings on equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-9.63M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $19.44M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-3.00M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $47.16M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.53M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.53M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.44M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.27M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.53M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $18.53M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.44M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.27M USD Point-in-time
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquity $1.27B USD Point-in-time
Beginning Balance StockholdersEquity $1.14B USD Point-in-time
Beginning Balance StockholdersEquity $1.13B USD Point-in-time
Beginning Balance StockholdersEquity $1.17B USD Point-in-time
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.43M USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.69M USD 1 Quarter
Income tax withholdings on equity awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $15.00K USD 1 Quarter
Net income (loss) NetIncomeLoss $42.03M USD 1 Quarter
Net income (loss) NetIncomeLoss $-134.12M USD 1 Quarter
Preferred stock accretion PreferredStockAccretionOfRedemptionDiscount $2.50M USD 1 Quarter
Payment of preferred dividends TemporaryEquityDividendsOnTemporaryEquityValue $4.32M USD 1 Quarter
Payment of preferred dividends TemporaryEquityDividendsOnTemporaryEquityValue $9.57M USD 1 Quarter
Stock issuance costs AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts $30.00K USD 1 Quarter
Ending Balance StockholdersEquity $1.27B USD Point-in-time
Ending Balance StockholdersEquity $1.14B USD Point-in-time
Ending Balance StockholdersEquity $1.13B USD Point-in-time
Ending Balance StockholdersEquity $1.17B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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