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EX - 99.1 2 crk - 20211102x8kex991.htm EX - 99.1 COMSTOCK RESOURCES For Immediate Release 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 Exhibit 99.1 COMSTOCK RESOURCES , INC . REPORTS THIRD QUARTER 2021 FINANCIAL AND OPERATING RESULTS FRISCO , TEXAS , November 2 , 2021 - Comstock Resources , Inc. ( " Comstock " or the " Company " ) ( NYSE : CRK ) today reported financial and operating results for the quarter ended September 30 , 2021 . Highlights of 2021's Third Quarter • Free cash flow of $ 84 million was generated in the quarter . • Adjusted net income to common stockholders was $ 91 million for the quarter or $ 0.34 per diluted share . • Production increased 25 % to 1,424 MMcfe per day ( 98 % natural gas ) . • Revenues , including realized hedging losses , were $ 394 million , 86 % higher than 2020's third quarter . • Adjusted EBITDAX was up 109 % to $ 309 million . • • Operating cash flow ( excluding working capital changes ) increased 30 % to $ 255 million or $ 0.92 per diluted share . Third quarter capital spending was $ 167 million , including $ 5 million for leasing activities . Third Quarter 2021 Financial Results Revenues in the third quarter of 2021 totaled $ 394.0 million ( after deducting realized losses on hedging of $ 117.1 million ) . Net cash provided by operating activities ( excluding changes in working capital ) generated in the third quarter was $ 255.4 million , and the Company reported a net loss available to common stockholders for the third quarter of $ 292.7 million ( $ 1.26 per share ) . The net loss in the quarter was driven by a $ 392.9 million unrealized loss on hedging contracts held for risk management . The significant improvement in the outlook for natural gas prices generated the unrealized loss on the hedging contracts . Excluding this item and certain other unusual items , adjusted net income available to common stockholders for the third quarter of 2021 was $ 90.6 million , or $ 0.34 per diluted share . Comstock's production cost per Mcfe in the third quarter was $ 0.65 per Mcfe , which was comprised of $ 0.27 for gathering and transportation costs , $ 0.20 for lease operating costs , $ 0.13 for production and other taxes and $ 0.05 for cash general and administrative expenses . Production cost was $ 0.59 per Mcfe in the second quarter of 2021 and $ 0.62 in the third quarter of 2020. Comstock's unhedged operating margin was 83 % in the third quarter of 2021 .