Comstock Resources, Inc. Reports Fourth Quarter 2018 Financial and Operating Results
FOURTH QUARTER 2018 FINANCIAL AND OPERATING RESULTS
Financial Results for the Three Months Ended
In the first full quarter following the closing of the Jones Contribution, Comstock reported net income of
Comstock produced 30.9 billion cubic feet of natural gas and 843,000 barrels of oil or 36.0 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2018. The Company's natural gas production averaged 336 million cubic feet ("MMcf") per day, an increase of 39% over natural gas production in the Predecessor fourth quarter of 2017. The growth in natural gas production was primarily attributable to the continuing successful results from Comstock's Haynesville shale drilling program. Oil production in the fourth quarter of 2018, which averaged 9,155 barrels of oil per day, increased from the 2,319 barrels per day produced in the Predecessor fourth quarter of 2017 due to production from the
Comstock's average realized natural gas price, including hedging losses, increased 12% to
Financial Results for the Period
Financial results subsequent to the Jones Contribution are for the 140 day period from
Comstock produced 1.4 million barrels of oil and 45.0 billion cubic feet ("Bcf") of natural gas or 53.3 Bcfe in the Successor Period. Oil production averaged 9,889 barrels of oil per day and natural gas production averaged 322 MMcf per day. Comstock's average realized oil price after hedging was
Drilling Results
Comstock reported the results from its 2018 Haynesville/Bossier shale drilling program. During 2018, Comstock spent
Since the last operational update, Comstock reported on an additional thirteen Haynesville shale wells, eight of which were operated by Comstock. Comstock has a 30% working interest in the five non-operated wells. The average initial production rate of these wells was 28 MMcf per day. The wells had completed lateral lengths ranging from 5,239 feet to 10,964 feet, with an average completed lateral length of 9,470 feet. Each well was tested at initial production rates of 17 to 40 MMcf per day. Comstock currently has five (3.5 net) operated Haynesville shale wells that are in the process of being completed.
2019 Drilling Budget
The Company also announced its current drilling plans for 2019. Comstock's planned capital expenditures for 2019 are
Other
Comstock has planned a conference call for
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
OPERATING RESULTS
(In thousands, except per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
August 14 through December 31, 2018 |
January 1 through August 13, 2018 |
2017 | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Natural gas sales................................................................................................... | $ | 107,843 | $ | 61,200 | $ | 144,236 | $ | 147,897 | $ | 208,741 | ||||||||||
Oil sales................................................................................................................ | 45,655 | 12,048 | 79,385 | 18,733 | 46,590 | |||||||||||||||
Total oil and gas sales...................................................................... | 153,498 | 73,248 | 223,621 | 166,630 | 255,331 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Production taxes................................................................................................... | 7,104 | 1,643 | 11,155 | 3,659 | 5,373 | |||||||||||||||
Gathering and transportation................................................................................. | 7,061 | 5,110 | 10,511 | 11,841 | 17,538 | |||||||||||||||
Lease operating..................................................................................................... | 13,720 | 9,178 | 20,736 | 21,139 | 37,859 | |||||||||||||||
Depreciation, depletion and amortization.............................................................. | 36,124 | 30,548 | 53,944 | 68,032 | 123,557 | |||||||||||||||
General and administrative.................................................................................... | 8,096 | 7,003 | 11,399 | 15,699 | 26,137 | |||||||||||||||
Impairment of oil and gas properties..................................................................... | — | 43,990 | — | — | 43,990 | |||||||||||||||
Loss (gain) on sale of oil and gas properties......................................................... | (57 | ) | — | (155 | ) | 35,438 | 1,060 | |||||||||||||
Total operating expenses................................................................................. | 72,048 | 97,472 | 107,590 | 155,808 | 255,514 | |||||||||||||||
Operating income (loss)............................................................................................ | 81,450 | (24,224 | ) | 116,031 | 10,822 | (183 | ) | |||||||||||||
Other income (expenses): | ||||||||||||||||||||
Gain from derivative financial instruments........................................................... | 12,480 | 2,168 | 10,465 | 881 | 16,753 | |||||||||||||||
