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EX - 99.1 2 crk - 20210803x8kex991.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 SECOND QUARTER 2021 FINANCIAL AND OPERATING RESULTS FRISCO , TEXAS , August 3 , 2021 - Comstock Resources , Inc. ( " Comstock " or the " Company " ) ( NYSE : CRK ) today reported financial and operating results for the quarter ended June 30 , 2021 . • • • Highlights of 2021's Second Quarter Adjusted net income to common stockholders was $ 55 million for the quarter or $ 0.22 per diluted share . Production averaged 1,387 MMcfe per day , comprised of 98 % natural gas , and was 8 % higher than the first quarter of 2021 and 6 % higher than the second quarter of 2020 . Average realized price , including hedging , was $ 2.57 per Mcfe compared to $ 1.96 per Mcfe in 2020's second quarter . • Revenues , including realized hedging losses , were $ 325 million , 40 % higher than 2020's second quarter . • Adjusted EBITDAX was $ 251 million , 55 % higher than 2020's second quarter . • • Operating cash flow ( excluding working capital changes ) was $ 196 million or $ 0.71 per diluted share . • Second quarter capital spending was $ 172 million , including $ 8 million for leasing activities . • Generated free cash flow of $ 20 million , bringing free cash flow for the first six months of 2021 to $ 53 million . Refinanced 9.75 % notes with new 8.5 year 5.875 % senior notes , reducing annual interest payments by $ 28 million and extending senior note maturities to 7.6 years from 6.3 years . Combined with the March 2021 refinancing transaction , future annual interest payments have now been reduced by $ 48 million . Second Quarter 2021 Financial Results Revenues in the second quarter of 2021 totaled $ 324.8 million ( including realized losses on hedging of $ 18.8 million ) . Net cash provided by operating activities ( excluding changes in working capital ) generated in the second quarter was $ 196.4 million , and the Company reported a net loss available to common stockholders for the second quarter of $ 184.1 million ( $ 0.80 per share ) . The net loss in the quarter was due to a $ 114.1 million pre - tax loss on the early retirement of the 9.75 % senior notes and a $ 204.8 million unrealized loss on hedging contracts held for risk management . The significant improvement in future