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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Preliminary Purchase Price Allocation of the Assets Acquired and Liabilities Assumed Based on their Fair Values The following table summarizes the original and final purchase price allocations of the assets acquired and liabilities assumed based on their fair values as of the acquisition date:
Original AllocationMeasurement Period AdjustmentsFinal Allocation
 (In thousands)
Consideration:
Cash Paid$700,000 $— $700,000 
Fair Value of Common Stock Issued167,808 — 167,808 
Fair Value of Series A Preferred Stock Issued200,000 — 200,000 
Total Consideration1,067,808 — 1,067,808 
Liabilities Assumed:
Accounts Payable and Accrued Liabilities129,622 — 129,622 
Derivative Financial Instruments388 — 388 
Other Current Liabilities9,930 706 10,636 
Long Term Debt826,625 — 826,625 
Covey Park Preferred Equity153,390 — 153,390 
Non-current Derivative Financial Instruments186 — 186 
Asset Retirement Obligations5,374 — 5,374 
Deferred Income Taxes23,466 (1,780)21,686 
Other Non-current Liabilities9,893 — 9,893 
Liabilities Assumed1,158,874 (1,074)1,157,800 
Total Consideration and Liabilities Assumed$2,226,682 $(1,074)$2,225,608 
Assets Acquired:
Cash and Cash Equivalents$6,131 $— $6,131 
Accounts Receivable86,285 — 86,285 
Current Derivative Financial Instruments51,004 — 51,004 
Other Current Assets5,511 (554)4,957 
Proved Oil and Natural Gas Properties1,818,413 (520)1,817,893 
Unproved Oil and Natural Gas Properties237,210 — 237,210 
Other Property, Plant and Equipment2,262 — 2,262 
Non-current Derivative Financial Instruments19,866 — 19,866 
Total Assets Acquired$2,226,682 $(1,074)$2,225,608 
Summary of Unaudited Pro Forma Financial Information The unaudited pro forma results do not reflect any cost savings or other synergies that may arise in the future.
Pro Forma Year Ended
December 31,
20182019
(In thousands, except per share amounts)
Revenues:$1,168,585 $1,147,290 
Net Income$180,303 $261,406 
Net income per share:
Basic$0.77 $1.00 
Diluted$0.64 $0.82 
Summary of Other Current Assets
Other current assets at December 31, 2019 and 2020 consist of the following:
As of December 31,
20192020
(In thousands)
Prepaid expenses$2,005 $1,829 
Advance payments for drilling costs— 1,795 
Production tax refunds receivable3,661 7,915 
Pipe and oil field equipment inventory4,503 3,080 
Other230 220 
$10,399 $14,839 
Reconciliation of Beginning and Ending Balances for Derivative Instruments
The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:
For the Years Ended December 31,
20192020
(In thousands)
Balance at beginning of year$— $4,351 
Total gains (losses) included in earnings4,351 15,943 
Settlements, net— (31,252)
Transfers out of Level 3— (11,630)
Balance at end of year$4,351 $(22,588)
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, 2019 and December 31, 2020:
For the Years Ended December 31,
20192020
Carrying ValueFair ValueCarrying ValueFair Value
Assets:(In thousands)
Commodity-based derivatives (1)
$89,192 $89,192 $9,574 $9,574 
Liabilities:
Commodity-based derivatives (1)
4,442 4,442 49,369 49,369 
Bank credit facility (2)
1,250,000 1,250,000 500,000 500,000 
7½% senior notes due 2025 (3)
455,768 534,375 473,728 628,691 
9¾% senior notes due 2026 (3)
820,057 765,000 1,577,824 1,769,625 
_______________
(1)The Company's natural gas price swaps and basis swap agreements, its interest rate swap agreements and its crude oil and natural gas price collars 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. The Company's natural gas swaption contracts provide the counterparty the right, but not the obligation, to extend terms of an existing swap on a predetermined dates. Due to the subjectivity of the inputs used to value the counterparty rights in the contracts, these contracts are classified as Level 3 in the fair value hierarchy. 
(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, 2019 and 2020, respectively, a Level 1 measurement.
