Comstock Resources, Inc. Aktie News

Comstock Resources operates in a "swing basin" with low location costs, giving them a competitive advantage over latecomers to the Haynesville Basin. The rig count in the Haynesville dry gas production is declining. The rig count will continue to decline until natural gas prices recover.

Comstock Resources, Inc. (CRK) Q4 2023 Earnings Call Transcript

Comstock Resources: Dropping Rigs And Suspending Dividend To Reduce Cash Burn

FRISCO, TX, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2023.

FRISCO, TX, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE:CRK) plans to release fourth quarter 2023 results on February 13, 2024 after the market closes and host its quarterly conference call at 10:00 a.m. CT on February 14, 2024 to discuss the third quarter results.

Jerry Jones owns enough stock to control Comstock Resources. Demand for natural gas is still growing, as indicated by bullish forecasts from gas handling equipment suppliers. Supply growth is moderating and storage levels are comfortably below peak levels, suggesting a potential adjustment in natural gas prices.

Haynesville pure play E&P companies face challenges in 2024 due to falling natural gas prices, rising supply and stable demand. Comstock will see cash burn through 2024 as a result of lower natural gas prices and high infrastructure & drilling costs in the Western Haynesville. Production data shows high IP and decline rates in the Western Haynesville.

Comstock Resources stock is down 20% due to warmer weather and high gas storage levels. New LNG plants set to open in 2024-2026 will create new demand for gas. The future investment case for Comstock Resources depends on higher gas prices and potential catalysts in the Haynesville region.