Q3 2024 Comstock Resources Inc Earnings Call Transcript
Key Points
- Comstock Resources Inc (CRK) has secured 450,000 net acres in the Western Haynesville, positioning itself strategically close to the LNG demand corridor.
- The company has successfully reduced well costs in the Western Haynesville, with the 13th well completed at approximately $2,814 per lateral foot.
- Production in the third quarter averaged 1.4 Bcfe per day, a 2% increase from the same period in 2023.
- Comstock Resources Inc (CRK) has a strong liquidity position with $1.1 billion at the end of the third quarter.
- The company has converted 57% of its short Haynesville locations to 64 future Horseshoe locations, improving economic performance metrics significantly.
- Comstock Resources Inc (CRK) reported an adjusted net loss of $49 million for the third quarter, or $0.17 per share.
- The company's financial results were heavily impacted by continued weak natural gas prices, with an average realized gas price of $1.90 for the quarter.
- Oil and gas sales declined by 3% to $305 million in the third quarter due to low natural gas prices.
- Higher depreciation, depletion, and amortization rates contributed to the financial loss, driven by a decrease in proved undeveloped reserves.
- The company anticipates a 10% decrease in fourth-quarter production compared to the same period in 2023, due to reduced drilling activity.
Good day, and thank you for standing by. Welcome to the third quarter 2024, Comstock Resources earnings call. (Operator Instructions).
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jay Allison, Chairman and CEO. Please go ahead.
Perfect, and welcome, everyone that's listening in. Welcome to the Comstock Resources third 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 presentation. There, you'll find a presentation entitled third quarter 2024 results.
I am 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
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