10-Q Filing

COMSTOCK RESOURCES INC CIK: 23194 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-022917`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	crk-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 43 Cash Flow Statement 50 Stockholders Equity 15

Balance Sheet 92 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`TemporaryEquitySharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`TemporaryEquitySharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`TemporaryEquitySharesIssued`	385,000.00	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.53M	USD	Point-in-time
Preferred stock, shares issued	`TemporaryEquitySharesIssued`	385,000.00	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.53M	USD	Point-in-time
Preferred stock, shares outstanding	`TemporaryEquitySharesOutstanding`	385,000.00	shares	Point-in-time
Preferred stock, shares outstanding	`TemporaryEquitySharesOutstanding`	385,000.00	shares	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$83.59M	USD	Point-in-time
Oil and gas sales	`AccountsReceivableNetCurrent`	$120.11M	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$24.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Joint interest operations	`OilAndGasJointInterestBillingReceivablesCurrent`	$16.71M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
From affiliates	`AccountsReceivableRelatedParties`	$25.74M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
From affiliates	`AccountsReceivableRelatedParties`	$35.47M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$101.82M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsCurrent`	$75.30M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	190.01M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	189.98M	shares	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivable`	$10.22M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivable`	$5.11M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	189.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	190.01M	shares	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$14.23M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$10.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$267.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$289.69M	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$4.08B	USD	Point-in-time
Proved	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$4.23B	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$410.90M	USD	Point-in-time
Unproved	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$384.65M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$6.82M	USD	Point-in-time
Other	`PropertyPlantAndEquipmentOther`	$6.87M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$486.47M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$596.59M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$4.01B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$4.03B	USD	Point-in-time
Goodwill	`Goodwill`	$335.90M	USD	Point-in-time
Goodwill	`Goodwill`	$335.90M	USD	Point-in-time
Goodwill	`Goodwill`	$335.90M	USD	Point-in-time
Income Taxes Receivable	`IncomeTaxesReceivableNoncurrent`	$5.11M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsNoncurrent`	$13.89M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeAssetsNoncurrent`	$6.83M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$3.51M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$3.83M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$231.00K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$231.00K	USD	Point-in-time
Total Assets	`Assets`	$4.64B	USD	Point-in-time
Total Assets	`Assets`	$4.66B	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$215.34M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$252.99M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$107.08M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$137.17M	USD	Point-in-time
Operating Leases	`OperatingLeaseLiabilityCurrent`	$1.99M	USD	Point-in-time
Operating Leases	`OperatingLeaseLiabilityCurrent`	$2.16M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesCurrent`	$3.04M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesCurrent`	$222.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$327.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$392.38M	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$2.50B	USD	Point-in-time
Long-term Debt	`LongTermDebtNoncurrent`	$2.51B	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$211.77M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$223.10M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesNoncurrent`	$4.22M	USD	Point-in-time
Derivative Financial Instruments	`DerivativeLiabilitiesNoncurrent`	$4.38M	USD	Point-in-time
Long-term Operating Leases	`OperatingLeaseLiabilityNoncurrent`	$1.51M	USD	Point-in-time
Long-term Operating Leases	`OperatingLeaseLiabilityNoncurrent`	$1.67M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.24M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$5.14M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$18.61M	USD	Point-in-time
Reserve for Future Abandonment Costs	`AssetRetirementObligationsNoncurrent`	$18.15M	USD	Point-in-time
Other Non-current Liabilities	`OtherLiabilitiesNoncurrent`	$6.35M	USD	Point-in-time
Other Non-current Liabilities	`OtherLiabilitiesNoncurrent`	$4.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.09B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.13B	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, 400,000,000 shares authorized, 189,980,509 and 190,006,776 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$95.00M	USD	Point-in-time
Common stock$0.50 par, 400,000,000 shares authorized, 189,980,509 and 190,006,776 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$94.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$909.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$910.85M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$138.60M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$168.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$569.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.14B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$583.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.64B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.66B	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$225.88M	USD	1 Quarter
Total oil and gas sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$126.88M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$5.57M	USD	1 Quarter
Production taxes	`ProductionAndSeveranceTaxesOperatingExpense`	$5.94M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$28.41M	USD	1 Quarter
