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. 2, 12:49 PM
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.
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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