Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 24

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 24
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        34,493

        35,876

        Accrued transportation costs

        28,031

        32,294

        Accrued employee compensation

        14,076

        6,700

        Accrued lease operating expenses

        2,630

        2,299

        Other

        1,552

        491

        Accrued income and other taxes

        1,350

        1,894

        $
        146,173

        $
        134,466

F-11

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

Reserve for Future Abandonment CostsThe Company's asset retirement obligations relate to future plugging and abandonment costs of its natural gas and oil properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations.The following table summarizes the changes in the Company's total estimated liability:

          Year Ended December 31,

          2024

          2023

          (In thousands)

          Reserve for future abandonment costs at beginning of the year
           
          $
          30,773

          $
          29,114

          New wells placed on production

          136

          146

          Changes in estimates and timing

          1,497

          (122
          )

          Liabilities settled

          (40
          )

          (41
          )

          Divestitures

          (157
          )

          (1
          )

          Accretion expense

          1,787

          1,677

          Reserve for future abandonment costs at end of the year
           
          $
          33,996

          $
          30,773

        Stock-based CompensationThe Company has stock-based employee compensation plans under which stock awards, comprised primarily of restricted stock and performance share units ("PSUs"), are issued to employees and non-employee directors. The Company follows the fair value-based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date