Comstock Resources Inc (NYSE:CRK)
$ 9.92 -0.03 (-0.3%) Market Cap: 2.90 Bil Enterprise Value: 5.84 Bil PE Ratio: 0 PB Ratio: 1.25 GF Score: 51/100
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Q2 2024 Comstock Resources Inc Earnings Call Transcript

Jul 31, 2024 / 03:00PM GMT
Release Date Price: $9.47 (-7.25%)

Key Points

Positve
  • Comstock Resources Inc (CRK) has a strong financial liquidity of $1.2 billion.
  • The company has the industry's lowest cost structure, which is beneficial in the current low natural gas price environment.
  • Comstock Resources Inc (CRK) has no bond maturities until 2029, providing financial stability.
  • The company has a supportive major shareholder, the Jones family, who recently invested $100 million.
  • The Western Haynesville play is showing promising results with each new well drilled, indicating potential for future growth.
Negative
  • Natural gas prices are at all-time lows, heavily impacting financial results.
  • The company reported an adjusted net loss of $58 million for the second quarter.
  • Higher DD&A in the quarter due to the decline in proved undeveloped reserves.
  • Operating costs per Mcfe increased to $0.84 in the second quarter.
  • Production in the second quarter was impacted by very low natural gas prices, offsetting the production increase.
Operator

Thank you for standing by, and welcome to Comstock Resources second quarter 2024 earnings conference call. (Operator Instructions)

I would now like to hand the call over to Jay Allison, Chairman and CEO. Please go ahead.

M. Jay Allison
Comstock Resources Inc - Chairman of the Board, Chief Executive Officer

Thank you. I want to thank everybody for spending the time with us this morning going over our results, we appreciate your time. Welcome to the Comstock Resources second quarter 2024 financial and operating results conference call. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com and downloading the quarterly results presentations. There you'll find a presentation entitled Second Quarter 2024 Results.

I'm Jay Allison, Chief Executive Officer of Comstock, and with me is Roland Burns, our President and Chief Financial Officer; Dan Harrison, our Chief Operating Officer; and Ron Mills, our VP of Finance and

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