EX-99.1 2 crk-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img15376905_0.jpg

5300 Town and Country Blvd., Suite 500

Frisco, Texas 75034

Telephone: (972) 668-8834

Contact: Ron Mills

VP of Finance and Investor Relations

Web Site: www.comstockresources.com

 

NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. REPORTS

THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, November 3, 2025 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended September 30, 2025.

Highlights of 2025's Third Quarter

•
Higher natural gas prices in the third quarter drove improved financial results in the quarter.
•
Natural gas and oil sales, including realized hedging gains, were $335 million for the quarter.
•
Operating cash flow was $190 million or $0.65 per diluted share.
•
Adjusted EBITDAX for the quarter was $249 million.
•
Adjusted net income was $28 million or $0.09 per diluted share for the quarter.
•
Three Western Haynesville wells turned to sales in the third quarter.
•
These wells had an average lateral length of 8,566 feet and an average per well initial production rate of 32 MMcf per day.
•
Comstock has turned 28 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,919 feet and a per well initial production rate of 25 MMcf per day.
•
Divested non-strategic Cotton Valley wells in East Texas and North Louisiana for net proceeds of $15 million.
•
Entered into an agreement to divest Shelby Trough assets in East Texas for $430 million in cash.

Financial Results for the Three Months Ended September 30, 2025

During the third quarter of 2025, Comstock realized $2.99 per Mcf after hedging for its natural gas production of 112 Bcf. As a result, Comstock's natural gas and oil sales in the third quarter of 2025 increased to $335.0 million (including realized hedging gains of $26.4 million). Operating cash flow (excluding changes in working capital) generated in the third quarter of 2025 was $190.4 million, and net income for the third quarter was $118.1 million or $0.40 per diluted share. The net income in the quarter included a pre-tax $116.4 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the second quarter of 2025. Excluding this item, exploration expense and loss from sale of assets, adjusted net income for the third quarter of 2025 was $27.9 million, or $0.09 per diluted share.

 

 

Comstock's production cost per Mcfe in the third quarter averaged $0.77 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.26 for lease operating costs, $0.10 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock's unhedged operating margin was 72% in the third quarter of 2025 and 74% after hedging.

Financial Results for the Nine Months Ended September 30, 2025

For the nine months ended September 30, 2025, Comstock realized $3.19 per Mcf after hedging for its natural gas production of 339 Bcf. Natural gas and oil sales for the nine months ended September 30, 2025 totaled $1.08 billion (including realized hedging losses of $22.7 million). Operating cash flow (excluding changes in working capital) generated during the first nine months of 2025 was $639.0 million, and net income was $133.4 million or $0.45 per diluted share. Net income during the first nine months of 2025 included a pre-tax $25.6 million unrealized gain on hedging contracts held for risk management. Excluding this item, exploration expense and loss from sale of assets, adjusted net income for the nine months ended September 30, 2025 was $121.8 million or $0.41 per diluted share.

Comstock's production cost per Mcfe during the nine months ended September 30, 2025 averaged $0.80 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.28 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged operating margin was 74% during the first nine months of 2025 and 75% after hedging.

Drilling Results

Comstock drilled seventeen (14.2 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2025, which had an average lateral length of 11,692 feet. Comstock turned twelve (10.6 net) operated wells to sales in the third quarter of 2025.

Since its last operational update in July 2025, Comstock has turned ten (8.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 28 MMcf per day. The completed lateral length of these wells averaged 11,156 feet.

Included in the wells turned to sales were three more successful Western Haynesville wells:

 

 

 

Well

 

 

Vertical

Depth

(feet)

 

 

 

Completed

Lateral (feet)

 

Initial

Production

Rate (MMcf

per day)

 

 

 

 

 

 

 

Hughes SC #1

 

15,741

 

11,062

 

35

McCullough GLR #1

 

18,720

 

6,708

 

31

McCullough GLR #3

 

19,236

 

7,927

 

31

Divestitures

On September 2, 2025, Comstock divested of its interest in its legacy Cotton Valley wells in East Texas and North Louisiana for net proceeds, after selling expenses, of $15.2 million. The properties sold include interests in 883 (770.9 net to Comstock) wells and 46 (27.3 net to Comstock) inactive wells. The properties were producing 7.9 MMcfe of natural gas equivalent in August 2025.

