Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 18

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 18
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 as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2024 and 2023: 

          As of December 31,

          2024

          2023

          Carrying Value

          Fair Value

          Carrying Value

          Fair Value

          Assets:
           
          (In thousands)

          Commodity-based derivatives (1)
           
          $
          4,865

          $
          4,865

          $
          126,775

          $
          126,775

          Liabilities:

          Commodity-based derivatives (1)

          75,697

          75,697

          —

          —

          Bank credit facility (2)

          415,000

          415,000

          480,000

          480,000

          6.75% senior notes due 2029 (3)

          1,603,679

          1,581,283

          1,229,018

          1,138,208

          5.875% senior notes due 2030 (3)

          965,000

          899,863

          965,000

          849,200

         (1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. (2)The carrying value of our floating rate debt outstanding approximates fair value.(3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2024 and 2023, respectively, a Level 1 measurement.

F