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Dec 31, 2024
Comstock Resources Q4 2024 Earnings Report
Comstock Resources reported its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Comstock Resources reported a net loss of $55.3 million for Q4 2024, with total revenues of $366.5 million. The company's production costs per Mcfe averaged $0.72, and it achieved an adjusted EBITDAX of $252.2 million.
Natural gas and oil sales, including realized hedging gains, totaled $336 million.
Operating cash flow was $223 million or $0.76 per share.
Adjusted net income was $46.3 million or $0.16 per share for the quarter.
Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
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 increase its operating drilling rigs from five to seven in 2025, with four rigs dedicated to the Western Haynesville. The company expects to spend approximately $1.0 billion to $1.1 billion on development and exploration projects and $130 million to $150 million on its Western Haynesville midstream system.
Positive Outlook
- Increase in operating drilling rigs from five to seven in 2025.
- Four rigs will be devoted to the Western Haynesville to delineate the new play.
- Plans to drill 46 (40.3 net) operated horizontal wells in 2025.
- Plans to turn 46 (39.7 net) operated wells to sales in 2025.
- Midstream system development funded by midstream partnership.
Challenges Ahead
- Significant capital expenditure of $1.0 billion to $1.1 billion for development and exploration projects.
- Additional capital expenditure of $130 million to $150 million on Western Haynesville midstream system.
- No specific negative guidance provided in the report.
- No specific negative guidance provided in the report.
- No specific negative guidance provided in the report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income