Comstock Resources, Inc. reported financial and operating results for the quarter ended March 31, 2008.
Comstock reported net income of $41.1 million or 91 cents per diluted share for the three months ended March 31, 2008 as compared to 2007's first quarter net income of $12.6 million or 28 cents per diluted share.
The outstanding first quarter financial results reflect strong market prices for oil and natural gas and the Company's production growth from acquisitions, onshore development drilling and offshore exploration activities. Comstock's production in the first quarter of 2008 increased 25% to 25.1 billion cubic feet equivalent of natural gas ("Bcfe") as compared to production of 20.0 Bcfe in the first quarter of 2007. Onshore production has increased 44% and offshore production was up 6% from the first quarter of 2007. The first quarter average daily production rate of 275 million cubic feet of natural gas equivalent ("Mmcfe") also has increased 11% from the fourth quarter production rate of 249 Mmcfe per day. The Company's realized natural gas price averaged $8.46 per Mcf in 2008's first quarter, 23% higher than the $6.89 per Mcf in 2007's first quarter and $1.17 per Mcfe above the natural gas price realized in the fourth quarter of 2007.
Realized oil prices in the first quarter of 2008 averaged $93.93 per barrel, 73% higher than the $54.15 per barrel for 2007 and $7.92 per barrel above the oil price realized in the fourth quarter of 2007. Driven by the 25% increase in production and the much stronger oil and natural gas prices, first quarter 2008's oil and gas sales of $241.0 million increased 65% from 2007's first quarter sales of $146.0 million. Operating cash flow (before changes in working capital accounts) generated by Comstock in 2008's first quarter of $170.5 million was 70% higher than 2007's first quarter cash flow of $100.5 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $199.5 million in 2008's first quarter, a 75% increase from 2007's first quarter EBITDAX of $114.0 million.
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