Comstock Resources, Inc. (NYSE:CRK) Q1 2024 Earnings Conference Call May 2, 2024 12:00 PM ET

Company Participants

Jay Allison - Chairman and Chief Executive Officer
Roland Burns - President and Chief Financial Officer
Dan Harrison - Chief Operating Officer
Ron Mills - VP of Finance and Investor Relations

Conference Call Participants

Derrick Whitfield - Stifel
Bertrand Donnes - Truist
Jacob Roberts - TPH
Atidrip Modak - Goldman Sachs
Noel Parks - Tuohy Brothers
Paul Diamond - Citi

Operator

Good day and thank you for standing by. Welcome to the Comstock Resources Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After this speaker's presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.

Now I'd like to hand the conference to your first speaker today, Jay Allison, Chief Executive Officer. Please go ahead.

Jay Allison

Thank you. Welcome to the Comstock Resources first quarter 2024 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 will find a presentation titled first quarter 2024 results.

I'm Jay Allison, 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.

Please refer to Slide 2 on our presentation to note that our discussion 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 would turn to Slide 3. Our corporate team of 255 strong wants to thank you for joining the call today. We've been very active over the last 100 days with all hands focused on continuing to bat them down the hatches in order to manage our assets and continue to create value during this weak period for natural gas. Our actions and achievements in the last 100 days have involved many of our stakeholders, including our bondholders, our bank group, our major stakeholder, Jerry Jones, and our service providers.

On March 15, we closed on an acquisition that enabled us to add 198,000 net acres to our Western Haynesville play, which were substantially held by production, so we do not have to increase our drilling activity in order to retain the acreage. In the quarter, we turned four new Western Haynesville wells to sales. Each one looks fantastic. We're now drilling on two well pads, which will reduce our cost, and we recently also reduced our drilling days to 54. Dan Harrison will give a full report on our progress on the 450,000 net acre play later in the call.