Struthers already suggested part profits on this one with 100% gains and huge gains on call options
Highlights of 2022's First Quarter
- Generated free cash flow from operations of $68 million in the quarter.
- Paid down $85 million of debt in the quarter.
- Adjusted EBITDAX increased 27% to $333 million.
- Operating cash flow (excluding working capital changes) increased 44% to $297 million or $1.07 per diluted share.
- Revenues, after realized hedging losses, were $408 million, 23% higher than 2021's first quarter.
- Adjusted net income to common stockholders was $136 million for the quarter or $0.51 per diluted share.
- Strong results from Haynesville drilling program with 15 (12.0 net) operated wells turned to sales with an average initial production of 29 MMcf per day.
First Quarter 2022 Drilling Results
Comstock drilled 15 (13.1 net) operated horizontal Haynesville/Bossier shale wells in the first quarter of 2022 which had an average lateral length of 10,186 feet. The Company also participated in an additional 14 (0.7 net) non-operated Haynesville shale wells in the first quarter of 2022. Comstock turned 33 (15.2 net) wells to sales in the first quarter of 2022 and currently expects to turn an additional 14 (12.7 net) wells to sales in the second quarter of 2022.
Since its last operational update in February, Comstock has turned 15 (12.0 net) new operated Haynesville/Bossier shale wells to sales. These wells had initial daily production rates that averaged 29 MMcf per day. The completed lateral length of these wells averaged 10,115 feet.
