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EX - 99.12 crk - 20210504x8kex991.htm EX - 99.1 COMSTOCK RESOURCES 5300 Town and Country Blvd. , Suite 500 Frisco , Texas 75034 Telephone : ( 972 ) 668-8834 Contact : Ron Mills VP of Finance and Investor Relations Web Site : www.comstockresources.com NEWS RELEASE For Immediate Release Exhibit 99.1 COMSTOCK RESOURCES , INC . REPORTS FIRST QUARTER 2021 FINANCIAL AND OPERATING RESULTS FRISCO , TEXAS , May 4 , 2021 - Comstock Resources , Inc. ( " Comstock " or the " Company " ) ( NYSE : CRK ) today reported financial and operating results for the quarter ended March 31 , 2021 . Highlights of 2021's First Quarter • • • Adjusted net income to common stockholders was $ 63 million for the quarter or $ 0.25 per diluted share . Production averaged 1,281 MMcfe per day , comprised of 98 % natural gas , and was 6 % higher than the fourth quarter of 2020 . Average realized price , including hedging , was $ 2.88 per Mcfe compared to $ 2.16 per Mcfe in 2020's first quarter . • Revenues , including realized hedging losses , were $ 332 million , 22 % higher than 2020's first quarter . • Adjusted EBITDAX was $ 262 million , 30 % higher than 2020's first quarter . • • • • • Operating cash flow ( excluding working capital changes ) was $ 207 million or $ 0.75 per diluted share . All - in first quarter capital spending was $ 169 million , including $ 6 million for leasing activities . Free cash flow after preferred dividends in the first quarter was $ 33 million . In March , Comstock refinanced approximately $ 1.15 billion of senior notes , which saves the Company $ 19.5 million in annual cash interest payments and extends Comstock's weighted average senior notes maturity from 4.9 years to 6.7 years . In April , Comstock's $ 1.4 billion borrowing base was reaffirmed by its bank group . First Quarter 2021 Financial Results Revenues reported for the first quarter of 2021 totaled $ 340 million ( excluding realized losses on hedging of $ 8 million ) . Net cash provided by operating activities ( including changes in working capital ) was $ 193 million , and the Company reported a net loss available to common stockholders for the first quarter of $ 138 million ( $ 0.60 per share ) . The net loss in the quarter included a $ 239 million pre - tax loss on the early retirement of the senior notes and a $ 13 million unrealized loss on hedging contracts . Excluding these items and certain other unusual items , adjusted net income available to common stockholders was $ 63 million , or $ 0.25 per diluted share .