Exhibit 99.1
5300 Town and Country Blvd., Suite 500 | |
![]() | Frisco, Texas 75034 |
Telephone: (972) 668-8800 | |
Contact: Roland O. Burns | |
Sr. Vice President and Chief Financial Officer | |
Web Site: www.comstockresources.com |
NEWS RELEASE
For Immediate Release
COMSTOCK RESOURCES, INC. REPORTS
THIRD QUARTER 2006 FINANCIAL AND OPERATING RESULTS
FRISCO, TEXAS, November 2, 2006 - Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter and nine months ended September 30, 2006. During the third quarter of 2006, Comstock increased its ownership in Bois d'Arc Energy, Inc. ("Bois d'Arc Energy" NYSE: BDE) by acquiring additional common shares of Bois d'Arc Energy and as a result changed its method of accounting for its ownership in Bois d'Arc Energy to consolidation from the equity method. Comstock has applied consolidation accounting for its ownership in Bois d'Arc Energy retroactively as of January 1, 2006. The inclusion of Bois d'Arc Energy as a consolidated subsidiary had no impact on Comstock's reported net income for the current or prior periods. Pro forma results for the three and nine months ended September 30, 2005 assuming Bois d'Arc Energy was included as a consolidated subsidiary have been provided to facilitate comparison of the 2006 results to 2005 results in this press release.
Financial Results for the Three Months and Nine Months Ended September 30, 2006
Comstock reported net income of $17.0 million or 39¢ per diluted share for the three months ended September 30, 2006 as compared to net income of $14.1 million or 33¢ per diluted share in the same quarter of 2005. Results for the third quarter of 2006 include a $1.2 million unrealized gain on derivative financial instruments and results for the third quarter of 2005 include an unrealized loss on derivatives of $17.7 million. Without these items Comstock would have reported net income of $16.3 million or 37¢ per diluted share in the third quarter of 2006 and $25.6 million or 60¢ per diluted share for the third quarter of 2005. Oil and gas sales increased by 12% to $129.3 million in the three months ended September 30, 2006 as compared to pro forma consolidated sales of $115.1 million in the same period last year. Comstock generated $89.3 million in operating cash flow (before changes in working capital accounts) in 2006's third quarter, which represents a 6% increase over 2005's third quarter pro forma consolidated cash flow of $84.3 million. EBITDAX or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses was $98.8 million in 2006's third quarter as compared to 2005's pro forma consolidated third quarter EBITDAX of $93.5 million.
For the nine months ended September 30, 2006, Comstock's oil and gas sales of $385.2 million increased $78 million or 25% from pro forma consolidated sales of $307.0 million for the same period last year. Net income for the nine months ended September 30, 2006 was $62.3 million, or $1.42 per diluted share, as compared to net income of $19.1 million or 47¢ per diluted share in 2005. Net income for the nine months ended September 30, 2006 includes a loss on the pending sale of the Company's Kentucky properties, unrealized gains on derivative financial instruments of $11.3 million and the impact of the new Texas business tax of $1.1 million. Without these items, Comstock would have reported net income of $61.1 million or $1.40 per diluted share. Excluding the one time adjustments to reflect Bois d'Arc's conversion to a corporation and its initial public offering and unrealized losses on derivatives, Comstock's net income for the nine months ended September 30, 2005 would have been $78.6 million, or $1.94 per diluted share. Operating cash flow (before changes in working capital accounts) generated by Comstock was $267.7 million for the first nine months of 2006 as compared to pro forma consolidated cash flow of $214.4 million for the same period in 2005. For the nine months ended September 30, 2006, EBITDAX was $293.7 million as compared to pro forma consolidated EBITDAX of $244.7 million for the same period in 2005.
Production in the third quarter of 2006 totaled 17.1 Bcf equivalent of natural gas ("Bcfe"), a 28% increase from 2005's third quarter pro forma consolidated production of 13.4 Bcfe. For the first nine months of 2006, production totaled 49.1 Bcfe, an increase of 19%, as compared to pro forma consolidated production in the same period of 2005 of 41.3 Bcfe.
