Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 96

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 96
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3

    (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/Bossier shale properties including the exploration and development of our Western Haynesville acreage. We also expect to spend $130 million to $150 million in our Western Haynesville midstream partnership. Under our 2025 operating plan, we currently expect to drill 46 operated horizontal wells (40.3 net) and to turn 46 operated wells (39.7 net) to sales in 2025.

Common stock dividends. In 2023, we paid a quarterly cash dividend of 12.5¢ per share of common stock. We did not pay a dividend in 2024.

Liquidity and Capital Resources

As of December 31, 2024, we had $415.0 million outstanding under a bank credit facility. Aggregate commitments under the credit facility are $1.5 billion, which matures on November 15, 202