Comstock Resources Inc. (CRK) reported a third-quarter net loss of $12.6 million or $0.28 per share, compared to net income of $224.62 million or $4.85 per share in the same quarter last year.
Net loss from continuing operations for the quarter was $12.6 million or $0.28 per share, compared to net income from continuing operations of $54.8 million or $1.18 per share in the year ago quarter.
The loss in the third quarter is primarily attributable to lower oil and natural gas prices in 2009. Comstock averaged $3.63 per Mcf for sales of its natural gas production in the third quarter of 2009, 64% lower than the $10.16 per Mcf realized in 2008's third quarter. Realized oil prices in the third quarter of 2009 averaged $57.96 per barrel, 45% lower than the $105.15 per barrel in 2008's third quarter.
The lower oil and natural gas prices caused the third quarter of 2009's oil and gas sales to decrease 59% to $67.4 million as compared to 2008's third quarter sales of $163.9 million.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.27 per share on revenues of $73.03 million for the quarter. Analysts' estimates typically exclude special items.
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