Other income........................................................................................................ | 131 | 132 | 173 | 677 | 530 | |||||||||||||||
Interest expense.................................................................................................... | (28,758 | ) | (39,199 | ) | (43,603 | ) | (101,203 | ) | (146,449 | ) | ||||||||||
Transaction costs.................................................................................................. | — | — | — | (2,866 | ) | — | ||||||||||||||
Total other income (expenses)........................................................................ | (16,147 | ) | (36,899 | ) | (32,965 | ) | (102,511 | ) | (129,166 | ) | ||||||||||
Income (loss) before income taxes........................................................................... | 65,303 | (61,123 | ) | 83,066 | (91,689 | ) | (129,349 | ) | ||||||||||||
Benefit from (provision for) income taxes................................................................ | (15,004 | ) | 18,827 | (18,944 | ) | (1,065 | ) | 17,944 | ||||||||||||
Net income (loss)...................................................................................................... | $ | 50,299 | $ | (42,296 | ) | $ | 64,122 | $ | (92,754 | ) | $ | (111,405 | ) | |||||||
Net income (loss) per share – basic and diluted......................................... | $ | 0.48 | $ | (2.86 | ) | $ | 0.61 | $ | (6.08 | ) | $ | (7.61 | ) | |||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic..................................................................................................................... | 105,457 | 14,808 | 105,453 | 15,262 | 14,644 | |||||||||||||||
Diluted.................................................................................................................. | 105,457 | 14,808 | 105,459 | 15,262 | 14,644 |
OPERATING RESULTS
(In thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
Successor | Predecessor | Predecessor | ||||||||||||||||||
August 14 through December 31, 2018 |
January 1 through August 13, 2018 |
2017 |
||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
2018 |
2017 | |||||||||||||||||||
OPERATING CASH FLOW: | ||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 50,299 | $ | (42,296 | ) | $ | 64,122 | $ | (92,754 | ) | $ | (111,405 | ) | |||||||
Reconciling items: | ||||||||||||||||||||
Deferred and non-current income taxes................................................................ | 25,196 | (18,848 | ) | 29,079 | 1,052 | (18,080 | ) | |||||||||||||
Depreciation, depletion and amortization.............................................................. | 36,124 | 30,548 | 53,944 | 68,032 | 123,557 | |||||||||||||||
Unrealized loss (gain) from derivative financial instruments................................. | (18,250 | ) | 1,885 | (16,044 | ) | 1,961 | (7,348 | ) | ||||||||||||
Amortization of debt discount, premium and issuance costs.................................................................................................... |
1,582 | 10,966 | 2,404 | 29,457 | 35,880 | |||||||||||||||
Interest paid in-kind.............................................................................................. | — | 9,879 | — | 25,004 | 38,073 | |||||||||||||||
Stock-based compensation.................................................................................... | 665 | 1,468 | 994 | 3,912 | 5,923 | |||||||||||||||
Impairment of oil and gas properties..................................................................... | — | 43,990 | — | — | 43,990 | |||||||||||||||
Loss (gain) on sale of oil and gas properties......................................................... | (57 | ) | — | (155 | ) | 35,438 | 1,060 | |||||||||||||
Operating cash flow.......................................................................................... | 95,559 | 37,592 | 134,344 | 72,102 | 111,650 | |||||||||||||||
(Increase) decrease in accounts receivable.................................................. | (16,164 | ) | (4,176 | ) | (61,048 | ) | 2,834 | (16,128 | ) | |||||||||||
(Increase) decrease in other current assets.................................................. | (11,201 | ) | (251 | ) | (12,527 | ) | 337 | (921 | ) | |||||||||||
Increase in accounts payable and accrued expenses...................................................................................... |
30,499 | 50,686 | 41,533 | 10,462 | 80,013 | |||||||||||||||
Net cash provided by operating activities.............................................. | $ | 98,693 | $ | 83,851 | $ | 102,302 | $ | 85,735 | $ | 174,614 | ||||||||||
EBITDAX: | ||||||||||||||||||||
Net income (loss)...................................................................................................... | $ | 50,299 | $ | (42,296 | ) | $ | 64,122 | $ | (92,754 | ) | $ | (111,405 | ) | |||||||
Interest expense........................................................................................................ | 28,758 | 39,199 | 43,603 | 101,203 | 146,449 | |||||||||||||||
