Key number (for me)
Free cash flow (deficit) $ (114,904)
Q2 will be worse, imho
https://investors.comstockresources.com/news-releases/news-release-details/comstock-resources-inc-reports-first-quarter-2023-financial-and
Comstock out
Re: Comstock out
- Solid Results.
- Capex always higher for them at the begining of the year - this and lower pricing since last year are driving factors.
$3.14 price when the strip was much lower.
- Adjusted EBITDAX was $293 million.
- "Recently turned to sales the third successful exploratory well in our Western Haynesville exploratory play which had an initial IP rate of 36 MMcf per day" Impressive and pay attention to the Western Haynesville play folks.
- Dividend Still in tact and will continue to be.
- Capex always higher for them at the begining of the year - this and lower pricing since last year are driving factors.
$3.14 price when the strip was much lower.
- Adjusted EBITDAX was $293 million.
- "Recently turned to sales the third successful exploratory well in our Western Haynesville exploratory play which had an initial IP rate of 36 MMcf per day" Impressive and pay attention to the Western Haynesville play folks.
- Dividend Still in tact and will continue to be.
Re: Comstock out
Any comments on negative FCF of -114.9 m or is that ok too?
EBITDA excludes interest , taxes and depr. Those aren't costs?
Why not exclude transportation , GA and marketing expenses then the look even better!
EBITDA excludes interest , taxes and depr. Those aren't costs?
Why not exclude transportation , GA and marketing expenses then the look even better!
Re: Comstock out
I did comment on it and what was the driving factor. Are all companies reporting FCF this reporing period? EV/EBITDA are comparative metrics. Also, Comstock's unhedged operating margin was 72% in the first quarter of 2023 and 73% after hedging - looks pretty good to me.
Re: Comstock out
Anyone want a AUTOGRAPHED Jerry Jones Cowboy Helmet? Saw one on Ebay.
https://www.ebay.com/itm/284114418451
https://www.ebay.com/itm/284114418451
Re: Comstock out
Comstock is going to be fine. They can handle a few quarters of low gas prices. HUGE upside in East Texas.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Comstock out
1. People were predicting positive cash flow >> FAILED and 40 m acquisition doesn't explain a FCF 110 m shortfall of 0.
2. I said wait and see with gassers and single digits in particular for CRK, not pie in the sky target prices. > ACHIEVED low of 9.75 today and i think it goes lower still
3. Record low costs for production and good hedges couldn't save them this qtr,. Next qtr is worse.
You know what they say when the short term doesn't work, say "I'm in this for the long term"
CRK is a fine company with higher NG prices, no doubt about it > I prefer to see evidence of higher prices before I commit. Sorry if this trigger's anyone, just my humble opinion.
2. I said wait and see with gassers and single digits in particular for CRK, not pie in the sky target prices. > ACHIEVED low of 9.75 today and i think it goes lower still
3. Record low costs for production and good hedges couldn't save them this qtr,. Next qtr is worse.
You know what they say when the short term doesn't work, say "I'm in this for the long term"
CRK is a fine company with higher NG prices, no doubt about it > I prefer to see evidence of higher prices before I commit. Sorry if this trigger's anyone, just my humble opinion.
Re: Comstock out
Cramer must be selling it, he got one from JJ last week.
And the poster said to sell anything Cramer pitches he was right, he was saying buy Crk,
And the poster said to sell anything Cramer pitches he was right, he was saying buy Crk,
Last edited by Fraser921 on Sun May 07, 2023 9:52 am, edited 1 time in total.
Re: Comstock out
I'm waiting for the 200ma, then the Ted Laundry Keltner lower band for support.
Re: Comstock out
Comstock could use some help making clear statements in their earnings release.
Query: "Plan to retain current quarterly dividend of 12.5 c"(ents) Does that mean they will pay it or not pay it?
"Drilled 18 (13.7) successful ....in the quarter....") and "Since the last conference call, we have connected 15 (9.8 net)....". Does the latter statement mean from the call in Feb to the release date, for the current quarter, or something else?
Listening to the conference call does not add a lot of clarity.
Query: "Plan to retain current quarterly dividend of 12.5 c"(ents) Does that mean they will pay it or not pay it?
"Drilled 18 (13.7) successful ....in the quarter....") and "Since the last conference call, we have connected 15 (9.8 net)....". Does the latter statement mean from the call in Feb to the release date, for the current quarter, or something else?
Listening to the conference call does not add a lot of clarity.
Re: Comstock out
The plan is to keep paying it until the plan changes.
The plan could change if prices stay low for longer.
They know if they make that decision, the name instantly loses 20 %
So, we have a plan to maintain it to prop up the "already low price"
Now , if you're devious, you cut it, hammer the price, and then JJ comes in and takes out the minority holders at the depressed level.
This has happened in some shipping MLP's that I follow. The company eliminates dividend, price falls 50 %, then the managing partner makes an offer 15 % greater than the hammered price, and the investor gets screwed again.
That's why ethics is high on my list.
-Paying JJ the pref dividend, then timing the ex date on the common one day later so JJ can double dip and get a payout on that after holding for 24 hours was total BS, I throw the flag on governance and at that moment got out at 18.10. The subsequent weaker prices was icing on the cake
Now I like the Cowboys and JJ rise from nothing. So this isnt a Dallas/Houston thing, it's the G in governance thing.
The plan could change if prices stay low for longer.
They know if they make that decision, the name instantly loses 20 %
So, we have a plan to maintain it to prop up the "already low price"
Now , if you're devious, you cut it, hammer the price, and then JJ comes in and takes out the minority holders at the depressed level.
This has happened in some shipping MLP's that I follow. The company eliminates dividend, price falls 50 %, then the managing partner makes an offer 15 % greater than the hammered price, and the investor gets screwed again.
That's why ethics is high on my list.
-Paying JJ the pref dividend, then timing the ex date on the common one day later so JJ can double dip and get a payout on that after holding for 24 hours was total BS, I throw the flag on governance and at that moment got out at 18.10. The subsequent weaker prices was icing on the cake
Now I like the Cowboys and JJ rise from nothing. So this isnt a Dallas/Houston thing, it's the G in governance thing.