Summary of Lease Cost Recognized
Lease costs recognized during the twelve months ended December 31, 2020 were as follows:
Year Ended December 31,
20192020
(In thousands)
Operating lease cost included in general and administrative expense$1,646 $1,665 
Operating lease cost included in lease operating expense396 815 
Short-term lease cost (drilling rig costs included in proved oil and gas properties)20,527 33,334 
$22,569 $35,814 
Summary of Liabilities Under Contract Contain Operating Leases The maturities of Comstock's operating lease obligations are as follows:
(In thousands)
2021$2,366 
2022562 
2023196 
Total lease payments3,124 
Imputed interest(99)
Total lease liability$3,025 
Summary of Accrued Expenses
Accrued expenses at December 31, 2019 and 2020 consist of the following:
As of December 31,
20192020
(In thousands)
Accrued interest payable$39,501 $67,265 
Accrued drilling costs42,193 24,959 
Accrued transportation costs26,907 25,353 
Accrued transaction costs10,830 462 
Accrued employee compensation8,653 7,519 
Accrued lease operating expenses4,990 3,466 
Other4,092 3,995 
$137,166 $133,019 
Summary of Changes in Reserve for Future Abandonment Costs
The following table summarizes the changes in the Company's total estimated liability:
Year Ended December 31,
20192020
(In thousands)
Reserve for future abandonment costs at beginning of the year$5,136 $18,151 
Wells acquired5,700 — 
New wells placed on production516 733 
Changes in estimates and timing6,333 (699)
Liabilities settled(57)(80)
Asset divestitures(45)— 
Accretion expense568 1,185 
Reserve for future abandonment costs at end of the year$18,151 $19,290 
Schedule of Unvested Restricted Stock Weighted average shares of unvested restricted stock included in common stock outstanding were as follows:
PredecessorSuccessor
For the Period
from January 1,
2018  through
August 13, 2018		For the Period
from August 14,
2018 through
December 31, 2018		Year Ended December 31, 2019Year Ended December 31, 2020
Unvested restricted stock (in thousands)
8394106851,149
Common Stock and Convertible Stock Dilutive 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 were as follows:
PredecessorSuccessor
For the Period
from January 1,
2018  through
August 13, 2018		For the Period
from August 14,
2018 through
December 31, 2018		Year Ended December 31, 2019Year Ended December 31, 2020
(In thousands)
Weighted average PSUs476 328 — 632 
Weighted average grant date fair value per unit$13.83 $12.93 $— $9.33 
Weighted average convertible preferred stock— — — 63,832 
Weighted average warrants for common stock142 — — — 
Weighted average exercise price per share$0.01 $— $— $— 
Weighted average contingently convertible shares39,819 — — — 
Weighted average conversion price per share$12.32 $— $— $— 
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were determined as follows:
PredecessorSuccessor
For the Period January 1, 2018 through August 13, 2018For the Period
from August 14,
2018 through
December 31, 2018		Year Ended December 31, 2019Year Ended December 31, 2020
(In thousands, except per share amounts)
Net income (loss) attributable to common stockholders$(92,754)$64,122 $74,474 $(83,413)
Income allocable to unvested restricted shares— (248)(356)— 
Basic net income (loss) attributable to common stockholders$(92,754)$63,874 $74,118 $(83,413)
Income allocable to convertible preferred stock— — 22,415 — 
Diluted net income (loss) attributable to common stockholders$(92,754)$63,874 $96,533 $(83,413)
Basic weighted average shares outstanding15,262 105,453 142,750 215,194 
Effect of dilutive securities:
Performance stock units— — 63 — 
Convertible preferred stock— — 44,565 — 
Stock warrants— 6 — — 
Diluted weighted average shares outstanding15,262 105,459 187,378 215,194 
Basic income (loss) per share$(6.08)$0.61 $0.52 $(0.39)
Diluted income (loss) per share$(6.08)$0.61 $0.52 $(0.39)
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:
PredecessorSuccessor
For the Period
from January 1,
2018  through
August 13, 2018		For the Period
from August 14,
2018 through
December 31, 2018		Year Ended December 31, 2019Year Ended December 31, 2020
(In thousands)
Cash payments for:
Interest payments$36,187 $8,042 $149,039 $228,555 
Income tax (payments) refunds$(2)$— $(2)$10,218 
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures$(3,255)$15,301 $24,273 $(17,234)
Liabilities assumed in exchange for right-of-use lease assets$— $— $5,372 $1,761 
Non-cash investing and financing activities related to acquisitions
Issuance of common stock$— $760,829 $198,633 $— 
Issuance of Series A Convertible Preferred Stock$— $— $200,000 $— 
Assumed 7½% senior notes
$— $— $446,625 $— 
Acquired working capital$— $36,351 $41,365 $520 
Non-cash financing activities include:
Retirement of debt in exchange for common stock$— $— $— $(4,151)
Issuance of common stock in exchange for debt$— $— $— $5,012