The Company's realized natural gas price averaged $6.63 per Mcf in 2006's third quarter as compared to $8.41 per Mcf in 2005's third quarter. Realized oil prices in the third quarter of 2006 averaged $65.95 per barrel as compared to $56.63 per barrel for the third quarter of 2005. For the first nine months of 2006, Comstock's realized natural gas price averaged $7.13 per Mcf as compared to $7.16 per Mcf in the same period in 2005. For the first nine months of 2006, Comstock's realized oil price was $63.06 per barrel as compared to $50.65 per barrel in the third quarter of 2005.
Nine Months 2006 Drilling Results
Comstock also announced the results to date of its 2006 onshore drilling program. In the first nine months of 2006 Comstock drilled 76 wells (52.2 net). Seventy-four of the 76 wells drilled were successful, resulting in a drilling success rate of 97%.
During the first nine months of 2006, Comstock drilled 50 wells (38.9 net) in its East Texas and North Louisiana region. All of these wells were successful development wells. These wells have been tested at an average per well initial production rate of 1.4 Mmcfe per day. At September 30, 2006 Comstock had eight additional wells in this region that were being drilled. These wells are part of Comstock's 96 well Cotton Valley drilling program planned in this region for 2006. Comstock plans to have eight drilling rigs working in this region during the fourth quarter.
In South Texas, Comstock drilled seven successful wells (2.1 net) during the first nine months of 2006, which had an average per well initial production rate of 4.8 Mmcfe per day. Comstock drilled six wells (4.4 net) in its Mid Continent region, five of which (3.4 net) were successful and one (1.0 net) was a dry hole. Comstock drilled six wells (5.7 net) in its Laurel field in Mississippi. Four of these wells were tested at an average initial production rate of 193 barrels per day. Seven wells (1.1 net) were drilled in the San Juan Basin in New Mexico. Six wells (0.9 net) were successful, and one well (0.2 net) was a dry hole.
Bois d'Arc has also had successful results from its exploration focused offshore drilling program to date in 2006. Since the beginning of 2006, Bois d'Arc has drilled nine (7.7 net) successful wells out of a total of twelve (10.2 net) drilled for a 75% success rate. During the third quarter two of Bois d'Arc's largest 2006 discoveries began producing. The OCS-G 18054 #54 ST, which was drilled to test the "Sockeye" prospect at South Pelto 22, began producing at 17.0 Mmcfe per day in August 2006 and the OCS-G 24924 No. 1 ST drilled to test the "Steelhead" prospect at Ship Shoal block 111 began producing at 6.5 Mmcfe per day in September 2006.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
Comstock Resources, Inc. is a growing independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas, Louisiana and the Gulf of Mexico. The Company's stock is traded on the New York Stock Exchange under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2005 | 2005 | ||||||||||||||||||||||||
2006 | As Reported | Pro Forma(1) | 2006 | As Reported | Pro Forma(1) | ||||||||||||||||||||
Oil and gas sales | $ | 129,251 | $ | 71,619 | $ | 115,053 | $ | 385,153 | $ | 209,970 | $ | 307,035 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Oil and gas operating | 26,904 | 10,803 | 19,146 | 78,220 | 36,869 | 54,494 | |||||||||||||||||||
