COMSTOCK RESOURCES INC - FORM 8-K - EX-99.2

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EX-99.5 - EX-99.5 - COMSTOCK RESOURCES INC	d186491dex995.htm
EX-99.4 - EX-99.4 - COMSTOCK RESOURCES INC	d186491dex994.htm
EX-99.3 - EX-99.3 - COMSTOCK RESOURCES INC	d186491dex993.htm
EX-99.1 - EX-99.1 - COMSTOCK RESOURCES INC	d186491dex991.htm
EX-23.1 - EX-23.1 - COMSTOCK RESOURCES INC	d186491dex231.htm
8-K - FORM 8-K - COMSTOCK RESOURCES INC	d186491d8k.htm

Exhibit 99.2

The selected financial data below has been adjusted to give effect to a one for five (1:5) reverse stock split which became effective on July 29, 2016. Basic and diluted earnings per share have been adjusted in all periods to include the effect of this reverse stock split. The effect of on each year is presented in the table below:


	Year Ended December 31,
	2011			2012			2013			2014			2015
	Increase (decrease) from previously reported amounts
Basic and diluted net income (loss) per share:
Loss from continuing operations	$	(2.91	)	$	(8.88	)	$	(8.88	)	$	(4.96	)	$	(90.82	)
Income from discontinued operations		—			0.26			12.29			—			—

	$	(2.91	)	$	(8.62	)	$	3.41		$	(4.96	)	$	(90.82	)

Dividends per common share	$	—		$	—		$	1.50		$	2.00			—

Basic and diluted weighted average shares outstanding (In thousands)		(36,798	)		(37,138	)		(37,242	)		(37,238	)		(36,890	)

ITEM 6.

SELECTED FINANCIAL DATA

The historical financial data presented in the table below as of and for each of the years in the five-year period ended December 31, 2015 are derived from our consolidated financial statements. The financial results are not necessarily indicative of our future operations or future financial results. The data presented below should be read in conjunction with our consolidated financial statements and the notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. All share and per share data presented below has been adjusted to give effect to the Company’s reverse stock split which became effective on July 29, 2016.

Statement of Operations Data:


	Year Ended December 31,
	2011			2012			2013			2014			2015
	(In thousands, except per share data)
Revenues:
Natural gas sales	$	354,123		$	203,651		$	188,453		$	165,461		$	109,753
Oil sales		80,244			181,163			231,837			389,770			142,669

Total oil and gas sales		434,367			384,814			420,290			555,231			252,422
Gain on sales of oil and gas properties		—			24,271			—			—			—

Total revenues		434,367			409,085			420,290			555,231			252,422
Operating expenses:
Production taxes		3,670			11,727			14,524			23,797			10,286
Gathering and transportation		28,491			26,265			17,245			12,897			14,298
Lease operating⁽¹⁾		46,552			51,248			52,844			60,283			64,502
Exploration		10,148			61,449			33,423			19,403			70,694
Depreciation, depletion and amortization		290,776			343,858			337,134			378,275			321,323
General and administrative, net		35,172			33,798			34,767			32,379			23,541
Impairment of oil and gas properties		60,817			25,368			652			60,268			801,347
Loss on sales of oil and gas properties		57			—			2,033			—			112,085

Total operating expenses		475,683			553,713			492,622			587,302			1,418,076

Operating loss		(41,316	)		(144,628	)		(72,332	)		(32,071	)		(1,165,654	)
Other income (expenses):
Gain on sale of marketable securities		35,118			26,621			7,877			—			—
Gain (loss) from derivative financial instruments		—			21,256			(8,388	)		8,175			2,676
Net gain (loss) on extinguishment of debt		(1,096	)		—			(17,854	)		—			78,741
Other income		790			944			1,059			727			1,275
Interest expense		(41,592	)		(57,906	)		(73,242	)		(58,631	)		(118,592	)

Total other income (expenses)		(6,780	)		(9,085	)		(90,548	)		(49,729	)		(35,900	)

Loss from continuing operations before income taxes		(48,096	)		(153,713	)		(162,880	)		(81,800	)		(1,201,554	)
Benefit from income taxes		14,624			50,634			56,157			24,689			154,445

Loss from continuing operations		(33,472	)		(103,079	)		(106,723	)		(57,111	)		(1,047,109	)
Income from discontinued operations, net of income taxes		—			3,019			147,752			—			—

Net income (loss)	$	(33,472	)	$	(100,060	)	$	41,029		$	(57,111	)	$	(1,047,109	)

Basic and diluted net income (loss) per share:
Loss from continuing operations	$	(3.64	)	$	(11.10	)	$	(11.09	)	$	(6.20	)	$	(113.53	)
Income from discontinued operations		—			0.32			15.36			—			—

Net Income (loss)	$	(3.64	)	$	(10.78	)	$	4.27		$	(6.20	)	$	(113.53	)

Dividends per common share	$	—		$	—		$	1.88		$	2.50		$	—

Basic and diluted weighted average shares outstanding		9,199			9,284			9,311			9,309			9,223

(1)	Includes ad valorem taxes.

Balance Sheet Data:


	As of December 31,
	2011		2012		2013		2014		2015
	(In thousands)
Cash and cash equivalents	$	8,460	$	4,471	$	2,967	$	2,071	$	134,006
Property and equipment, net		2,155,568		1,958,687		2,066,735		2,198,169		1,038,420
Total assets⁽¹⁾		2,632,009		2,554,930		2,130,112		2,264,546		1,195,850
Total debt⁽¹⁾		1,186,319		1,309,416		789,414		1,060,654		1,249,330
Stockholders’ equity (deficit)		1,037,625		933,534		952,005		870,272		(171,258	)

(1)	Restated to reclassify debt issuance costs from total assets to total debt in the amount of $10,589, $14,967, $9,286 and $9,791 as of December 31, 2011, 2012, 2013, and 2014, respectively.

Cash Flow Data:


	Year Ended December 31,
	2011			2012			2013			2014			2015
	(In thousands)
Cash flows provided by operating activities from continuing operations	$	275,433		$	219,721		$	268,994		$	400,984		$	30,086
Cash flows used for investing activities from continuing operations		(597,809	)		(205,393	)		(408,678	)		(634,787	)		(161,725	)
Cash flows provided by (used for) financing activities from continuing operations		673,381			117,502			(576,140	)		232,907			263,574
Cash flows provided by (used for) operating activities of discontinued operations		—			42,508			(7,715	)		—			—
Cash flows provided by (used for) investing activities of discontinued operations		(344,277	)		(178,327	)		722,035			—			—

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