Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 158

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 158
---
:

    Operating activities
     
    $
    620,337

    $
    1,016,846

    Issuance of 6.75% senior notes

    372,000

    —

    Issuance of common stock

    100,450

    —

    Contributions from noncontrolling interest

    60,500

    24,000

    Borrowings on bank credit facility, net of repayments

    —

    480,000

    Proceeds from asset sales

    1,214

    41,295

    Total
     
    $
    1,154,501

    $
    1,562,141

    Uses of cash and cash equivalents:

    Capital expenditures
     
    $
    1,085,490

    $
    1,459,096

    Repayments on bank credit facility, net of borrowings

    65,000

    —

    Common stock dividends

    —

    138,985

    Debt and stock issuance costs

    6,855

    144

    Distributions to noncontrolling interest

    3,653

    —

    Other

    3,373

    1,899

    Total
     
    $
    1,164,371

    $
    1,600,124

Cash flows from operating activities. Net cash provided by our operating activities decreased $396.5 million (39%) to $620.3 million in 2024 from $1.0 billion in 2023. The decrease was primarily due to the lower natural gas prices we realized in 2024.

Issuance of 6.75% senior notes and debt issuance costs. In April 2024, we issued $400.0 million principal amount of 6.75% senior notes due 2029 in a private placement and received net proceeds after deducting the initial purchasers' discounts of $365.2 million, which were used to pay down outstanding borrowings on our bank credit facility. We incurred $6.8 million of debt issuance costs associated with the senior note issuance.

Issuance of common stock and stock issuance costs. In 2024, we issued 12,500,000 shares of common stock to two entities controlled by our majority stockholder in a private placement, receiving total proceeds of $100.5 million.

Contributions from noncontrolling interest. In