Exploration | 8,069 | 2,423 | 5,249 | 16,662 | 19,709 | 27,399 | |||||||||||||||||||
Depreciation, depletion and amortization | 40,709 | 14,036 | 23,331 | 104,457 | 47,368 | 71,054 | |||||||||||||||||||
Impairment | 1,389 | 3,400 | 3,400 | 2,235 | 3,400 | 3,400 | |||||||||||||||||||
Loss on disposal of assets | — | — | — | 7,934 | $ | — | 89 | ||||||||||||||||||
General and administrative, net | 7,370 | 3,058 | 4,942 | 22,738 | 11,015 | 15,437 | |||||||||||||||||||
Total operating expenses | 84,441 | 33,720 | 56,068 | 232,246 | 118,361 | 171,873 | |||||||||||||||||||
Income from operations | 44,810 | 37,899 | 58,985 | 152,907 | 91,609 | 135,162 | |||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||||
Other income | 187 | 37 | (13 | ) | 616 | 173 | 123 | ||||||||||||||||||
Interest income | 258 | 242 | 221 | 724 | 1,449 | 407 | |||||||||||||||||||
Interest expense | (6,733 | ) | (4,982 | ) | (5,220 | ) | (18,322 | ) | (15,499 | ) | (15,904 | ) | |||||||||||||
Gain on sale of stock by Bois d'Arc | — | — | — | — | 28,797 | 28,797 | |||||||||||||||||||
Gain (loss) on derivatives | 1,180 | (17,814 | ) | (17,814 | ) | 10,608 | (21,045 | ) | (21,045 | ) | |||||||||||||||
Total other income (expenses) | (5,108 | ) | (22,517 | ) | (22,826 | ) | (6,374 | ) | (6,125 | ) | (7,622 | ) | |||||||||||||
Income before income taxes, minority interest | |||||||||||||||||||||||||
and equity in earnings of Bois d'Arc Energy | 39,702 | 15,382 | 36,159 | 146,533 | 85,484 | 127,540 | |||||||||||||||||||
Provision for income taxes | (16,662 | ) | (7,602 | ) | (15,120 | ) | (61,847 | ) | (11,469 | ) | (131,112 | ) | |||||||||||||
Equity in earnings (loss) of Bois d'Arc | |||||||||||||||||||||||||
Energy | — | 6,358 | — | — | (54,867 | ) | — | ||||||||||||||||||
Minority interest in earnings of Bois d'Arc | |||||||||||||||||||||||||
Energy | (6,004 | ) | — | (6,901 | ) | (22,433 | ) | — | 22,720 | ||||||||||||||||
Net income | $ | 17,036 | $ | 14,138 | $ | 14,138 | $ | 62,253 | $ | 19,148 | $ | 19,148 | |||||||||||||
Net income per share: | |||||||||||||||||||||||||
Basic | $ | 0.40 | $ | 0.35 | $ | 0.35 | $ | 1.48 | $ | 0.50 | $ | 0.50 | |||||||||||||
Diluted | $ | 0.39 | $ | 0.33 | $ | 0.33 | $ | 1.42 | $ | 0.47 | $ | 0.47 | |||||||||||||
Weighted average common and common stock | |||||||||||||||||||||||||
equivalent shares outstanding: | |||||||||||||||||||||||||
Basic | 42,243 | 40,432 | 40,432 | 42,128 | 38,417 | 38,417 | |||||||||||||||||||
Diluted | 43,553 | 42,380 | 42,380 | 43,505 | 40,516 | 40,516 | |||||||||||||||||||
(1) Pro forma amounts include Bois d'Arc Energy as a consolidated subsidiary. |
COMSTOCK RESOURCES, INC.
CONSOLIDATED OPERATING RESULTS
(In thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2005 | 2005 | |||||||||||||||||||||||
2006 | As Reported | Pro Forma(1) | 2006 | As Reported | Pro Forma(1) | |||||||||||||||||||
Cash flow from operations: | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 98,236 | $ | 55,657 | $ | 92,243 | $ | 274,300 | $ | 155,254 | $ | 228,997 | ||||||||||||
Excess tax benefit from stock based compensation | — | — | — | 922 | — | — | ||||||||||||||||||
