Comstock Resources Reports 1Q Loss Of $5.7 Million

FRISCO, Texas (AP) — Oil and gas company Comstock Resources Inc. said Monday it fell to a first-quarter loss due to the decline in oil and natural gas prices.

The company reported a net loss of $5.7 million, or 12 cents a share, compared with net income of $41.1 million, or 90 cents a share, a year earlier.

Analysts polled by Thomson Reuters expected a loss of 10 cents a share on revenue of $73.7 million.

The company reported revenue of $68.4 million, down 46 percent from $127.7 million a year earlier.

Operating cash flow, calculated before changes in working capital accounts, generated by Comstock's continuing operations was $44.8 million, a 51 decrease from $91.5 million in the year-earlier period.

Natural gas prices fell 42 percent from the first quarter of 2008 to the most recent first period, and oil prices were down 57 percent for the 12 months ended March 31.

The company spent $97.3 million during the first three months of 2009 on its exploration and development activities. Comstock expects to spend a total of $360 million this year on drilling.

In the first quarter, Comstock drilled 14 wells, all of which were successful.

Shares rose 8.8 percent, or $3.19, to close at $39.38. After hours, the stock gained $1.12, or 2.8 percent, to $40.50.