Comstock Resources Q2 oil and gas sales fall, EPS drops
CRK•Comstock Resources reports lower Q2 sales and EPS
Corrects Adjusted Net Income Available to the Company to $8.25 mln, from $8.76 mln, in table; and adj EPS to $0.12, from $0.44, in second overview bullet
- U.S. natural gas producer's Q2 oil and gas sales fell yr/yr to $332 mln
- Adjusted EPS for Q2 was $0.03, down from $0.12 a year ago
- Production rose 16% from Q1, but only 1% yr/yr
Outlook
- Company did not provide specific guidance or outlook commentary for the current or future periods
Result Drivers
- Production growth - Q2 production rose 16% from Q1, driven by turning new Haynesville wells to sales
- Lower realized prices - Lower average realized prices for natural gas and oil reduced sales compared to a year ago
- Hedging gains - Realized hedging gains of $43 mln helped offset weaker market prices
Key details
| Metric | Actual |
|---|---|
| Q2 Oil & Gas Sales | $332 mln |
| Q2 EPS | $0.03 |
| Q2 Adjusted Net Income Available to the Company |
