CRK - Comstock Resources Inc. (CRK) Q4 2023 Earnings Call Transcript
2024-02-14 15:11:06 ET
Comstock Resources, Inc. (CRK)
Q4 2023 Earnings Conference Call
February 14, 2024, 11:00 AM ET
Company Participants
Jay Allison - Chairman and Chief Executive Officer
Roland Burns - President and Chief Financial Officer
Daniel Harrison - Chief Operating Officer
Conference Call Participants
Derrick Whitfield - Stifel Financial
Charles Meade - Johnson Rice
Fernando Zavala - Pickering Energy Partners
Jacob Roberts - TPH&Co.
Bertrand Donnes - Truist Financial
Phillips Johnston - Capital One Securities
Leo Mariani - ROTH MKM
Noel Parks - Tuohy Brothers Investment Research
Paul Diamond - Citi
Presentation
Operator
Thank you for standing by and welcome to the Comstock Resources Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After this speaker's presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Jay Allison, Chairman and CEO. Please go ahead, sir.
Jay Allison
All right, Jonathan. I love that broadcasting voice, kind of starts the day off right. Our corporate team of 255 strong, I want to thank you for joining the call this morning and we wish you a Happy Valentine's Day.
Being a pure-play natural gas company in a sub $2 natural gas market, calls for decisive actions to weather the volatility, and at the same time, continue positioning Comstock to benefit from the longer term growth in natural gas demand in the foreseeable future. America will need to deliver an additional 10 billion cubic feet of natural gas per day to the LNG facilities currently under construction in the next few years.
Actions taken so far as we batten down the hatches to protect our balance sheet. Number one, in January, we released a frac crew. Number two, several months ago, we gave notice to release two rigs and they will both be finished their work by the end of this month. Number three, we suspended our quarterly dividend until natural gas prices improve.
Number four, we continually evaluate our activity level as we plan to fund our drilling program within operating cash flow if possible. Number five, we formed our mid-stream joint venture last year that allows us to build out of the Western Haynesville midstream assets to be funded by the midstream partnership and not burden our operating cash flow at Comstock....
Comstock Resources, Inc. (CRK) Q4 2023 Earnings Call Transcript