10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-031188`
Period End Date	20190630
Filing Date	20190809
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	crk-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 39 Cash Flow Statement 26 Stockholders Equity 11

Balance Sheet 73 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`	$23.19M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	155.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	155.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.75M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	105.87M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	105.94M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	105.87M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	105.94M	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$87.61M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$62.79M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$6.54M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$9.18M	USD	Point-in-time
From affiliates	`AccountsReceivableRelatedParties`	$6.72M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$15.40M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$14.28M	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`	$4.14M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$13.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$159.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$151.44M	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.68B	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.87B	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$191.93M	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$187.48M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$4.50M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$4.44M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$294.77M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$210.56M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.77B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.67B	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
Derivative Financial Instruments	`DerivativeAssetsNoncurrent`	$869.00K	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$4.38M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$328.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$2.00K	USD	Point-in-time
Total Assets	`Assets`	$2.28B	USD	Point-in-time
Total Assets	`Assets`	$2.19B	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$138.77M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$154.12M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$72.47M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$68.09M	USD	Point-in-time
Operating Leases	`OperatingLeaseLiabilityCurrent`	$2.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$206.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$228.62M	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`	$161.92M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$173.25M	USD	Point-in-time
Long-term Operating Leases	`OperatingLeaseLiabilityNoncurrent`	$2.35M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.14M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.62B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.68B	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, 105,942,259 and 105,871,064 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$52.97M	USD	Point-in-time
Common stock $0.50 par, 155,000,000 shares authorized, 105,942,259 and 105,871,064 shares issued and outstanding at June 30, 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`	$453.75M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$64.12M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$99.10M	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 stockholders' equity	`StockholdersEquity`	$605.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.28B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.19B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$128.12M	USD	1 Quarter
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$255.00M	USD	2 Qtrs
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$11.77M	USD	2 Qtrs
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$5.83M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$10.50M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$17.93M	USD	2 Qtrs
Lease operating	`LeaseOperatingExpenses`	$14.45M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$29.34M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$46.85M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$84.44M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.65M	USD	2 Qtrs
Loss on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$-26.00K	USD	1 Quarter
Loss on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$-25.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$84.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$158.15M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$43.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$96.84M	USD	2 Qtrs
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$14.74M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$7.09M	USD	2 Qtrs
Other income	`InterestAndOtherIncome`	$248.00K	USD	2 Qtrs
Other income	`InterestAndOtherIncome`	$155.00K	USD	1 Quarter
Transaction costs	`BusinessCombinationAcquisitionRelatedCosts`	$1.44M	USD	2 Qtrs
Transaction costs	`BusinessCombinationAcquisitionRelatedCosts`	$1.44M	USD	1 Quarter
Interest expense	`InterestExpense`	$28.57M	USD	1 Quarter
Interest expense	`InterestExpense`	$56.42M	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-50.53M	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-15.11M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$28.51M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$46.32M	USD	2 Qtrs
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$7.10M	USD	1 Quarter
Benefit from (provision for) income taxes	`IncomeTaxExpenseBenefit`	$11.34M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$21.41M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$34.98M	USD	2 Qtrs
Net income (loss) per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.33	USD	2 Qtrs
Net income (loss) per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.20	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.46M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.46M	shares	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$34.98M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$11.43M	USD	2 Qtrs
Loss on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$-25.00K	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$46.85M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$84.44M	USD	2 Qtrs
Gain on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$7.09M	USD	2 Qtrs
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-7.33M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.20M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.27M	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-20.73M	USD	2 Qtrs
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.59M	USD	2 Qtrs
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.11M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$173.03M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$177.79M	USD	2 Qtrs
Prepaid drilling costs	`PaymentsForDrillingCosts`	$-8.10M	USD	2 Qtrs
Proceeds from sale of oil and gas properties	`ProceedsFromPaymentsForSaleOfOilAndGasProperties`	$390.00K	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-169.30M	USD	2 Qtrs
Borrowings	`ProceedsFromLinesOfCredit`	$72.00M	USD	2 Qtrs
Repayments under bank credit facility	`RepaymentsOfLinesOfCredit`	$52.00M	USD	2 Qtrs
Debt and stock issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$170.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.83M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$23.55M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.19M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$46.75M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$46.75M	USD	Point-in-time

Stockholders Equity 11 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
Beginning Balance	`StockholdersEquity`	$605.82M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$623.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$648.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$21.41M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$34.98M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$583.79M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$569.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$605.82M	USD	Point-in-time

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