On October 10, 2025, the Company entered into an agreement to sell its Shelby Trough properties in Nacogdoches, San Augustine and Shelby counties in Texas for $430.0 million to an unaffiliated third party. The transaction has an effective date of October 1, 2025, and is subject to customary closing conditions. The properties being sold include interests in 155 (74.5 net to Comstock) producing wells and approximately 36,000 net acres

 

 

that are primarily undeveloped. Production net to Comstock's interest in these properties was 9.3 MMcf of natural gas per day in September 2025. Comstock expects to close the divestiture in December 2025 and intends to use the proceeds to reduce long-term debt.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on November 4, 2025, to discuss the third quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:

https://register-conf.media-server.com/register/BI7df9635a192e4021a7e3fa6c51387c86.

Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/7ikyc57y.

If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on November 4, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/7ikyc57y.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.

Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.

 

 

COMSTOCK RESOURCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

307,906

 

 

$

252,650

 

 

$

1,059,417

 

 

$

756,260

 

Oil sales

 

 

681

 

 

 

975

 

 

 

2,124

 

 

 

2,925

 

Total natural gas and oil sales

 

 

308,587

 

 

 

253,625

 

 

 

1,061,541

 

 

 

759,185

 

Gas services

 

 

141,265

 

 

 

50,847

 

 

 

371,427

 

 

 

127,889

 

Total revenues

 

 

449,852

 

 

 

304,472

 

 

 

1,432,968

 

 

 

887,074

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes

 

 

11,216

 

 

 

12,578

 

 

 

32,950

 

 

 

49,730

 

Gathering and transportation

 

 

39,969

 

 

 

53,996

 

 

 

124,345

 

 

 

150,456

 

Lease operating

 

 

28,778

 

 

 

29,248

 

 

 

94,887

 

 

 

99,125

 

Exploration

 

 

6,600

 

 

 

—

 

 

 

8,750

 

 

 

—

 

Depreciation, depletion and amortization

 

 

157,395

 

 

 

208,350

 

 

 

483,665

 

 

 

593,281

 

Gas services

 

 

141,684

 

 

 

52,622

 

 

 

385,167

 

 

 

132,796

 

General and administrative

 

 

11,504

 

 

 

9,923

 

 

 

34,884

 

 

 

29,271

 

Loss (gain) on sale of assets

 

 

2,493

 

 

 

(910

)

 

 

2,493

 

 

 

(910

)

Total operating expenses

 

 

399,639

 

 

 

365,807

 

 

 

1,167,141

 

 

 

1,053,749

 

Operating income (loss)

 

 

50,213

 

 

 

(61,335

)

 

 

265,827

 

 

 

(166,675

)

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

Gain from derivative financial instruments

 

 

142,822

 

 

 

75,163

 

 

 

48,330

 

 

 

89,218

 

Other income

 

 

409

 

 

 

274

 

 

 

2,848

 

 

 

927

 

Interest expense

 

 

(56,722

)

 

 

(54,516

)

 

 

(166,737

)

 

 

(156,005

)

Total other income (expenses)

 

 

86,509

 

 

 

20,921

 

 

 

(115,559

)

 

 

(65,860

)

Income (loss) before income taxes

 

 

136,722

 

 

 

(40,414

)

 

 

150,268

 

 

 

(232,535

)

(Provision for) benefit from income taxes

 

 

(18,623

)

 

 

14,696

 

 

 

(16,834

)

 

 

69,094

 

Net income (loss)

 

 

118,099

 

 

 

(25,718

)

 

 

133,434

 

 

 

(163,441

)

Net income attributable to noncontrolling interest

 

 

(6,971

)

 

 

(3,173

)

 

 

(18,742

)

 

 

(8,081

)

Net income (loss) available to the Company

 

$

111,128

 

 

$

(28,891

)

 

$

114,692

 

 

$

(171,522

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

 

$

(0.09

)

 

$

0.46

 

 

$

(0.57

)

Diluted

 

$

0.40

 

 

$

(0.09

)

