Comstock Resources Inc. (CRK), Monday reported a net loss for the second quarter, hurt by a substantial decline in oil and natural gas prices.
The company posted a net loss of $11.5 million or $0.26 per share, compared to net income of $82.6 million or $1.80 per share in the prior year quarter.
Loss from continuing operations was $11.8 million or $0.26 per share, compared to income of $70.4 million or $1.53 per share in the year-ago quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to report a loss of $0.26 per share for the second quarter. Analysts' estimates typically exclude special items.
Second quarter oil and gas sales dropped 62% to $64.9 million from $172.0 million in the same quarter last year. Fourteen analysts had a consensus revenue estimate of $63.04 million for the second quarter.
Comstock averaged $3.88 per Mcf for sales of its natural gas production in the second quarter of 2009, 63% lower than $10.51 per Mcf realized in the year-ago quarter. Realized oil prices averaged $49.24 per barrel, 53% lower than $105.16 per barrel in the previous year quarter.
Production for the second quarter increased 6% to 15.3 billion cubic feet equivalent of natural gas or Bcfe from pro forma production of 14.5 Bcfe in the second quarter of 2008, which excludes production from properties sold during 2008.
Total operating expenses rose to $77.5 million from $74.7 million in the preceding year quarter.
For the first half of 2009, the company reported a net loss of $17.1 million or $0.38 per share, compared to net income of $123.7 million or $2.69 per share in the previous year period.
Oil and gas sales grew 56% to $133.2 million from $299.7 million in the year-ago period.
CRK closed Monday's regular trading session at $40.81, up $2.31 or 6.00%. In the after-hours, the share lost 13 cents.
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