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Dec 31, 2023
Comstock Resources Q4 2023 Earnings Report
Comstock Resources' Q4 2023 financial performance was impacted by weak natural gas prices, but the company reported solid results from its Haynesville shale drilling program and increased its acreage in the Western Haynesville.
Key Takeaways
Comstock Resources reported natural gas and oil sales of $354 million, including realized hedging gains, and an adjusted EBITDAX of $244 million for Q4 2023. The company's net income available to common stockholders was $108.4 million, or $0.39 per share.
Continued weak natural gas prices weighed heavily on the fourth quarter results.
Natural gas and oil sales, including realized hedging gains, were $354 million.
Adjusted EBITDAX for the quarter was $244 million.
Operating cash flow was $207 million or $0.75 per share.
Comstock Resources
Comstock Resources
Comstock Resources Revenue by Segment
Revenue by Segment
Natural Gas Sales Revenue
CapyFin.comOil Sales Revenue
CapyFin.comGas Services Revenue
CapyFin.com Forward Guidance
Comstock plans to reduce the number of operating drilling rigs it is running from seven to five and expects to spend $750 million to $850 million in 2024 on its development and exploration projects.
Challenges Ahead
- Suspension of quarterly dividend until natural gas prices improve.
- Reduction in the number of operating drilling rigs from seven to five.
- Two of the five drilling rigs will continue to be deployed in the Company's Western Haynesville play.
Revenue & Expenses
Visualization of income flow from segment revenue to net income