Income taxes............................................................................................................. | 15,004 | (18,827 | ) | 18,944 | 1,065 | (17,944 | ) | |||||||||||||
Depreciation, depletion and amortization.................................................................. | 36,124 | 30,548 | 53,944 | 68,032 | 123,557 | |||||||||||||||
Unrealized loss (gain) from derivative financial instruments..................................... | (18,250 | ) | 1,885 | (16,044 | ) | 1,961 | (7,348 | ) | ||||||||||||
Stock-based compensation........................................................................................ | 665 | 1,468 | 994 | 3,912 | 5,923 | |||||||||||||||
Transaction costs...................................................................................................... | — | — | — | 2,866 | — | |||||||||||||||
Impairment of oil and gas properties......................................................................... | — | 43,990 | — | — | 43,990 | |||||||||||||||
Loss (gain) on sale of oil and gas properties............................................................. | (57 | ) | — | (155 | ) | 35,438 | 1,060 | |||||||||||||
Total EBITDAX.................................................................................... | $ | 112,543 | $ | 55,967 | $ | 165,408 | $ | 121,723 | $ | 184,282 |
Successor | Predecessor | |||||||
As of December 31, 2018 |
As of December 31, 2017 |
|||||||
BALANCE SHEET DATA: | ||||||||
Cash and cash equivalents........................................................................................................... | $ | 23,193 | $ | 61,255 | ||||
Derivative financial instruments.................................................................................................. | 15,401 | 1,318 | ||||||
Other current assets..................................................................................................................... | 120,833 | 239,932 | ||||||
Property and equipment, net........................................................................................................ | 1,667,979 | 607,929 | ||||||
Other........................................................................................................................................... | 360,434 | 19,985 | ||||||
Total assets........................................................................................................................... | $ | 2,187,840 | $ | 930,419 | ||||
Current liabilities......................................................................................................................... | $ | 206,853 | $ | 168,489 | ||||
Long-term debt............................................................................................................................ | 1,244,363 | 1,110,529 | ||||||
Deferred income taxes................................................................................................................. | 161,917 | 10,266 | ||||||
Asset retirement obligation.......................................................................................................... | 5,136 | 10,407 | ||||||
Stockholders' equity (deficit)....................................................................................................... | 569,571 | (369,272 | ) | |||||
Total liabilities and stockholders' equity (deficit)................................................................. | $ | 2,187,840 | $ | 930,419 |
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Successor | ||||||||||||||||
For the Three Months Ended December 31, 2018 | ||||||||||||||||
Haynesville / Cotton Valley | Bakken | Other | Total | |||||||||||||
Gas production (MMcf)............................................................................ | 28,261 | 2,583 | 89 | 30,933 | ||||||||||||
Oil production (Mbbls)......................................................................... | 9 | 828 | 6 | 843 | ||||||||||||
Total production (MMcfe)........................................................................ | 28,316 | 7,550 | 121 | 35,987 | ||||||||||||
Natural gas sales................................................................................. | $ | 100,125 | $ | 7,447 | $ | 271 | $ | 107,843 | ||||||||
Natural gas hedging settlements(1).................................................................... | — | — | — | (6,402 | ) | |||||||||||
Total natural gas including hedging.................................................................. | 100,125 | 7,447 | 271 | 101,441 | ||||||||||||
Oil sales................................................................................. | 524 | 44,810 | 321 | 45,655 | ||||||||||||
Oil hedging settlements(1).................................................................... | — | — | — | 632 | ||||||||||||
Total oil including hedging.................................................................. | 524 | 44,810 | 321 | 46,287 | ||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 100,649 | $ | 52,257 | $ | 592 | $ | 147,728 | ||||||||
