Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 157

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 157
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 The non-cash interest expense for 2024 totaled $11.5 million compared with $8.0 million for 2023. The increase in interest expense in 2024 was due primarily to the issuance of our 6.75% senior notes in 2024.

Income taxes.  Our income tax benefit was $149.1 million in 2024 as compared to a provision of $35.1 million in 2023. Our effective tax rate of 41% in 2024 differed from the federal income tax rate of 21% due primarily to research and development and other tax credits claimed in 2024, changes in our valuation allowance on our federal and state net operating loss carryforwards and state income taxes, including a reduction in the Louisiana state corporate tax rates. Our effective tax rate of 14% in 2023 differed from the federal income tax rate of 21% primarily due to changes in our valuation allowance on our federal and state net operating loss carryforwards and state income taxes.

Net income.  We reported a net loss available to common stockholders of $218.8 million or $(0.76) per diluted share in 2024 and net income available to common stockholders of $211.9 million or $0.76 per diluted share in 2023. The net loss in 2024 is primarily due to the impact of lower natural gas prices in 2024 and the unrealized loss on our derivative financial instruments of $197.6 million. Loss from operations in 2024 was $168.6 million as compared to income from operations of $226.6 million in 2023.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

Discussions of 2023 items and year-to-year comparisons between 2023 and 2022 that are not included in this Annual Report on Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 16, 2024.

34

COMSTOCK RESOURCES, INC.

Cash Flows, Liquidity and Capital Resources

Cash Flows

The following table summarizes sources and uses of cash and cash equivalents:

    Year Ended December 31,

    2024

    2023

    (in thousands)

    Sources of cash and cash equivalents