10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-017992`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	crk-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 18 Cash Flow Statement 25 Stockholders Equity 6

Balance Sheet 70 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`	155.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.32M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.19M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	155.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	105.87M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	105.87M	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$87.61M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$76.77M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	105.87M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	105.87M	shares	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$9.18M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$9.23M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$15.40M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$2.36M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivable`	$10.22M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivable`	$10.22M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$13.83M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$6.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$134.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$159.43M	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.78B	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.68B	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$191.93M	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$188.80M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$4.44M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$4.45M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$210.56M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$248.02M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.67B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.72B	USD	Point-in-time
Goodwill	`Goodwill`	$350.21M	USD	Point-in-time
Goodwill	`Goodwill`	$350.21M	USD	Point-in-time
Goodwill	`Goodwill`	$350.21M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivableNoncurrent`	$10.22M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivableNoncurrent`	$10.22M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$4.77M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$2.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$2.00K	USD	Point-in-time
Total Assets	`Assets`	$2.22B	USD	Point-in-time
Total Assets	`Assets`	$2.19B	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$155.57M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$138.77M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$40.51M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$68.09M	USD	Point-in-time
Operating Leases	`OperatingLeaseLiabilityCurrent`	$2.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$198.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$206.85M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.24B	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$1.27B	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$166.15M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$161.92M	USD	Point-in-time
Long-term Operating Leases	`OperatingLeaseLiabilityNoncurrent`	$2.77M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.14M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.64B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.62B	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, 155,000,000 shares authorized, 105,868,064 and 105,871,064 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$52.93M	USD	Point-in-time
Common stock $0.50 par, 155,000,000 shares authorized, 105,868,064 and 105,871,064 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$52.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$452.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$453.16M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$77.70M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$64.12M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$583.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$569.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.22B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.19B	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$126.88M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$5.94M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$7.43M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$14.88M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$37.59M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.81M	USD	1 Quarter
(Gain) loss on sale of oil and gas properties	`LossOnSaleOfOilAndGasProperty`	$-1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$73.66M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$53.22M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.66M	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$93.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$27.85M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-35.41M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.81M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.23M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Net income (loss) per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.13	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.46M	shares	1 Quarter

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$13.57M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$4.35M	USD	1 Quarter
(Gain) loss on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$1.00K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$37.59M	USD	1 Quarter
(Gain) loss on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$-7.66M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-5.39M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.57M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$648.00K	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.78M	USD	1 Quarter
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.58M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.43M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$74.72M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$94.94M	USD	1 Quarter
Prepaid drilling costs	`PaymentsForDrillingCosts`	$-6.03M	USD	1 Quarter
Proceeds from sale of oil and gas properties	`ProceedsFromPaymentsForSaleOfOilAndGasProperties`	$415.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-88.49M	USD	1 Quarter
Borrowings	`ProceedsFromLinesOfCredit`	$45.00M	USD	1 Quarter
Repayments under bank credit facility	`RepaymentsOfLinesOfCredit`	$25.00M	USD	1 Quarter
Debt and stock issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$90.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.91M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.13M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$29.32M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$29.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.19M	USD	Point-in-time

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$583.79M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$569.57M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$648.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$583.79M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$569.57M	USD	Point-in-time

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