Increase (decrease) in accounts receivable | 2,366 | 7,460 | (5,990 | ) | (10,774 | ) | 4,741 | 8,403 | ||||||||||||||||
Increase (decrease) in other current assets | (10,560 | ) | (1,663 | ) | 2,227 | 139 | (1,659 | ) | 4,422 | |||||||||||||||
Decrease (increase) in accounts payable and | ||||||||||||||||||||||||
accrued expenses | (763 | ) | (8,076 | ) | (4,136 | ) | 3,153 | (11,085 | ) | (27,433 | ) | |||||||||||||
Cash flow from operations | $ | 89,279 | $ | 53,378 | $ | 84,344 | $ | 267,740 | $ | 147,251 | $ | 214,389 | ||||||||||||
EBITDAX: | ||||||||||||||||||||||||
Net income | $ | 17,036 | $ | 14,138 | $ | 14,138 | $ | 62,253 | $ | 19,148 | $ | 19,148 | ||||||||||||
Interest expense | 6,733 | 4,982 | 5,220 | 18,322 | 15,499 | 15,904 | ||||||||||||||||||
Income tax expense | 16,662 | 7,602 | 15,120 | 61,847 | 11,469 | 131,112 | ||||||||||||||||||
Depreciation, depletion and amortization | 40,709 | 14,036 | 23,331 | 104,457 | 47,368 | 71,054 | ||||||||||||||||||
Exploration expense | 8,069 | 2,423 | 5,249 | 16,662 | 19,709 | 27,399 | ||||||||||||||||||
Other non-cash items: | ||||||||||||||||||||||||
Impairment | 1,389 | 3,400 | 3,400 | 2,235 | 3,400 | 3,400 | ||||||||||||||||||
Loss on disposal of assets | — | — | — | 7,934 | — | 89 | ||||||||||||||||||
Equity in earnings (loss) of Bois d'Arc Energy | — | (6,358 | ) | — | — | 54,867 | — | |||||||||||||||||
Minority interests in earnings of Bois d'Arc Energy | 6,004 | — | 6,901 | 22,433 | — | (22,720 | ) | |||||||||||||||||
Gain on sale of stock by Bois d'Arc Energy | — | — | — | — | (28,797 | ) | (28,797 | ) | ||||||||||||||||
Stock-based compensation | 3,342 | 1,017 | 2,438 | 8,912 | 4,195 | 7,192 | ||||||||||||||||||
Unrealized (gain) loss on derivatives | (1,180 | ) | 17,674 | 17,674 | (11,311 | ) | 20,905 | 20,905 | ||||||||||||||||
EBITDAX | $ | 98,764 | $ | 58,914 | $ | 93,471 | $ | 293,744 | $ | 167,763 | $ | 244,686 | ||||||||||||
As of September 30, | |||||||||||||
2005 | |||||||||||||
2006 | As Reported | Pro Forma(1) | |||||||||||
Balance Sheet Data: | |||||||||||||
Cash and cash equivalents | $ | 27,084 | $ | 1,847 | $ | 4,905 | |||||||
Other current assets | 78,089 | 38,911 | 64,828 | ||||||||||
Property and equipment, net | 1,676,234 | 695,430 | 1,300,664 | ||||||||||
Investment in Bois d'Arc Energy | — | 247,128 | — | ||||||||||
Other | 11,477 | 5,071 | 5,955 | ||||||||||
Total assets | $ | 1,792,884 | $ | 988,387 | $ | 1,376,352 | |||||||
Current liabilities | $ | 122,899 | $ | 70,846 | $ | 125,610 | |||||||
Long-term debt | 455,000 | 282,000 | 306,000 | ||||||||||
Deferred income taxes | 305,062 | 95,265 | 213,157 | ||||||||||
Asset retirement obligation | 44,327 | 2,769 | 33,909 | ||||||||||
Other | — | 4,245 | 4,245 | ||||||||||
Minority interest in Bois d'Arc Energy | 212,683 | — | 160,169 | ||||||||||
Stockholders' equity | 652,913 | 533,262 | 533,262 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,792,884 | $ | 988,387 | $ | 1,376,352 |
(1) Pro forma amounts include Bois d'Arc Energy as a consolidated subsidiary. |
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
($ In thousands, except per unit amounts)
For the Three Months Ended September 30, 2006 | For the Three Months Ended September 30, 2005 | |||||||||||||||||||||||
Bois d'Arc | Bois d'Arc | Pro Forma | ||||||||||||||||||||||
