Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 38

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 38
---
 Instruments  – long-term
         
        $
        66,757

        $
        —

      The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:

        Year Ended December 31,

        Gain/(Loss) Recognized in Earnings on Derivatives
         
        2024

        2023

        2022

        (In thousands)

        Natural gas price derivatives
         
        $
        10,196

        $
        187,639

        $
        (662,522
        )

(11)Related Party TransactionsThe Company operates natural gas and oil properties held by partnerships owned by its majority stockholder. Comstock charges the partnership for the costs incurred to drill, complete and produce the wells, as well as drilling and operating overhead fees. Comstock also provides natural gas marketing services to the partnerships in return for a fee equal to $0.02 per Mcf for natural gas marketed. The Company received $1.1 million, $1.3 million and $0.9 million in 2024, 2023 and 2022, respectively, for operating and marketing services provided to the partnership. The fees received for the services are reflected as a reduction of general and administrative expenses in the accompanying consolidated statements of operations.In connection with the operation of the wells, the Company had a $5.5 million and $16.1 million receivable from the partnerships at December 31, 2024 and 2023, respectively. 

F-23

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

(12)Natural Gas and Oil Reserves Information (Unaudited)Set forth below is a summary of the Company's proved natural gas and oil reserves:

        Year Ended December 31,

        2024

        2023

        2022

        Oil(MBbls)

        NaturalGas(MMcf)

        Oil(MBbls)

        NaturalGas(MMcf)

        Oil(MBbls)

        NaturalGas(MMcf)

        Proved Reserves:

        Beginning of period

        548

        4,940,226

        549

        6,697,