 

$

0.45

 

 

$

(0.57

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

291,097

 

 

 

290,170

 

 

 

290,671

 

 

 

285,949

 

Diluted

 

 

293,952

 

 

 

290,170

 

 

 

294,004

 

 

 

285,949

 

 

 

 

COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands, except per unit amounts)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Natural gas production (MMcf)

 

 

111,770

 

 

 

133,116

 

 

 

338,963

 

 

 

403,420

 

Oil production (Mbbls)

 

 

11

 

 

 

13

 

 

 

34

 

 

 

40

 

Total production (MMcfe)

 

 

111,837

 

 

 

133,198

 

 

 

339,166

 

 

 

403,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas sales

 

$

307,906

 

 

$

252,650

 

 

$

1,059,417

 

 

$

756,260

 

Natural gas hedging settlements (1)

 

 

26,381

 

 

 

51,409

 

 

 

22,708

 

 

 

159,956

 

Total natural gas including hedging

 

 

334,287

 

 

 

304,059

 

 

 

1,082,125

 

 

 

916,216

 

Oil sales

 

 

681

 

 

 

975

 

 

 

2,124

 

 

 

2,925

 

Total natural gas and oil sales including hedging

 

$

334,968

 

 

$

305,034

 

 

$

1,084,249

 

 

$

919,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average natural gas price (per Mcf)

 

$

2.75

 

 

$

1.90

 

 

$

3.13

 

 

$

1.87

 

Average natural gas price including hedging (per Mcf)

 

$

2.99

 

 

$

2.28

 

 

$

3.19

 

 

$

2.27

 

Average oil price (per barrel)

 

$

61.91

 

 

$

75.00

 

 

$

62.47

 

 

$

73.13

 

Average price (per Mcfe)

 

$

2.76

 

 

$

1.90

 

 

$

3.13

 

 

$

1.88

 

Average price including hedging (per Mcfe)

 

$

3.00

 

 

$

2.29

 

 

$

3.20

 

 

$

2.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes

 

$

11,216

 

 

$

12,578

 

 

$

32,950

 

 

$

49,730

 

Gathering and transportation

 

 

39,969

 

 

 

53,996

 

 

 

124,345

 

 

 

150,456

 

Lease operating

 

 

28,778

 

 

 

29,248

 

 

 

94,887

 

 

 

99,125

 

Cash general and administrative (2)

 

 

5,880

 

 

 

6,042

 

 

 

19,291

 

 

 

17,892

 

Total production costs

 

$

85,843

 

 

$

101,864

 

 

$

271,473

 

 

$

317,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production and ad valorem taxes (per Mcfe)

 

$

0.10

 

 

$

0.09

 

 

$

0.09

 

 

$

0.12

 

Gathering and transportation (per Mcfe)

 

 

0.36

 

 

 

0.41

 

 

 

0.37

 

 

 

0.37

 

Lease operating (per Mcfe)

 

 

0.26

 

 

 

0.22

 

 

 

0.28

 

 

 

0.25

 

Cash general and administrative (per Mcfe)

 

 

0.05

 

 

 

0.05

 

 

 

0.06

 

 

 

0.04

 

Total production costs (per Mcfe)

 

$

0.77

 

 

$

0.77

 

 

$

0.80

 

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unhedged operating margin

 

 

72

%

 

 

60

%

 

 

74

%

 

 

58

%

Hedged operating margin

 

 

74

%

 

 

67

%

 

 

75

%

 

 

65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas services revenue

 

$

141,265

 

 

$

50,847

 

 

$

371,427

 

 

$

127,889

 

Gas services expenses

 

 

141,684

 

 

 

52,622

 

 

 

385,167

 

 

 

132,796

 

Gas services margin

 

$

(419

)

 

$

(1,775

)

 

$

(13,740

)

 

$

(4,907

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas and Oil Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Unproved property acquisitions

 

$

16,941

 

 

$

8,800

 

 

$

36,557

 

 

$

87,938

 

Total natural gas and oil properties acquisitions

 

$

16,941

 

 

$

8,800

 

 

$

36,557

 

 

$

87,938

 

Exploration and Development:

 

 

