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Comstock Resources (CRK)
NYSE:CRK
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Earnings Data
Report Date
Feb 18, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.01Last Year’s EPS
$0.1Same Quarter Last Year
Based on 8 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 30, 2024
|% Change Since: 27.27%
|Next Earnings Date:Feb 18, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed outlook. Comstock highlighted significant achievements in the Western Haynesville and cost reductions in well drilling, alongside strategic hedging to mitigate low gas prices. However, financial performance was negatively impacted by weak natural gas prices, and production is expected to decline. The company is managing increased leverage, reflecting a cautious stance amid financial pressures.Company Guidance
During the Comstock Resources Q3 2024 earnings call, key financial metrics were discussed alongside strategic operational updates. The company reported oil and gas sales of $305 million, reflecting a 3% decline due to weak natural gas prices, with an average realized price of $1.90 per Mcfe before hedging. Comstock achieved an adjusted EBITDAX of $202 million and generated $152 million in cash flow, but posted an adjusted net loss of $49 million, or $0.17 per share, primarily due to higher depreciation, depletion, and amortization expenses. The company's production averaged 1.4 Bcfe per day, a 2% increase from Q3 2023. Comstock's strategic focus on the Western Haynesville play is underscored by its successful drilling of 18 wells across 450,000 net acres, with costs reduced to approximately $2,814 per lateral foot. Additionally, the company detailed a new horseshoe lateral drilling approach that enhances economic returns, with an initial test well achieving an IP rate of 31 million cubic feet per day. Looking forward, Comstock plans to be 50% hedged in Q4 2024 to navigate the continued low-price environment, while maintaining a strong liquidity position of $1.1 billion.Western Haynesville Development Success
Comstock secured 450,000 net acres in the Western Haynesville, drilling 18 wells over 26 miles, establishing a major natural gas field close to the LNG demand corridor. Recent well costs have been reduced to approximately $2,814 per lateral foot with promising results.
Increased Hedge Position
Comstock increased its hedge position to cover 50% of expected production starting in Q4 2024 through 2026, aiming to stabilize financial results amid low gas prices.
Successful Horseshoe Well
The Sebastian 11 #5 horseshoe well in DeSoto Parish reached an IP rate of 31 million cubic feet per day, demonstrating the economic viability of the horseshoe lateral concept.
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CRK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CRK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $12.43 | $11.56 | -7.00% |
| Jul 30, 2024 | $10.21 | $9.47 | -7.25% |
| May 01, 2024 | $9.77 | $9.86 | +0.92% |
| Feb 13, 2024 | $7.35 | $7.28 | -0.95% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Comstock Resources (CRK) report earnings?
Comstock Resources (CRK) is schdueled to report earning on Feb 18, 2025, TBA Not Confirmed.
What is Comstock Resources (CRK) earnings time?
Comstock Resources (CRK) earnings time is at Feb 18, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CRK EPS forecast?
CRK EPS forecast for the fiscal quarter 2024 (Q4) is $0.01.
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