10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-009326`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	crk-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 44 Cash Flow Statement 48 Stockholders Equity 11

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.01M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.32M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.94M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.28M	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$19.34M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$18.40M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$6.09M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$3.10M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$1.32M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$1.82M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$1.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$90.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$57.72M	USD	Point-in-time
Oil and gas properties, successful efforts method	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$3.84B	USD	Point-in-time
Oil and gas properties, successful efforts method	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$3.80B	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$19.59M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$19.59M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.05B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.02B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$807.26M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$798.66M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$1.04M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$1.00M	USD	Point-in-time
Total Assets	`Assets`	$889.87M	USD	Point-in-time
Total Assets	`Assets`	$865.99M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$57.07M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$45.31M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesCurrent`	$6.03M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$40.37M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$17.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$91.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.47M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.04B	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.05B	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.56M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.13M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$15.80M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$20.09M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$16.10M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$16.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.15B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.16B	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, 75,000,000 shares authorized, 15,283,624 and 13,937,627 shares outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$6.97M	USD	Point-in-time
Common stock $0.50 par, 75,000,000 shares authorized, 15,283,624 and 13,937,627 shares outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$7.64M	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$4.36M	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$5.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$541.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$531.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-838.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-815.83M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-285.42M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-271.27M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$865.99M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$889.87M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Natural gas sales	`NaturalGasProductionRevenue`	$25.15M	USD	1 Quarter
Natural gas sales	`NaturalGasProductionRevenue`	$40.94M	USD	1 Quarter
Oil sales	`OilAndCondensateRevenue`	$12.86M	USD	1 Quarter
Oil sales	`OilAndCondensateRevenue`	$11.02M	USD	1 Quarter
Total oil and gas sales	`OilAndGasSalesRevenue`	$36.16M	USD	1 Quarter
Total oil and gas sales	`OilAndGasSalesRevenue`	$53.80M	USD	1 Quarter
Gain on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$740.00K	USD	1 Quarter
Total revenue	`Revenues`	$53.80M	USD	1 Quarter
Total revenue	`Revenues`	$36.90M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.19M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.10M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.37M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.13M	USD	1 Quarter
Lease operating	`LeaseOperatingExpense`	$12.96M	USD	1 Quarter
Lease operating	`LeaseOperatingExpense`	$9.89M	USD	1 Quarter
Exploration	`ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts`	$7.75M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$29.91M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$38.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.58M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.40M	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	$22.72M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$51.42M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$93.39M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-56.49M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.38M	USD	1 Quarter
Gain on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.38M	USD	1 Quarter
Gain from derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$7.86M	USD	1 Quarter
Gain from derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$656.00K	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$281.00K	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$163.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$32.90M	USD	1 Quarter
Interest expense	`InterestExpense`	$29.94M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$4.37M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-24.88M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-52.12M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-22.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$435.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-56.58M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-5.71	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.61	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.22M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	9.90M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-56.58M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$4.45M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$359.00K	USD	1 Quarter
Gain on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$740.00K	USD	1 Quarter
Exploratory lease impairments	`ExploratoryLeaseImpairments`	$7.75M	USD	1 Quarter
Impairment of oil and gas properties	`ImpairmentOfOilAndGasProperties`	$22.72M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$29.91M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$38.84M	USD	1 Quarter
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$7.86M	USD	1 Quarter
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$656.00K	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-998.00K	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-505.00K	USD	1 Quarter
Gain on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$33.38M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.28M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$5.43M	USD	1 Quarter
Interest paid in-kind	`PaidInKindInterest`	$9.24M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.33M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.26M	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.29M	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.05M	USD	1 Quarter
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-109.00K	USD	1 Quarter
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-362.00K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-21.44M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.03M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-31.04M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.21M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.19M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.40M	USD	1 Quarter
Proceeds from sales of oil and gas properties	`ProceedsFromSaleOfOtherInvestments`	$868.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-13.32M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-38.40M	USD	1 Quarter
Common stock warrants exercised	`ProceedsFromWarrantExercises`	$1.00K	USD	1 Quarter
Debt and equity issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$15.00K	USD	1 Quarter
Tax withholdings related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$312.00K	USD	1 Quarter
Tax withholdings related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$271.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-327.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-270.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-35.46M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-44.68M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$134.01M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.32M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$134.01M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$89.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-285.42M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-271.27M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.26M	USD	1 Quarter
Tax withholdings related to equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$271.00K	USD	1 Quarter
Common stock issued for debt conversions	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$7.79M	USD	1 Quarter
Common stock warrants exercised	`StockAndWarrantsExercisedDuringPeriodValuePreferredStockAndWarrants`	$1.00K	USD	1 Quarter
Common stock warrants exercised, Shares	`StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants`	152,742.00	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-56.58M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-285.42M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-271.27M	USD	Point-in-time

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