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Sep 30, 2023
Comstock Resources Q3 2023 Earnings Report
Comstock Resources' third quarter results were impacted by weak natural gas prices, but the company saw solid results from its Haynesville shale drilling program.
Key Takeaways
Comstock Resources reported natural gas and oil sales of $316 million, operating cash flow of $167 million, and adjusted net income of $11.7 million for the third quarter of 2023. The company continued to see solid results from its Haynesville shale drilling program.
Continued weak natural gas prices weighed heavily on the third quarter results.
Natural gas and oil sales, including realized hedging gains, were $316 million.
Operating cash flow was $167 million or $0.60 per diluted share.
Adjusted net income was $11.7 million for the quarter.
Comstock Resources
Comstock Resources
Forward Guidance
Comstock is forming a midstream partnership for its Western Haynesville acreage with Quantum Capital Solutions (QCS).
Positive Outlook
- The new partnership with QCS is expected to fund the needed expansion for our Western Haynesville midstream development program over the next five years.
- Comstock will control and operate the midstream system.
- QCS will provide a total capital commitment of $300 million to fund the future build-out of the Western Haynesville midstream system over the next several years.
- Comstock will contribute its Pinnacle gathering and treating system to the partnership.
- The Pinnacle gathering and treating system is comprised of 145-mile high pressure pipeline and the Bethel natural gas processing plant.