Comstock Resources, Inc. (NYSE:CRK) Q3 2023 Earnings Conference Call October 31, 2023 11:00 AM ET
Company Participants
Miles Allison - Chairman & CEO
Roland Burns - President, CFO, Secretary & Director
Daniel Harrison - COO
Ron Mills - VP, Finance & IR
Conference Call Participants
Derrick Whitfield - Stifel
Charles Meade - Johnson Rice & Company
Jacob Roberts - TPH & Company
Bertrand Donnes - Truist Securities
Phillips Johnston - Capital One Securities
Fernando Zavala - Pickering Energy Partners
Leo Mariani - ROTH MKM Partners
Gregg Brody - Bank of America Merrill Lynch
Paul Diamond - Citigroup
Noel Parks - Tuohy Brothers Investment Research
Operator
Good day, and thank you for standing by, and welcome to the Q3 2023 Comstock Resources, Inc. Earnings Conference Call. [Operator Instructions].
I would now like to introduce your host for today's call, Jay Allison, Chairman and CEO. Please go ahead.
Miles Allison
Good morning, everyone. In Frisco, Texas, this morning, it's 34 degrees. The Texas Rangers took a lead in the World Series, and I saw natural gas prices were up about $0.20 this morning. So we're all smiles here. We started out the day the right way.
The world of natural gas is something that is a big part of our business. Reported profitable third quarter with a realized gas price of only $2.41 with only 18% of our gas hedged highlights our extremely low operating cost structure and our high margins. The 18 net operated wells returned to sales since our last update on our extensive Haynesville/Bossier acreage position continued to deliver solid results from our legacy area as well as the emerging Western Haynesville.
The 2 Western Haynesville wells we recently turned to sales were "top-of-the-class" wells as were the other 5 that we turn to sell starting with our Western Haynesville well, the Circle M, which started production in April of 2022. And make no say about it, we're extremely pleased with the results of all the Western Haynesville wells we have turned to sell so far.
This year, we are focused on proving up the Western Haynesville and continuing to build our extensive acreage position. During this time of weak natural gas prices, we're providing a dividend to our stakeholders, holding our legacy production steady while being accountable to our bank lending group have just reaffirmed our $2 billion borrowing base and proving up a much-needed new get go resource near the expanding LNG export facilities along the Texas and Louisiana Gulf Coast.