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Last €4.71 EUR
Change Today +0.023 / 0.49%
Volume 5.0K
As of 3:41 PM 04/30/15 All times are local (Market data is delayed by at least 15 minutes).

comstock resources inc (CX9) Snapshot

Open
€4.55
Previous Close
€4.68
Day High
€4.74
Day Low
€4.46
52 Week High
07/2/14 - €21.23
52 Week Low
03/24/15 - €2.94
Market Cap
224.0M
Average Volume 10 Days
716.4
EPS TTM
--
Shares Outstanding
47.6M
EX-Date
02/13/15
P/E TM
--
Dividend
--
Dividend Yield
6.10%
Current Stock Chart for COMSTOCK RESOURCES INC (CX9)

comstock resources inc (CX9) Related Businessweek News

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comstock resources inc (CX9) Details

Comstock Resources, Inc., an independent energy company, acquires, develops, explores, and produces oil and natural gas properties in the United States. Its oil and gas operations are primarily located in East Texas/North Louisiana and South Texas. The company owns interests in 1,596 producing oil and natural gas wells. As of December 31, 2014, it had proved reserves of 620 billion cubic feet of natural gas equivalent. The company was founded in 1919 and is headquartered in Frisco, Texas.

139 Employees
Last Reported Date: 02/25/15
Founded in 1919

comstock resources inc (CX9) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $802.0K
President, Chief Financial Officer, Principal...
Total Annual Compensation: $543.5K
Vice President of Legal and General Counsel
Total Annual Compensation: $346.0K
Vice President of Accounting, Treasurer and C...
Total Annual Compensation: $250.0K
Compensation as of Fiscal Year 2014.

comstock resources inc (CX9) Key Developments

Comstock Resources Inc. Revised Capital Expenditure Guidance for the Fiscal 2015; Provides Operating Guidance for the Fiscal 2015; Provides Update on Haynesville Shale Program

Comstock Resources Inc. announced that it will reduce its 2015 capital spending plan by approximately 22% to $248 million, a savings of over $69 million versus its previously announced budget on December 18, 2014. In addition to seeing improving drilling and completion costs, the recent success of the company's first Haynesville shale refrac will allow the company to release one of its operated rigs drilling in the Haynesville shale at the end of March. As a result, the company now plans to spend $95 million and drill nine (8.3 net) long lateral new wells in the Haynesville shale during 2015. The company now plans to spend $23 million on 14 Haynesville refracs. There are no other significant changes to the 2015 capital program. The company will incur a $2.4 million early termination fee on the released rig. Comstock's first refrac well in the Haynesville, the Pace #33, is currently flowing at 4 million cubic feet per day (MMcf/d) of natural gas on a 22/64-inch choke. Before the refrac, the well had been flowing at 0.5 MMcf/d. Following the refrac, the well experienced an eight-fold increase in flowrate and a three-fold increase in flowing pressure. Total cost for the refrac of the well was approximately $2 million. The company expects to achieve cost reductions on future refrac projects of 10% to 15% below the costs for the Pace #33, and estimates internal rates of return of 40% to 69% on the refrac program assuming natural gas prices of $3.00 to $3.50 per 1000 cubic feet. The company has identified approximately 185 future Haynesville refrac candidates. Comstock is also studying potential oil well refrac candidates on its Eagle Ford shale properties in South Texas. In the new Haynesville shale extended lateral drilling program, comstock has reached total depth for the first three wells, the Pyle #6-7, Shahan #5-8, and Boggess #5-8, and has recently spudded the Horn 8-17 #2. Completion operations on the Pyle #6-7 will begin this week. Completed well costs for the first four wells are expected to be below $11 million with further cost reductions expected later this year. Based on the new capital budget, the company now estimates that 2015 natural gas production will average between 130 to 155 MMcf/d. 2015 oil production is still expected to average between 9,500 to 10,500 barrels per day.

Comstock Resources Inc. Announces Pricing of $700 Million of 10% Secured Notes Due 2020

Comstock Resources, Inc. announced that it has priced $700 million in aggregate  principal amount of its 10% senior  secured notes due 2020 to be sold to purchasers in a  private offering. The  notes and the related subsidiary guarantees  will be secured by a first priority lien on substantially all of the company's  and its subsidiaries' assets, subject to payment priority in favor of the lenders under a new credit facility described below. Comstock intends to use the net proceeds of  the proposed offering  to retire its  existing bank credit facility, with  remaining proceeds for  general  corporate purposes. Comstock expects  to  close  the  sale  of  the  notes  on March 13, 2015, subject to the satisfaction of customary closing conditions. In connection with the pricing of the  notes, the Company has entered into a new $50 million bank revolving credit facility.

Comstock Resources, Inc. Intends to Offer $700 Million in Aggregate Principal Amount of Senior Secured Notes Due 2020

Comstock Resources Inc. announced that it intends to offer $700 million in aggregate principal amount of senior secured notes due 2020 in a private offering, subject to market and other conditions. The notes will be guaranteed by each of Comstock's subsidiaries. The notes and the guarantees will be secured by a first priority lien on substantially all of the company's and its subsidiaries' assets, subject to payment priority in favor of the lenders under a new credit facility described below. Comstock intends to use the net proceeds of the proposed offering to retire its bank credit facility, with remaining proceeds for general corporate purposes. In connection with the offering, the company intends to enter into a new $50 million bank revolving credit facility.

 

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CX9 Competitors

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Company Last Change
Bill Barrett Corp $10.88 USD -0.72
EXCO Resources Inc $1.92 USD -0.14
Legacy Oil + Gas Inc C$2.89 CAD 0.00
Penn Virginia Corp $6.44 USD -0.24
Triangle Petroleum Corp $5.68 USD -0.29
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CX9

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Valuation CX9 Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.4x
Price/Book 0.3x
Price/Cash Flow 0.7x
TEV/Sales NM Not Meaningful
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