https://investors.comstockresources.com/news-releases/news-release-details/comstock-resources-inc-reports-third-quarter-2023-financial-and
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 EBITDAX for the quarter was $209 million.
Adjusted net income was $11.7 million for the quarter.
Solid results from the Haynesville shale drilling program with 21 (18.1 net) operated wells turned to sales since the Company's last update with an average initial production of 29 MMcf per day.
Latest two Western Haynesville wells were successful with average initial production rates of 34 and 35 Mmcf per day.
Entering into new venture to fund the midstream build-out to support Western Haynesville development.
net income available to common stockholders for the third quarter was $14.7 million or $0.05 per share, .04 cents excluding hedges
better than I thought, met expectations > but if you subtract this and that you can make the number anything you want
I was right about this though. NEGATIVE FCF. - 174 MILLION!!!! ie money losing business
Missed Dan's numbers bigly. Dan had 197 m cap ex so a big miss there. WOW
Cap ex was 342 m!!! --75 % higher , never seen such a miss!!
Free cash flow (deficit) after acquisition and divestiture activity $ (174,449 )
Comstock out
Re: Comstock out
Maybe John Podesta can send them a bail out check from his Trillion dollar Green Energy slush fund. Just call it a stimulus check and no one will notice.
Re: Comstock out
This is the explanation of the 174K "loss" from CRK financials (see Note 2 under Free Cash Flow):
"Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, preferred dividend payments, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties."
Seems rather strong. I don't know of too many companies that pay dividends while being a "losing business." Not sure I understand this comment relative to the evidence on the financials: "NEGATIVE FCF. - 174 MILLION!!!! ie money losing business."
https://finance.yahoo.com/news/comstock-resources-inc-reports-third-201500879.html
"Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, preferred dividend payments, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties."
Seems rather strong. I don't know of too many companies that pay dividends while being a "losing business." Not sure I understand this comment relative to the evidence on the financials: "NEGATIVE FCF. - 174 MILLION!!!! ie money losing business."
https://finance.yahoo.com/news/comstock-resources-inc-reports-third-201500879.html
Re: Comstock out
I for one expected negative FCF and based on what I was hearing on their last call they were going all in on proving up and leasing up their Western Hayneville play. Low prices were not a deterrent to them in this endeavor. Whether or not that was a prudent move time will tell.
In that the grey skies are about to clear for CRK I am expecting things to go dramatically the other way in the ensuing 18 months or longer. They have plenty of liquidity available on their line of credit so I say look for the short viewers out there to create buying opportunities should the stock dip this week. Whatever it is i don't expect it to last long. Q3 is in the rear view mirror.
In that the grey skies are about to clear for CRK I am expecting things to go dramatically the other way in the ensuing 18 months or longer. They have plenty of liquidity available on their line of credit so I say look for the short viewers out there to create buying opportunities should the stock dip this week. Whatever it is i don't expect it to last long. Q3 is in the rear view mirror.