Comstock Resources (CRK) Q3 Results - Nov 2

[dan_s]

Good quarter. My valuation is $45/share.
Next two quarters should be better.

FRISCO, TX, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended September 30, 2022.

Highlights of 2022's Third Quarter

Generated highest quarterly operating cash flow in the Company's history of $533 million or $1.92 per diluted share. < Close to my forecast.

Free cash flow from operations was $286 million in the quarter. < Close to my forecast.

Retired $250 million of debt in the third quarter and reduced leverage to under 1x. < Very good news, CRK has NO near-term debt issues.

Adjusted net income to common stockholders for the quarter was $326 million or $1.18 per diluted share. < Compares to my forecast $352 net income.

Adjusted EBITDAX increased 93% in the quarter to a record high $598 million.

Oil and gas sales, including realized hedging losses, were $692 million, 76% higher than 2021's third quarter.

Strong results from Haynesville shale drilling program with 17 (15.2 net) operated wells turned to sales since our last update with an average initial production of 29 MMcf per day.

Board of directors approved reinstatement of a quarterly common stock dividend to commence in the fourth quarter.

Commenting on the quarter, Jay Allison, the Company's Chief Executive Officer said, "Comstock delivered record cash flow and free cash flow from operations in the third quarter. The record-setting financial results we have had so far this year have repositioned our balance sheet to be a strength of the Company and has allowed us to reinstate our quarterly cash dividend."

[dan_s]

FRISCO, TX, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today announced that its Board of Directors approved the reinstatement of a quarterly cash dividend on its common stock for the fourth quarter at an annual dividend rate of $0.50 per share. A dividend of $0.125 per common share will be paid on December 15, 2022 to stockholders of record at the close of business on December 1, 2022.