Comstock Resources, Inc. (NYSE:CRK) Q2 2022 Earnings Conference Call August 2, 2022 11:00 AM ET

Company Participants

Jay Allison - Chairman & CEO

Roland Burns - President & CFO

Daniel Harrison - COO

Ronald Mills - VP of Finance & IR

Conference Call Participants

Austin Aucoin - Johnson Rice & Company

Umang Choudhary - Goldman Sachs

Neal Dingmann - Truist Securities

Leo Mariani - MKM Partners

Fernando Zavala - Pickering Energy Partners

Noel Parks - Tuohy Brothers

Operator

Thank you for standing by, and welcome to Comstock Resources Second Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Jay Allison, Chairman and CEO. Please go ahead.

Jay Allison

All right. Thank you. You got a good tone this morning. You start everybody off right in the -- let me, tell you we're thankful to be a natural gas producer in the Haynesville, which we think is the best basin in the North America to have dry natural gas.

So anyhow welcome to the Comstock Resources second quarter 2022 financial and operating results conference call. 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 entitled second quarter 2022 results.

I am Jay Allison, the Chief Executive Officer of Comstock and with me is Roland Burns, our President and Chief Financial Officer; Dan Harrison, our Chief Operating Officer; and Ron Mills, our VP of Finance and Investor Relations.

If you’ll flip over to two, please refer to Slide 2 in our presentation and note that our discussions today will include forward-looking statements within the meaning of securities laws. While we believe the expectations and such statements to be reasonable, there could be no assurance that such expectations will prove to be correct.

Now start the real presentation Slide 3. The second quarter 2022 highlights. We'll cover the highlights for the second quarter on Slide 3. In the second quarter, we generated $190 million of operating free cash flow. We also retired $271 million of our senior notes, including the redemption of our 7.5 senior notes, we assumed when we acquired Covey Park and we repurchased $26 million of our six and three quarter senior notes in the open market. We brought our leverage down to 1.2 times.