Published on 1 May 2024 on GuruFocus.com via Yahoo Finance
Comstock Resources Inc (CRK) Q1 2024 Earnings: Challenges with Natural Gas Prices Impact Results
Revenue: Reported at $336 million, including realized hedging gains, falling short of the estimated $351.26 million.Net Loss: Recorded at $14.5 million, or $0.05 per share, compared to an estimated net loss of $19.27 million, thus performing better than expected.Adjusted Net Loss: Stood at $8.5 million, or $0.03 per share, indicating a narrower loss than the unadjusted figure.Operating Cash Flow: Generated $182 million, demonstrating strong cash flow management.Adjusted EBITDAX: Amounted to $230 million, showcasing robust earnings before interest, taxes, depreciation, amortization, and exploration expenses.Liquidity Enhancement: Increased by $100.5 million through a private placement equity offering to a majority stockholder.Operational Highlights: Drilled 16 operated horizontal Haynesville/Bossier shale wells with significant initial production rates, enhancing operational efficiency.
Warning! GuruFocus has detected 5 Warning Sign with CRK.