Average gas price (per Mcf)............................................................................... | $ | 3.54 | $ | 2.88 | $ | 3.06 | $ | 3.49 | ||||||||
Average gas price including hedging (per Mcf)............................................................................... |
$ | 3.54 | $ | 2.88 | $ | 3.06 | $ | 3.28 | ||||||||
Average oil price (per barrel)............................................................................ | $ | 56.77 | $ | 54.13 | $ | 61.90 | $ | 54.21 | ||||||||
Average oil price including hedging (per barrel)............................................................................ |
$ | 54.96 | ||||||||||||||
Average price (per Mcfe)............................................................................. | $ | 3.55 | $ | 6.92 | $ | 4.89 | $ | 4.27 | ||||||||
Average price including hedging (per Mcfe)............................................................................. |
$ | 4.11 | ||||||||||||||
Production taxes................................................................................. | $ | 2,062 | $ | 5,001 | $ | 41 | $ | 7,104 | ||||||||
Gathering and transportation................................................................. | $ | 7,008 | $ | — | $ | 53 | $ | 7,061 | ||||||||
Lease operating.......................................................................... | $ | 7,629 | $ | 5,820 | $ | 272 | $ | 13,721 | ||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.07 | $ | 0.66 | $ | 0.34 | $ | 0.20 | ||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.25 | $ | — | $ | 0.44 | $ | 0.20 | ||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.27 | $ | 0.77 | $ | 2.24 | $ | 0.37 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions................................................................. | $ | 3,108 | $ | — | $ | — | $ | 3,108 | ||||||||
Development leasehold.................................................................... | 1,240 | — | — | 1,240 | ||||||||||||
Development drilling and completion................................................................. | 72,962 | 26,764 | — | 99,726 | ||||||||||||
Other development................................................................. | 5,802 | — | — | 5,802 | ||||||||||||
Total........................................................................... | $ | 83,112 | $ | 26,764 | $ | — | $ | 109,876 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Three Months Ended December 31, 2017 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf)................................... | 21,750 | 301 | 163 | 22,214 | ||||||||||||
Oil production (Mbbls).................................... | 14 | 194 | 6 | 214 | ||||||||||||
Total production (MMcfe)................................ | 21,834 | 1,464 | 196 | 23,494 | ||||||||||||
Natural gas sales............................................... | $ | 59,317 | $ | 1,424 | $ | 459 | $ | 61,200 | ||||||||
Natural gas hedging settlements(1).................... | — | — | — | 4,053 | ||||||||||||
Total natural gas including hedging............ | 59,317 | 1,424 | 459 | 65,253 | ||||||||||||
Oil sales............................................................ | 737 | 11,008 | 303 | 12,048 | ||||||||||||
Total oil and gas sales including hedging.................................................. |
$ | 60,054 | $ | 12,432 | $ | 762 | $ | 77,301 | ||||||||
Average gas price (per Mcf)............................ | $ | 2.73 | $ | 4.73 | $ | 2.82 | $ | 2.76 | ||||||||
Average gas price including hedging (per Mcf)........................................................ |
$ | 2.94 | ||||||||||||||
Average oil price (per barrel)........................... | $ | 52.47 | $ | 56.80 | $ | 55.74 | $ | 56.48 | ||||||||
Average price (per Mcfe)................................. | $ | 2.75 | $ | 8.49 | $ | 3.89 | $ | 3.12 | ||||||||
Average price including hedging (per Mcfe)...................................................... |
$ | 3.29 | ||||||||||||||
Production taxes............................................... | $ | 1,013 | $ | 584 | $ | 46 | $ | 1,643 | ||||||||
Gathering and transportation............................ | $ | 4,692 | $ | 369 | $ | 49 | $ | 5,110 | ||||||||
Lease operating................................................. | $ | 5,484 | $ | 3,367 | $ | 327 | $ | 9,178 | ||||||||
Production taxes (per Mcfe)............................. | $ | 0.05 | $ | 0.40 | $ | 0.23 | $ | 0.07 | ||||||||
Gathering and transportation (per Mcfe).......... | $ | 0.21 | $ | 0.25 | $ | 0.25 | $ | 0.22 | ||||||||
Lease operating (per Mcfe)............................... | $ | 0.25 | $ | 2.30 | $ | 1.67 | $ | 0.39 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Development leasehold................................ | $ | 2,751 | $ | — | $ | — | $ | 2,751 | ||||||||
Development drilling and completion........... | 42,899 | 12 | — | 42,911 | ||||||||||||
Other development....................................... | 2,805 | 514 | 23 | 3,342 | ||||||||||||
Total........................................................... | $ | 48,455 | $ | 526 | $ | 23 | $ | 49,004 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Successor | ||||||||||||||||
