Comstock Resources, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 31, 2023 at 01:50 am IST
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Comstock Resources, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 376.74 million compared to USD 1,190.01 million a year ago. Net income was USD 14.72 million compared to USD 355.6 million a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to USD 1.5 a year ago. Diluted earnings per share from continuing operations was USD 0.05 compared to USD 1.28 a year ago.
For the nine months, revenue was USD 1,154.53 million compared to USD 2,705.67 million a year ago. Net income was USD 103.52 million compared to USD 621.06 million a year ago. Basic earnings per share from continuing operations was USD 0.37 compared to USD 2.61 a year ago. Diluted earnings per share from continuing operations was USD 0.37 compared to USD 2.24 a year ago.
Comstock Resources, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates through the exploration and production of North American oil and natural gas segment. The Company primarily operates in the Haynesville shale, a natural gas basin located in North Louisiana and East Texas, with economic and geographical proximity to the Gulf Coast markets. The Company is focused on the development of drilling opportunities in the Haynesville and Bossier shales and exploration activities in Western Haynesville play. The Company has approximately 2,959 drilling locations on its Haynesville/Bossier shale acreage, where the Company estimates to have 4.9 trillion cubic feet equivalent (TCFE) of reserve potential. The Company owns interests in approximately 2,478 producing oil and natural gas wells (1,516.7 net) and operates 1,703 of these wells.