Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 146

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 146
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        2,456,124

        Acquisitions of minerals in place

        —

        —

        604

        Sales of minerals in place

        (3,542
        )

        —

        (3,313
        )

        Sales, net of production costs

        (664,653
        )

        (855,699
        )

        (2,779,960
        )

        Net changes in income taxes

        122,488

        2,780,343

        (1,882,917
        )

        Standardized Measure, End of Year
         
        $
        1,598,194

        $
        2,374,630

        $
        12,609,636

       The standardized measure of discounted future net cash flows was determined based on the simple average of the first of month market prices for natural gas and oil for each year. Prices used in determining quantities of natural gas and oil reserves and future cash inflows from natural gas and oil reserves represent prices received at the Company's sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Prices used in determining natural gas and oil reserves quantities and cash flows are as follows: 

        Year Ended December 31,

        2024

        2023

        2022

        Crude Oil: $/barrel
         
        $
        71.07

        $
        72.63

        $
        91.21

        Natural Gas: $/Mcf
         
        $
        1.84

        $
        2.39

        $
        6.03

       Proved reserve information utilized in the preparation of the financial statements were based on estimates prepared by the Company's petroleum engineering staff in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company's reserves are located onshore in the continental United States of America. The Company retained an independent petroleum consultant to conduct an audit of the Company's 2024 reserve estimates. The purpose of this audit was to provide additional assurance on the reasonableness of internally prepared reserve estimates. The engineering firm was selected for their geographic expertise and their historical experience.Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved