Comstock Resources Q4 2024 Earnings Report
Key Takeaways
Comstock Resources, Inc. reported a net loss of $55.3 million for Q4 2024, which included a $126.9 million unrealized loss on hedging contracts. Excluding this item, the adjusted net income was $46.3 million, or $0.16 per share. Natural gas and oil sales totaled $336.1 million, including realized hedging gains of $47.8 million. The company's production was 124.2 Bcfe, lower than the previous year due to strategic decisions to drop rigs and defer completion activity.
Natural gas and oil sales reached $336 million, inclusive of hedging gains.
Operating cash flow amounted to $223 million, or $0.76 per share.
Adjusted EBITDAX for the quarter totaled $252 million.
Adjusted net income was reported at $46.3 million, equating to $0.16 per share.
Comstock Resources
Comstock Resources
Comstock Resources Revenue by Segment
Forward Guidance
Comstock Resources plans to increase its operating drilling rigs from five to seven in 2025 and expects to spend approximately $1.0 billion to $1.1 billion on development and exploration projects.
Positive Outlook
- Increase operating drilling rigs from five to seven.
- Four rigs will focus on the Western Haynesville play.
- Plan to spend approximately $1.0 billion to $1.1 billion on development and exploration projects.
- Drill 46 operated horizontal wells.
- Turn 46 operated wells to sales.