For the Period August 14, 2018 through December 31, 2018 | ||||||||||||||||
Haynesville / Cotton Valley | Bakken | Other | Total | |||||||||||||
Gas production (MMcf)............................................................................ | 41,035 | 3,855 | 141 | 45,031 | ||||||||||||
Oil production (Mbbls)......................................................................... | 14 | 1,364 | 7 | 1,385 | ||||||||||||
Total production (MMcfe)........................................................................ | 41,119 | 12,037 | 182 | 53,338 | ||||||||||||
Natural gas sales................................................................................. | $ | 134,890 | $ | 8,913 | $ | 433 | $ | 144,236 | ||||||||
Natural gas hedging settlements(1).................................................................... | — | — | (6,211 | ) | ||||||||||||
Total natural gas including hedging.................................................................. | 134,890 | 8,913 | 433 | 138,025 | ||||||||||||
Oil sales................................................................................. | 844 | 78,050 | 491 | 79,385 | ||||||||||||
Oil hedging settlements(1).................................................................... | — | — | — | 632 | ||||||||||||
Total oil including hedging.................................................................. | 844 | 78,050 | 491 | 80,017 | ||||||||||||
Total oil and gas sales including hedging.................................................................. | $ | 135,734 | $ | 86,963 | $ | 924 | $ | 218,042 | ||||||||
Average gas price (per Mcf)............................................................................... | $ | 3.29 | $ | 2.31 | $ | 3.06 | $ | 3.20 | ||||||||
Average gas price including hedging (per Mcf)............................................................................... |
$ | 3.07 | ||||||||||||||
Average oil price (per barrel)............................................................................ | $ | 59.52 | $ | 57.24 | $ | 74.72 | $ | 57.34 | ||||||||
Average oil price including hedging (per barrel)............................................................................ |
$ | 57.80 | ||||||||||||||
Average price (per Mcfe)............................................................................. | $ | 3.30 | $ | 7.22 | $ | 5.09 | $ | 4.19 | ||||||||
Average price including hedging (per Mcfe)............................................................................. |
$ | 4.09 | ||||||||||||||
Production taxes................................................................................. | $ | 2,874 | $ | 8,215 | $ | 66 | $ | 11,155 | ||||||||
Gathering and transportation................................................................. | $ | 10,428 | $ | — | $ | 83 | $ | 10,511 | ||||||||
Lease operating.......................................................................... | $ | 11,244 | $ | 9,070 | $ | 422 | $ | 20,736 | ||||||||
Production taxes (per Mcfe)............................................................................. | $ | 0.07 | $ | 0.68 | $ | 0.36 | $ | 0.21 | ||||||||
Gathering and transportation (per Mcfe)............................................................................ | $ | 0.25 | $ | — | $ | 0.46 | $ | 0.20 | ||||||||
Lease operating (per Mcfe)............................................................................. | $ | 0.28 | $ | 0.76 | $ | 2.33 | $ | 0.38 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions................................................................. | $ | 21,013 | $ | — | $ | — | $ | 21,013 | ||||||||
Development leasehold.................................................................... | 1,715 | — | — | 1,715 | ||||||||||||
Development drilling and completion................................................................. | 106,366 | 42,379 | — | 148,745 | ||||||||||||
Other development................................................................. | 13,612 | — | — | 13,612 | ||||||||||||
Total........................................................................... | $ | 142,706 | $ | 42,379 | $ | — | $ | 185,085 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Period January 1, 2018 through August 13, 2018 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf)................................... | 54,386 | 379 | 475 | 55,240 | ||||||||||||
Oil production (Mbbls).................................... | 27 | 247 | 13 | 287 | ||||||||||||
Total production (MMcfe)................................ | 54,549 | 1,860 | 554 | 56,963 | ||||||||||||
Natural gas sales............................................... | $ | 144,918 | $ | 1,590 | $ | 1,389 | $ | 147,897 | ||||||||
Natural gas hedging settlements(1).................... | — | — | — | 2,842 | ||||||||||||
Total natural gas including hedging............ | 144,918 | 1,590 | 1,389 | 150,739 | ||||||||||||
