Comstock Resources: Exiting The East Texas Eagle Ford
Richard Zeits • 22 Comments
Richard Zeits • 22 Comments
Comstock Resources: Shifting Operating Priorities
Wed, May 4, 7:05 AM
Tue, May 3, 5:30 PM
- AFAM, ARCC, ARCO, ARQL, ASC, ATRO, AVA, AYR, BDC, BUD, CDW, CHH, CLH, CPK, CRK, CRL, CRTO, CRZO, CSTE, D, DLPH, DNOW, ECYT, EE, ENR, FUN, GEL, GNRC, GTE, HAIN, HE, HFC, HSC, HSNI, HTWR, HYH, ICE, INXN, IONS, IRT, KATE, KLIC, LGND, MEMP, MFA, MMP, MOS, MPW, MTOR, NBL, NGS, NJR, NRZ, NVMI, NXTM, OMF, ONCE, ORBK, PCG, PCLN, RDC, RDS.A, SBGI, SCMP, SE, SERV, SHOP, SMP, SPAR, SR, SRE, SSTK, STRA, TGH, TGI, TMHC, TREE, TWX, VIRT, VOYA, VSI, WD, WIX, ZTS
Tue, Mar. 8, 9:17 AM
- Gainers: SUNE +29%. LEU +24%. OMER +14%. BNTC +12%. TERP +11%. URBN +8%. ORIG +7%. SOL +6%. BCRX +5%.
- Losers: PSG -35%. EMITF -18%. OCLR -15%. REXX -14%. EPE -11%. FBR -11%. CRK -10%. LINE -10%. SHAK -9%. VNR -8%. SDRL -8%. BCEI -7%. LNCO -7%. RIO -7%. CRC -7%. BHP -6%. VSLR -6%. BTU -6%. JBLU -6%. ARP -6%. TSEM -6%. DNR -6%. BBL -6%. MT -5%. VALE -5%.
Thu, Mar. 3, 3:57 PM
- Comstock Resources (CRK +4.2%) is higher despite a downgrade to In-line from Outperform with a $0.75 price target, cut from $1.50, at Imperial Capital.
- With natural gas prices falling precipitously in the last month - the front month contract has declined $0.50 to about $1.70/mcf since Feb. 8 - the firm believes the short-term macro outlook will severely impact CRK's liquidity.
- With CRK essentially un-hedged and with capital markets likely closed to the company, Imperial believes CRK may need to commit to either a Haynesville JV or divest assets just to survive until a positive environment for natural gas pricing starts to materialize.
Wed, Feb. 24, 7:41 AM
Tue, Feb. 23, 5:30 PM
Tue, Jan. 26, 12:45 PM
Mon, Jan. 25, 4:45 PM
- Comstock Resources (NYSE:CRK) plunged 38% in today's trade after announcing the completion of an acreage swap with an unnamed operator in the Haynesville shale drilling inventory in Louisiana.
- CRK says it received ~3,600 net acres including four gross wells (3.5 net) and producing ~1.1M cf/day of natural gas, while divesting ~2,500 net acres and seven gross wells (5.3 net).
Mon, Jan. 25, 12:41 PM
Dec. 10, 2015, 11:48 AM
- The oil price slump has created dozens of oil and gas "zombies," a term used to describe companies that have just enough money to pay interest on high debt levels but not enough to drill enough new wells to replace older ones that are drying out.
- Some two dozen oil and gas companies whose debt Moody's rates at BBB- or lower broadly fit the description; a Reuters report mentions SandRidge Energy (SD +2.4%), Comstock Resources (CRK -1.9%) and Goodrich Petroleum (GDP +5.4%) as some of the group's more prominent members.
- "SandRidge is an example where they have enough cash on the balance sheet to service debt for next three years and likely can't grow their assets in this price environment," says Carlyle Group's Michael Roberts.
- CapitalOne projects GDP will hit a liquidity shortfall by the end of 2017, and analysts at Baird have said CRK's oil reserves are worth less than the debt it owes.
Nov. 4, 2015, 8:12 AM
- Comstock Resources (NYSE:CRK): Q3 EPS of -$1.06 beats by $0.21.
- Revenue of $61.4M (-57.6% Y/Y) misses by $4.82M.
Nov. 3, 2015, 5:30 PM
- AFAM, AGN, AMRN, ARCC, ARCO, ARQL, ARRY, AVA, AVP, AXAS, BDX, BIOS, BSFT, CBB, CDW, CECO, CHK, CLH, CRK, CRL, CRTO, CRZO, CST, CSTE, CTSH, DAVE, DDD, EE, EMES, FOR, FOXA, GDP, HAE, HEP, HMC, HSIC, HSNI, INXN, KELYA, KORS, LINC, LL, MEMP, MFA, MNTA, MSI, MWE, NAVB, NCT, NEWP, NRG, NYLD, REGN, SBGI, SCMP, SE, SHOP, SNH, SODA, SSYS, STNG, TESO, TMHC, TWX, USAK, VG, VOYA, VRTU, VSI, WCG, WD, WEC, WEN, WILN, WIX, WMC
Oct. 19, 2015, 3:25 PM
- Carrizo Oil & Gas (CRZO -4.2%), Comstock Resources (CRK -4.6%), Synergy Resources (SYRG -1.6%), Callon Petroleum (CPE -6.5%), Gastar Exploration (GST -5.9%) and Goodrich Petroleum (GDP +0.1%) are mostly lower despite getting praise from a Barron's weekend article as "six small oil explorers that should do well."
- Imperial Capital considers CRZO, CRK, SYRG and CPE as its favorite low-risk, small-cap E&P companies based on liquidity risk, quality of properties and quality of operatorship; in addition, Abraxas Petroleum (AXAS -7.5%), Jones Energy (JONE -4%) and PetroQuest (PQ -6.1%) are well positioned purely from a liquidity standpoint.
- Imperial says GDP, in the firm's high-risk group, shows the most improvement at maintenance capex because Haynesville Shale wells are expected to come online at such high rates; it places GST high in its medium-risk group.
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Sep. 16, 2015, 9:12 AM
Sep. 8, 2015, 12:41 PM
Comstock Resources, Inc. engages in the acquisition, development, production and exploration of oil and natural gas properties. The company's oil and natural gas operations are focuses in three primary operating areas: the East Texas, North Louisiana, South Texas and West Texas regions. Comstock... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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