Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 159

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 159
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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

    2023

    (in thousands)

    Acquisitions:

    Unproved property
     
    $
    106,386

    $
    98,553

    Exploration and development:

    Developmental leasehold costs

    13,461

    27,905

    Exploratory drilling and completion costs

    354,557

    244,129

    Development drilling and completion costs

    503,550

    974,664

    Other development costs

    30,500

    25,130

    Asset retirement obligations

    1,594

    (19
    )

    Total exploration and development

    1,010,048

    1,370,362

    Midstream

    85,377

    35,694

    Other property

    2,264

    491

    Total capital expenditures
     
    $
    1,097,689

    $
    1,406,547

    Change in accrued capital expenditures and other

    1,383

    18,562

    Prepaid drilling costs

    (11,988
    )

    34,010

    Asset retirement obligations

    (1,594
    )

    (23
    )

    Total cash capital expenditures
     
    $
    1,085,490

    $
    1,459,096

We currently expect to spend approximately $1.0 billion to $1.1 billion in 2025 on our development and exploration projects primarily focused on the continued development of our Haynesville/B