Comstock offers potential investors the opportunity to invest in a Company with a strong growth potential and a proven track record of successfully developing new shale resource plays. With the severe drop in oil prices and weaker natural gas prices, we enter 2016 with our primary focus on preserving liquidity and protecting the Company's balance sheet. We have substantially reduced our oil directed drilling program and released all but one operated drilling rig. In 2016, we are pursuing a prudent natural gas drilling program in the Haynesville shale based on enhanced recovery from longer laterals and increased stimulation. The Company has a total of 636 operated locations, including 286 extended lateral locations, on its Haynesville/Bossier shale acreage, where the Company estimates to have over 6 Tcf of reserve potential. We are currently budgeting $90 million to drill nine long lateral natural gas wells in 2016. This program should provide natural gas production growth in 2016 if we drill all of the wells that we have budgeted, but we may reduce the number of wells drilled if natural gas prices remain low. While we have no near term plans to drill wells on our oil properties, we are maintaining lease positions on undeveloped oil properties where it is economically feasible. We have one of the lowest overall cost structures in the industry, and we intend to maintain a low cost structure on-going. We are safeguarding the balance sheet in 2016 due to the current oil and gas price uncertainty. We have no debt maturities prior to 2019 and we continue to conservatively manage cash reserves.

Type
Public
HQ
Frisco, US
Size (employees)
117 (est)
Comstock Resources is headquartered in Frisco, US
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Comstock Resources Office Locations

Comstock Resources has an office in Frisco
Frisco, US (HQ)
500 5300 Town and Country Blvd
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Comstock Resources Financials and Metrics

Comstock Resources Financials

Comstock Resources's revenue was reported to be $555.23 m in FY, 2014 which is a 32.1% increase from the previous period.
USD

Net income (Q2, 2017)

(21.4 m)

EBIT (Q2, 2017)

10.5 m

Market capitalization (5-Feb-2018)

100.3 m

Cash (4-Feb-2018)

35.3 m

EV

1.1 b
Comstock Resources's current market capitalization is $100.3 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

420.3 m555.2 m

Revenue growth, %

32%

R&D expense

33.4 m19.4 m70.7 m84.1 m

Operating expense total

33.4 m19.4 m70.7 m84.1 m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

155.7 m145 m66.5 m77.3 m61.4 m36.9 m53.8 m

General and administrative expense

7.2 m5.7 m5.6 m5.7 m4.2 m6.4 m6.6 m

R&D expense

3 m11.4 m42.2 m23 m5 m7.8 m23 m76.4 m7.8 m

Operating expense total

120.7 m121.7 m128 m144.7 m163.5 m259.5 m657.4 m93.4 m63.4 m149.1 m51.4 m51 m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

3 m2.1 m134 m65.9 m

Accounts Receivable

30.9 m28.7 m

Current Assets

57.1 m61.2 m156.2 m90.2 m

Total Assets

2.1 b2.3 b1.2 b889.9 m
Quarterly
USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

130.2 m163.8 m89.3 m67.4 m26.6 m30.4 m35.3 m

Current Assets

268.6 m191.9 m149.4 m130.8 m76.7 m57.7 m75.4 m

Total Assets

2.2 b1.5 b1.1 b1 b885.5 m866 m901.8 m

Accounts Payable

60.8 m51.2 m41.6 m46.6 m37.8 m57.1 m72.5 m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

41 m(57.1 m)(1 b)(135.1 m)

Depreciation and Amortization

337.1 m378.3 m321.3 m141.5 m

Cash From Operating Activities

261.3 m401 m30.1 m(23.7 m)

Cash From Investing Activities

313.4 m(634.8 m)(161.7 m)(29.6 m)
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

78.5 m1.2 m3.1 m1.2 m(78.5 m)(213.6 m)(758.6 m)(56.6 m)(51.7 m)(80.2 m)(22.9 m)(44.4 m)

Depreciation and Amortization

256 m88.9 m183.4 m283.4 m91.9 m182.5 m261.9 m38.8 m74.9 m112.4 m29.9 m60.2 m

Accounts Payable

72.1 m20.3 m29.2 m43.9 m16.5 m(37.4 m)(50.6 m)(21.4 m)

Cash From Operating Activities

205.6 m95.7 m205.3 m329 m60.9 m24.2 m23.5 m(31 m)(31.2 m)(54.7 m)3.2 m55.5 m
USDY, 2017

EV/EBIT

108.4 x

EV/CFO

20.4 x

EV/FCF

-37.4 x

Financial Leverage

-3 x
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