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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Results of Operations for Properties

Results of operations for properties that were sold or held for sale were as follows:

		Three Months Ended March 31,
		2018				2017
		(In thousands)
Total oil and gas sales		$	13,212			$	13,535
Total operating expenses(1)			(4,391	)			(14,301	)
Operating income (loss)		$	8,821			$	(766	)

(1) Includes direct operating expenses, depreciation, depletion and amortization and exploration expense.  Excludes interest expense, general and administrative expenses and depreciation, depletion and amortization expense subsequent to the date the assets were designated as held for sale.

Summary of Accrued Expenses

Accrued expenses at March 31, 2018 and December 31, 2017 consist of the following:

		As of March 31, 2018				As of December 31, 2017
		(In thousands)
Accrued drilling costs		$	6,193			$	5,874
Accrued interest payable			4,090				21,277
Accrued transportation costs			2,984				3,269
Accrued employee compensation			7,682				6,449
Asset retirement obligation – assets held for sale			4,557				4,557
Accrued ad valorem taxes			600				—
Other			984				1,029
		$	27,090			$	42,455

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the three months ended March 31, 2018 and 2017:

		Three Months Ended March 31,
		2018				2017
		(In thousands)
Future abandonment costs — beginning of period		$	10,407			$	15,804
Accretion expense			140				220
New wells placed on production			2				1
Liabilities settled and assets disposed of			(60	)			(12	)
Future abandonment costs — end of period		$	10,489			$	16,013

Summary of Outstanding Derivative Financial Instruments

The Company had the following outstanding derivative financial instruments used for oil and natural gas price risk management at March 31, 2018:

Commodity and Derivative Type		Weighted-Average Contract Price			Contract Volume (MMBtu)		Contract Period
Natural Gas Swap Agreements		$3.00 per MMBtu			20,400,000		April 2018 – March 2019

Consolidated Income Tax Provision

The following is an analysis of consolidated income tax provision:

			Three Months Ended  March 31,
			2018				2017
			(In thousands)
Current - State			$	10			$	76
- Federal				—				—
Deferred  - State				(454	)			359
- Federal				1,026				—
			$	582			$	435

Difference Between Federal Statutory Rate and Effective Tax Rate on the Loss Before Income Taxes Due

The difference between the Company's effective tax rate and the 21% federal statutory rate in effect as of January 1, 2018 and the 35% federal statutory rate in effect as of March 31, 2017 is caused by valuation allowances on deferred taxes and state taxes. The impact of these items varies based upon the Company's projected full year loss and the jurisdictions that are expected to generate the projected losses.

The difference between the federal statutory rate and the effective tax rate on the income (loss) before income taxes is due to the following:

			Three Months Ended  March 31,
			2018				2017
			(In thousands)
Tax at statutory rate			21.0	%			35.0	%
Tax effect of:
Valuation allowance on deferred tax assets			(24.5	)			(38.7	)
State income taxes, net of federal benefit			3.1				4.2
Nondeductible stock-based compensation			(1.0	)			(2.4	)
Effective tax rate			(1.4	)%			(1.9	)%

Basic and Diluted Losses Per Share

Basic and diluted loss per share for the three months ended March 31, 2018 and 2017 were determined as follows:

		Three Months Ended March 31,
		2018												2017
		Loss				Shares				Per Share				Loss				Shares				Per Share
		(In thousands, except per share amounts)
Basic and diluted net loss attributable to common stock		$	(41,886	)			15,084			$	(2.78	)		$	(22,931	)			14,225			$	(1.61	)

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding during the three months ended March 31, 2018 and 2017 which were excluded from the computation of the loss per share were as follows:

		Three Months Ended  March 31,
		2018				2017
		(In thousands)
Unvested restricted stock			834				503

Common Stock Stock Options and Convertible Stock Anti-Dilutive to Earnings Excluded from Weighted Average Shares Used in Computation of Earning Per Share

All stock options, unvested PSUs, warrants exercisable into common stock and contingently issuable shares related to the convertible debt that were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss in each period were as follows:

			Three Months Ended  March 31,
			2018				2017
			(In thousands except per share/unit data)
Weighted average warrants for common stock				218				590
Weighted average exercise price per share			$	0.01			$	0.01
Weighted average PSUs				418				233
Weighted average grant date fair value per unit			$	13.83			$	17.12
Weighted average contingently convertible shares				39,205				36,409
Weighted average conversion price per share			$	12.32			$	12.32

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes for the three months ended March 31, 2018 and 2017, respectively, were as follows:

		Three Months Ended March 31,
		2018				2017
		(In thousands)
Interest payments		$	35,137			$	36,856
Income tax payments		$	—			$	3

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