 

 

 

 

 

 

 

 

 

 

Development leasehold

 

$

1,095

 

 

$

5,623

 

 

$

9,946

 

 

$

12,153

 

Exploratory drilling and completion

 

 

114,215

 

 

 

57,144

 

 

 

345,319

 

 

 

215,992

 

Development drilling and completion

 

 

145,854

 

 

 

114,172

 

 

 

415,423

 

 

 

411,315

 

Other development costs

 

 

5,946

 

 

 

7,453

 

 

 

14,380

 

 

 

22,175

 

Total exploration and development capital expenditures

 

$

267,110

 

 

$

184,392

 

 

$

785,068

 

 

$

661,635

 

 

(1)
Included in gain from derivative financial instruments in operating results.
(2)
Excludes stock-based compensation.

 

 

COMSTOCK RESOURCES, INC.

NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

ADJUSTED NET INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

118,099

 

 

$

(25,718

)

 

$

133,434

 

 

$

(163,441

)

Unrealized (gain) loss from derivative financial instruments

 

 

(116,441

)

 

 

(23,754

)

 

 

(25,622

)

 

 

70,738

 

Exploration expense

 

 

6,600

 

 

 

—

 

 

 

8,750

 

 

 

—

 

Loss (gain) on sale of assets

 

 

2,493

 

 

 

(910

)

 

 

2,493

 

 

 

(910

)

Adjustment to income taxes

 

 

17,153

 

 

 

1,873

 

 

 

2,734

 

 

 

(27,663

)

Adjusted net income (loss) (1)

 

$

27,904

 

 

$

(48,509

)

 

$

121,789

 

 

$

(121,276

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (loss) per share (2)

 

$

0.09

 

 

$

(0.17

)

 

$

0.41

 

 

$

(0.42

)

Diluted shares outstanding

 

 

293,952

 

 

 

290,170

 

 

 

294,004

 

 

 

285,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDAX:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

118,099

 

 

$

(25,718

)

 

$

133,434

 

 

$

(163,441

)

Interest expense

 

 

56,722

 

 

 

54,516

 

 

 

166,737

 

 

 

156,005

 

Income taxes

 

 

18,623

 

 

 

(14,696

)

 

 

16,834

 

 

 

(69,094

)

Depreciation, depletion, and amortization

 

 

157,395

 

 

 

208,350

 

 

 

483,665

 

 

 

593,281

 

Exploration

 

 

6,600

 

 

 

—

 

 

 

8,750

 

 

 

—

 

Unrealized (gain) loss from derivative financial instruments

 

 

(116,441

)

 

 

(23,754

)

 

 

(25,622

)

 

 

70,738

 

Stock-based compensation

 

 

5,624

 

 

 

3,883

 

 

 

15,595

 

 

 

11,380

 

Loss (gain) on sale of assets

 

 

2,493

 

 

 

(910

)

 

 

2,493

 

 

 

(910

)

Total Adjusted EBITDAX (3)

 

$

249,115

 

 

$

201,671

 

 

$

801,886

 

 

$

597,959

 

 

(1)
Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.
(2)
Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.
(3)
Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

 

 

COMSTOCK RESOURCES, INC.

NON-GAAP FINANCIAL MEASURES

(In thousands)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

OPERATING CASH FLOW (1):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

118,099

 

 

$

(25,718

)

 

$

133,434

 

 

$

(163,441

)

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (gain) loss from derivative financial instruments

 

 

(116,441

)

 

 

(23,754

)

 

 

(25,622

)

 

 

70,738

 

Deferred income taxes

 

 

20,175

 

 

 

(12,734

)

 

 

20,485

 

 

 

(67,165

)

Depreciation, depletion and amortization

 

 

157,395

 

 

 

208,350

 

 

 

483,665

 

 

 

593,281

 

Amortization of debt discount and issuance costs

 

 

3,006

 

 

 

3,136

 

 

 

8,925

 

 

 

8,519

 

Stock-based compensation

 

 

5,624

 

 

 

3,883

 

 

 

15,595

 

 

 

11,380

 

Loss (gain) on sale of assets

 

 

2,493

 

 

 

(910

)

 

 

