Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 15

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 15
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 )

    (1,899
    )

    (6,255
    )

    Preferred stock dividends paid

    —

    —

    (16,014
    )

    Common stock dividends paid

    —

    (138,985
    )

    (34,688
    )

    Contributions from noncontrolling interest

    60,500

    24,000

    —

    Distributions to noncontrolling interest

    (3,653
    )

    —

    —

    Net cash provided by (used for) financing activities

    454,069

    362,972

    (576,716
    )

    Net increase (decrease) in cash and cash equivalents

    (9,870
    )

    (37,983
    )

    23,989

    Cash and cash equivalents, beginning of the year

    16,669

    54,652

    30,663

    Cash and cash equivalents, end of the year
     
    $
    6,799

    $
    16,669

    $
    54,652

The accompanying notes are an integral part of these statements.

F-6

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1)Summary of Significant Accounting Policies Accounting policies used by Comstock Resources, Inc. and subsidiaries reflect natural gas and oil industry practices and conform to accounting principles generally accepted in the United States of America.Basis of Presentation and Principles of ConsolidationThe consolidated financial statements include the accounts of Comstock Resources, Inc., its wholly owned or controlled subsidiaries and a variable interest entity for which Comstock is the primary beneficiary (collectively, "Comstock" or the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in natural gas and oil properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. Certain amounts in prior period footnote disclosures have been reclassified to conform with current period presentation.Comstock entered into an agreement with an affiliate of Quantum Capital Solutions ("Quantum"), in 2023 to form Pinnacle Gas Services, LLC ("PGS"), a midstream company in Com