10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-012993`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	crk-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 39 Cash Flow Statement 45 Stockholders Equity 10

Balance Sheet 67 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
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.26M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.99M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.43M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.16M	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$26.70M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$26.14M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$11.87M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$10.97M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$2.52M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$1.32M	USD	Point-in-time
Assets Held For Sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$115.26M	USD	Point-in-time
Assets Held For Sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$198.62M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$2.75M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$2.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$208.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$302.50M	USD	Point-in-time
Oil and gas properties, successful efforts method	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$2.63B	USD	Point-in-time
Oil and gas properties, successful efforts method	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$2.73B	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$18.92M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$18.92M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.04B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.07B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$682.13M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$607.93M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivableNoncurrent`	$19.09M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivableNoncurrent`	$19.09M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$549.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$899.00K	USD	Point-in-time
Total Assets	`Assets`	$930.42M	USD	Point-in-time
Total Assets	`Assets`	$910.49M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$126.03M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$125.60M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$27.09M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$42.45M	USD	Point-in-time
Bank Credit Facility	`LinesOfCreditCurrent`	$15.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$168.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$167.69M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.13B	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.11B	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.27M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.85M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$10.49M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$10.41M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$16.01M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$15.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.32B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.30B	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, 16,157,896 and 15,427,561 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.71M	USD	Point-in-time
Common stock $0.50 par, 75,000,000 shares authorized, 16,157,896 and 15,427,561 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$8.08M	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$3.56M	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$1.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$546.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$549.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-969.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-927.24M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-369.27M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-409.92M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$930.42M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$910.49M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Natural gas sales	`NaturalGasProductionRevenue`	$59.54M	USD	1 Quarter
Natural gas sales	`NaturalGasProductionRevenue`	$40.94M	USD	1 Quarter
Oil sales	`OilAndCondensateRevenue`	$13.05M	USD	1 Quarter
Oil sales	`OilAndCondensateRevenue`	$12.86M	USD	1 Quarter
Total oil and gas sales	`OilAndGasSalesRevenue`	$72.59M	USD	1 Quarter
Total oil and gas sales	`OilAndGasSalesRevenue`	$53.80M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.10M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.84M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.13M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.33M	USD	1 Quarter
Lease operating	`LeaseOperatingExpense`	$9.77M	USD	1 Quarter
Lease operating	`LeaseOperatingExpense`	$9.89M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$27.15M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$29.91M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.02M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.40M	USD	1 Quarter
Loss on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$-28.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$77.72M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$51.42M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.38M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-5.12M	USD	1 Quarter
Gain from derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$2.60M	USD	1 Quarter
Gain from derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$7.86M	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$163.00K	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$66.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$38.85M	USD	1 Quarter
Interest expense	`InterestExpense`	$32.90M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-24.88M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-36.18M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-41.30M	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`	$582.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-41.89M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.61	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.78	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.22M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.08M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-41.89M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$572.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$359.00K	USD	1 Quarter
Loss on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$-28.60M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$27.15M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$29.91M	USD	1 Quarter
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$2.60M	USD	1 Quarter
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$7.86M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-505.00K	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-1.40M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$5.43M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$11.06M	USD	1 Quarter
Interest paid in-kind	`PaidInKindInterest`	$9.85M	USD	1 Quarter
Interest paid in-kind	`PaidInKindInterest`	$9.24M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.26M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.60M	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.46M	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.05M	USD	1 Quarter
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-362.00K	USD	1 Quarter
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-472.00K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.11M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-11.03M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$21.56M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.21M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.40M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.46M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-46.46M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-38.40M	USD	1 Quarter
Borrowings under bank credit facility	`ProceedsFromLinesOfCredit`	$15.00M	USD	1 Quarter
Common stock warrants exercised	`ProceedsFromWarrantExercises`	$1.00K	USD	1 Quarter
Income taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$365.00K	USD	1 Quarter
Income taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$271.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$14.63M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-270.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.27M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-35.46M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$61.26M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.99M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$61.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$30.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$50.99M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-369.27M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-409.92M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.60M	USD	1 Quarter
Income tax withholdings related to equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$365.00K	USD	1 Quarter
Common stock warrants exercised, Shares	`StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants`	152,742.00	shares	1 Quarter
Common stock warrants exercised, Shares	`StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants`	260,047.00	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-22.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-41.89M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-369.27M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-409.92M	USD	Point-in-time

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