10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000023194-23-000020`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	crk-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 50 Cash Flow Statement 56 Stockholders Equity 14

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.65M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	277.52M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	277.51M	shares	Point-in-time
Oil and gas sales and gas services	`AccountsReceivableNetCurrent`	$177.75M	USD	Point-in-time
Oil and gas sales and gas services	`AccountsReceivableNetCurrent`	$415.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	277.51M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	277.52M	shares	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$76.52M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$65.79M	USD	Point-in-time
From affiliates	`AccountsReceivableRelatedParties`	$10.59M	USD	Point-in-time
From affiliates	`AccountsReceivableRelatedParties`	$18.53M	USD	Point-in-time
Derivative financial instruments	`DerivativeAssetsCurrent`	$75.49M	USD	Point-in-time
Derivative financial instruments	`DerivativeAssetsCurrent`	$23.88M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$59.52M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$56.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$422.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$644.99M	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$6.18B	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$5.84B	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$324.77M	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$298.23M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$30.80M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$26.48M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.68B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.55B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$4.62B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$4.86B	USD	Point-in-time
Goodwill	`Goodwill`	$335.90M	USD	Point-in-time
Goodwill	`Goodwill`	$335.90M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$82.46M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$90.72M	USD	Point-in-time
Total assets	`Assets`	$5.69B	USD	Point-in-time
Total assets	`Assets`	$5.70B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$530.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$443.50M	USD	Point-in-time
Accrued costs	`AccruedLiabilitiesCurrent`	$183.11M	USD	Point-in-time
Accrued costs	`AccruedLiabilitiesCurrent`	$145.78M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$39.03M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$38.41M	USD	Point-in-time
Derivative financial instruments	`DerivativeLiabilitiesCurrent`	$4.42M	USD	Point-in-time
Derivative financial instruments	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$628.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$756.14M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.15B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.15B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$464.91M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$425.73M	USD	Point-in-time
Long-term operating leases	`OperatingLeaseLiabilityNoncurrent`	$52.38M	USD	Point-in-time
Long-term operating leases	`OperatingLeaseLiabilityNoncurrent`	$43.50M	USD	Point-in-time
Reserve for future abandonment costs	`AssetRetirementObligationsNoncurrent`	$26.42M	USD	Point-in-time
Reserve for future abandonment costs	`AssetRetirementObligationsNoncurrent`	$29.11M	USD	Point-in-time
Reserve for future abandonment costs	`AssetRetirementObligationsNoncurrent`	$29.55M	USD	Point-in-time
Reserve for future abandonment costs	`AssetRetirementObligationsNoncurrent`	$25.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.42B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.32B	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, 277,510,165 and 277,517,087 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$138.76M	USD	Point-in-time
Common stock$0.50 par, 400,000,000 shares authorized, 277,510,165 and 277,517,087 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$138.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.25B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.26B	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$886.14M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$985.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.28B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.38B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$898.52M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.69B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.70B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Total natural gas and oil sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$489.58M	USD	1 Quarter
Total natural gas and oil sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$524.84M	USD	1 Quarter
Production and ad valorem taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$13.82M	USD	1 Quarter
Production and ad valorem taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$14.91M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$32.09M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$45.57M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$34.83M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$26.19M	USD	1 Quarter
Exploration	`ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts`	$1.77M	USD	1 Quarter
Exploration	`ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts`	$1.02M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$106.73M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$133.98M	USD	1 Quarter
Gas services	`OperatingExpenseGasServices`	$101.30M	USD	1 Quarter
Gas services	`OperatingExpenseGasServices`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$12.37M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.22M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$773.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$2.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$343.96M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$188.07M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$336.77M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$145.62M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-437.49M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$66.41M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$4.17M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$460.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$46.49M	USD	1 Quarter
Interest expense	`InterestExpense`	$38.27M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$28.60M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-479.82M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-143.05M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$174.22M	USD	1 Quarter
(Provision for) benefit from income taxes	`IncomeTaxExpenseBenefit`	$39.72M	USD	1 Quarter
(Provision for) benefit from income taxes	`IncomeTaxExpenseBenefit`	$-31.62M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-111.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$134.50M	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndAccretion`	$4.32M	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndAccretion`	-	USD	1 Quarter
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$134.50M	USD	1 Quarter
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-115.74M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.50	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.49	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.50	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.49	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	231.98M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	276.55M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	276.55M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	231.98M	shares	1 Quarter
Common stock dividends declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter
Common stock dividends declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$134.50M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-111.42M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$39.18M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-24.79M	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$773.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnDispositionOfAssets1`	$2.00K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$106.73M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$133.98M	USD	1 Quarter
(Gain) loss on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$66.41M	USD	1 Quarter
(Gain) loss on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$-437.49M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashReceivedPaidOnHedge`	$10.38M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashReceivedPaidOnHedge`	$-117.19M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$4.22M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.50M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.05M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-255.99M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-28.12M	USD	1 Quarter
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.98M	USD	1 Quarter
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.51M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-123.02M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-42.03M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$285.62M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$386.36M	USD	1 Quarter
Capital expenditures and acquisitions	`PaymentsToAcquirePropertyPlantAndEquipmentAndBusinesses`	$213.28M	USD	1 Quarter
Capital expenditures and acquisitions	`PaymentsToAcquirePropertyPlantAndEquipmentAndBusinesses`	$370.95M	USD	1 Quarter
Prepaid drilling costs	`ProceedsFromPrepaidDrillingCosts`	$-1.68M	USD	1 Quarter
Prepaid drilling costs	`ProceedsFromPrepaidDrillingCosts`	$-1.58M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$45.00K	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$130.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-372.51M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-214.81M	USD	1 Quarter
Borrowings on bank credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Borrowings on bank credit facility	`ProceedsFromLinesOfCredit`	$95.00M	USD	1 Quarter
Repayments of bank credit facility	`RepaymentsOfLinesOfCredit`	$180.00M	USD	1 Quarter
Repayments of bank credit facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Preferred stock dividends paid	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Preferred stock dividends paid	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$4.32M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$34.69M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Debt and stock issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$144.00K	USD	1 Quarter
Debt and stock issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	-	USD	1 Quarter
Income tax withholdings on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$18.00K	USD	1 Quarter
Income tax withholdings on equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-89.33M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-34.83M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.53M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-20.98M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.14M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.68M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.14M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.68M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.28B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.38B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$898.52M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.48M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.05M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-111.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$134.50M	USD	1 Quarter
Payment of preferred stock dividends	`TemporaryEquityDividendsOnTemporaryEquityValue`	$4.32M	USD	1 Quarter
Payment of common stock dividends	`DividendsCommonStock`	$34.69M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.01B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.28B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.38B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$898.52M	USD	Point-in-time

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