NYSE$CRK
Comstock Resources Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Comstock Resources' third quarter results were impacted by weak natural gas prices, but the company saw solid results from its Haynesville shale drilling program.
Comstock Resources reported natural gas and oil sales of $316 million, operating cash flow of $167 million, and adjusted net income of $11.7 million for the third quarter of 2023. The company continued to see solid results from its Haynesville shale drilling program.
- Continued weak natural gas prices weighed heavily on the third quarter results.
- Natural gas and oil sales, including realized hedging gains, were $316 million.
- Operating cash flow was $167 million or $0.60 per diluted share.
- Adjusted net income was $11.7 million for the quarter.
Headline financials
Revenue & EPS history
Comstock Resources · Revenue · Quarterly
$377M
Revenue by segment
Comstock Resources · $288M total across 3 segments · Q2 2023
- Natural gas sales$229M—79.4%
- Gas services$58.5M—20.3%
- Oil sales$860K—0.3%
Forward guidance
Comstock is forming a midstream partnership for its Western Haynesville acreage with Quantum Capital Solutions (QCS).
Tailwinds
- The new partnership with QCS is expected to fund the needed expansion for our Western Haynesville midstream development program over the next five years.
- Comstock will control and operate the midstream system.
- QCS will provide a total capital commitment of $300 million to fund the future build-out of the Western Haynesville midstream system over the next several years.
- Comstock will contribute its Pinnacle gathering and treating system to the partnership.
- The Pinnacle gathering and treating system is comprised of 145-mile high pressure pipeline and the Bethel natural gas processing plant.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.6%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+4.3%
Avg return
30 days after
43%
29 / 68 earnings
Positive
+60.6%
Q2 2015
Best reaction
-28.8%
Q2 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.5% | -13.0% | -25.2% | |
| Q4 2025 | -6.1% | -9.2% | +1.9% | |
| Q3 2025 | +4.1% | +19.7% | +39.5% | |
| Q1 2025 | +3.3% | +18.1% | +27.5% | |
| Q4 2024 | +9.9% | +0.8% | +5.2% | |
| Q3 2024 | -3.3% | -3.0% | +30.3% | |
| Q2 2024 | -6.3% | -17.7% | +6.3% | |
| Q1 2024 | -2.0% | +2.6% | +16.4% | |
| Q4 2023 | -5.6% | -1.0% | +6.4% | |
| Q3 2023 | +2.9% | +8.7% | -17.9% | |
| Q2 2023 | -5.9% | -2.4% | -4.4% | |
| Q1 2023 | -13.4% | -15.6% | -18.1% | |
| Q4 2022 | +6.1% | -2.0% | -13.2% | |
| Q3 2022 | -2.2% | -1.9% | -7.2% | |
| Q2 2022 | +0.3% | -2.0% | +23.0% | |
| Q1 2022 | +4.2% | -2.2% | +19.5% | |
| Q4 2021 | -1.9% | -0.4% | +28.1% | |
| Q3 2021 | -1.1% | +0.2% | -20.4% | |
| Q2 2021 | -2.9% | -1.5% | +13.1% | |
| Q1 2021 | -0.2% | +1.6% | +10.4% | |
| Q4 2020 | +13.7% | +14.8% | -2.8% | |
| Q3 2020 | -12.6% | -15.9% | -7.1% | |
| Q2 2020 | -4.1% | +1.1% | -14.8% | |
| Q1 2020 | -4.6% | -4.8% | -26.7% | |
| Q4 2019 | -9.1% | -0.3% | -13.8% | |
| Q3 2019 | +7.4% | -2.3% | -8.5% | |
| Q2 2019 | -4.8% | -7.1% | +36.7% | |
| Q1 2019 | -1.6% | -6.3% | -28.3% | |
| Q4 2018 | +7.7% | +6.8% | +4.5% | |
| Q3 2018 | +6.0% | +4.2% | -1.9% | |
| Q2 2018 | -3.8% | -3.2% | -14.4% | |
| Q1 2018 | +20.9% | +28.7% | +42.5% | |
| Q4 2017 | -4.1% | +3.0% | -4.4% | |
| Q3 2017 | +12.6% | +17.0% | +23.0% | |
| Q2 2017 | -2.3% | -2.2% | -6.1% | |
| Q1 2017 | +2.7% | +8.6% | -13.4% | |
| Q4 2016 | -8.3% | -3.0% | -13.1% | |
| Q3 2016 | +2.7% | -4.1% | +28.7% | |
| Q2 2016 | -28.8% | +2.2% | +67.6% | |
| Q1 2016 | +6.8% | — | — | |
| Q4 2015 | -10.8% | — | — | |
| Q3 2015 | +2.5% | — | — | |
| Q2 2015 | +60.6% | — | — | |
| Q1 2015 | -5.8% | — | — | |
| Q4 2014 | -2.0% | — | — | |
| Q3 2014 | -20.0% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -0.1% | — | — | |
| Q3 2013 | -2.7% | — | — | |
| Q2 2013 | -6.7% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2012 | -7.9% | — | — | |
| Q3 2012 | -4.2% | — | — | |
| Q2 2012 | -10.8% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q4 2008 | +2.9% | — | — | |
| Q4 2011 | +2.9% | — | — | |
| Q3 2011 | +3.4% | — | — | |
| Q2 2011 | -18.0% | — | — | |
| Q1 2010 | -4.5% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2010 | +7.4% | — | — | |
| Q3 2009 | +1.9% | — | — | |
| Q3 2010 | +1.9% | — | — | |
| Q2 2009 | +2.7% | — | — | |
| Q2 2010 | +2.7% | — | — | |
| Q4 2009 | +2.7% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro