Comstock Resources (CRK) 10-K 16 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-03262
Entity Registrant Name	COMSTOCK RESOURCES, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Trading Symbol	CRK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		278,429,463
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023 are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000023194

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor firm ID	42
Auditor name	ERNST & YOUNG LLP
Auditor location	Dallas, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 16,669	$ 54,652
Accounts receivable:
Natural gas and oil sales and gas services	166,639	415,079
Joint interest operations	48,704	76,521
From affiliates	16,087	18,527
Derivative financial instruments	126,775	23,884
Other current assets	86,619	56,324
Total current assets	461,493	644,987
Natural gas and oil properties, successful efforts method:
Proved	7,126,519	5,843,409
Unproved	343,419	298,230
Other	62,382	26,475
Accumulated depreciation, depletion and amortization	(2,147,549)	(1,545,459)
Net property and equipment	5,384,771	4,622,655
Goodwill	335,897	335,897
Operating lease right-of-use assets	71,462	90,716
Total assets	6,253,623	5,694,255
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	523,260	530,195
Accrued expenses	134,466	183,111
Operating leases	23,765	38,411
Derivative financial instruments	0	4,420
Total current liabilities	681,491	756,137
Long-term debt	2,640,391	2,152,571
Deferred income taxes	470,035	425,734
Long-term operating leases	47,742	52,385
Reserve for future abandonment costs	30,773	29,114
Total liabilities	3,870,432	3,415,941
Commitments and contingencies
Stockholders' equity:
Common stock - $0.50 par, 400,000,000 shares authorized, 278,429,463 and 277,517,087 shares issued and outstanding at December 31, 2023 and 2022, respectively	139,214	138,759
Additional paid-in capital	1,260,930	1,253,417
Accumulated earnings	958,270	886,138
Total stockholders' equity attributable to Comstock	2,358,414	2,278,314
Noncontrolling interest	24,777	0
Total stockholders' equity	2,383,191	2,278,314
Total liabilities and stockholders' equity	$ 6,253,623	$ 5,694,255

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other	$ 62,382	$ 26,475
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	278,429,463	277,517,087
Common stock, shares outstanding (in shares)	278,429,463	277,517,087

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,565,109	$ 3,628,057	$ 1,850,730
Operating expenses:
Production and ad valorem taxes	91,803	77,917	49,141
Gathering and transportation	184,906	155,679	130,940
Lease operating	132,203	111,134	103,467
Depreciation, depletion and amortization	607,908	489,450	469,388
Gas services	282,050	465,044	0
General and administrative, net	37,992	39,405	34,943
Exploration	1,775	8,287	0
(Gain) loss on sale of assets	(125)	(340)	162,077
Total operating expenses	1,338,512	1,346,576	949,956
Operating income	226,597	2,281,481	900,774
Other income (expenses):
Gain (loss) from derivative financial instruments	187,639	(662,522)	(560,648)
Other income	1,771	916	636
Interest expense	(169,018)	(171,092)	(218,485)
Loss on early extinguishment of debt	0	(46,840)	(352,599)
Total other income (expenses)	20,392	(879,538)	(1,131,096)
Income (loss) before income taxes	246,989	1,401,943	(230,322)
Provision for income taxes	(35,095)	(261,061)	(11,403)
Net income (loss)	211,894	1,140,882	(241,725)
Preferred stock dividends and accretion	0	(16,014)	(17,500)
Net income (loss) available to common stockholders	211,894	1,124,868	(259,225)
Net income attributable to noncontrolling interest	(777)	0	0
Net income (loss)	$ 211,117	$ 1,124,868	$ (259,225)
Net income per share:
Basic (in dollars per share)	$ 0.76	$ 4.75	$ (1.12)
Diluted (in dollars per share)	$ 0.76	$ 4.11	$ (1.12)
Weighted average shares outstanding:
Basic (in shares)	276,806	236,045	231,633
Diluted (in shares)	276,806	277,465	231,633
Dividends per share	$ 0.50	$ 0.125	$ 0
Total natural gas and oil sales
Revenues:
Total revenues	$ 1,264,611	$ 3,124,691	$ 1,850,730
Natural gas sales
Revenues:
Total revenues	1,259,450	3,117,094	1,775,768
Oil sales
Revenues:
Total revenues	5,161	7,597	74,962
Gas services
Revenues:
Total revenues	$ 300,498	$ 503,366	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020		232,415
Beginning balance at Dec. 31, 2020	$ 1,266,773	$ 116,206	$ 1,095,384	$ 55,183
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		766
Stock-based compensation	6,799	$ 384	6,415
Income tax withholdings on equity awards (in shares)		(256)
Income tax withholdings on equity awards	(1,412)	$ (128)	(1,284)
Stock issuance costs	(156)		(156)
Net income (loss)	(241,725)
Profit loss parent net income (loss)				(241,725)
Payment of preferred dividends	(17,500)			(17,500)
Ending balance (in shares) at Dec. 31, 2021		232,925
Ending balance at Dec. 31, 2021	1,012,779	$ 116,462	1,100,359	(204,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		1,159
Stock-based compensation	6,610	$ 580	6,030
Income tax withholdings on equity awards (in shares)		(317)
Income tax withholdings on equity awards	(6,255)	$ (158)	(6,097)
Issuance of common stock (in shares)		43,750
Issuance of common stock	175,000	$ 21,875	153,125
Net income (loss)	1,140,882
Profit loss parent net income (loss)				1,140,882
Payment of preferred dividends	16,014			(16,014)
Payment of common stock dividends	(34,688)			34,688
Ending balance (in shares) at Dec. 31, 2022		277,517
Ending balance at Dec. 31, 2022	2,278,314	$ 138,759	1,253,417	886,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		1,103
Stock-based compensation	9,867	$ 550	9,317
Income tax withholdings on equity awards (in shares)		(190)
Income tax withholdings on equity awards	(1,899)	$ (95)	(1,804)
Net income (loss)	211,894				$ 777
Profit loss parent net income (loss)				211,117
Payment of common stock dividends	(138,985)			(138,985)
Contributions from noncontrolling interest	24,000				24,000
Ending balance (in shares) at Dec. 31, 2023		278,430
Ending balance at Dec. 31, 2023	$ 2,383,191	$ 139,214	$ 1,260,930	$ 958,270	$ 24,777

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 211,894	$ 1,140,882	$ (241,725)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred and non-current income taxes	44,301	228,317	(3,565)
(Gain) loss on sale of assets	(125)	(340)	162,077
Depreciation, depletion and amortization	607,908	489,450	469,388
(Gain) loss on derivative financial instruments	(187,639)	662,522	560,648
Cash settlements of derivative financial instruments	80,328	(862,715)	(419,714)
Amortization of debt discount, premium and issuance costs	7,964	10,255	21,703
Stock-based compensation	9,867	6,610	6,799
Loss on early extinguishment of debt	0	46,840	352,599
(Increase) decrease in accounts receivable	278,697	(242,389)	(121,952)
(Increase) decrease in other current assets	745	(10,296)	(98)
Increase (decrease) in accounts payable and accrued expenses	(37,094)	229,252	74,780
Net cash provided by operating activities	1,016,846	1,698,388	860,940
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,425,086)	(1,067,800)	(691,005)
Prepaid drilling costs	(34,010)	(34,069)	(140)
Proceeds from sales of assets	41,295	4,186	138,394
Net cash used for investing activities	(1,417,801)	(1,097,683)	(552,751)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facility	820,000	755,000	555,000
Repayments on bank credit facility	(340,000)	(990,000)	(820,000)
Issuance of Senior Notes	0	0	2,222,500
Retirement of Senior Notes	0	(273,920)	(2,210,626)
Debt and stock issuance costs	(144)	(10,839)	(35,760)
Income tax withholdings on equity awards	(1,899)	(6,255)	(1,412)
Preferred stock dividends paid	0	(16,014)	(17,500)
Common stock dividends paid	(138,985)	(34,688)	0
Contributions from noncontrolling interest	24,000	0	0
Net cash used for financing activities	362,972	(576,716)	(307,798)
Net increase (decrease) in cash and cash equivalents	(37,983)	23,989	391
Cash and cash equivalents, beginning of the year	54,652	30,663	30,272
Cash and cash equivalents, end of the year	$ 16,669	$ 54,652	$ 30,663

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Accounting policies used by Comstock Resources, Inc. and subsidiaries reflect natural gas and oil industry practices and conform to accounting principles generally accepted in the United States of America. Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Comstock Resources, Inc., its wholly owned or controlled subsidiaries and a variable interest entity for which Comstock is the primary beneficiary (collectively, "Comstock" or the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in natural gas and oil properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. Comstock entered into an agreement with an affiliate of Quantum Capital Solutions ("Quantum"), in the fourth quarter of 2023 to form Pinnacle Gas Services, LLC ("PGS"), a midstream company in Comstock's Western Haynesville area. As part of the transaction, Comstock contributed a 145-mile high-pressure pipeline and a natural gas treating plant. Quantum committed to contribute up to $ 300 million to fund future expansion costs. Quantum is entitled to a 12 % dividend on its invested capital and 80 % of any distributions from Pinnacle until certain return hurdles are met. After the return hurdles are met, Quantum's ownership reduces to 30 %. Comstock operates and manages PGS pursuant to a management services agreement. The Board of PGS is comprised of five members: three selected by Comstock and two selected by Quantum. PGS is considered a variable interest entity to Comstock. Comstock has the power to direct the activities that most significantly impact the performance of PGS and has the obligation to absorb losses or right to receive benefits that could potentially be significant to PGS. Accordingly, Comstock is considered the primary beneficiary and consolidates the assets, liabilities and results of operations of PGS in the accompanying consolidated financial statements. PGS assets that cannot be used by Comstock include $ 54.9 million of other property and equipment as of December 31, 2023 . Other PGS assets that cannot be used by Comstock and PGS liabilities for which creditors do not have recourse to Comstock's assets are not material to the Company's consolidated financial statements. The portion of PGS net income and stockholders' equity not attributable to Comstock's controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of operations and statements of stockholders' equity. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated natural gas and oil reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analyses could have a significant impact on the future results of operations. Concentration of Credit Risk, Accounts Receivable and Credit Losses Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative financial instruments. The Company places its cash with high credit quality financial institutions and its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. Substantially all of the Company's accounts receivable are due from either purchasers of natural gas and oil or participants in natural gas and oil wells for which the Company serves as the operator. Generally, operators of natural gas and oil wells have the right to offset future revenues against unpaid charges related to operated wells. Natural gas and oil sales are generally unsecured. The Company's policy is to assess the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been recorded for the years ended December 31, 2023, 2022 and 2021 , respectively. Other Current Assets Other current assets at December 31, 2023 and 2022 consist of the following: As of December 31, 2023 2022 (In thousands) Prepaid drilling costs $ 70,124 $ 39,084 Income tax receivable 8,312 — Production tax refunds receivable 5,745 11,156 Prepaid expenses 2,438 2,455 Accrued proceeds from sale of natural gas and oil properties — 3,118 Other — 511 $ 86,619 $ 56,324 Fair Value Measurements The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value in the financial statements. These include cash and cash equivalents held in bank accounts and derivative financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2023 and 2022: As of December 31, 2023 2022 Carrying Value Fair Value Carrying Value Fair Value Assets: (In thousands) Commodity-based derivatives (1) $ 126,775 $ 126,775 $ 23,884 $ 23,884 Liabilities: Commodity-based derivatives (1) — — 4,420 4,420 Bank credit facility (2) 480,000 480,000 — — 6.75 % senior notes due 2029 (3) 1,229,018 1,138,208 1,229,836 1,129,029 5.875 % senior notes due 2030 (3) 965,000 849,200 965,000 846,788 (1) The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. (2) The carrying value of our floating rate debt outstanding approximates fair value. (3) The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2023 and 2022 , respectively, a Level 1 measurement. Property and Equipment The Company follows the successful efforts method of accounting for its natural gas and oil properties. Costs incurred to acquire natural gas and oil leasehold are capitalized. Acquisition costs for proved natural gas and oil properties, costs of drilling and equipping productive wells, and costs of unsuccessful development wells are capitalized and amortized on an equivalent unit-of-production basis over the life of the remaining related natural gas and oil reserves. Equivalent units are determined by converting oil to natural gas at the ratio of one barrel of oil for six thousand cubic feet of natural gas. This conversion ratio is not based on the price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas. Exploratory well costs are initially capitalized as proved property in the consolidated balance sheets but charged to exploration expense if and when the well is determined not to have found commercial proved natural gas and oil reserves. The changes in capitalized exploratory well costs are as follows: Year Ended December 31, 2023 2022 (in thousands) Beginning capitalized exploratory project costs $ 867 $ 6,966 Additions to exploratory well costs pending the determination of proved reserves 244,129 63,520 Determined to have found proved reserves ( 148,763 ) ( 69,619 ) Ending capitalized exploratory well costs $ 96,233 $ 867 As of December 31, 2023 and 2022, the Company had no exploratory wells for which costs have been capitalized greater than one year. The estimated future costs of dismantlement, restoration, plugging and abandonment of natural gas and oil properties and related facilities disposal are capitalized when asset retirement obligations are incurred and amortized as part of depreciation, depletion and amortization expense. Exploration expense includes geological and geophysical expenses and delay rentals related to exploratory natural gas and oil properties, costs of unsuccessful exploratory drilling and impairments of unproved properties. As of December 31, 2023 and 2022, the unproved properties primarily relate to future drilling locations that were not included in proved undeveloped reserves. Most of these future drilling locations are located on acreage where the reservoir is known to be productive but have been excluded from proved reserves due to uncertainty on whether the wells would be drilled within the next five years as required by SEC rules in order to be included in proved reserves. The costs of unproved properties are transferred to proved natural gas and oil properties when they are either drilled or they are reflected in proved undeveloped reserves and amortized on an equivalent unit-of-production basis. Costs associated with unevaluated exploratory acreage are periodically assessed for impairment on a property by property basis, and any impairment in value is included in exploration expense. Exploratory drilling costs are initially capitalized as proved property but charged to expense if and when the well is determined not to have found commercial proved natural gas and oil reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling. The Company assesses the need for an impairment of the costs capitalized for its proved natural gas and oil properties when events or changes in circumstances, such as a significant drop in commodity prices, indicate that the Company may not be able to recover its capitalized costs. If impairment is indicated based on undiscounted expected future cash flows attributable to the property, then a provision for impairment is recognized to the extent that net capitalized costs exceed the estimated fair value of the property. The Company determines the fair values of its natural gas and oil properties using a discounted cash flow model and proved and risk-adjusted probable reserves. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for natural gas and oil prices, future natural gas and oil production, production costs, capital expenditures, and the total proved and risk-adjusted probable natural gas and oil reserves expected to be recovered. Management's natural gas and oil price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value. The natural gas and oil prices used for determining asset impairments will generally differ from those used in the standardized measure of discounted future net cash flows because the standardized measure requires the use of an average price based on the first day of each month of the preceding year. Unproved properties are evaluated for impairment based upon the results of drilling, planned future drilling and the terms of the natural gas and oil leases. The Company's estimates of undiscounted future net cash flows attributable to its natural gas and oil properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable natural gas and oil reserves, results of future drilling activities, future prices for natural gas and oil, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of our natural gas and oil properties. Other property and equipment consists primarily of pipelines, natural gas treating plants, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 50 years on a straight-line basis. Goodwill The Company had goodwill of $ 335.9 million as of December 31, 2023 and 2022. Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets in a business combination. The Company is required to conduct an annual review of goodwill for impairment and performs the assessment of goodwill on October 1st of each year. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value. The Company performed its quantitative assessment of goodwill as of October 1, 2023 and determined there was no indication of impairment. Leases The Company had right-of-use lease assets of $ 71.5 million and $ 90.7 million as of December 31, 2023 and 2022, respectively, related to its corporate office lease, certain office equipment, vehicles and drilling rigs with corresponding short-term and long-term liabilities. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts, including the effects of early termination provisions. The Company determines if contracts contain a lease at inception of the contract. Since most of the Company's lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate at the commencement date of the lease. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent its obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Comstock contracts for a variety of equipment used in its natural gas and oil exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling and completion operations routinely change due to changes in commodity prices, demand for natural gas and oil, and the overall operating and economic environment. Accordingly, Comstock manages the terms of its contracts for drilling rigs and completion equipment so as to allow for maximum flexibility in responding to these changing conditions. The Company has two drilling rig lease contracts with a three year term with options to extend the term by mutual agreement at mutually acceptable terms or terminate the contract at any time without default by the lessor. The Company's other drilling rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 30 or 45 days advance notice without a specified expiration date. The Company had two hydraulic fracturing fleet completion contracts with three year terms but both contracts were terminated during 2023. The Company has elected not to recognize right-of-use lease assets for contracts less than one year. The costs associated with drilling and completion operations are accounted for under the successful efforts method, which require that these costs be capitalized as part of our proved natural gas and oil properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense. For drilling rig leases, the Company has elected the practical expedient to not separate lease components from nonlease components in the determination of their lease asset and liability values. Lease costs recognized during the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost included in general and administrative expense $ 1,768 $ 1,749 $ 1,732 Operating lease cost included in lease operating expense 2,060 1,383 879 Operating lease cost included in proved natural gas and oil properties 56,755 25,200 — Variable lease cost (drilling and completion costs included in proved natural gas and oil properties) 28,406 25,095 — Short-term lease cost (drilling rig costs included in proved natural gas and oil properties) 89,163 62,077 32,735 $ 178,152 $ 115,504 $ 35,346 Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $ 3.8 million , $ 3.1 million and $ 2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Cash payments for operating leases associated with right-of-use assets included in cash used for investing activities were $ 174.3 million , $ 112.4 million and $ 32.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the operating leases had a weighted average remaining term of 2.9 years and 2.2 years, respectively, and the weighted-average discount rate used to determine the present value of future operating lease payments was 7.2 % and 3.5 % , respectively. As of December 31, 2023, expected future payments related to contracts that contain operating leases were as follows: (In thousands) 2024 $ 28,173 2025 27,251 2026 21,181 2027 1,545 2028 1,560 Total lease payments 79,710 Imputed interest ( 8,203 ) Total lease liability $ 71,507 Accrued Expenses Accrued expenses at December 31, 2023 and 2022 consist of the following: As of December 31, 2023 2022 (In thousands) Accrued interest payable $ 54,912 $ 54,867 Accrued drilling costs 35,876 54,438 Accrued transportation costs 32,294 28,357 Accrued employee compensation 6,700 11,308 Accrued lease operating expenses 2,299 2,412 Accrued income and other taxes 1,894 31,256 Other 491 473 $ 134,466 $ 183,111 Reserve for Future Abandonment Costs The Company's asset retirement obligations relate to future plugging and abandonment costs of its natural gas and oil properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations. The following table summarizes the changes in the Company's total estimated liability: Year Ended December 31, 2023 2022 (In thousands) Reserve for future abandonment costs at beginning of the year $ 29,114 $ 25,673 New wells placed on production 146 1,537 Acquisitions — 1,211 Changes in estimates and timing ( 122 ) 182 Liabilities settled ( 41 ) ( 80 ) Divestitures ( 1 ) ( 944 ) Accretion expense 1,677 1,535 Reserve for future abandonment costs at end of the year $ 30,773 $ 29,114 Stock-based Compensation The Company has stock-based employee compensation plans under which stock awards, comprised primarily of restricted stock and performance share units ("PSUs"), are issued to employees and non-employee directors. The Company follows the fair value-based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the award vesting period. Forfeitures are recognized as they occur. Segment Reporting The Company presently operates in one business segment, the exploration and production of North American natural gas and oil. Derivative Financial Instruments and Hedging Activities The Company accounts for derivative financial instruments (including derivative instruments embedded in other contracts) as either an asset or liability measured at its fair value. Changes in the fair value of derivatives are recognized currently in earnings and in net cash flows from operating activities. The fair value of derivative contracts that expire in less than one year are recognized as current assets or liabilities. Those that expire in more than one year are recognized as long-term assets or liabilities. Major Purchasers In 2023, the Company had three major purchasers of its natural gas production that accounted for 20 % , 17 % , and 10 % of its total natural gas and oil sales. In 2022 , the Company had three major purchasers of its natural gas production that accounted for 27 % , 21 % , and 12 % of its total natural gas and oil sales. In 2021 , the Company had three major purchasers of its natural gas production that accounted for 22 % , 21 % and 13 % of its total natural gas and oil sales. The loss of any of these purchasers would not have a material adverse effect on the Company as there is an available market for its natural gas and oil production from other purchasers. Revenue Recognition and Gas Balancing Comstock produces natural gas and oil and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Costs incurred to gather or transport each product prior to the transfer of control are recognized as operating expenses. Gas services revenues represent sales of natural gas purchased for resale from unaffiliated third parties and fees received for gathering and treating services for certain natural gas wells not operated by the Company. Revenues are recognized upon completion of the gathering and treating of contracted natural gas volumes and delivery of purchased natural gas volumes to the Company's customers. Profits and losses earned in the gathering and treating of natural gas produced by the Company's natural gas wells are eliminated in consolidation. Revenues and expenses associated with natural gas purchased for resale are presented on a gross basis in the Company's consolidated statements of operations as the Company acts as the principal in the transaction by assuming the risks and rewards from ownership of the natural gas volumes purchased and the responsibility to deliver the natural gas volumes to their sales point. All natural gas and oil and gas services revenues are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of natural gas and oil are generally based upon terms that are common in the natural gas and oil industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for natural gas and oil routinely fluctuate based on changes in these factors. Prices for gathering and treating services are generally fixed in nature but can vary due to the quality of the gas being treated. Each unit of production (thousand cubic feet of natural gas and barrel of crude oil ) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts. Comstock has elected to exclude all taxes from the measurement of transaction prices, and its natural gas and oil revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling natural gas and oil, on behalf of royalty owners and working interest owners. Natural gas and oil revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. Gas services revenue is recorded in the month the services are performed or purchased gas is sold based on an estimate of natural gas volumes and contract prices. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of natural gas or oil sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at December 31, 2023 or 2022. The Company has recognized accounts receivable of $ 166.6 million and $ 415.1 million as of December 31, 2023 and 2022 , respectively, from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists. General and Administrative Expenses General and administrative expenses are reported net of reimbursements of overhead costs that are received from working interest owners of the natural gas and oil properties operated by the Company of $ 29.7 million , $ 27.5 million and $ 25.3 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as the tax consequences attributable to the future utilization of existing net operating loss and other carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change in rate is enacted. Earnings Per Share Unvested restricted stock containing non-forfeitable rights to dividends are included in common stock outstanding and are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. At December 31, 2023 and 2022, 1,429,084 and 966,058 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's shareholders. Weighted average shares of unvested restricted stock outstanding were as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Unvested restricted stock 1,248 926 1,057 PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the performance period. The treasury stock method is used to measure the dilutive effect of PSUs. Year Ended December 31, 2023 2022 2021 (In thousands, except per unit amounts) Weighted average PSUs 662 925 1,146 Weighted average grant date fair value per unit $ 15.92 $ 15.11 $ 8.11 The Series B Convertible Preferred Stock was convertible into 43,750,000 shares of common stock. On November 30, 2022, all outstanding shares of the Series B Convertible preferred stock were converted into 43,750,000 shares of common stock. The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had occurred at the earlier of the date of issuance or the beginning of the period. Weighted average shares of convertible preferred stock outstanding were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average convertible preferred stock — 40,034 43,750 None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses. For the year ended December 31, 2023, the weighted average shares of unvested restricted stock and PSUs were excluded from the computation of earnings per share because to include them would have been antidilutive to the calculation. Basic and diluted income (loss) per share were determined as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Net income (loss) available to common stockholders $ 211,894 $ 1,124,868 $ ( 259,225 ) Income allocable to unvested restricted stock ( 327 ) ( 4,278 ) — Basic net income (loss) available to common stockholders $ 211,567 $ 1,120,590 $ ( 259,225 ) Income allocable to convertible preferred stock — 16,014 — Income allocable to unvested restricted stock — 4,278 — Diluted net income (loss) available to common stockholders $ 211,567 $ 1,140,882 $ ( 259,225 ) Basic weighted average shares outstanding 276,806 236,045 231,633 Effect of dilutive securities: PSUs — 911 — Restricted stock — 475 — Convertible preferred stock — 40,034 — Diluted weighted average shares outstanding 276,806 277,465 231,633 Basic income (loss) per share $ 0.76 $ 4.75 $ ( 1.12 ) Diluted income (loss) per share $ 0.76 $ 4.11 $ ( 1.12 ) Supplementary Information With Respect to the Consolidated Statements of Cash Flows For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Cash payments for: Interest $ 161,009 $ 166,275 $ 203,742 Income tax payments $ 29,783 $ 16,524 $ 149 Non-cash investing activities include: I

Acquisitions and Dispositions o

Acquisitions and Dispositions of Natural Gas and Oil Properties	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions of Natural Gas and Oil Properties	(2) Acquisitions and Dispositions of Natural Gas and Oil Properties Acquisitions During 2023, 2022 and 2021, the Company spent $ 98.6 million , $ 54.4 million and $ 22.9 million on its leasing program to acquire 79,741 , 104,314 and 32,556 net acres, respectively, in the Western Haynesville area. In 2022, the Company acquired a 145 -mile pipeline and natural gas treating plant from an unaffiliated third party and the undeveloped deep rights on approximately 68,000 net undeveloped acres in East Texas for $ 35.6 million including transaction costs. The purchase price was allocated as follows: $ 18.8 million was allocated to unproved natural gas and oil properties and $ 16.8 million to other property and equipment. In 2021, the Company acquired approximately 17,500 net acres of predominantly undeveloped Haynesville shale acreage in East Texas from an unaffiliated third party, which also included interests in 37 producing wells for $ 34.7 million. Dispositions The Company sold its interest in certain natural gas and oil non-operated properties for $ 41.3 million and $ 4.1 million in 2023 and 2022, respectively. In November 2021, the Company sold its non-operated properties in the Bakken shale for $ 138.1 million after selling expenses and incurred a $ 162.2 million pre-tax loss on the divestiture.

Natural Gas and Oil Producing A

Natural Gas and Oil Producing Activities	12 Months Ended
	Dec. 31, 2023
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Natural Gas and Oil Producing Activities	(3) Natural Gas and Oil Producing Activities Set forth below is certain information regarding the aggregate capitalized costs of natural gas and oil properties and costs incurred by the Company for its natural gas and oil property acquisition, development and exploration activities: Capitalized Costs As of December 31, 2023 2022 (In thousands) Proved properties: Leasehold costs $ 3,198,028 $ 3,117,028 Wells and related equipment and facilities 3,928,491 2,726,381 Accumulated depreciation depletion and amortization ( 2,144,084 ) ( 1,543,003 ) 4,982,435 4,300,406 Unproved properties 343,419 298,230 $ 5,325,854 $ 4,598,636 Costs Incurred Year Ended December 31, 2023 2022 2021 (In thousands) Property acquisitions: Proved property $ — $ 500 $ 21,781 Unproved property 98,553 54,120 35,871 Exploration and development: Developmental leasehold costs 27,905 13,727 12,953 Exploratory drilling and completion costs 244,129 63,520 6,966 Development drilling and completion costs 974,664 901,026 569,141 Other development costs 25,130 53,693 39,168 Asset retirement obligations ( 19 ) 686 5,608 Total capital expenditures $ 1,370,362 $ 1,087,272 $ 691,488

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	(4) Long-term Debt Long-term debt is comprised of the following: As of December 31, 2023 2022 (In thousands) Bank Credit Facility: Principal $ 480,000 $ — 6.75 % Senior Notes due 2029: Principal 1,223,880 1,223,880 Premium, net of amortization 5,138 5,956 5.875 % Senior Notes due 2030: Principal 965,000 965,000 Debt issuance costs, net of amortization ( 33,627 ) ( 42,265 ) $ 2,640,391 $ 2,152,571 The premium on the 6.75 % senior notes due 2029 is being amortized over its life using the effective interest rate method. Debt issuance costs are amortized over the lives of the bank credit facility and senior notes on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method. The following table summarizes Comstock's principal amount of debt as of December 31, 2023 by year of maturity: 2024 2025 2026 2027 2028 Thereafter Total (In thousands) Bank Credit Facility $ — $ — $ — $ 480,000 $ — $ — $ 480,000 6.75 % Senior Notes due 2029 — — — — — 1,223,880 1,223,880 5.875 % Senior Notes due 2030 — — — — — 965,000 965,000 $ — $ — $ — $ 480,000 $ — $ 2,188,880 $ 2,668,880 As of December 31, 2023, the Company had $ 480.0 million outstanding under a bank credit facility. Aggregate commitments under the bank credit facility are $ 1.5 billion , which matures on November 15, 2027. Borrowings under the bank credit facility are subject to a borrowing base of $ 2.0 billion , which is re-determined on a semi-annual basis and upon the occurrence of certain other events. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its restricted subsidiaries and bear interest at the Company's option, at either adjusted SOFR plus 1.75 % to 2.75 % or an alternative base rate plus 0.75 % to 1.75 % , in each case depending on the utilization of the borrowing base. The Company pays a commitment fee of 0.375 % to 0.5 % , which is dependent on the utilization of the borrowing base. The weighted average interest rate on borrowings under the bank credit facility were 7.33 % and 3.61 % during the years ended December 31, 2023 and 2022, respectively. The bank credit facility places certain restrictions upon the Company's and its restricted subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 3.5 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of December 31, 2023. In May 2022, the Company completed the early redemption of all of its outstanding 7.5 % senior notes due in 2025 for an aggregate amount of $ 258.1 million , which included principal of $ 244.4 million , premiums paid over face value of $ 4.5 million and accrued interest of $ 9.2 million . As a result of the redemption, the Company recognized a loss of $ 47.8 million on early retirement of debt including the write-off of $ 43.3 million of unamortized discount resulting from adjusting the senior notes to fair value on the date that they were assumed by the Company. In June 2022, the Company repurchased $ 26.1 million principal amount of its 6.75 % senior notes due in 2029 for $ 24.9 million . The Company recognized a gain of $ 1.0 million on early retirement of debt relating to the repurchase. In 2021, the Company refinanced $ 375.0 million principal amount of its 7.5 % senior notes due in 2025 and $ 1,650.0 million principal amount of its 9.75 % senior notes due 2026 with proceeds from the issuance of $ 1,250.0 million principal amount of its 6.75 % senior notes due in 2029 and $ 965.0 million principal amount of its 5.875 % senior notes due in 2030. The Company recognized a loss of $ 352.6 million on early retirement of debt for the year ended December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(5) Commitments and Contingencies The Company has drilling rig contracts with terms ranging from less than one year to three years . The service contracts with terms less than one year are generally for terms ranging from 45 days to six months . In December 2022, the Company entered into agreements for three new drilling rigs with a three year term and a minimum annual commitment of $ 12.2 million per drilling rig. The Company began utilizing two of these rigs in the second half of 2023 and will begin utilizing the third rig in early 2024. The two rigs being utilized qualify as operating leases and their corresponding lease obligation is reflected on the Company's balance sheet as of December 31, 2023. The Company has natural gas transportation and gathering contracts which extend to 2031. Commitments under these contracts are $ 97.8 million for 2024, $ 89.6 million for 2025, $ 63.9 million for 2026, $ 62.7 million for 2027, $ 56.3 million for 2028 and $ 96.4 million for 2029 through 2031. During the years ended December 31, 2023, 2022 and 2021, expenditures under these contracts totaled $ 96.5 million , $ 50.1 million and $ 24.4 million , respectively. From time to time, the Company is involved in certain litigation that arise in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows and no material amounts are accrued relative to these matters at December 31, 2023 or 2022 .

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2023
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock	(6) Convertible Preferred Stock On November 30, 2022, all of the outstanding shares of the Series B Redeemable Convertible Preferred Stock were converted into 43,750,000 shares of common stock.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	(7) Stockholders' Equity The authorized capital of the Company is 405,000,000 shares, of which 400,000,000 shares are common stock, $ 0.50 par value per share, and 5,000,000 are preferred stock, $ 10.00 par value per share.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	(8) Stock-based Compensation The Company grants restricted shares of common stock and PSUs to key employees and directors as part of their compensation. Grants are made pursuant to the Company's 2019 Long-term Incentive Plan (the "2019 Plan"), which was approved by the Company's shareholders on May 31, 2019. Future authorized equity awards available under the 2019 Plan as of December 31, 2023 were 3,262,987 shares of common stock. Stock-based compensation expense is included in general and administrative expenses. During the years ended December 31, 2023, 2022 and 2021 the Company had $ 9.9 million , $ 6.6 million and $ 6.8 million , respectively, in stock-based compensation expense. Restricted Stock The fair value of restricted stock grants is amortized over the vesting period, generally one year to three years , using the straight-line method. The fair value of each restricted share on the date of grant is equal to the market price of a share of the Company's stock. A summary of restricted stock activity is presented below: Number of Weighted Outstanding at January 1, 2023 966,058 $ 13.34 Granted 954,031 $ 9.80 Vested ( 419,964 ) $ 11.69 Forfeitures ( 71,041 ) $ 10.15 Outstanding at December 31, 2023 1,429,084 $ 11.62 Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Fair value of vested restricted stock $ 4,241 $ 11,080 $ 3,070 Grant date weighted average fair value $ 9.80 $ 17.70 $ 6.05 Compensation expense recognized for restricted stock grants $ 6,519 $ 4,171 $ 3,406 Unrecognized compensation expense related to unvested shares $ 12,411 Expected recognition period 2.0 years Performance Share Units The Company issues PSUs as part of its long-term equity incentive compensation. PSU awards can result in the issuance of common stock to the holder if certain performance criteria are met during a performance period. The performance periods consist of three years . The performance criteria for the PSUs are based on the Company's annualized total stockholder return ("TSR") for the performance period as compared with the TSR of certain peer companies for the performance period. The costs associated with PSUs are recognized as general and administrative expense over the performance periods of the awards. The fair value of PSUs was measured at the grant date using the Geometric Brownian Motion Model ("GBM Model"). Significant assumptions used in this simulation include the Company's expected volatility and a risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods, as well as the volatilities for each of the Company's peers. Assumptions regarding volatility included the historical volatility of each company's stock and the implied volatilities of publicly traded stock options. Significant assumptions used to value PSUs included: Year Ended December 31, 2023 2022 2021 Risk free interest rate 4.2 % 3.6 % 0.3 % Range of implied volatility: Minimum 38 % 50 % 37 % Maximum 68 % 83 % 83 % A summary of PSU activity is presented below: Number of Weighted Outstanding at January 1, 2023 552,554 $ 15.11 Granted 391,281 $ 13.64 Earned ( 175,957 ) $ 8.11 Forfeitures ( 6,977 ) $ 28.24 Outstanding at December 31, 2023 760,901 $ 15.92 Year Ended December 31, 2023 2022 2021 (In thousands, except per unit data) Number of PSUs granted 391 237 221 Grant date fair value $ 4,906 $ 6,023 $ 1,891 Grant date fair value per unit $ 13.64 $ 25.92 $ 8.56 Compensation expense recognized for PSUs $ 3,348 $ 2,439 $ 3,392 Unrecognized compensation expense related to unvested shares $ 6,882 Expected recognition period 2.0 years The fair value of PSUs is amortized over the vesting period of three years , using the straight-line method. The final number of shares of common stock issued may vary depending upon the performance multiplier, and can result in the issuance of zero to 1,521,802 shares of common stock based on the achieved performance ranges from zero to two hundred percent.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plan	(9) Retirement Plan The Company has a 401(k) profit sharing plan which covers all of its employees. At its discretion, Comstock may match the employees' contributions to the plan. Matching contributions to the plan were approximately $ 1.9 million , $ 1.5 million and $ 1.3 million for the years ended December 31, 2023, 2022 and 2021 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The following is an analysis of the consolidated income tax provision (benefit): Year Ended December 31, 2023 2022 2021 (In thousands) Current - Federal $ ( 4,570 ) $ 40,445 $ — Current - State ( 4,636 ) ( 7,701 ) 14,968 Deferred - Federal 52,520 209,705 ( 16,721 ) Deferred - State ( 8,219 ) 18,612 13,156 $ 35,095 $ 261,061 $ 11,403 In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods. The tax effects of significant temporary differences representing the net deferred tax liabilities were as follows: As of December 31, 2023 2022 (In thousands) Deferred tax assets: Interest expense limitation $ 168,604 $ 101,104 Net operating loss carryforwards 37,946 49,740 Unrealized hedging losses — — Asset retirement obligation 6,610 5,714 Other 3,784 4,932 216,944 161,490 Valuation allowance on deferred tax assets ( 1,169 ) ( 2,145 ) Deferred tax assets 215,775 159,345 Deferred tax liabilities: Property and equipment ( 653,369 ) ( 570,833 ) Unrealized hedging gains ( 26,623 ) ( 4,087 ) Amortization of debt issuance costs and bond discount — — Other ( 5,818 ) ( 10,162 ) Deferred tax liabilities ( 685,810 ) ( 585,082 ) Net deferred tax liability $ ( 470,035 ) $ ( 425,737 ) The difference between the customary rate of 21.0% and the effective tax rate on income (losses) is due to the following: Year Ended December 31, 2023 2022 2021 (In thousands) Tax at statutory rate $ 51,868 $ 294,408 $ ( 48,368 ) Tax effect of: Valuation allowance on deferred tax assets ( 2,307 ) ( 47,077 ) 30,504 State income taxes, net of federal benefit ( 10,542 ) 14,680 28,117 Other ( 3,924 ) ( 950 ) 1,150 Total $ 35,095 $ 261,061 $ 11,403 Year Ended December 31, 2023 2022 2021 Tax at statutory rate 21.0 % 21.0 % 21.0 % Tax effect of: Valuation allowance on deferred tax assets ( 0.9 ) ( 3.4 ) ( 13.3 ) State income taxes, net of federal benefit ( 4.3 ) 1.1 ( 12.2 ) Other ( 1.6 ) ( 0.1 ) ( 0.5 ) Effective tax rate 14.2 % 18.6 % ( 5.0 )% At December 31, 2023, Comstock had the following carryforwards available to reduce future income taxes: Types of Carryforward Years of Amount (In thousands) Net operating loss – U.S. federal 2024-2037 $ 740,631 Net operating loss – U.S. federal Unlimited $ 13,467 Net operating loss – state taxes Unlimited $ 1,745,991 Interest expense – U.S. federal Unlimited $ 629,212 Interest expense – state taxes Unlimited $ 615,527 The Company's ability to use net operating losses ("NOLs") generated before its ownership change in 2018 to reduce taxable income is limited under IRC Section 382. NOLs that exceed the Section 382 limitation in any year continue to be allowed as carry forwards until they expire and can be used to offset taxable income for years within the carryover period subject to the limitation in each year. NOLs incurred prior to 2018 generally have a 20-year life until they expire. NOLs generated in 2018 and after would be carried forward indefinitely. NOLs arising after the date of an ownership change are not affected by the 382 limitation. If the Company does not generate a sufficient level of taxable income prior to the expiration of the pre-2018 NOL carry-forward periods, then it will lose the ability to apply those NOLs as offsets to future taxable income. The Company estimates that $ 740.6 million of the U.S. federal NOL carryforwards and $ 1.2 billion of the estimated state NOL carryforwards will expire unused. The Company's federal income tax returns for the years subsequent to December 31, 2019 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2020. The Company is currently under examination with the state of Louisiana and believe that its significant filing positions are highly certain and that all of its other significant income tax filing positions and deductions would be sustained upon audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	(11) Derivative Financial Instruments and Hedging Activities Comstock generally uses commodity price swaps, basis swaps and collars to hedge natural gas and oil prices to manage price risk. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. Generally, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap. All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by commodity contract. None of the Company's derivative contracts are designated as fair value or cash flow hedges. The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses) in the consolidated statements of operations and as separate components within cash flows from operating activities in the consolidated statements of cash flows. All of Comstock's natural gas derivative financial instruments are tied to the Henry Hub-NYMEX price index. The Company had the following outstanding natural gas price derivative financial instruments at December 31, 2023: Future Natural Gas Swap Contracts: Volume (MMBtu) 146,400,000 Average Price per MMBtu $ 3.55 The aggregate fair value of the Company's derivative financial instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following: As of December 31, Type Consolidated Balance Sheet Location 2023 2022 (in thousands) Asset Derivative Financial Instruments: Natural gas price derivatives Derivative Financial Instruments – current $ 126,775 $ 23,884 Liability Derivative Financial Instruments: Natural gas price derivatives Derivative Financial Instruments – current $ — $ 4,420 The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows: Year Ended December 31, Gain/(Loss) Recognized in Earnings on Derivatives 2023 2022 2021 (In thousands) Natural gas price derivatives $ 187,639 $ ( 662,522 ) $ ( 555,636 ) Oil price derivatives — — ( 7,247 ) Interest rate derivatives — — 2,235 $ 187,639 $ ( 662,522 ) $ ( 560,648 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(12) Related Party Transactions The Company operates natural gas and oil properties held by a partnerships owned by its majority stockholder. Comstock charges the partnership for the costs incurred to drill, complete and produce the wells, as well as drilling and operating overhead fees. Comstock also provides natural gas marketing services to the partnerships in return for a fee equal to $ 0.02 per Mcf for natural gas marketed. The Company received $ 1.3 million , $ 0.9 million and $ 1.4 million in 2023, 2022 and 2021, respectively, for operating and marketing services provided to the partnership. The fees received for the services are reflected as a reduction of general and administrative expenses in the accompanying consolidated statements of operations. In connection with the operation of the wells, the Company had a $ 16.1 million and $ 18.5 million receivable from the partnerships at December 31, 2023 and 2022 , respectively.

Natural Gas and Oil Reserves In

Natural Gas and Oil Reserves Information (Unaudited)	12 Months Ended
	Dec. 31, 2023
Extractive Industries [Abstract]
Natural Gas and Oil Reserves Information (Unaudited)	(13) Natural Gas and Oil Reserves Information (Unaudited) Set forth below is a summary of the Company's proved natural gas and oil reserves: Year Ended December 31, 2023 2022 2021 Oil Natural Oil Natural Oil Natural Proved Reserves: Beginning of period 549 6,697,570 627 6,118,083 11,000 5,562,876 Revisions of previous estimates ( 47 ) ( 1,803,628 ) ( 61 ) ( 6,870 ) 145 88,546 Extensions and discoveries 116 570,751 137 1,090,420 — 797,198 Acquisitions of minerals in place — — 6 260 — 202,588 Sales of minerals in place — — ( 78 ) ( 3,707 ) ( 9,308 ) ( 43,851 ) Production ( 70 ) ( 524,467 ) ( 82 ) ( 500,616 ) ( 1,210 ) ( 489,274 ) End of period 548 4,940,226 549 6,697,570 627 6,118,083 Proved Developed Reserves: Beginning of period 480 2,531,462 627 2,245,660 11,000 1,967,288 End of period 548 2,734,175 480 2,531,462 627 2,245,660 Proved Undeveloped Reserves: Beginning of period 69 4,166,108 — 3,872,423 — 3,595,588 End of period — 2,206,051 69 4,166,108 — 3,872,423 Revisions of previous estimates. Revisions of previous estimates in 2023 were primarily attributable to significantly lower natural gas and oil prices that were used to determine proved reserves at the end of the year. Revisions of previous estimates in 2022 were insignificant. Revisions of previous natural gas estimates in 2021 were primarily attributable to higher production performance from the Company's wells as compared to expected performance from proved undeveloped locations included in proved reserves in the previous year. Extensions and discoveries. Extensions and discoveries for 2023, 2022 and 2021 were primarily comprised of proved reserve additions attributable to the wells drilled in the current year that were not classified as proved undeveloped in prior years and additional proved undeveloped locations that are planned to be drilled in the Company's current development plan. The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves: As of December 31, 2023 2022 2021 (In thousands) Cash Flows Relating to Proved Reserves: Future Cash Flows $ 11,829,623 $ 40,405,829 $ 20,396,381 Future Costs: Production ( 4,019,901 ) ( 5,473,650 ) ( 3,954,726 ) Development and Abandonment ( 2,285,853 ) ( 4,175,721 ) ( 2,752,603 ) Future Income Taxes ( 341,677 ) ( 5,741,914 ) ( 2,065,316 ) Future Net Cash Flows 5,182,192 25,014,544 11,623,736 10% Discount Factor ( 2,807,562 ) ( 12,404,908 ) ( 5,848,131 ) Standardized Measure of Discounted Future Net Cash Flows $ 2,374,630 $ 12,609,636 $ 5,775,605 The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves: Year Ended December 31, 2023 2022 2021 (In thousands) Standardized Measure, Beginning of Year $ 12,609,636 $ 5,775,605 $ 1,935,725 Net change in sales price, net of production costs ( 14,069,134 ) 8,600,315 5,012,696 Development costs incurred during the year which were previously estimated 1,004,650 788,450 502,674 Revisions of quantity estimates ( 1,583,876 ) ( 42,423 ) 119,200 Accretion of discount 1,551,704 680,010 199,124 Changes in future development and abandonment costs 1,095,844 ( 869,115 ) 1,505 Changes in timing and other ( 374,087 ) ( 113,744 ) ( 224,617 ) Extensions and discoveries 215,249 2,456,124 679,418 Acquisitions of minerals in place — 604 150,065 Sales of minerals in place — ( 3,313 ) ( 64,032 ) Sales, net of production costs ( 855,699 ) ( 2,779,960 ) ( 1,567,182 ) Net changes in income taxes 2,780,343 ( 1,882,917 ) ( 968,971 ) Standardized Measure, End of Year $ 2,374,630 $ 12,609,636 $ 5,775,605 The standardized measure of discounted future net cash flows was determined based on the simple average of the first of month market prices for natural gas and oil for each year. Prices used in determining quantities of natural gas and oil reserves and future cash inflows from natural gas and oil reserves represent prices received at the Company's sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Prices used in determining natural gas and oil reserves quantities and cash flows are as follows: Year Ended December 31, 2023 2022 2021 Crude Oil: $/barrel $ 72.63 $ 91.21 $ 62.38 Natural Gas: $/Mcf $ 2.39 $ 6.03 $ 3.33 Proved reserve information utilized in the preparation of the financial statements were based on estimates prepared by the Company's petroleum engineering staff in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company's reserves are located onshore in the continental United States of America. The Company retained an independent petroleum consultant to conduct an audit of the Company's 2023 reserve estimates. The purpose of this audit was to provide additional assurance on the reasonableness of internally prepared reserve estimates. The engineering firm was selected for their geographic expertise and their historical experience. Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved natural gas and oil reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate statutory tax rates to the future pre-tax net cash flows relating to proved reserves, net of the tax basis of the properties involved. The future income tax expenses give effect to permanent differences and tax credits, but do not reflect the impact of future operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of Comstock Resources, Inc., its wholly owned or controlled subsidiaries and a variable interest entity for which Comstock is the primary beneficiary (collectively, "Comstock" or the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in natural gas and oil properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. Comstock entered into an agreement with an affiliate of Quantum Capital Solutions ("Quantum"), in the fourth quarter of 2023 to form Pinnacle Gas Services, LLC ("PGS"), a midstream company in Comstock's Western Haynesville area. As part of the transaction, Comstock contributed a 145-mile high-pressure pipeline and a natural gas treating plant. Quantum committed to contribute up to $ 300 million to fund future expansion costs. Quantum is entitled to a 12 % dividend on its invested capital and 80 % of any distributions from Pinnacle until certain return hurdles are met. After the return hurdles are met, Quantum's ownership reduces to 30 %. Comstock operates and manages PGS pursuant to a management services agreement. The Board of PGS is comprised of five members: three selected by Comstock and two selected by Quantum. PGS is considered a variable interest entity to Comstock. Comstock has the power to direct the activities that most significantly impact the performance of PGS and has the obligation to absorb losses or right to receive benefits that could potentially be significant to PGS. Accordingly, Comstock is considered the primary beneficiary and consolidates the assets, liabilities and results of operations of PGS in the accompanying consolidated financial statements. PGS assets that cannot be used by Comstock include $ 54.9 million of other property and equipment as of December 31, 2023 . Other PGS assets that cannot be used by Comstock and PGS liabilities for which creditors do not have recourse to Comstock's assets are not material to the Company's consolidated financial statements. The portion of PGS net income and stockholders' equity not attributable to Comstock's controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of operations and statements of stockholders' equity.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated natural gas and oil reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analyses could have a significant impact on the future results of operations.
Concentration of Credit Risk, Accounts Receivable and Credit Losses	Concentration of Credit Risk, Accounts Receivable and Credit Losses Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative financial instruments. The Company places its cash with high credit quality financial institutions and its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. Substantially all of the Company's accounts receivable are due from either purchasers of natural gas and oil or participants in natural gas and oil wells for which the Company serves as the operator. Generally, operators of natural gas and oil wells have the right to offset future revenues against unpaid charges related to operated wells. Natural gas and oil sales are generally unsecured. The Company's policy is to assess the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been recorded for the years ended December 31, 2023, 2022 and 2021 , respectively.
Fair Value Measurements	Fair Value Measurements The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value in the financial statements. These include cash and cash equivalents held in bank accounts and derivative financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2023 and 2022: As of December 31, 2023 2022 Carrying Value Fair Value Carrying Value Fair Value Assets: (In thousands) Commodity-based derivatives (1) $ 126,775 $ 126,775 $ 23,884 $ 23,884 Liabilities: Commodity-based derivatives (1) — — 4,420 4,420 Bank credit facility (2) 480,000 480,000 — — 6.75 % senior notes due 2029 (3) 1,229,018 1,138,208 1,229,836 1,129,029 5.875 % senior notes due 2030 (3) 965,000 849,200 965,000 846,788 (1) The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. (2) The carrying value of our floating rate debt outstanding approximates fair value. (3) The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2023 and 2022 , respectively, a Level 1 measurement.
Property and Equipment	Property and Equipment The Company follows the successful efforts method of accounting for its natural gas and oil properties. Costs incurred to acquire natural gas and oil leasehold are capitalized. Acquisition costs for proved natural gas and oil properties, costs of drilling and equipping productive wells, and costs of unsuccessful development wells are capitalized and amortized on an equivalent unit-of-production basis over the life of the remaining related natural gas and oil reserves. Equivalent units are determined by converting oil to natural gas at the ratio of one barrel of oil for six thousand cubic feet of natural gas. This conversion ratio is not based on the price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas. Exploratory well costs are initially capitalized as proved property in the consolidated balance sheets but charged to exploration expense if and when the well is determined not to have found commercial proved natural gas and oil reserves. The changes in capitalized exploratory well costs are as follows: Year Ended December 31, 2023 2022 (in thousands) Beginning capitalized exploratory project costs $ 867 $ 6,966 Additions to exploratory well costs pending the determination of proved reserves 244,129 63,520 Determined to have found proved reserves ( 148,763 ) ( 69,619 ) Ending capitalized exploratory well costs $ 96,233 $ 867 As of December 31, 2023 and 2022, the Company had no exploratory wells for which costs have been capitalized greater than one year. The estimated future costs of dismantlement, restoration, plugging and abandonment of natural gas and oil properties and related facilities disposal are capitalized when asset retirement obligations are incurred and amortized as part of depreciation, depletion and amortization expense. Exploration expense includes geological and geophysical expenses and delay rentals related to exploratory natural gas and oil properties, costs of unsuccessful exploratory drilling and impairments of unproved properties. As of December 31, 2023 and 2022, the unproved properties primarily relate to future drilling locations that were not included in proved undeveloped reserves. Most of these future drilling locations are located on acreage where the reservoir is known to be productive but have been excluded from proved reserves due to uncertainty on whether the wells would be drilled within the next five years as required by SEC rules in order to be included in proved reserves. The costs of unproved properties are transferred to proved natural gas and oil properties when they are either drilled or they are reflected in proved undeveloped reserves and amortized on an equivalent unit-of-production basis. Costs associated with unevaluated exploratory acreage are periodically assessed for impairment on a property by property basis, and any impairment in value is included in exploration expense. Exploratory drilling costs are initially capitalized as proved property but charged to expense if and when the well is determined not to have found commercial proved natural gas and oil reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling. The Company assesses the need for an impairment of the costs capitalized for its proved natural gas and oil properties when events or changes in circumstances, such as a significant drop in commodity prices, indicate that the Company may not be able to recover its capitalized costs. If impairment is indicated based on undiscounted expected future cash flows attributable to the property, then a provision for impairment is recognized to the extent that net capitalized costs exceed the estimated fair value of the property. The Company determines the fair values of its natural gas and oil properties using a discounted cash flow model and proved and risk-adjusted probable reserves. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for natural gas and oil prices, future natural gas and oil production, production costs, capital expenditures, and the total proved and risk-adjusted probable natural gas and oil reserves expected to be recovered. Management's natural gas and oil price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value. The natural gas and oil prices used for determining asset impairments will generally differ from those used in the standardized measure of discounted future net cash flows because the standardized measure requires the use of an average price based on the first day of each month of the preceding year. Unproved properties are evaluated for impairment based upon the results of drilling, planned future drilling and the terms of the natural gas and oil leases. The Company's estimates of undiscounted future net cash flows attributable to its natural gas and oil properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable natural gas and oil reserves, results of future drilling activities, future prices for natural gas and oil, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of our natural gas and oil properties. Other property and equipment consists primarily of pipelines, natural gas treating plants, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 50 years on a straight-line basis.
Goodwill	Goodwill The Company had goodwill of $ 335.9 million as of December 31, 2023 and 2022. Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets in a business combination. The Company is required to conduct an annual review of goodwill for impairment and performs the assessment of goodwill on October 1st of each year. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value. The Company performed its quantitative assessment of goodwill as of October 1, 2023 and determined there was no indication of impairment.
Leases	Leases The Company had right-of-use lease assets of $ 71.5 million and $ 90.7 million as of December 31, 2023 and 2022, respectively, related to its corporate office lease, certain office equipment, vehicles and drilling rigs with corresponding short-term and long-term liabilities. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts, including the effects of early termination provisions. The Company determines if contracts contain a lease at inception of the contract. Since most of the Company's lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate at the commencement date of the lease. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent its obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Comstock contracts for a variety of equipment used in its natural gas and oil exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling and completion operations routinely change due to changes in commodity prices, demand for natural gas and oil, and the overall operating and economic environment. Accordingly, Comstock manages the terms of its contracts for drilling rigs and completion equipment so as to allow for maximum flexibility in responding to these changing conditions. The Company has two drilling rig lease contracts with a three year term with options to extend the term by mutual agreement at mutually acceptable terms or terminate the contract at any time without default by the lessor. The Company's other drilling rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 30 or 45 days advance notice without a specified expiration date. The Company had two hydraulic fracturing fleet completion contracts with three year terms but both contracts were terminated during 2023. The Company has elected not to recognize right-of-use lease assets for contracts less than one year. The costs associated with drilling and completion operations are accounted for under the successful efforts method, which require that these costs be capitalized as part of our proved natural gas and oil properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense. For drilling rig leases, the Company has elected the practical expedient to not separate lease components from nonlease components in the determination of their lease asset and liability values. Lease costs recognized during the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost included in general and administrative expense $ 1,768 $ 1,749 $ 1,732 Operating lease cost included in lease operating expense 2,060 1,383 879 Operating lease cost included in proved natural gas and oil properties 56,755 25,200 — Variable lease cost (drilling and completion costs included in proved natural gas and oil properties) 28,406 25,095 — Short-term lease cost (drilling rig costs included in proved natural gas and oil properties) 89,163 62,077 32,735 $ 178,152 $ 115,504 $ 35,346 Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $ 3.8 million , $ 3.1 million and $ 2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Cash payments for operating leases associated with right-of-use assets included in cash used for investing activities were $ 174.3 million , $ 112.4 million and $ 32.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the operating leases had a weighted average remaining term of 2.9 years and 2.2 years, respectively, and the weighted-average discount rate used to determine the present value of future operating lease payments was 7.2 % and 3.5 % , respectively. As of December 31, 2023, expected future payments related to contracts that contain operating leases were as follows: (In thousands) 2024 $ 28,173 2025 27,251 2026 21,181 2027 1,545 2028 1,560 Total lease payments 79,710 Imputed interest ( 8,203 ) Total lease liability $ 71,507
Reserve for Future Abandonment Costs	Reserve for Future Abandonment Costs The Company's asset retirement obligations relate to future plugging and abandonment costs of its natural gas and oil properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations. The following table summarizes the changes in the Company's total estimated liability: Year Ended December 31, 2023 2022 (In thousands) Reserve for future abandonment costs at beginning of the year $ 29,114 $ 25,673 New wells placed on production 146 1,537 Acquisitions — 1,211 Changes in estimates and timing ( 122 ) 182 Liabilities settled ( 41 ) ( 80 ) Divestitures ( 1 ) ( 944 ) Accretion expense 1,677 1,535 Reserve for future abandonment costs at end of the year $ 30,773 $ 29,114
Stock-based Compensation	Stock-based Compensation The Company has stock-based employee compensation plans under which stock awards, comprised primarily of restricted stock and performance share units ("PSUs"), are issued to employees and non-employee directors. The Company follows the fair value-based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the award vesting period. Forfeitures are recognized as they occur.
Segment Reporting	Segment Reporting The Company presently operates in one business segment, the exploration and production of North American natural gas and oil.
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities The Company accounts for derivative financial instruments (including derivative instruments embedded in other contracts) as either an asset or liability measured at its fair value. Changes in the fair value of derivatives are recognized currently in earnings and in net cash flows from operating activities. The fair value of derivative contracts that expire in less than one year are recognized as current assets or liabilities. Those that expire in more than one year are recognized as long-term assets or liabilities.
Revenue Recognition and Gas Balancing	Revenue Recognition and Gas Balancing Comstock produces natural gas and oil and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Costs incurred to gather or transport each product prior to the transfer of control are recognized as operating expenses. Gas services revenues represent sales of natural gas purchased for resale from unaffiliated third parties and fees received for gathering and treating services for certain natural gas wells not operated by the Company. Revenues are recognized upon completion of the gathering and treating of contracted natural gas volumes and delivery of purchased natural gas volumes to the Company's customers. Profits and losses earned in the gathering and treating of natural gas produced by the Company's natural gas wells are eliminated in consolidation. Revenues and expenses associated with natural gas purchased for resale are presented on a gross basis in the Company's consolidated statements of operations as the Company acts as the principal in the transaction by assuming the risks and rewards from ownership of the natural gas volumes purchased and the responsibility to deliver the natural gas volumes to their sales point. All natural gas and oil and gas services revenues are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of natural gas and oil are generally based upon terms that are common in the natural gas and oil industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for natural gas and oil routinely fluctuate based on changes in these factors. Prices for gathering and treating services are generally fixed in nature but can vary due to the quality of the gas being treated. Each unit of production (thousand cubic feet of natural gas and barrel of crude oil ) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts. Comstock has elected to exclude all taxes from the measurement of transaction prices, and its natural gas and oil revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling natural gas and oil, on behalf of royalty owners and working interest owners. Natural gas and oil revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. Gas services revenue is recorded in the month the services are performed or purchased gas is sold based on an estimate of natural gas volumes and contract prices. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of natural gas or oil sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at December 31, 2023 or 2022. The Company has recognized accounts receivable of $ 166.6 million and $ 415.1 million as of December 31, 2023 and 2022 , respectively, from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses are reported net of reimbursements of overhead costs that are received from working interest owners of the natural gas and oil properties operated by the Company of $ 29.7 million , $ 27.5 million and $ 25.3 million for the years ended December 31, 2023, 2022 and 2021 , respectively.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as the tax consequences attributable to the future utilization of existing net operating loss and other carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change in rate is enacted.
Earnings Per Share	Earnings Per Share Unvested restricted stock containing non-forfeitable rights to dividends are included in common stock outstanding and are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. At December 31, 2023 and 2022, 1,429,084 and 966,058 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's shareholders. Weighted average shares of unvested restricted stock outstanding were as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Unvested restricted stock 1,248 926 1,057 PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the performance period. The treasury stock method is used to measure the dilutive effect of PSUs. Year Ended December 31, 2023 2022 2021 (In thousands, except per unit amounts) Weighted average PSUs 662 925 1,146 Weighted average grant date fair value per unit $ 15.92 $ 15.11 $ 8.11 The Series B Convertible Preferred Stock was convertible into 43,750,000 shares of common stock. On November 30, 2022, all outstanding shares of the Series B Convertible preferred stock were converted into 43,750,000 shares of common stock. The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had occurred at the earlier of the date of issuance or the beginning of the period. Weighted average shares of convertible preferred stock outstanding were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average convertible preferred stock — 40,034 43,750 None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses. For the year ended December 31, 2023, the weighted average shares of unvested restricted stock and PSUs were excluded from the computation of earnings per share because to include them would have been antidilutive to the calculation. Basic and diluted income (loss) per share were determined as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Net income (loss) available to common stockholders $ 211,894 $ 1,124,868 $ ( 259,225 ) Income allocable to unvested restricted stock ( 327 ) ( 4,278 ) — Basic net income (loss) available to common stockholders $ 211,567 $ 1,120,590 $ ( 259,225 ) Income allocable to convertible preferred stock — 16,014 — Income allocable to unvested restricted stock — 4,278 — Diluted net income (loss) available to common stockholders $ 211,567 $ 1,140,882 $ ( 259,225 ) Basic weighted average shares outstanding 276,806 236,045 231,633 Effect of dilutive securities: PSUs — 911 — Restricted stock — 475 — Convertible preferred stock — 40,034 — Diluted weighted average shares outstanding 276,806 277,465 231,633 Basic income (loss) per share $ 0.76 $ 4.75 $ ( 1.12 ) Diluted income (loss) per share $ 0.76 $ 4.11 $ ( 1.12 )
Supplementary Information With Respect to the Consolidated Statements of Cash Flows	Supplementary Information With Respect to the Consolidated Statements of Cash Flows For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Cash payments for: Interest $ 161,009 $ 166,275 $ 203,742 Income tax payments $ 29,783 $ 16,524 $ 149 Non-cash investing activities include: Increase (decrease) in accrued capital expenditures $ ( 18,562 ) $ 34,443 $ ( 4,964 ) Liabilities assumed in exchange for right-of-use lease assets $ 195,402 $ 110,090 $ 5,847 Non-cash financing activities include: Conversion of preferred stock into common stock $ — $ 175,000 $ —
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 "Segment Reporting–Improvements to Reportable Segment Disclosures". ASU 2023-07 requires additional disclosures about a public entity's reportable segments, including requiring all annual disclosures of reportable segment's profit or loss and assets during interim periods, identifying the title and position of an entity's chief operating decision maker ("CODM"), disclosing significant expenses regularly provided to the CODM that are included in each reported measure of segment profit or loss, and disclosing additional measures of profit or loss used by the CODM in deciding how to allocate resources. The update is effective for public entities for fiscal years beginning after December 15, 2023, and interim and fiscal years beginning after December 15, 2024. ASU 2023-07 will not have an impact on the Company's reported results of operations, financial position or liquidity but will have an impact on the Company's financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures". ASU 2023-09 requires additional disclosures around effective tax rates and cash income taxes paid and is effective for public entities for annual periods beginning after December 15, 2024. ASU 2023-07 will not have an impact on the Company's reported results of operations, financial position or liquidity but will have an impact on the Company's financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Other Current Assets	Other current assets at December 31, 2023 and 2022 consist of the following: As of December 31, 2023 2022 (In thousands) Prepaid drilling costs $ 70,124 $ 39,084 Income tax receivable 8,312 — Production tax refunds receivable 5,745 11,156 Prepaid expenses 2,438 2,455 Accrued proceeds from sale of natural gas and oil properties — 3,118 Other — 511 $ 86,619 $ 56,324
Summary of Carrying Amounts and Fair Values of Financial Instruments	The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2023 and 2022: As of December 31, 2023 2022 Carrying Value Fair Value Carrying Value Fair Value Assets: (In thousands) Commodity-based derivatives (1) $ 126,775 $ 126,775 $ 23,884 $ 23,884 Liabilities: Commodity-based derivatives (1) — — 4,420 4,420 Bank credit facility (2) 480,000 480,000 — — 6.75 % senior notes due 2029 (3) 1,229,018 1,138,208 1,229,836 1,129,029 5.875 % senior notes due 2030 (3) 965,000 849,200 965,000 846,788 (1) The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. (2) The carrying value of our floating rate debt outstanding approximates fair value. (3) The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2023 and 2022 , respectively, a Level 1 measurement.
Capitalized Exploratory Well Costs	The changes in capitalized exploratory well costs are as follows: Year Ended December 31, 2023 2022 (in thousands) Beginning capitalized exploratory project costs $ 867 $ 6,966 Additions to exploratory well costs pending the determination of proved reserves 244,129 63,520 Determined to have found proved reserves ( 148,763 ) ( 69,619 ) Ending capitalized exploratory well costs $ 96,233 $ 867
Summary of Lease Cost Recognized	Lease costs recognized during the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost included in general and administrative expense $ 1,768 $ 1,749 $ 1,732 Operating lease cost included in lease operating expense 2,060 1,383 879 Operating lease cost included in proved natural gas and oil properties 56,755 25,200 — Variable lease cost (drilling and completion costs included in proved natural gas and oil properties) 28,406 25,095 — Short-term lease cost (drilling rig costs included in proved natural gas and oil properties) 89,163 62,077 32,735 $ 178,152 $ 115,504 $ 35,346
Summary of Liabilities Under Contracts Contain Operating Leases	As of December 31, 2023, expected future payments related to contracts that contain operating leases were as follows: (In thousands) 2024 $ 28,173 2025 27,251 2026 21,181 2027 1,545 2028 1,560 Total lease payments 79,710 Imputed interest ( 8,203 ) Total lease liability $ 71,507
Summary of Accrued Expenses	Accrued expenses at December 31, 2023 and 2022 consist of the following: As of December 31, 2023 2022 (In thousands) Accrued interest payable $ 54,912 $ 54,867 Accrued drilling costs 35,876 54,438 Accrued transportation costs 32,294 28,357 Accrued employee compensation 6,700 11,308 Accrued lease operating expenses 2,299 2,412 Accrued income and other taxes 1,894 31,256 Other 491 473 $ 134,466 $ 183,111
Summary of Changes in Total Estimated Asset Retirement Obligation Liability	The following table summarizes the changes in the Company's total estimated liability: Year Ended December 31, 2023 2022 (In thousands) Reserve for future abandonment costs at beginning of the year $ 29,114 $ 25,673 New wells placed on production 146 1,537 Acquisitions — 1,211 Changes in estimates and timing ( 122 ) 182 Liabilities settled ( 41 ) ( 80 ) Divestitures ( 1 ) ( 944 ) Accretion expense 1,677 1,535 Reserve for future abandonment costs at end of the year $ 30,773 $ 29,114
Weighted Average Shares of Unvested Restricted Stock	Weighted average shares of unvested restricted stock outstanding were as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Unvested restricted stock 1,248 926 1,057
Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding	The treasury stock method is used to measure the dilutive effect of PSUs. Year Ended December 31, 2023 2022 2021 (In thousands, except per unit amounts) Weighted average PSUs 662 925 1,146 Weighted average grant date fair value per unit $ 15.92 $ 15.11 $ 8.11 Year Ended December 31, 2023 2022 2021 (In thousands) Weighted average convertible preferred stock — 40,034 43,750
Schedule of Basic and Diluted Income (Loss) Per Share	Basic and diluted income (loss) per share were determined as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Net income (loss) available to common stockholders $ 211,894 $ 1,124,868 $ ( 259,225 ) Income allocable to unvested restricted stock ( 327 ) ( 4,278 ) — Basic net income (loss) available to common stockholders $ 211,567 $ 1,120,590 $ ( 259,225 ) Income allocable to convertible preferred stock — 16,014 — Income allocable to unvested restricted stock — 4,278 — Diluted net income (loss) available to common stockholders $ 211,567 $ 1,140,882 $ ( 259,225 ) Basic weighted average shares outstanding 276,806 236,045 231,633 Effect of dilutive securities: PSUs — 911 — Restricted stock — 475 — Convertible preferred stock — 40,034 — Diluted weighted average shares outstanding 276,806 277,465 231,633 Basic income (loss) per share $ 0.76 $ 4.75 $ ( 1.12 ) Diluted income (loss) per share $ 0.76 $ 4.11 $ ( 1.12 )
Cash Payments Made for Interest and Income Taxes	Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Cash payments for: Interest $ 161,009 $ 166,275 $ 203,742 Income tax payments $ 29,783 $ 16,524 $ 149 Non-cash investing activities include: Increase (decrease) in accrued capital expenditures $ ( 18,562 ) $ 34,443 $ ( 4,964 ) Liabilities assumed in exchange for right-of-use lease assets $ 195,402 $ 110,090 $ 5,847 Non-cash financing activities include: Conversion of preferred stock into common stock $ — $ 175,000 $ —

Natural Gas and Oil Producing_2

Natural Gas and Oil Producing Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Capitalized Costs Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities	Set forth below is certain information regarding the aggregate capitalized costs of natural gas and oil properties and costs incurred by the Company for its natural gas and oil property acquisition, development and exploration activities: Capitalized Costs As of December 31, 2023 2022 (In thousands) Proved properties: Leasehold costs $ 3,198,028 $ 3,117,028 Wells and related equipment and facilities 3,928,491 2,726,381 Accumulated depreciation depletion and amortization ( 2,144,084 ) ( 1,543,003 ) 4,982,435 4,300,406 Unproved properties 343,419 298,230 $ 5,325,854 $ 4,598,636
Costs Incurred Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities	Costs Incurred Year Ended December 31, 2023 2022 2021 (In thousands) Property acquisitions: Proved property $ — $ 500 $ 21,781 Unproved property 98,553 54,120 35,871 Exploration and development: Developmental leasehold costs 27,905 13,727 12,953 Exploratory drilling and completion costs 244,129 63,520 6,966 Development drilling and completion costs 974,664 901,026 569,141 Other development costs 25,130 53,693 39,168 Asset retirement obligations ( 19 ) 686 5,608 Total capital expenditures $ 1,370,362 $ 1,087,272 $ 691,488

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt is comprised of the following: As of December 31, 2023 2022 (In thousands) Bank Credit Facility: Principal $ 480,000 $ — 6.75 % Senior Notes due 2029: Principal 1,223,880 1,223,880 Premium, net of amortization 5,138 5,956 5.875 % Senior Notes due 2030: Principal 965,000 965,000 Debt issuance costs, net of amortization ( 33,627 ) ( 42,265 ) $ 2,640,391 $ 2,152,571
Principal Amount of Debt by Year of Maturity	The following table summarizes Comstock's principal amount of debt as of December 31, 2023 by year of maturity: 2024 2025 2026 2027 2028 Thereafter Total (In thousands) Bank Credit Facility $ — $ — $ — $ 480,000 $ — $ — $ 480,000 6.75 % Senior Notes due 2029 — — — — — 1,223,880 1,223,880 5.875 % Senior Notes due 2030 — — — — — 965,000 965,000 $ — $ — $ — $ 480,000 $ — $ 2,188,880 $ 2,668,880

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity is presented below: Number of Weighted Outstanding at January 1, 2023 966,058 $ 13.34 Granted 954,031 $ 9.80 Vested ( 419,964 ) $ 11.69 Forfeitures ( 71,041 ) $ 10.15 Outstanding at December 31, 2023 1,429,084 $ 11.62 Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Fair value of vested restricted stock $ 4,241 $ 11,080 $ 3,070 Grant date weighted average fair value $ 9.80 $ 17.70 $ 6.05 Compensation expense recognized for restricted stock grants $ 6,519 $ 4,171 $ 3,406 Unrecognized compensation expense related to unvested shares $ 12,411 Expected recognition period 2.0 years
Summary of Significant Assumptions Used to Value PSUs	Significant assumptions used to value PSUs included: Year Ended December 31, 2023 2022 2021 Risk free interest rate 4.2 % 3.6 % 0.3 % Range of implied volatility: Minimum 38 % 50 % 37 % Maximum 68 % 83 % 83 %
Summary of PSU Activity	A summary of PSU activity is presented below: Number of Weighted Outstanding at January 1, 2023 552,554 $ 15.11 Granted 391,281 $ 13.64 Earned ( 175,957 ) $ 8.11 Forfeitures ( 6,977 ) $ 28.24 Outstanding at December 31, 2023 760,901 $ 15.92 Year Ended December 31, 2023 2022 2021 (In thousands, except per unit data) Number of PSUs granted 391 237 221 Grant date fair value $ 4,906 $ 6,023 $ 1,891 Grant date fair value per unit $ 13.64 $ 25.92 $ 8.56 Compensation expense recognized for PSUs $ 3,348 $ 2,439 $ 3,392 Unrecognized compensation expense related to unvested shares $ 6,882 Expected recognition period 2.0 years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Consolidated Income Tax Provision (Benefit)	The following is an analysis of the consolidated income tax provision (benefit): Year Ended December 31, 2023 2022 2021 (In thousands) Current - Federal $ ( 4,570 ) $ 40,445 $ — Current - State ( 4,636 ) ( 7,701 ) 14,968 Deferred - Federal 52,520 209,705 ( 16,721 ) Deferred - State ( 8,219 ) 18,612 13,156 $ 35,095 $ 261,061 $ 11,403
Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability	The tax effects of significant temporary differences representing the net deferred tax liabilities were as follows: As of December 31, 2023 2022 (In thousands) Deferred tax assets: Interest expense limitation $ 168,604 $ 101,104 Net operating loss carryforwards 37,946 49,740 Unrealized hedging losses — — Asset retirement obligation 6,610 5,714 Other 3,784 4,932 216,944 161,490 Valuation allowance on deferred tax assets ( 1,169 ) ( 2,145 ) Deferred tax assets 215,775 159,345 Deferred tax liabilities: Property and equipment ( 653,369 ) ( 570,833 ) Unrealized hedging gains ( 26,623 ) ( 4,087 ) Amortization of debt issuance costs and bond discount — — Other ( 5,818 ) ( 10,162 ) Deferred tax liabilities ( 685,810 ) ( 585,082 ) Net deferred tax liability $ ( 470,035 ) $ ( 425,737 )
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due	The difference between the customary rate of 21.0% and the effective tax rate on income (losses) is due to the following: Year Ended December 31, 2023 2022 2021 (In thousands) Tax at statutory rate $ 51,868 $ 294,408 $ ( 48,368 ) Tax effect of: Valuation allowance on deferred tax assets ( 2,307 ) ( 47,077 ) 30,504 State income taxes, net of federal benefit ( 10,542 ) 14,680 28,117 Other ( 3,924 ) ( 950 ) 1,150 Total $ 35,095 $ 261,061 $ 11,403 Year Ended December 31, 2023 2022 2021 Tax at statutory rate 21.0 % 21.0 % 21.0 % Tax effect of: Valuation allowance on deferred tax assets ( 0.9 ) ( 3.4 ) ( 13.3 ) State income taxes, net of federal benefit ( 4.3 ) 1.1 ( 12.2 ) Other ( 1.6 ) ( 0.1 ) ( 0.5 ) Effective tax rate 14.2 % 18.6 % ( 5.0 )%
Carryforwards Available to Reduce Future Income Taxes	At December 31, 2023, Comstock had the following carryforwards available to reduce future income taxes: Types of Carryforward Years of Amount (In thousands) Net operating loss – U.S. federal 2024-2037 $ 740,631 Net operating loss – U.S. federal Unlimited $ 13,467 Net operating loss – state taxes Unlimited $ 1,745,991 Interest expense – U.S. federal Unlimited $ 629,212 Interest expense – state taxes Unlimited $ 615,527

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gas Derivative Contracts Volume and Prices	The Company had the following outstanding natural gas price derivative financial instruments at December 31, 2023: Future Natural Gas Swap Contracts: Volume (MMBtu) 146,400,000 Average Price per MMBtu $ 3.55
Schedule of Derivative Instruments	The aggregate fair value of the Company's derivative financial instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following: As of December 31, Type Consolidated Balance Sheet Location 2023 2022 (in thousands) Asset Derivative Financial Instruments: Natural gas price derivatives Derivative Financial Instruments – current $ 126,775 $ 23,884 Liability Derivative Financial Instruments: Natural gas price derivatives Derivative Financial Instruments – current $ — $ 4,420
Schedule of Gains and Losses from Derivative Financial Instruments	Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows: Year Ended December 31, Gain/(Loss) Recognized in Earnings on Derivatives 2023 2022 2021 (In thousands) Natural gas price derivatives $ 187,639 $ ( 662,522 ) $ ( 555,636 ) Oil price derivatives — — ( 7,247 ) Interest rate derivatives — — 2,235 $ 187,639 $ ( 662,522 ) $ ( 560,648 )

Natural Gas and Oil Reserves _2

Natural Gas and Oil Reserves Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Extractive Industries [Abstract]
Summary of Changes in Net Quantities of Proved Natural Gas and Oil Reserves	Set forth below is a summary of the Company's proved natural gas and oil reserves: Year Ended December 31, 2023 2022 2021 Oil Natural Oil Natural Oil Natural Proved Reserves: Beginning of period 549 6,697,570 627 6,118,083 11,000 5,562,876 Revisions of previous estimates ( 47 ) ( 1,803,628 ) ( 61 ) ( 6,870 ) 145 88,546 Extensions and discoveries 116 570,751 137 1,090,420 — 797,198 Acquisitions of minerals in place — — 6 260 — 202,588 Sales of minerals in place — — ( 78 ) ( 3,707 ) ( 9,308 ) ( 43,851 ) Production ( 70 ) ( 524,467 ) ( 82 ) ( 500,616 ) ( 1,210 ) ( 489,274 ) End of period 548 4,940,226 549 6,697,570 627 6,118,083 Proved Developed Reserves: Beginning of period 480 2,531,462 627 2,245,660 11,000 1,967,288 End of period 548 2,734,175 480 2,531,462 627 2,245,660 Proved Undeveloped Reserves: Beginning of period 69 4,166,108 — 3,872,423 — 3,595,588 End of period — 2,206,051 69 4,166,108 — 3,872,423
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves	The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves: As of December 31, 2023 2022 2021 (In thousands) Cash Flows Relating to Proved Reserves: Future Cash Flows $ 11,829,623 $ 40,405,829 $ 20,396,381 Future Costs: Production ( 4,019,901 ) ( 5,473,650 ) ( 3,954,726 ) Development and Abandonment ( 2,285,853 ) ( 4,175,721 ) ( 2,752,603 ) Future Income Taxes ( 341,677 ) ( 5,741,914 ) ( 2,065,316 ) Future Net Cash Flows 5,182,192 25,014,544 11,623,736 10% Discount Factor ( 2,807,562 ) ( 12,404,908 ) ( 5,848,131 ) Standardized Measure of Discounted Future Net Cash Flows $ 2,374,630 $ 12,609,636 $ 5,775,605
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves	The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves: Year Ended December 31, 2023 2022 2021 (In thousands) Standardized Measure, Beginning of Year $ 12,609,636 $ 5,775,605 $ 1,935,725 Net change in sales price, net of production costs ( 14,069,134 ) 8,600,315 5,012,696 Development costs incurred during the year which were previously estimated 1,004,650 788,450 502,674 Revisions of quantity estimates ( 1,583,876 ) ( 42,423 ) 119,200 Accretion of discount 1,551,704 680,010 199,124 Changes in future development and abandonment costs 1,095,844 ( 869,115 ) 1,505 Changes in timing and other ( 374,087 ) ( 113,744 ) ( 224,617 ) Extensions and discoveries 215,249 2,456,124 679,418 Acquisitions of minerals in place — 604 150,065 Sales of minerals in place — ( 3,313 ) ( 64,032 ) Sales, net of production costs ( 855,699 ) ( 2,779,960 ) ( 1,567,182 ) Net changes in income taxes 2,780,343 ( 1,882,917 ) ( 968,971 ) Standardized Measure, End of Year $ 2,374,630 $ 12,609,636 $ 5,775,605
Summary of Prices Used in Determining Natural Gas and Oil Reserves Quantities and Cash Flows	Prices used in determining natural gas and oil reserves quantities and cash flows are as follows: Year Ended December 31, 2023 2022 2021 Crude Oil: $/barrel $ 72.63 $ 91.21 $ 62.38 Natural Gas: $/Mcf $ 2.39 $ 6.03 $ 3.33

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Detail)		3 Months Ended	12 Months Ended
	Nov. 30, 2022 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) Segment Customer Contract Product shares	Dec. 31, 2022 USD ($) Customer shares	Dec. 31, 2021 USD ($) Customer
Operations And Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts		$ 0	$ 0	$ 0	$ 0
Goodwill		335,897,000	335,897,000	335,897,000
Operating lease right-of-use assets		$ 71,462,000	71,462,000	90,716,000
Cash payments for operating leases associated with right-of-use assets			3,800,000	3,100,000	2,600,000
Cash payments for operating leases associated with ROU assets used for investing activities			$ 174,300,000	$ 112,400,000	$ 32,700,000
Operating lease, weighted average remaining lease term		2 years 10 months 24 days	2 years 10 months 24 days	2 years 2 months 12 days
Operating lease, weighted average discount rate, percent		7.20%	7.20%	3.50%
Number of operating segments | Segment			1
Number of major customer of oil and gas sales | Customer			3	3	3
Number of primary products | Product			2
Contract cash settlement max days			25 days
Contract cancellable notice term			30 days
Natural gas and oil sales and gas services		$ 166,639,000	$ 166,639,000	$ 415,079,000
Reimbursements of overhead costs			$ 29,700,000	$ 27,500,000	$ 25,300,000
Performance multiplier, minimum			0%
Performance multiplier, maximum			200%
PGS
Operations And Summary Of Significant Accounting Policies [Line Items]
Initially committed to contribute		$ 300,000,000	$ 300,000,000
Dividend percentage		12%
Distributions percentage		80%
Reduction of ownership percentage		30%
Property, plant and equipment, additions			$ 54,900,000
Drilling Rig Contract [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease, term of contract		3 years	3 years
Operating lease, number of contract | Contract			2
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Restricted stock (in shares) | shares		1,429,084	1,429,084	966,058
Major Oil And Natural Gas Purchaser One | Revenue Benchmark | Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue			20%	27%	22%
Major Oil And Natural Gas Purchaser Two | Revenue Benchmark | Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue			17%	21%	21%
Major Oil And Natural Gas Purchaser Three | Revenue Benchmark | Customer Concentration Risk
Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenue			10%	12%	13%
Minimum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		3 years	3 years
Prior advance notice period for cancellation of rig contracts			30 days
Maximum
Operations And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		50 years	50 years
Prior advance notice period for cancellation of rig contracts			45 days
Series B Convertible Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Aggregate common stock upon conversion (in shares) | shares	43,750,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Prepaid drilling costs	$ 70,124	$ 39,084
Income tax receivable	8,312	0
Production tax refunds receivable	5,745	11,156
Prepaid expenses	2,438	2,455
Accrued proceeds from sale of natural gas and oil properties	0	3,118
Other	0	511
Other current assets	$ 86,619	$ 56,324

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	$ 126,775	$ 23,884
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative financial instruments	$ 0	4,420
6.75% Senior Notes due 2029:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Interest rate on debt instrument	6.75%
5.875% Senior Notes due 2030:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Interest rate on debt instrument	5.875%
Bank Credit Facility:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	$ 480,000	0
Long-term debt, fair value	480,000	0
Level 2 and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	126,775	23,884
Derivative financial asset, fair value	126,775	23,884
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative financial instruments	0	4,420
Derivative financial liabilities, fair value	0	4,420
Level 1 | 6.75% Senior Notes due 2029:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	1,229,018	1,229,836
Long-term debt, fair value	1,138,208	1,129,029
Level 1 | 5.875% Senior Notes due 2030:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	965,000	965,000
Long-term debt, fair value	$ 849,200	$ 846,788

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Exploratory Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory project costs	$ 867	$ 6,966
Additions to exploratory well costs pending the determination of proved reserves	244,129	63,520
Determined to have found proved reserves	(148,763)	(69,619)
Ending capitalized exploratory well costs	$ 96,233	$ 867

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Lease Cost Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 178,152	$ 115,504	$ 35,346
Operating lease cost included in general and administrative expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	1,768	1,749	1,732
Operating lease cost included in lease operating expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	2,060	1,383	879
Operating lease cost included in natural gas and oil properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	56,755	25,200	0
Variable lease cost drilling and completion costs included in natural gas and oil properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Variable lease cost	28,406	25,095	0
Short-term lease cost drilling rig costs included in natural gas and oil properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 89,163	$ 62,077	$ 32,735

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
2024	$ 28,173
2025	27,251
2026	21,181
2027	1,545
2028	1,560
Total lease payments	79,710
Imputed interest	(8,203)
Total lease liability	$ 71,507

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accrued interest payable	$ 54,912	$ 54,867
Accrued drilling costs	35,876	54,438
Accrued transportation costs	32,294	28,357
Accrued employee compensation	6,700	11,308
Accrued lease operating expenses	2,299	2,412
Accrued income and other taxes	1,894	31,256
Other	491	473
Total accrued expenses	$ 134,466	$ 183,111

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Reserve for future abandonment costs at beginning of the year	$ 29,114	$ 25,673
New wells placed on production	146	1,537
Acquisitions	0	1,211
Changes in estimates and timing	(122)	182
Liabilities settled	(41)	(80)
Divestitures	(1)	(944)
Accretion expense	1,677	1,535
Reserve for future abandonment costs at end of the year	$ 30,773	$ 29,114

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Unvested restricted stock (in shares)	1,248	926	1,057

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Common Stock and Convertible Stock Dilutive in Computation of Earning Per Share (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average convertible preferred stock (in shares)	0	40,034	43,750
Performance Share Units (PSU)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average PSUs (in shares)	662	925	1,146
Weighted average grant date fair value per unit (in dollars per share)	$ 15.92	$ 15.11	$ 8.11

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income (loss) available to common stockholders	$ 211,894	$ 1,124,868	$ (259,225)
Income allocable to unvested restricted stock	(327)	(4,278)	0
Basic net income (loss) available to common stockholders	211,567	1,120,590	(259,225)
Income allocable to convertible preferred stock	0	16,014	0
Income allocable to unvested restricted stock	0	4,278	0
Diluted net income (loss) available to common stockholders	$ 211,567	$ 1,140,882	$ (259,225)
Basic weighted average shares outstanding (in shares)	276,806	236,045	231,633
Effect of dilutive securities:
Convertible preferred stock (in shares)	0	40,034	0
Diluted weighted average shares outstanding	276,806	277,465	231,633
Basic (in dollars per share)	$ 0.76	$ 4.75	$ (1.12)
Diluted (in dollars per share)	$ 0.76	$ 4.11	$ (1.12)
Performance Share Units (PSU)
Effect of dilutive securities:
Dilutive effect of share-based payment arrangements (in shares)	0	911	0
Restricted Stock
Effect of dilutive securities:
Dilutive effect of share-based payment arrangements (in shares)	0	475	0

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Supplementary Information of Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash payments for:
Interest	$ 161,009	$ 166,275	$ 203,742
Income tax payments	29,783	16,524	149
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	(18,562)	34,443	(4,964)
Liabilities assumed in exchange for right-of-use lease assets	195,402	110,090	5,847
Non-cash financing activities include:
Conversion of preferred stock into common stock	$ 0	$ 175,000	$ 0

Acquisitions and Dispositions_2

Acquisitions and Dispositions of Natural Gas and Oil Properties - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($) a MilePipeline	Dec. 31, 2021 USD ($) a Well
Disposal Group, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from the sales of assets		$ 41.3	$ 4.1
Disposal Group, Not Discontinued Operations | Bakken Shale
Business Acquisition [Line Items]
Proceeds from the sales of assets	$ 138.1
Loss on sale of oil and gas properties	$ 162.2
East Texas
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 34.7
Haynesville Shale | East Texas
Business Acquisition [Line Items]
Length of acquired pipeline | MilePipeline			145
Oil and gas properties, net acres | a				17,500
Asset acquisition, consideration transferred			$ 35.6
Property, plant and equipment, additions			16.8
Asset acquisition, unproved property			$ 18.8
Producing natural gas wells, gross | Well				37
Oil and Gas Properties | Western Haynesville
Business Acquisition [Line Items]
Oil and gas properties, net acres | a		79,741	104,314	32,556
Asset acquisition, consideration transferred		$ 98.6	$ 54.4	$ 22.9
Oil and Gas Properties | Haynesville Shale | East Texas
Business Acquisition [Line Items]
Oil and gas properties, net acres | a			68,000

Natural Gas and Oil Producing_3

Natural Gas and Oil Producing Activities - Capitalized Costs Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Proved properties:
Leasehold costs	$ 3,198,028	$ 3,117,028
Wells and related equipment and facilities	3,928,491	2,726,381
Accumulated depreciation depletion and amortization	(2,144,084)	(1,543,003)
Proved properties	4,982,435	4,300,406
Unproved properties	343,419	298,230
Capitalized costs, oil and gas producing activities, net, total	$ 5,325,854	$ 4,598,636

Natural Gas and Oil Producing_4

Natural Gas and Oil Producing Activities - Costs Incurred Related to Oil and Natural Gas Property Acquisition Exploration and Development Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property acquisitions:
Proved property	$ 0	$ 500	$ 21,781
Unproved property	98,553	54,120	35,871
Exploration and development:
Developmental leasehold costs	27,905	13,727	12,953
Exploratory drilling and completion costs	244,129	63,520	6,966
Development drilling and completion costs	974,664	901,026	569,141
Other development costs	25,130	53,693	39,168
Asset retirement obligations	(19)	686	5,608
Total capital expenditures	$ 1,370,362	$ 1,087,272	$ 691,488

Long-term Debt - Long-term Debt

Long-term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 2,668,880
Debt issuance costs, net of amortization	(33,627)	$ (42,265)
Long-term debt	2,640,391	2,152,571
Bank Credit Facility:
Debt Instrument [Line Items]
Principal	480,000
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Principal	1,223,880	1,223,880
Premium, net of amortization	$ 5,138	5,956
Interest rate on debt instrument	6.75%
5.875% Senior Notes due 2030:
Debt Instrument [Line Items]
Principal	$ 965,000	$ 965,000	$ 965,000
Interest rate on debt instrument	5.875%

Long-term Debt - Principal Amou

Long-term Debt - Principal Amount of Debt by Year of Maturity (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2024	$ 0
2025	0
2026	0
2027	480,000
2028	0
Thereafter	2,188,880
Long-term debt, gross	2,668,880
Bank Credit Facility [Member]
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	480,000
2028	0
Thereafter
Long-term debt, gross	480,000
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027
2028	0
Thereafter	1,223,880
Long-term debt, gross	$ 1,223,880	$ 1,223,880
Interest rate on debt instrument	6.75%
5.875% Senior Notes due 2030:
Debt Instrument [Line Items]
2024	$ 0
2025	0
2026	0
2027
2028	0
Thereafter	965,000
Long-term debt, gross	$ 965,000	$ 965,000	$ 965,000
Interest rate on debt instrument	5.875%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,668,880
Repayments of senior debt			0	$ 273,920	$ 2,210,626
Loss on early retirement of debt			0	46,840	352,599
Line of Credit
Debt Instrument [Line Items]
Borrowing base			1,500,000
Long-term debt, gross			$ 480,000
Minimum | Line of Credit
Debt Instrument [Line Items]
Commitment fee on unused borrowing base			0.375%
Maximum | Line of Credit
Debt Instrument [Line Items]
Commitment fee on unused borrowing base			0.50%
Secured Overnight Financing Rate (SOFR) | Minimum | Line of Credit
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility			1.75%
Secured Overnight Financing Rate (SOFR) | Maximum | Line of Credit
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility			2.75%
Base Rate | Minimum | Line of Credit
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility			0.75%
Base Rate | Maximum | Line of Credit
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility			1.75%
Wells Fargo Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base			$ 2,000,000
Weighted average interest rate on borrowings			7.33%	3.61%
Wells Fargo Credit Facility | Minimum | Revolving Credit Facility
Debt Instrument [Line Items]
Current ratio			1%
Wells Fargo Credit Facility | Maximum | Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio			3.50%
7.5% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument			7.50%
Long-term debt, gross	$ 244,400
Repayments of senior debt	258,100
Premiums paid over face value	4,500
Payment of accrued interest	9,200
Loss on early retirement of debt	(47,800)
Unamortized discount	$ 43,300
Repayments of long-term debt					375,000
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Interest rate on debt instrument			6.75%
Long-term debt, gross			$ 1,223,880	$ 1,223,880
Repayments of senior debt		$ 26,100
Loss on early retirement of debt		(1,000)
Repayments of long-term debt		$ 24,900
Proceeds of issued senior notes					$ 1,250,000
9.75% Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate on debt instrument					9.75%
Repayments of senior debt					$ 1,650,000
5.875% Senior Notes due 2030:
Debt Instrument [Line Items]
Interest rate on debt instrument			5.875%
Long-term debt, gross			$ 965,000	$ 965,000	$ 965,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) Drillingrig	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Number of drilling rigs | Drillingrig	3
Natural Gas Transportation and Gathering Contracts
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one		$ 97.8
Other commitment, to be paid, year two		89.6
Other commitment, to be paid, year three		63.9
Other commitment, to be paid, year four		62.7
Other commitment, to be paid, year five		56.3
Other commitment, to be paid, after year five		96.4
Purchase obligations expenditures		$ 96.5	$ 50.1	$ 24.4
Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Other commitment, period	3 years
Minimum | Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one	$ 12.2		12.2
Other commitment, to be paid, year two	12.2		12.2
Other commitment, to be paid, year three	$ 12.2		$ 12.2
Minimum | Drilling Rig Short Term Contracts
Commitments And Contingencies [Line Items]
Other commitment, period		45 days
Maximum | Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Other commitment, period		3 years
Maximum | Drilling Rig Short Term Contracts
Commitments And Contingencies [Line Items]
Other commitment, period		6 months

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Detail)	Nov. 30, 2022 shares
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Conversion of stock, shares converted (in shares)	43,750,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jul. 16, 2019
Equity [Abstract]
Authorized capital stock (in shares)			405,000,000
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5	$ 0.5
Preferred stock, authorized capital stock (in shares)			5,000,000
Preferred stock, par value (in dollars per share)			$ 10

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive plan shares available for future awards of performance share units, restricted stock grants or other equity awards (in shares)	3,262,987
Stock-based compensation expense recognized	$ 9,867	$ 6,610	$ 6,799
Minimum final number of shares of common stock issuable based on performance multiplier (in shares)	0
Maximum final number of shares of common stock issuable based on performance multiplier (in shares)	1,521,802
Performance multiplier, minimum	0%
Performance multiplier, maximum	200%
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	3 years
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	1 year
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortized vesting period of awards	3 years
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense recognized	$ 9,900	$ 6,600	$ 6,800

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance, shares outstanding (in shares)	966,058
Number of shares, granted (in shares)	954,031
Earned (in shares)	(419,964)
Forfeitures (in shares)	(71,041)
Ending balance, shares outstanding (in shares)	1,429,084	966,058
Weighted-Average
Beginning balance, weighted average grant price, outstanding (in dollars per share)	$ 13.34
Granted (in dollars per share)	9.80	$ 17.70	$ 6.05
Earned (in dollars per share)	11.69
Forfeitures (in dollars per share)	10.15
Ending balance, weighted average grant price, outstanding (in dollars per share)	$ 11.62	$ 13.34
Fair value of vested restricted stock	$ 4,241	$ 11,080	$ 3,070
Per share weighted average fair value (in dollars per share)	$ 9.80	$ 17.70	$ 6.05
Compensation expense recognized for restricted stock grants	$ 6,519	$ 4,171	$ 3,406
Unrecognized compensation expense related to unvested shares	$ 12,411
Expected recognition period	2 years

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Significant Assumptions Used to Value PSUs (Detail) - Performance Share Units (PSU)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	4.20%	3.60%	0.30%
Minimum	38%	50%	37%
Maximum	68%	83%	83%

Stock-based Compensation - Su_3

Stock-based Compensation - Summary of PSU Activity (Detail) (Potential Performance Shares (PSU)) - Performance Share Units (PSU)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance, shares outstanding (in shares) | shares	552,554
Granted (in shares) | shares	391,281
Earned (in shares) | shares	(175,957)
Forfeitures (in shares) | shares	(6,977)
Ending balance, shares outstanding (in shares) | shares	760,901
Weighted-Average
Beginning balance, weighted average grant price, outstanding (in dollars per share) | $ / shares	$ 15.11
Granted (in dollars per share) | $ / shares	13.64
Earned (in dollars per share) | $ / shares	8.11
Forfeitures (in dollars per share) | $ / shares	28.24
Ending balance, weighted average grant price, outstanding (in dollars per share) | $ / shares	$ 15.92

Stock-based Compensation - Su_4

Stock-based Compensation - Summary of PSU Activity (Detail) - Performance Share Units (PSU) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs granted (in shares)	391	237	221
Grant date fair value	$ 4,906	$ 6,023	$ 1,891
Grant date fair value (in dollars per share)	$ 13.64	$ 25.92	$ 8.56
Compensation expense recognized for PSUs	$ 3,348	$ 2,439	$ 3,392
Unrecognized compensation expense related to unvested shares	$ 6,882
Expected recognition period	2 years

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Matching contributions to the plan	$ 1.9	$ 1.5	$ 1.3

Income Taxes - Consolidated Inc

Income Taxes - Consolidated Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current - Federal	$ (4,570)	$ 40,445	$ 0
Current - State	(4,636)	(7,701)	14,968
Deferred - Federal	52,520	209,705	(16,721)
Deferred - State	(8,219)	18,612	13,156
Total	$ 35,095	$ 261,061	$ 11,403

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Net operating loss expiration period	20 years
U.S. Federal
Income Taxes [Line Items]
Estimated NOL carryforwards to expire unused	$ 740.6
State Taxes
Income Taxes [Line Items]
Estimated NOL carryforwards to expire unused	$ 1,200

Income Taxes - Tax Effects of S

Income Taxes - Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Interest expense limitation	$ 168,604	$ 101,104
Net operating loss carryforwards	37,946	49,740
Unrealized hedging losses	0	0
Asset retirement obligation	6,610	5,714
Other	3,784	4,932
Noncurrent deferred tax assets	216,944	161,490
Valuation allowance on deferred tax assets	(1,169)	(2,145)
Deferred tax assets	215,775	159,345
Deferred tax liabilities:
Property and equipment	(653,369)	(570,833)
Unrealized hedging gains	(26,623)	(4,087)
Amortization of debt issuance costs and bond discount	0	0
Other	(5,818)	(10,162)
Deferred tax liabilities	(685,810)	(585,082)
Net deferred tax liability	$ (470,035)	$ (425,737)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Benefit Income Tax Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ 51,868	$ 294,408	$ (48,368)
Tax effect of:
Valuation allowance on deferred tax assets	(2,307)	(47,077)	30,504
State income taxes, net of federal benefit	(10,542)	14,680	28,117
Other	(3,924)	(950)	1,150
Total	$ 35,095	$ 261,061	$ 11,403

Income Taxes - Difference Betwe

Income Taxes - Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax at statutory rate	21%	21%	21%
Tax effect of:
Valuation allowance on deferred tax assets	(0.90%)	(3.40%)	(13.30%)
State income taxes, net of federal benefit	(4.30%)	1.10%	(12.20%)
Other	(1.60%)	(0.10%)	(0.50%)
Effective tax rate	14.20%	18.60%	(5.00%)

Income Taxes - Carryforwards Av

Income Taxes - Carryforwards Available to Reduce Future Income Taxes (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
U.S. Federal
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	$ 740,631
State Taxes
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	1,745,991
Interest expense, tax credit carryforward, amount	615,527
Years Of Expiration Carryforward Unlimited
Carryforward Available To Reduce Future Income Taxes [Line Items]
Net operating loss, tax credit carryforward, amount	13,467
Interest expense, tax credit carryforward, amount	$ 629,212

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Contracts Volume and Prices (Detail) - Natural Gas Swap Contracts - Swap Contract for Year One	12 Months Ended
	Dec. 31, 2023 MMBTU $ / Mcf
Derivative [Line Items]
Volume (in MMBTU) | MMBTU	146,400,000
Average Price per MMBtu | $ / Mcf	3.55

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset, current	$ 126,775	$ 23,884
Derivative liability, current	0	4,420
Natural gas price derivatives
Derivative [Line Items]
Derivative asset, current	126,775	23,884
Derivative liability, current		$ 4,420

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ 187,639	$ (662,522)	$ (560,648)
Gain (Loss) from Derivative Financial Instruments
Derivative [Line Items]
Gain (loss) from derivative financial instruments	187,639	(662,522)	(560,648)
Gain (Loss) from Derivative Financial Instruments | Natural gas price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	187,639	(662,522)	(555,636)
Gain (Loss) from Derivative Financial Instruments | Oil price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments			(7,247)
Gain (Loss) from Derivative Financial Instruments | Interest rate derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments			$ 2,235

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / Mcf	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a Well
Related Party Transaction [Line Items]
Revenues	$ 1,565,109	$ 3,628,057	$ 1,850,730
From affiliates	$ 16,087	18,527
Haynesville Shale | East Texas
Related Party Transaction [Line Items]
Oil and gas properties, net acres | a			17,500
Producing natural gas wells, gross | Well			37
Partnerships owned by majority stockholder
Related Party Transaction [Line Items]
Related party revenue, fee (in USD per Mcf) | $ / Mcf	0.02
From affiliates	$ 16,100	18,500
Partnerships owned by majority stockholder | Partnership costs to drill and operating wells and overhead fees
Related Party Transaction [Line Items]
Revenues	$ 1,300	$ 900	$ 1,400

Natural Gas and Oil Reserves _3

Natural Gas and Oil Reserves Information (Unaudited) - Summary of Changes in Net Quantities of Natural Gas and Crude Oil Reserves (Detail)	12 Months Ended
	Dec. 31, 2023 MMBbls MMcf	Dec. 31, 2022 MMcf MMBbls	Dec. 31, 2021 MMBbls MMcf	Dec. 31, 2020 MMcf MMBbls
Oil (MBbls)
Proved Reserves:
Beginning of period | MMBbls	549	627	11,000
Revisions of previous estimates | MMBbls	(47)	(61)	145
Extensions and discoveries | MMBbls	116	137	0
Acquisitions of minerals in place | MMBbls	0	6	0
Sales of minerals in place | MMBbls	0	(78)	(9,308)
Production | MMBbls	(70)	(82)	(1,210)
End of period | MMBbls	548	549	627
Proved Developed Reserves:
Proved developed reserves | MMBbls	548	480	627	11,000
Proved Undeveloped Reserves:
Proved undeveloped reserves | MMBbls	0	69	0	0
Natural Gas (MMcf)
Proved Reserves:
Beginning of period | MMcf	6,697,570	6,118,083	5,562,876
Revisions of previous estimates | MMcf	(1,803,628)	(6,870)	88,546
Extensions and discoveries | MMcf	570,751	1,090,420	797,198
Acquisitions of minerals in place | MMcf	0	260	202,588
Sales of minerals in place | MMcf	0	(3,707)	(43,851)
Production | MMcf	(524,467)	(500,616)	(489,274)
End of period | MMcf	4,940,226	6,697,570	6,118,083
Proved Developed Reserves:
Proved developed reserves | MMcf	2,734,175	2,531,462	2,245,660	1,967,288
Proved Undeveloped Reserves:
Proved undeveloped reserves | MMcf	2,206,051	4,166,108	3,872,423	3,595,588

Natural Gas and Oil Reserves _4

Natural Gas and Oil Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows Relating to Proved Reserves:
Future Cash Flows	$ 11,829,623	$ 40,405,829	$ 20,396,381
Future Costs:
Production	(4,019,901)	(5,473,650)	(3,954,726)
Development and Abandonment	(2,285,853)	(4,175,721)	(2,752,603)
Future Income Taxes	(341,677)	(5,741,914)	(2,065,316)
Future Net Cash Flows	5,182,192	25,014,544	11,623,736
10% Discount Factor	(2,807,562)	(12,404,908)	(5,848,131)
Standardized Measure of Discounted Future Net Cash Flows	$ 2,374,630	$ 12,609,636	$ 5,775,605	$ 1,935,725

Natural Gas and Oil Reserves _5

Natural Gas and Oil Reserves Information (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Standardized Measure, Beginning of Year	$ 12,609,636	$ 5,775,605	$ 1,935,725
Net change in sales price, net of production costs	(14,069,134)	8,600,315	5,012,696
Development costs incurred during the year which were previously estimated	1,004,650	788,450	502,674
Revisions of quantity estimates	(1,583,876)	(42,423)	119,200
Accretion of discount	1,551,704	680,010	199,124
Changes in future development and abandonment costs	1,095,844	(869,115)	1,505
Changes in timing and other	(374,087)	(113,744)	(224,617)
Extensions and discoveries	215,249	2,456,124	679,418
Acquisitions of minerals in place	0	604	150,065
Sales of minerals in place	0	(3,313)	(64,032)
Sales, net of production costs	(855,699)	(2,779,960)	(1,567,182)
Net changes in income taxes	2,780,343	(1,882,917)	(968,971)
Standardized Measure, End of Year	$ 2,374,630	$ 12,609,636	$ 5,775,605

Natural Gas and Oil Reserves _6

Natural Gas and Oil Reserves Information (Unaudited) - Summary of Prices Used in Determining Natural Gas and Oiil Reserves Quantities and Cash Flows (Detail)	12 Months Ended
	Dec. 31, 2023 $ / Mcf $ / bbl	Dec. 31, 2022 $ / bbl $ / Mcf	Dec. 31, 2021 $ / Mcf $ / bbl
Crude Oil and NGL Per Barrel
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales prices | $ / bbl	72.63	91.21	62.38
Natural Gas Per Thousand Cubic Feet
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average sales prices | $ / Mcf	2.39	6.03	3.33