Onshore(1) | Energy | Total | Onshore(1) | Energy | Total(2) | |||||||||||||||||||
Oil production (thousand barrels) | 231 | 370 | 601 | 208 | 245 | 453 | ||||||||||||||||||
Gas production (million cubic | ||||||||||||||||||||||||
feet - Mmcf | 7,409 | 6,106 | 13,515 | 7,328 | 3,306 | 10,634 | ||||||||||||||||||
Total production (Mmcfe) | 8,792 | 8,328 | 17,120 | 8,575 | 4,775 | 13,350 | ||||||||||||||||||
Oil sales | $ | 13,696 | $ | 25,935 | $ | 39,631 | $ | 10,960 | $ | 14,683 | $ | 25,643 | ||||||||||||
Gas sales | 48,559 | 41,061 | 89,620 | 60,659 | 28,751 | 89,410 | ||||||||||||||||||
Total oil and gas sales | $ | 62,255 | $ | 66,996 | $ | 129,251 | $ | 71,619 | $ | 43,434 | $ | 115,053 | ||||||||||||
Average oil price (per barrel) | $ | 59.42 | $ | 70.01 | $ | 65.95 | $ | 52.71 | $ | 59.96 | $ | 56.63 | ||||||||||||
Average gas price (per thousand | ||||||||||||||||||||||||
cubic feet - Mcf) | $ | 6.55 | $ | 6.72 | $ | 6.63 | $ | 8.28 | $ | 8.70 | $ | 8.41 | ||||||||||||
Average price (per Mcf equivalent) | $ | 7.08 | $ | 8.04 | $ | 7.75 | $ | 8.35 | $ | 9.10 | $ | 8.62 | ||||||||||||
Lifting cost | $ | 13,365 | $ | 13,538 | $ | 26,903 | $ | 10,803 | $ | 8,343 | $ | 19,146 | ||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.52 | $ | 1.63 | $ | 1.57 | $ | 1.26 | $ | 1.75 | $ | 1.43 | ||||||||||||
Oil and Gas Capital Expenditures | $ | 120,656 | $ | 77,500 | $ | 198,156 | $ | 47,714 | $ | 53,364 | $ | 101,078 |
For the Nine Months Ended September 30, 2006 | For the Nine Months Ended September 30, 2005 | |||||||||||||||||||||||
Bois d'Arc | Bois d'Arc | Pro Forma | ||||||||||||||||||||||
Onshore(1) | Energy | Total | Onshore(1) | Energy | Total(2) | |||||||||||||||||||
Oil production (thousand barrels) | 696 | 1,033 | 1,729 | 501 | 956 | 1,457 | ||||||||||||||||||
Gas production (million cubic | ||||||||||||||||||||||||
feet - Mmcf | 22,327 | 16,388 | 38,715 | 20,874 | 11,718 | 32,592 | ||||||||||||||||||
Total production (Mmcfe) | 26,501 | 22,587 | 49,088 | 23,881 | 17,457 | 41,338 | ||||||||||||||||||
Oil sales | $ | 39,808 | $ | 69,215 | $ | 109,023 | $ | 24,534 | $ | 49,294 | $ | 73,828 | ||||||||||||
Gas sales | 156,909 | 119,221 | 276,130 | 146,906 | 86,301 | 233,207 | ||||||||||||||||||
Total oil and gas sales | $ | 196,717 | $ | 188,436 | $ | 385,153 | $ | 171,440 | $ | 135,595 | $ | 307,035 | ||||||||||||
Average oil price (per barrel) | $ | 57.22 | $ | 67.00 | $ | 63.06 | $ | 48.96 | $ | 51.54 | $ | 50.65 | ||||||||||||
Average gas price (per thousand | ||||||||||||||||||||||||
cubic feet - Mcf) | $ | 7.03 | $ | 7.27 | $ | 7.13 | $ | 7.04 | $ | 7.36 | $ | 7.16 | ||||||||||||
Average price (per Mcf equivalent) | $ | 7.42 | $ | 8.34 | $ | 7.85 | $ | 7.18 | $ | 7.77 | $ | 7.43 | ||||||||||||
Lifting cost | $ | 40,420 | $ | 37,799 | $ | 78,219 | $ | 30,170 | $ | 24,324 | $ | 54,494 | ||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.53 | $ | 1.67 | $ | 1.59 | $ | 1.26 | $ | 1.39 | $ | 1.32 | ||||||||||||
Oil and Gas Capital Expenditures | $ | 212,938 | $ | 191,798 | $ | 404,736 | $ | 296,398 | $ | 123,723 | $ | 420,121 |
(1) Includes the onshore results of operations of Comstock Resources, Inc. | |||||||||||||||||||||||||
(2) Pro forma amounts include Bois d'Arc Energy as a consolidated subsidiary. |
COMSTOCK RESOURCES, INC.
