Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 95

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 95
---
 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 2023, we formed a midstream partnership to fund the future build-out of our Western Haynesville midstream system. During 2024 and 2023, our noncontrolling partner contributed $60.5 million and $24.0 million, respectively, to the midstream partnership.

Proceeds from asset sales. In 2024, we sold certain non-operated properties for net proceeds of $1.2 million. In 2023, we sold certain non-operated properties for net proceeds of $41.3 million. 

Capital expenditures. The decrease in capital expenditures of $373.6 million is primarily due to lower drilling and completion activities in 2024.

35

COMSTOCK RESOURCES, INC.

Our capital expenditures are summarized in the following table:

    Year Ended December 31,

    2024

    202