Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 50

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 50
---
214.1

    $
    4,097.2

10

COMSTOCK RESOURCES, INC.

The following table presents the changes in our estimated future development costs for the years ended December 31, 2024 and December 31, 2023:

    (in millions)

    Total as of December 31, 2022
     
    $
    4,097.2

    Development Costs Incurred

    (844.3
    )

    Additions

    461.4

    Revisions

    (1,500.2
    )

    Total Changes

    (1,883.1
    )

    Total as of December 31, 2023

    2,214.1

    Development Costs Incurred

    (422.6
    )

    Additions

    96.2

    Revisions

    (996.2
    )

    Total Changes

    (1,322.6
    )

    Total as of December 31, 2024
     
    $
    891.5

Our estimated future capital costs to develop proved undeveloped reserves as of December 31, 2024 of $891.5 million decreased by $1.3 billion from our estimated future capital costs of $2.2 billion as of December 31, 2023. Our estimated future capital costs to develop proved undeveloped reserves as of December 31, 2023 of $2.2 billion decreased by $1.9 billion from our estimated future capital costs of $4.1 billion as of December 31, 2022. These decreases were attributable to the lower number of future proved undeveloped locations expected to generate an economic return as a result of lower natural gas prices.

Given the low reference natural gas price prescribed by the SEC rules of $1.84 per Mcf for the year ended December 31, 2024, we performed an analysis to compare our proved reserve estimates as of December 31, 2024, to proved reserve estimates using a $3.26 per Mcf natural gas price and a $59.10 per Bbl oil price, which represents the NYMEX futures market prices as of December 31, 2024, adjusted for basis differentials ("alternative price case"), to show the sensitivity of our proved reserve estimates to price fluctuations. The alternative price case includes proved undeveloped locations that we intend to drill that do not generate