2,493

 

 

 

(910

)

Operating cash flow

 

$

190,351

 

 

$

152,253

 

 

$

638,975

 

 

$

452,402

 

(Increase) decrease in accounts receivable

 

 

582

 

 

 

(658

)

 

 

1,900

 

 

 

75,573

 

(Increase) decrease in other current assets

 

 

(1,729

)

 

 

(5,595

)

 

 

24,152

 

 

 

(749

)

Increase (decrease) in accounts payable and accrued expenses

 

 

(36,111

)

 

 

(47,830

)

 

 

10,376

 

 

 

(173,942

)

Net cash provided by operating activities

 

$

153,093

 

 

$

98,170

 

 

$

675,403

 

 

$

353,284

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

FREE CASH FLOW (DEFICIT)(2):

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow

 

$

190,351

 

 

$

152,253

 

 

$

638,975

 

 

$

452,402

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Exploration and development capital expenditures

 

 

(267,110

)

 

 

(184,392

)

 

 

(785,068

)

 

 

(661,635

)

Midstream capital expenditures

 

 

(60,038

)

 

 

(30,251

)

 

 

(162,978

)

 

 

(46,739

)

Other capital expenditures

 

 

(875

)

 

 

(735

)

 

 

(113

)

 

 

(1,706

)

Contributions from midstream partner

 

 

64,000

 

 

 

19,000

 

 

 

156,500

 

 

 

36,000

 

Free cash deficit from operations

 

$

(73,672

)

 

$

(44,125

)

 

$

(152,684

)

 

$

(221,678

)

Acquisitions

 

 

(16,941

)

 

 

(8,800

)

 

 

(36,557

)

 

 

(87,938

)

Proceeds from divestitures

 

 

15,166

 

 

 

1,214

 

 

 

15,166

 

 

 

1,214

 

Free cash deficit after acquisitions

 

$

(75,447

)

 

$

(51,711

)

 

$

(174,075

)

 

$

(308,402

)

 

(1)
Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.
(2)
Free cash deficit from operations and free cash deficit after acquisitions 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, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

 

 

COMSTOCK RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

September 30,
2025

 

 

December 31,
2024

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,215

 

 

$

6,799

 

Accounts receivable

 

 

172,946

 

 

 

174,846

 

Derivative financial instruments

 

 

8,140

 

 

 

4,865

 

Other current assets

 

 

68,552

 

 

 

97,524

 

Total current assets

 

 

268,853

 

 

 

284,034

 

Property and equipment, net

 

 

6,158,898

 

 

 

5,688,389

 

Goodwill

 

 

335,897

 

 

 

335,897

 

Operating lease right-of-use assets

 

 

77,179

 

 

 

73,777

 

Derivative financial instruments

 

 

166

 

 

 

—

 

 

 

$

6,840,993

 

 

$

6,382,097

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable

 

$

455,282

 

 

$

421,814

 

Accrued costs

 

 

123,912

 

 

 

146,173

 

Operating leases

 

 

48,332

 

 

 

35,927

 

Derivative financial instruments

 

 

22,284

 

 

 

8,940

 

Total current liabilities

 

 

649,810

 

 

 

612,854

 

Long-term debt

 

 

3,126,015

 

 

 

2,952,090

 

Deferred income taxes

 

 

365,601

 

 

 

345,116

 

Derivative financial instruments

 

 

31,232

 

 

 

66,757

 

Long-term operating leases

 

 

28,795

 

 

 

37,740

 

Asset retirement obligation

 

 

21,730

 

 

 

33,996

 

Total liabilities

 

 

4,223,183

 

 

 

4,048,553

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock

 

 

146,527

 

 

 

146,130

 

Additional paid-in capital

 

 

1,370,426

 

 

 

1,366,274

 

Accumulated earnings

 

 

843,311

 

 

 

728,619

 

Total stockholders' equity attributable to Comstock

 

 

2,360,264

 

 

 

2,241,023

 

Noncontrolling interest

 

 

257,546

 

 

 

92,521

 

Total stockholders' equity

 

 

2,617,810

 

 

 

2,333,544

 

 

 

$

6,840,993

 

 

$

6,382,097