CRK - Comstock Resources: Investing In The Western Haynesville

2024-07-17 00:59:33 ET

Summary

• Nearly 50% of Comstock's Q1 2024 capex went towards the Western Haynesville.
• This included $50 million to acquire 189,000 net acres. Comstock now has over 450,000 net acres in the Western Haynesville.
• Production results have been quite strong, but costs also appear to be quite high.
• Thus, the Western Haynesville probably needs 25% D&C cost reductions to be fully competitive with regular Haynesville wells.

Comstock Resources ( CRK ) has been putting a significant amount of investment into the Western Haynesville. It allocated close to half of its Q1 2024 capex towards the Western Haynesville for a combination of exploratory drilling and the acquisition of additional acreage....

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