Comstock Resources Q4 revenue falls to $410.6 million; dividend to be suspended
Comstock Resources reported fourth-quarter 2023 total revenues of $410.6 million, down from $922.4 million a year earlier, as weak natural gas prices weighed on results. Net income was $108.4 million, or $0.39 per share, but it included a $107.3 million unrealized hedging gain; adjusted net income was $27.9 million, or $0.10 per share, versus $287.7 million a year earlier. The company plans to suspend its quarterly dividend until gas prices improve and to cut its operating rigs from seven to five.
Key points
- Q4 2023 total revenues were $410.6 million, versus $922.4 million in Q4 2022.
- Q4 2023 adjusted net income was $27.9 million, or $0.10 per share, versus $287.7 million, or $1.05 per share, a year earlier.
- Proved reserves fell to 4.9 Tcfe at December 31, 2023, from 6.7 Tcfe, mainly due to lower gas prices used in the estimate.
- For 2024, the company plans to spend $750 million to $850 million on development and exploration and to suspend its dividend until gas prices improve.
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 13, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.