Comstock Resources, Inc. (NYSE:CRK) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET

Company Participants

Jay Allison - Chairman and CEO
Roland Burns - President and CFO
Dan Harrison - COO
Ron Mills - VP of Finance and IR

Conference Call Participants

Carlos Escalante - Wolfe Research
Jacob Roberts - TPH & Company
Charles Meade - Johnson Rice
Bertrand Donnes - Truist
Kevin McCurdy - Pickering Energy Partners
Leo Mariani - ROTH
Neil Mehta - Goldman Sachs
Phillips Johnston - Capital One Securities
Noel Parks - Tuohy Brothers Investment Research
Paul Diamond - Citi
Gregg Brody - Bank of America
Geoff Jay - Daniel Energy Partners

Operator

Thank you for standing by and welcome to Comstock Resources Second Quarter 2024 Earnings Conference Call. [Operator Instructions]

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

Jay Allison

Thank you. I want to thank everybody for spending the time with us this morning going over our results. We appreciate your time. Welcome to the Comstock Resources second 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 presentations. There you'll find a presentation entitled second quarter 2024 results.

I am 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 in our presentations and note that the 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 could be no assurance that such expectations will prove to be correct.

Before I start in the formal part of the presentation, I'd like to make a few comments. As a pure-play natural gas producer with 750,000 net acres in the Haynesville Shale basin, which is the best located to serve the growing natural gas demand along the Gulf coast, the future for the company has never ever been brighter. However, the present challenge is managing through these times with natural gas prices at all-time lows on an inflation-adjusted basis. So, now it's how you manage the present to shine the brightest when the rebound occurs.

We have all the tools to accomplish this, including a very experienced management team who has managed in much harder times, strong financial liquidity of $1.2 billion, the industry's lowest cost structure, no bond maturities until 2029 and a very supportive major shareholder with the Jones family, who recently directly invested $100 million in the company to support our leasing program.