REGIONAL ONSHORE OPERATING RESULTS
($ In thousands, except per unit amounts)
For the Three Months ended September 30, 2006 | For the Three Months Ended September 30, 2005 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | Total | North | South | Total | |||||||||||||||||||||||||||
Louisiana | Texas | Other | Onshore | Louisiana | Texas | Other | Onshore | |||||||||||||||||||||||||
Oil production (thousand barrels) | 29 | 51 | 151 | 231 | 23 | 50 | 135 | 208 | ||||||||||||||||||||||||
Gas production (million cubic feet - Mmcf) | 4,507 | 2,065 | 837 | 7,409 | 3,930 | 2,412 | 986 | 7,328 | ||||||||||||||||||||||||
Total production (Mmcfe) | 4,679 | 2,371 | 1,742 | 8,792 | 4,069 | 2,711 | 1,795 | 8,575 | ||||||||||||||||||||||||
Oil sales | $ | 1,906 | $ | 3,498 | $ | 8,292 | $ | 13,696 | $ | 1,230 | $ | 3,683 | $ | 6,047 | $ | 10,960 | ||||||||||||||||
Gas sales | 28,737 | 14,625 | 5,197 | 48,559 | 32,226 | 20,557 | 7,876 | 60,659 | ||||||||||||||||||||||||
Total oil and gas sales | $ | 30,643 | $ | 18,123 | $ | 13,489 | $ | 62,255 | $ | 33,456 | $ | 24,240 | $ | 13,923 | $ | 71,619 | ||||||||||||||||
Average oil price (per barrel) | $ | 65.72 | $ | 68.59 | $ | 54.91 | $ | 59.42 | $ | 53.48 | $ | 73.66 | $ | 44.79 | $ | 52.71 | ||||||||||||||||
Average gas price (per thousand | ||||||||||||||||||||||||||||||||
cubic feet - Mcf) | $ | 6.38 | $ | 7.08 | $ | 6.21 | $ | 6.55 | $ | 8.20 | $ | 8.52 | $ | 7.99 | $ | 8.28 | ||||||||||||||||
Average price (per Mcf equivalent) | $ | 6.55 | $ | 7.64 | $ | 7.74 | $ | 7.08 | $ | 8.22 | $ | 8.94 | $ | 7.76 | $ | 8.35 | ||||||||||||||||
Lifting cost(1) | $ | 5,568 | $ | 3,437 | $ | 4,360 | $ | 13,365 | $ | 3,061 | $ | 2,919 | $ | 4,822 | $ | 10,803 | ||||||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.19 | $ | 1.45 | $ | 2.50 | $ | 1.52 | $ | 0.75 | $ | 1.08 | $ | 2.69 | $ | 1.26 | ||||||||||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||||||||||||||||||
Acquisitions | $ | — | $ | 67,263 | $ | — | $ | 67,263 | $ | 10,157 | $ | — | $ | — | $ | 10,157 | ||||||||||||||||
Leasehold costs | 259 | 882 | 689 | 1,830 | 347 | 399 | 295 | 1,041 | ||||||||||||||||||||||||
Exploratory drilling | — | — | — | — | — | 1,832 | 43 | 1,875 | ||||||||||||||||||||||||
Development drilling | 39,066 | 6,296 | 732 | 46,094 | 24,735 | 1,615 | 4,364 | 30,714 | ||||||||||||||||||||||||
Other development | 3,149 | 353 | 1,967 | 5,469 | 1,806 | 162 | 1,959 | 3,927 | ||||||||||||||||||||||||
Total | $ | 42,474 | $ | 74,794 | $ | 3,388 | $ | 120,656 | $ | 37,045 | $ | 4,008 | $ | 6,661 | $ | 47,714 |
(1) Includes production taxes of $2,487 and $2,575 for the three months ended September 30, 2006 and 2005, respectively. |
