Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 91

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 91
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    $
    —

    $
    1,775

    Average Sales Price:

    Natural gas (per Mcf)
     
    $
    1.98

    $
    2.40

    Oil (per Bbl)
     
    $
    71.94

    $
    73.73

    Average equivalent (Mcfe)
     
    $
    1.98

    $
    2.41

    Expenses ($ per Mcfe):

    Production and ad valorem taxes
     
    $
    0.11

    $
    0.18

    Gathering and transportation
     
    $
    0.37

    $
    0.35

    Lease operating
     
    $
    0.25

    $
    0.25

    Gas Services:

    Gas services revenue
     
    $
    206,097

    $
    300,498

    Gas services expense
     
    $
    205,407

    $
    282,050

Natural gas and oil sales.  Natural gas and oil sales of $1.0 billion in 2024 decreased by $0.2 billion, or 17%, as compared to $1.3 billion in 2023. The decrease was primarily due to lower prices received for our natural gas production. Our 2024 natural gas production increased 1% to 527.5 Bcf (1.4 Bcf per day), which was sold at an average price of $1.98 per Mcf as compared to 524.5 Bcf (1.4 Bcf per day) sold at an average price of $2.40 in 2023. 

We utilize natural gas derivative financial instruments to manage our exposure to changes in prices of natural gas to protect returns on investment from our drilling activities. The following table presents our natural gas prices before and after the effect of cash settlements of our derivative financial instruments:

    Year Ended December 31,

    2024

    2023

    Average Realized Natural Gas Price:

    Natural gas, per Mcf
     
    $
    1.98

    $
    2.40

    Cash settlements on derivative financial instruments, per Mcf

    0.39

    0.15

    Price per Mcf, including cash settlements on derivative   financial instruments
     
    $
    2.37