Comstock Resources

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)-6%
Comstock Resources is headquartered in Frisco, US

Comstock Resources Office Locations

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

Comstock Resources Data and Metrics

Comstock Resources Financial Metrics

Comstock Resources's revenue was reported to be $555.2 m in FY, 2014
$, USD

Net income (FY, 2016)

(135.1 m)

EBIT (FY, 2016)

(183.8 m)

Market capitalization (23-Jun-2017)

108.1 m

Closing share price (23-Jun-2017)

6.9

Cash (31-Dec-2016)

65.9 m
Comstock Resources's current market capitalization is $108.1 m.
$, 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

492.6 m587.3 m1.4 b359.5 m

EBIT

(72.3 m)(32.1 m)(1.2 b)(183.8 m)

EBIT margin, %

(17%)(6%)

Interest expense

(73.2 m)(58.6 m)(118.6 m)(128.7 m)

Pre tax profit

(162.9 m)(81.8 m)(1.2 b)(128 m)

Income tax expense

(7.2 m)

Net Income

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

Accounts Payable

101.9 m117.3 m57.3 m45.3 m

Current Liabilities

195 m162.2 m95.7 m91.7 m

Additional Paid-in Capital

480.8 m480.4 m485.6 m531.9 m

Retained Earnings

447.3 m366.4 m(815.8 m)

Total Equity

(171.3 m)(271.3 m)

Financial Leverage

-7 x-3.3 x
$, 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

Accounts Receivable

(11.1 m)2.2 m30.2 m(3.7 m)

Cash From Operating Activities

261.3 m401 m30.1 m(23.7 m)

Capital Expenditures

(422.2 m)(634.8 m)(264.2 m)(57.4 m)

Cash From Investing Activities

313.4 m(634.8 m)(161.7 m)(29.6 m)

Dividends Paid

(18 m)(23.8 m)(23.8 m)(23.8 m)

Cash From Financing Activities

(576.1 m)232.9 m263.6 m(14.8 m)

Free Cash Flow

(161 m)(233.8 m)(234.1 m)(81.2 m)
Y, 2016

Financial Leverage

-3.3 x

Comstock Resources Market Value History

Comstock Resources Company Life and Culture

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