10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-020870`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	crk-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 70 Cash Flow Statement 51 Stockholders Equity 12

Balance Sheet 65 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
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$158.38M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.26M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.90M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.32M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.26M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.43M	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$21.52M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$26.70M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$11.87M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$17.77M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$1.32M	USD	Point-in-time
Assets Held For Sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$198.62M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$4.48M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$2.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$202.15M	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`	$2.78B	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`	$2.10B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$607.93M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$698.69M	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`	$899.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$1.41M	USD	Point-in-time
Total Assets	`Assets`	$921.33M	USD	Point-in-time
Total Assets	`Assets`	$930.42M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$126.03M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$153.39M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$42.45M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$35.46M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesCurrent`	$230.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$189.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$168.49M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.11B	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.15B	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.73M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.27M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$10.62M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$15.80M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$10.41M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$16.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.36B	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, 16,261,017 and 15,427,561 shares outstanding at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$8.13M	USD	Point-in-time
Common stock $0.50 par, 75,000,000 shares authorized, 16,261,017 and 15,427,561 shares outstanding at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$7.71M	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$441.00K	USD	Point-in-time
Common stock warrants	`CommonStockWarrants`	$3.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$546.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$552.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.00B	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`	$-442.42M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$930.42M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$921.33M	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$61.45M	USD	1 Quarter
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$61.47M	USD	1 Quarter
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$134.04M	USD	2 Qtrs
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$115.27M	USD	2 Qtrs
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$2.24M	USD	2 Qtrs
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.14M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$1.11M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$2.95M	USD	2 Qtrs
Gathering and transportation	`GasGatheringAndTransportationCost`	$3.54M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$4.40M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$7.67M	USD	2 Qtrs
Gathering and transportation	`GasGatheringAndTransportationCost`	$8.73M	USD	2 Qtrs
Lease operating	`LeaseOperatingExpenses`	$7.95M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$9.43M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$19.32M	USD	2 Qtrs
Lease operating	`LeaseOperatingExpenses`	$17.72M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$26.80M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$30.32M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$60.23M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$53.95M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.96M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.56M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$12.97M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$12.96M	USD	2 Qtrs
Loss on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$-6.84M	USD	1 Quarter
Loss on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$-35.44M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$54.05M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$51.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$131.76M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$102.42M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$10.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.40M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$12.85M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$2.28M	USD	2 Qtrs
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$13.15M	USD	2 Qtrs
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.64M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$5.29M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$964.00K	USD	2 Qtrs
Other income	`InterestAndOtherIncome`	$393.00K	USD	2 Qtrs
Other income	`InterestAndOtherIncome`	$327.00K	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$228.00K	USD	2 Qtrs
Other income	`InterestAndOtherIncome`	$65.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$40.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$36.76M	USD	1 Quarter
Interest expense	`InterestExpense`	$69.66M	USD	2 Qtrs
Interest expense	`InterestExpense`	$79.06M	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-77.71M	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-41.52M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-56.27M	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-31.39M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-34.12M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-43.42M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-75.43M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.93M	USD	1 Quarter
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$517.00K	USD	1 Quarter
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$952.00K	USD	2 Qtrs
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$-122.00K	USD	1 Quarter
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$460.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-75.89M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-44.37M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-21.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.00M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.45	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.22	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-4.99	USD	2 Qtrs
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-3.06	USD	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.75M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.21M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.34M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.49M	shares	2 Qtrs

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-75.89M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-44.37M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$855.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$426.00K	USD	2 Qtrs
Loss on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$-35.44M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$26.80M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$30.32M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$60.23M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$53.95M	USD	2 Qtrs
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$13.15M	USD	2 Qtrs
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$964.00K	USD	2 Qtrs
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-1.90M	USD	2 Qtrs
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-2.51M	USD	2 Qtrs
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$15.00M	USD	2 Qtrs
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$23.27M	USD	2 Qtrs
Interest paid in-kind	`PaidInKindInterest`	$18.59M	USD	2 Qtrs
Interest paid in-kind	`PaidInKindInterest`	$20.01M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.11M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.81M	USD	2 Qtrs
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.66M	USD	2 Qtrs
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$717.00K	USD	2 Qtrs
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-641.00K	USD	2 Qtrs
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$908.00K	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$25.21M	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$24.22M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$87.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$55.52M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$90.56M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$85.83M	USD	2 Qtrs
Deposits on property acquisitions	`PaymentsForDepositsOnPropertyAcquisitions`	$2.14M	USD	2 Qtrs
Proceeds from sale of oil and gas properties	`ProceedsFromPaymentsForSaleOfOilAndGasProperties`	$103.59M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.83M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$10.90M	USD	2 Qtrs
Borrowings under bank credit facility	`ProceedsFromLinesOfCredit`	$49.68M	USD	2 Qtrs
Repayments under bank credit facility	`RepaymentsOfLinesOfCredit`	$49.68M	USD	2 Qtrs
Common stock warrants exercised	`ProceedsFromWarrantExercises`	$2.00K	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$405.00K	USD	2 Qtrs
Income taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$369.00K	USD	2 Qtrs
Income taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$271.00K	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-269.00K	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-774.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-30.58M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$97.12M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$158.38M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$61.26M	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`	$35.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$158.38M	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`	$65.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$35.32M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-369.27M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-442.42M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.11M	USD	2 Qtrs
Income tax withholdings related to equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$369.00K	USD	2 Qtrs
Common stock warrants exercised, Shares	`StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants`	246,793.00	shares	2 Qtrs
Common stock warrants exercised, Shares	`StockAndWarrantsExercisedDuringPeriodSharesPreferredStockAndWarrants`	363,638.00	shares	2 Qtrs
Net loss	`NetIncomeLoss`	$-75.89M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-44.37M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-21.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-369.27M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-442.42M	USD	Point-in-time

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