Oil sales............................................................ | 1,760 | 16,157 | 816 | 18,733 | ||||||||||||
Total oil and gas sales including hedging.................................................. |
$ | 146,678 | $ | 17,747 | $ | 2,205 | $ | 169,472 | ||||||||
Average gas price (per Mcf)............................ | $ | 2.66 | $ | 4.20 | $ | 2.92 | $ | 2.68 | ||||||||
Average gas price including hedging (per Mcf)........................................................ |
$ | 2.73 | ||||||||||||||
Average oil price (per barrel)........................... | $ | 64.71 | $ | 65.46 | $ | 62.00 | $ | 65.23 | ||||||||
Average price (per Mcfe)................................. | $ | 2.69 | $ | 9.54 | $ | 3.98 | $ | 2.93 | ||||||||
Average price including hedging (per Mcfe)...................................................... |
$ | 2.98 | ||||||||||||||
Production taxes............................................... | $ | 2,680 | $ | 831 | $ | 148 | $ | 3,659 | ||||||||
Gathering and transportation............................ | $ | 11,211 | $ | 463 | $ | 167 | $ | 11,841 | ||||||||
Lease operating................................................. | $ | 15,610 | $ | 4,829 | $ | 700 | $ | 21,139 | ||||||||
Production taxes (per Mcfe)............................. | $ | 0.05 | $ | 0.45 | $ | 0.27 | $ | 0.06 | ||||||||
Gathering and transportation (per Mcfe).......... | $ | 0.21 | $ | 0.25 | $ | 0.30 | $ | 0.21 | ||||||||
Lease operating (per Mcfe)............................... | $ | 0.28 | $ | 2.59 | $ | 1.26 | $ | 0.37 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Acquisitions................................................. | $ | 39,323 | $ | — | $ | — | $ | 39,323 | ||||||||
Development leasehold................................ | 2,848 | — | — | 2,848 | ||||||||||||
Development drilling and completion........... | 90,840 | — | — | 90,840 | ||||||||||||
Other development....................................... | 13,205 | 393 | 273 | 13,871 | ||||||||||||
Total........................................................... | $ | 146,216 | $ | 393 | $ | 273 | $ | 146,882 |
(1) Included in gain from derivative financial instruments in operating results.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)
Predecessor | ||||||||||||||||
For the Year Ended December 31, 2017 | ||||||||||||||||
Haynesville / Cotton Valley | South Texas | Other | Total | |||||||||||||
Gas production (MMcf).............................. | 71,550 | 1,372 | 599 | 73,521 | ||||||||||||
Oil production (Mbbls)............................... | 53 | 876 | 22 | 951 | ||||||||||||
Total production (MMcfe).......................... | 71,868 | 6,626 | 730 | 79,224 | ||||||||||||
Natural gas sales......................................... | $ | 201,534 | $ | 5,574 | $ | 1,633 | $ | 208,741 | ||||||||
Natural gas hedging settlements(1)............... | — | — | — | 9,405 | ||||||||||||
Total natural gas including hedging...... | 201,534 | 5,574 | 1,633 | 218,146 | ||||||||||||
Oil sales...................................................... | 2,557 | 42,961 | 1,072 | 46,590 | ||||||||||||
Total oil and gas sales including hedging............................................. |
$ | 204,091 | $ | 48,535 | $ | 2,705 | $ | 264,736 | ||||||||
Average gas price (per Mcf)....................... | $ | 2.82 | $ | 4.06 | $ | 2.73 | $ | 2.84 | ||||||||
Average gas price including hedging (per Mcf).................................................. |
$ | 2.97 | ||||||||||||||
Average oil price (per barrel)...................... | $ | 48.21 | $ | 49.06 | $ | 49.10 | $ | 49.02 | ||||||||
Average price (per Mcfe)............................ | $ | 2.84 | $ | 7.32 | $ | 3.71 | $ | 3.22 | ||||||||
Average price including hedging (per Mcfe)................................................. |
$ | 3.34 | ||||||||||||||
Production taxes.......................................... | $ | 2,941 | $ | 2,248 | $ | 184 | $ | 5,373 | ||||||||
Gathering and transportation....................... | $ | 15,654 | $ | 1,648 | $ | 236 | $ | 17,538 | ||||||||
Lease operating........................................... | $ | 22,232 | $ | 14,323 | $ | 1,304 | $ | 37,859 | ||||||||
Production taxes (per Mcfe)....................... | $ | 0.04 | $ | 0.34 | $ | 0.25 | $ | 0.07 | ||||||||
Gathering and transportation (per Mcfe)..... | $ | 0.22 | $ | 0.25 | $ | 0.32 | $ | 0.22 | ||||||||
Lease operating (per Mcfe)......................... | $ | 0.31 | $ | 2.16 | $ | 1.79 | $ | 0.48 | ||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||
Development leasehold........................... | $ | 4,177 | $ | 521 | $ | — | $ | 4,698 | ||||||||
Development drilling and completion..... | 163,755 | 717 | — | 164,472 | ||||||||||||
Other development.................................. | 7,187 | 1,999 | 458 | 9,644 | ||||||||||||
Total...................................................... | $ | 175,119 | $ | 3,237 | $ | 458 | $ | 178,814 |
(1) Included in gain from derivative financial instruments in operating results.
Comstock Resources Gary H. Guyton Director of Planning and Investor Relations 972-668-8834