Comstock Resources Inc. (NYSE:CRK) Q3 2019 Earnings Conference Call Transcript

Nov 07, 2019 • 11:00 am ET

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Comstock Resources Inc. (NYSE:CRK) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen thank you for standing by and welcome to the Comstock Resources Inc. Third Quarter 2019 Earnings Conference Call.

[Operator Instructions]

I'd now like to hand the conference to your speaker today Jay Allison Chief Executive Officer.

Executive
Jay Allison

It's a rainy day in Dallas. So it's a good day to have an earnings call straight out like that. 21 months ago, when jerry jones reached out to Comstock he saw something. Over the last 21 months our goal has been to be the low cost producer. And have the highest margins at the same time right sizing the company up to be competitive in the new era of energy that were in. The corporate report we gave you today as a good marker to wear for 209 employees have gone stock have taken the company in a very short time frame. We will report today on a company that we bought for all stock during the last quarter, which is a nice positive statement toward our consolidation goal of quality assets with no added leverage. The energy sector needs this topic freshness and a company that focuses on less corporate overhead is zeroes in on shareholders return and honors those that have provided us financing. I can assure you that Jerry Jones who owns 75% of Comstock continues to use his time talent and money to continue to create the company you are compelled to own a piece of and support.

Thank you for joining us today. We never take your time for granted. Welcome to the Comstock Resources Third Quarter 2019 Financial and Operating Results Conference Call. Today we will review our third quarter 2019 earnings and drilling results as well as update you on our acquisition of Covey Park Energy which was closed on July 16. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com and downloading the quarterly results presentation. There you'll find a presentation titled Third Quarter 2019 Results. I'm Jay Allison Chief Executive Officer of Comstock and with me is Roland Burns our President and Chief Financial Officer and Dan Harrison our Chief Operating Officer. Please refer to slide two in our presentations and note that our discussions today will include forward-looking statements within the meaning of securities laws. While we believe the expectations in such statements to be reasonable there can be no assurance that such expectations will prove to be correct.

If you go to slide three the 2019 third-quarter summary. On slide three we cover some of the highlights of the third quarter. For much of the third quarter we were very focused on the transformative Covey Park Energy acquisition which we closed on July 16. Combining Comstock and Covey Park created the basin leader in the Haynesville Shale which is the premier natural gas basin in North America with superior economics given its geographic proximity to the Gulf Coast. The third-quarter results included the operations of Covey Park for 77 days.Our Haynesville