For the Nine Months ended September 30, 2006 | For the Nine Months Ended September 30, 2005 | |||||||||||||||||||||||||||||||
East Texas/ | East Texas/ | |||||||||||||||||||||||||||||||
North | South | Total | North | South | Total | |||||||||||||||||||||||||||
Louisiana | Texas | Other | Onshore | Louisiana | Texas | Other | Onshore | |||||||||||||||||||||||||
Oil production (thousand barrels) | 89 | 164 | 443 | 696 | 63 | 178 | 260 | 501 | ||||||||||||||||||||||||
Gas production (million cubic feet - Mmcf) | 13,075 | 6,728 | 2,524 | 22,327 | 9,854 | 8,147 | 2,873 | 20,874 | ||||||||||||||||||||||||
Total production (Mmcfe) | 13,609 | 7,715 | 5,177 | 26,501 | 10,232 | 9,215 | 4,434 | 23,881 | ||||||||||||||||||||||||
Oil sales | $ | 5,637 | $ | 10,785 | $ | 23,386 | $ | 39,808 | $ | 3,183 | $ | 9,395 | $ | 11,956 | $ | 24,534 | ||||||||||||||||
Gas sales | 89,802 | 50,415 | 16,692 | 156,909 | 69,173 | 57,965 | 19,768 | 146,906 | ||||||||||||||||||||||||
Total oil and gas sales | $ | 95,439 | $ | 61,200 | $ | 40,078 | $ | 196,717 | $ | 72,356 | $ | 67,360 | $ | 31,724 | $ | 171,440 | ||||||||||||||||
Average oil price (per barrel) | $ | 63.34 | $ | 65.76 | $ | 52.79 | $ | 57.22 | $ | 50.52 | $ | 52.78 | $ | 45.98 | $ | 48.96 | ||||||||||||||||
Average gas price (per thousand | ||||||||||||||||||||||||||||||||
cubic feet - Mcf) | $ | 6.87 | $ | 7.49 | $ | 6.21 | $ | 7.03 | $ | 7.02 | $ | 7.11 | $ | 6.88 | $ | 7.04 | ||||||||||||||||
Average price (per Mcf equivalent) | $ | 7.01 | $ | 7.93 | $ | 7.74 | $ | 7.42 | $ | 7.07 | $ | 7.31 | $ | 7.15 | $ | 7.18 | ||||||||||||||||
Lifting cost(2) | $ | 17,229 | $ | 10,770 | $ | 12,421 | $ | 40,420 | $ | 11,700 | $ | 9,892 | $ | 8,578 | $ | 30,170 | ||||||||||||||||
Lifting cost (per Mcf equivalent) | $ | 1.27 | $ | 1.40 | $ | 2.40 | $ | 1.53 | $ | 1.14 | $ | 1.07 | $ | 1.93 | $ | 1.26 | ||||||||||||||||
Oil and Gas Capital Expenditures: | ||||||||||||||||||||||||||||||||
Acquisitions | $ | 912 | $ | 67,263 | $ | — | $ | 68,175 | $ | 128,397 | $ | — | $ | 73,334 | $ | 201,731 | ||||||||||||||||
Leasehold costs | 493 | 1,067 | 1,823 | 3,383 | 612 | 969 | 1,107 | 2,688 | ||||||||||||||||||||||||
Exploratory drilling | — | 75 | — | 75 | — | 14,913 | 276 | 15,189 | ||||||||||||||||||||||||
Development drilling | 91,525 | 11,903 | 20,488 | 123,916 | 52,056 | 6,814 | 7,234 | 66,104 | ||||||||||||||||||||||||
Other development | 11,320 | 996 | 5,073 | 17,389 | 6,911 | 1,143 | 2,632 | 10,686 | ||||||||||||||||||||||||
Total | $ | 104,250 | $ | 81,304 | $ | 27,384 | $ | 212,938 | $ | 187,976 | $ | 23,839 | $ | 84,583 | $ | 296,398 |
(2) Includes production taxes of $8,793 and $7,448 for the nine months ended September 30, 2006 and 2005, respectively. |