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. 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
Nov. 24, 2014, 5:43 PM
Jun. 25, 2014, 4:53 PM
- Comstock Resources (CRK) +4.3% AH after saying its Henry A #1H well, its first well drilled in its east Texas extension of the Eagle Ford shale in Burleson County, Tex., was tested at a peak 24-hour average production rate of 1,267 boe/day.
- CRK's second well drilled in the extension recently reached total depth and will be completed in July.
Mar. 27, 2014, 5:45 PM
Sep. 18, 2013, 3:29 PM
- Comstock Resources (CRK +1.8%) is upgraded to Buy from Accumulate at Global Hunter, which cites increased confidence that CRK will be able to maintain its Eagle Ford production inventory with bolt-on deals in the shale field and without overpaying.
- The firm also believes shares are cheap at 3.1x estimated 2014 EBITDA despite 90% of oil estimated production growth coming from within cash flow (at current prices) forecast for 2014.
Jul. 30, 2013, 12:28 PM
- Comstock Resources (CRK -5.6%) sinks after Q2 results came in well below expectations; net income surged amid income from discontinued operations, but revenue fell 2.5% Y/Y.
- Q2 production was 551K barrels of oil and 14.2B cu. ft. of natural gas, or 17.5B cfe vs. 24.5B cfe in the year-ago quarter; oil production rose 20% Y/Y to 6,048 bbl/day, but gas production dropped 35% Y/Y due to the lack of drilling activity in CRK's Haynesville shale properties.
Mar. 15, 2013, 2:39 PMRosetta Resources' (ROSE +1%) purchase of some of Comstock Resources' (CRK +13.6%) oil-rich acreage in the Permian Basin will reduce its dependence on the Eagle Ford shale and "provides clarity on growth plans"; ~96% of ROSE's production last year came from Eagle Ford. Shares of other firms with prominent Permian acreage also are higher: CWEI +10%, XEC +1%, CXO +0.4%. | Comment!
Mar. 15, 2013, 9:28 AMRosetta Resources (ROSE) agrees to acquire Permian Basin assets from Comstock Resources (CRK) for ~$768M. ROSE says the deal provides new entry in the Permian and access to oil-weighted multi-pay areas, and expands capital project inventory by ~1,300 gross drilling locations. CRK, +6.5% premarket, updates its 2013 capital budget to $422M to reflect the sale. | Comment!
Jan. 22, 2013, 11:26 AMComstock Resources (CRK -2%) expects to take a Q4 impairment charge of ~$78M, which amounts to $51M after tax or $1.10/share, related to unevaluated leases which aren't expected to be developed prior to their expiration and certain developed natural gas properties. CRK plans to spend $420M in drilling and completion expenditures and $25M on lease acquisitions in 2013 vs. $490M and $35M spent in 2012. | Comment!
Jan. 9, 2013, 2:29 PMGlobal Hunter says it's getting more conservative with growth expectations for the year at Comstock Resources (CRK -8.6%) after reviewing the oil and gas producer's 2013 capital expenditure budget. The firm sees CRK's results at the low end of consensus for next year, and revises its price target and total oil production estimate downward. | Comment!
Jan. 9, 2013, 12:45 PM
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