Page 1 of 1
Comstock fumbles
Posted: Mon Jul 31, 2023 3:35 pm
by Fraser921
Weak natural gas prices have weighed heavily on the second quarter results.
Down 9 % after hours, earnings miss
My surprised face
Negative Fcf Free cash flow (deficit) from operations $ (183,461 )
This is bad
They should stop drilling
Of course big bonus will be paid for losing cash
Every gasser sucks
Re: Comstock fumbles
Posted: Mon Jul 31, 2023 4:51 pm
by ChuckGeb
This is one of those quarters where you write-off everything possible. Loss doesn't surprise me. They are still solvent with $1.5 billion in liquidity. Proving up their Western Haynesville acreage with two monster wells and hopefully adding to their acreage there. I just hope Jerry Jones doesn't pull a Harold Hamm and decide to take private in the next twelve months. Will be an interesting callas they have some splaining to do on their hedges.
Re: Comstock fumbles
Posted: Mon Jul 31, 2023 5:13 pm
by Fraser921
I misunderstood this comment...poorly worded...
>"The reported net loss in the quarter included a pre-tax $60.0 million unrealized loss on hedging contracts held for risk management"
They lost 60 m before taxes and 4.5 m on hedges, so someone screwed up the wording in the press release
Looking at the numbers , Income (loss) before income taxes (60,152)
I had the same thought , JJ buys this out cheap