Gathering and transportation	`GasGatheringAndTransportationCost`	$7.43M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$28.71M	USD	1 Quarter
Lease operating	`LeaseOperatingExpenses`	$14.88M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$37.59M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$110.42M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.72M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.81M	USD	1 Quarter
Exploration	`ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts`	$27.00K	USD	1 Quarter
Gain on sale of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$73.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$181.86M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$44.02M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$53.22M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$61.90M	USD	1 Quarter
Gain (loss) from derivative financial instruments	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.66M	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$93.00K	USD	1 Quarter
Other income	`InterestAndOtherIncome`	$313.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$27.85M	USD	1 Quarter
Interest expense	`InterestExpense`	$52.81M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$9.40M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-35.41M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$53.42M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.81M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.23M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.03M	USD	1 Quarter
Preferred stock dividends and accretion	`PreferredStockDividendsAndAccretion`	$12.07M	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$29.96M	USD	1 Quarter
Net income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$13.57M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	105.46M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	188.92M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	285.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.46M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$42.03M	USD	1 Quarter
Net income	`ProfitLoss`	$13.57M	USD	1 Quarter
Deferred and non-current income taxes	`DeferredIncomeTaxesAndTaxCredits`	$4.35M	USD	1 Quarter
Deferred and non-current income taxes	`DeferredIncomeTaxesAndTaxCredits`	$11.33M	USD	1 Quarter
Exploration	`ExplorationExpenseIncludingUnprovedImpairmentsAndExploratoryDryHoleCosts`	$27.00K	USD	1 Quarter
Gain on sale of oil and gas properties	`GainLossOnSaleOfProperty`	$1.00K	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$37.59M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$110.42M	USD	1 Quarter
Loss (gain) on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$61.90M	USD	1 Quarter
Loss (gain) on derivative financial instruments	`GainLossOnSaleOfCommodityContracts`	$-7.66M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-45.42M	USD	1 Quarter
Cash settlements of derivative financial instruments	`DerivativeCashPaidReceivedOnHedge`	$-5.39M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.57M	USD	1 Quarter
Amortization of debt discount, premium and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$7.20M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$648.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.43M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.78M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-54.30M	USD	1 Quarter
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.58M	USD	1 Quarter
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.83M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.43M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-56.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$150.12M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$74.72M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$143.49M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$94.94M	USD	1 Quarter
Advance payments for drilling costs	`AdvancePaymentsForDrillingCosts`	$-6.03M	USD	1 Quarter
Proceeds from sales of oil and gas properties	`ProceedsFromPaymentsForSaleOfOilAndGasProperties`	$415.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-143.49M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-88.49M	USD	1 Quarter
Borrowings	`ProceedsFromLinesOfCredit`	$45.00M	USD	1 Quarter
Borrowings	`ProceedsFromLinesOfCredit`	$57.00M	USD	1 Quarter
Payments to retire debt	`RepaymentsOfLinesOfCredit`	$57.00M	USD	1 Quarter
Payments to retire debt	`RepaymentsOfLinesOfCredit`	$25.00M	USD	1 Quarter
Preferred stock dividends paid	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$9.57M	USD	1 Quarter
Debt and equity issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$47.00K	USD	1 Quarter
Debt and equity issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$90.00K	USD	1 Quarter
Income tax withholdings related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$15.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$19.91M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.63M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.13M	USD	1 Quarter
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.53M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.19M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.53M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.32M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.53M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.19M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.53M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.32M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$1.17B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$569.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.14B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$583.79M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.43M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$648.00K	USD	1 Quarter
Income tax withholdings related to equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$15.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$42.03M	USD	1 Quarter
Preferred dividend accretion	`TemporaryEquityAccretionOfDividends`	$2.50M	USD	1 Quarter
Payment of preferred dividends	`TemporaryEquityDividendsOnTemporaryEquityValue`	$9.57M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$1.17B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$569.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.14B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$583.79M	USD	Point-in-time

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