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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
Sep. 3, 2015, 12:45 PM
Sep. 1, 2015, 5:57 PM
- Applying newer fracking techniques to the prolific Haynesville Shale natural gas region that straddles Louisiana and Texas could give the U.S. more and cheaper gas supplies for many years, WSJ reports.
- Experimental wells by explorers including Comstock Resources (NYSE:CRK) and Chesapeake Energy (NYSE:CHK) are proving highly profitable even at today’s depressed prices because of the sheer volume of fossil fuels that can be coaxed out of the ground.
- The results so far have been confined to a small area in a single Louisiana parish near the Texas border, but if the approach works across the entire Haynesville Shale, which spans 120 miles across both states, the era of low U.S. nat gas prices could continue for decades, experts say.
- The costs of fracking wells have fallen in the past year, especially in the Haynesville, the second-largest U.S. gas deposit behind the Marcellus.
- CRK says it could get a 30% return on its new wells even with gas at $2.50/MMBtu, and plans to drill more wells in the Haynesville than it will in the oily Eagle Ford Shale in south Texas.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, DCNG
Aug. 27, 2015, 5:39 PM
Aug. 24, 2015, 6:41 PM
- The plunge in oil prices may lead to some oil companies going out of business within a few weeks, according to Energy Aspects senior oil analyst Amrita Sen, who points to Linn Energy (LINE, LNCO) and Energy XXI (NASDAQ:EXXI) as bankruptcy candidates after exhausting more than 75% of the credit available to them.
- Sen names Midstates Petroleum (NYSE:MPO), Resolute Energy (NYSE:REN), W&T Offshore (NYSE:WTI), Breitburn Energy (NASDAQ:BBEP) and Comstock Resources (NYSE:CRK) as seeing their borrowing facilities "reduced the most" among companies tracked by the firm.
- "The amount of money available to these U.S. producers to borrow is half, less than half in some cases, compared to a year ago," Sen writes, which "makes it very, very difficult for them to continue investing, continue drilling," but she also predicts that supplies will tighten by the end of next year, and prices could easily more than double from current levels.
Aug. 17, 2015, 5:37 PM
Aug. 14, 2015, 12:47 PM
- The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
- The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
- Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
- Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
- Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
- ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
Comstock Resources Inc along with its subsidiaries is engaged in oil and natural gas exploration, development and production. It is also engaged in the acquisition of producing oil and natural gas properties.
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