Mon, Mar. 23, 10:55 AM
- Comstock Resources (CRK +8.2%) says it will cut its 2015 capital spending plan by ~22% to $248M from its previously announced budget in December 2014.
- Based on the new capital budget, CRK now estimates its 2015 natural gas production will average 130M-155M cf/day, with 2015 oil production still seen at 9.5K-10.5K bbl/day.
- Also, CRK says the success of its first Haynesville shale refrac will allow it to release one of its operated rigs drilling in the play at the end of March, and now plans to spend $95M and drill nine long lateral new wells there during 2015; it is also increasing capital allocated toward the refrac program, now planning to spend $23M on 14 Haynesville refracs.
Mon, Feb. 23, 5:37 PM
Fri, Feb. 13, 4:30 PM
- Comstock Resources (NYSE:CRK) -4.7% AH after announcing the suspension of its common stock dividend, citing declines in oil and natural gas prices and the uncertainty around future prices.
- CRK says it will consider reinstating dividends in later quarters based on general economic conditions, the company's financial position, capital requirements and other factors.
Wed, Feb. 11, 10:43 AM
- Comstock Resources (CRK -2.5%) is reiterated with an Outperform rating and $10.50 price target at Imperial Capital, saying unhedged CRK has several levers to pull should pricing remain weak.
- Imperial says that in its earnings conference call, CRK detailed its commitment to preserving capital should gas pricing erode further and laid out the possibility of cutting to a single rig program or reducing the dividend if needed.
- The firm also liked CRK management's "confident tone" on the restart of the Haynesville program based upon the first long-lateral well drilling without a hitch and the company's familiarity with Encana's long lateral program.
Mon, Feb. 9, 5:18 PM| 3 Comments
Sun, Feb. 8, 5:35 PM
Mon, Feb. 2, 12:49 PM
Wed, Jan. 28, 7:27 PM
- Even though the energy sector has been under selling pressure for months, up until recently the list of the 35 stocks in the S&P 1500 with more than 25% of their free-floating shares sold short only contained a few stocks from the group.
- This has changed dramatically, Bespoke reports, as 10 of the 35 stocks are now from the energy sector; leading the way lower are Swift Energy (NYSE:SFY), Rex Energy (NASDAQ:REXX) and Comstock Resources (NYSE:CRK).
- Also on the list: PGN, CRR, RIG, PVA, AREX, DO, NOG.
- Another bearish indicator: The average short interest as a percentage of float for energy stocks is now 9.5%, the highest since at least 2008 and 55% above the average reading over that time period.
Thu, Jan. 8, 9:15 AM
Dec. 19, 2014, 5:36 PM
Dec. 18, 2014, 12:47 PM
Dec. 18, 2014, 10:33 AM
- Comstock Resources (CRK -8.4%) says it is suspending oil drilling activity in its Eagle Ford shale properties in south and east Texas and in the Tuscaloosa Marine shale in Mississippi.
- CRK has four operated rigs drilling on its Eagle Ford shale properties; it will release two of the rigs in early 2015 and move the other two rigs to Louisiana to start up a drilling program on its Haynesville shale natural gas properties.
- CRK says it has budgeted $307M for its 2015 drilling and completion activities; it plans to drill 14 Haynesville/Bossier shale natural gas wells and five wells on its east Texas and south Texas Eagle Ford shale acreage; it plans to refrac 10 of its existing Haynesville shale producing wells as part of the 2015 program.
Dec. 16, 2014, 7:21 PM
- "Low oil prices cure low oil prices,” meaning that low oil prices will take supply off line - primarily shale oil production in North America - and eventually prices will recover; if that maxim becomes reality, then it could be time pick up select energy stocks today at cheap prices, some analysts say.
- U.S. Global Investors' Brian Hicks, who believes oil is oversold, favors Devon Energy (NYSE:DVN) for its low-cost Eagle Ford acreage purchased earlier this year, solid cash flow, and significant hedges in place on 2015 production; he also likes oil services companies Noble Corp. (NYSE:NE) and Helmerich & Payne (NYSE:HP).
- Hodges Capital's Michael Breard likes North American oil producers that have the flexibility to shift to natural gas - where prices are more likely to hold up, he says - such as Matador Resources (NYSE:MTDR), Comstock Resources (NYSE:CRK) and Panhandle Oil and Gas (NYSE:PHX).
- Deutsche Bank analysts like companies with the balance sheet strength to survive, but also the budget flexibility, asset quality and performance record to suggest they can return to growth when energy prices go back up, including Anadarko (NYSE:APC), EOG Resources (NYSE:EOG), Cimarex (NYSE:XEC) and Concho Resources (NYSE:CXO).
Dec. 10, 2014, 12:58 PM
- Energy stocks are slammed across the board as oil prices take another nosedive (I, II), with the losses heaviest on shares of small, U.S.-based oil and gas producers.
- “Financial leverage is being thrown out the window, and everything else is being purged as well,” says Simmons analyst Bill Herbert, who adds that cuts to production budgets in the coming year likely will mean more pain for oil service companies.
- Among the hardest-hit shares: TPLM -15.2%, CRK -12.4%, GDP -11.9%, NOG -9.5%, AREX -8.6%.
- Investors have been less quick to dump shares of integrated oil companies, but today they have been smacked too: XOM -2.8%, CVX -2.9%, COP -2.3%, BP -2%, RDS.A -2.2%, TOT -2.3%.
- Today's worst performers on the S&P 500 include OKE -8.2%, DNR -7.4%, NE -5.6%.
- Service companies also are down: SLB -2.6%, HAL -2.7%, WFT -6.6%, BHI -2%.
- ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, XES, IEZ, PXI, FENY, PXJ, RYE, FXN, DDG
Dec. 10, 2014, 12:45 PM
Dec. 5, 2014, 5:38 PM
- The Eagle Ford shale formation in south Texas produced its billionth barrel of oil some time last month, according to analysts at research firm Wood Mackenzie.
- Eagle Ford now accounts for 16% of total U.S. oil production, and the firm forecasts E&P spending of $30.8B in the region next year, ~22% of the total $139.3B expected in U.S. onshore spending.
- Eagle Ford is widely considered the most profitable U.S. shale field, and many analysts speculate the break-even price for production to remain profitable is ~$50/bbl in much of the play.
- Top Eagle Ford producers include EOG, CHK, COP, MRO, BHP, APC, APA, BP, COG, CRZO, CWEI, CRK, XOM, GDP, HES, MTDR, MUR, NFX, PVA, PXD, ROSE, RDS.A, RDS.B, SN, SM, STO, SFY, TLM, ZAZA
CRK vs. ETF Alternatives
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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