XML 43 R23.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Accounting Policies [Abstract] |
Summary of Other Current Assets | Other current assets at December 31, 2021 and 2020 consist of the following:
| As of December 31,
| 2021 |  | 2020
| (In thousands)
Production tax refunds receivable | $ | 7,879 |  |  | $ | 7,915 |
Pipe and oil field equipment inventory | 5,015 |  |  | 3,080 |
Prepaid expenses | 2,183 |  |  | 1,829 |
Advance payments for drilling costs | — |  |  | 1,795 |
Other | — |  |  | 220 |
| $ | 15,077 |  |  | $ | 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:
| Year Ended December 31,
| 2021 |  | 2020
| (In thousands)
Balance at beginning of year | $ | (22,588) |  |  | $ | 4,351 |
Total gains (losses) included in earnings | (162,421) |  |  | 15,943 |
Settlements, net | 58,448 |  |  | (31,252) |
Transfers out of Level 3 | 126,561 |  |  | (11,630) |
Balance at end of year | $ | — |  |  | $ | (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, 2021 and 2020 :
| As of December 31,
| 2021 |  | 2020
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: | (In thousands)
Commodity-based derivatives (1) | $ | 5,258 |  |  | $ | 5,258 |  |  | $ | 9,574 |  |  | $ | 9,574 |
Liabilities: |  |  |  |  |  |  |
Commodity-based derivatives (1) | 185,987 |  |  | 185,987 |  |  | 49,369 |  |  | 49,369 |
Bank credit facility (2) | 235,000 |  |  | 235,000 |  |  | 500,000 |  |  | 500,000 |
7.50% senior notes due 2025 (3) | 196,998 |  |  | 248,066 |  |  | 473,728 |  |  | 628,691 |
9.75% senior notes due 2026 (3) | — |  |  | — |  |  | 1,577,824 |  |  | 1,769,625 |
6.75% senior notes due 2029 (3) | 1,256,874 |  |  | 1,337,500 |  |  | — |  |  | — |
5.875% senior notes due 2030 (3) | 965,000 |  |  | 989,125 |  |  | — |  |  | — |
_______________ (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, 2021 and 2020, respectively, a Level 1 measurement.
Summary of Lease Cost Recognized | Lease costs recognized during the years ended December 31, 2021, 2020 and 2019 were as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Operating lease cost included in general and administrative expense | $ | 1,732 |  |  | $ | 1,665 |  |  | $ | 1,646 |
Operating lease cost included in lease operating expense | 879 |  |  | 815 |  |  | 396 |
Short-term lease cost (drilling rig costs included in proved oil and gas properties) | 32,735 |  |  | 33,334 |  |  | 20,527 |
| $ | 35,346 |  |  | $ | 35,814 |  |  | $ | 22,569 |
Summary of Liabilities Under Contract Contain Operating Leases | The maturities of Comstock's operating lease obligations are as follows:
| (In thousands)
2022 | $ | 2,589 |
2023 | 2,256 |
2024 | 1,921 |
2025 | 3 |
Total lease payments | 6,769 |
Imputed interest | (250) |
Total lease liability | $ | 6,519 |
Summary of Accrued Expenses | Accrued expenses at December 31, 2021 and 2020 consist of the following:
| As of December 31,
| 2021 |  | 2020
| (In thousands)
Accrued interest payable | $ | 60,305 |  |  | $ | 67,265 |
Accrued transportation costs | 22,859 |  |  | 25,353 |
Accrued drilling costs | 19,995 |  |  | 24,959 |
Accrued income and other taxes | 15,655 |  |  | — |
Accrued employee compensation | 12,320 |  |  | 7,519 |
Accrued lease operating expenses | 2,036 |  |  | 3,466 |
Other | 1,856 |  |  | 3,995 |
Accrued transaction costs | — |  |  | 462 |
| $ | 135,026 |  |  | $ | 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,
|  | 2021 |  | 2020
|  | (In thousands)
Reserve for future abandonment costs at beginning of the year |  | $ | 19,290 |  |  | $ | 18,151 |
Acquisitions |  | 637 |  |  | — |
New wells placed on production |  | 1,994 |  |  | 733 |
Changes in estimates and timing |  | 3,008 |  |  | (699) |
Liabilities settled |  | (31) |  |  | (80) |
Divestitures |  | (466) |  |  | — |
Accretion expense |  | 1,241 |  |  | 1,185 |
Reserve for future abandonment costs at end of the year |  | $ | 25,673 |  |  | $ | 19,290 |
Schedule of Unvested Restricted Stock | Weighted average shares of unvested restricted stock included in common stock outstanding were as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Unvested restricted stock | 1,057 |  |  | 1,149 |  |  | 685 |
Antidilutive Securities In Computation of Earnings per Share | The treasury stock method is used to measure the dilutive effect of PSUs.
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands, except per unit amounts)
Weighted average PSUs | 929 |  |  | 632 |  |  | 776 |
Weighted average grant date fair value per unit | $8.11 |  |  | $9.33 |  |  | $9.56 |
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Weighted average convertible preferred stock | 43,750 |  |  | 63,832 |  |  | 44,565 |
Basic and Diluted Earnings Per Share | Basic and diluted earnings per share were determined as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In thousands, except per share amounts)
Net income (loss) available to common stockholders | $ | (259,225) |  |  | $ | (83,413) |  |  | $ | 74,474 |
Income allocable to unvested restricted shares | — |  |  | — |  |  | (356) |
Basic net income (loss) available to common stockholders | $ | (259,225) |  |  | $ | (83,413) |  |  | $ | 74,118 |
Income allocable to convertible preferred stock | — |  |  | — |  |  | 22,415 |
Diluted net income (loss) available to common stockholders | $ | (259,225) |  |  | $ | (83,413) |  |  | $ | 96,533 |
Basic weighted average shares outstanding | 231,633 |  |  | 215,194 |  |  | 142,750 |
Effect of dilutive securities: |  |  |  |  |
Performance stock units | — |  |  | — |  |  | 63 |
Convertible preferred stock | — |  |  | — |  |  | 44,565 |
Diluted weighted average shares outstanding | 231,633 |  |  | 215,194 |  |  | 187,378 |
Basic income (loss) per share | $ | (1.12) |  |  | $ | (0.39) |  |  | $ | 0.52 |
Diluted income (loss) per share | $ | (1.12) |  |  | $ | (0.39) |  |  | $ | 0.52 |
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,
| 2021 |  | 2020 |  | 2019
| (In thousands)
Cash payments for: |  |  |  |  |
Interest payments | $ | 203,742 |  |  | $ | 228,555 |  |  | $ | 149,039 |
Income tax (payments) refunds | $ | (149) |  |  | $ | 10,218 |  |  | $ | (2) |
Non-cash investing activities include: |  |  |  |  |
Increase (decrease) in accrued capital expenditures | $ | (4,964) |  |  | $ | (17,234) |  |  | $ | 24,273 |
Liabilities assumed in exchange for right-of-use lease assets | $ | 5,847 |  |  | $ | 1,761 |  |  | $ | 5,372 |
Non-cash investing and financing activities related to acquisitions |  |  |  |  |
Issuance of common stock | $ | — |  |  | $ | — |  |  | $ | 198,633 |
Issuance of Series A Convertible Preferred Stock | $ | — |  |  | $ | — |  |  | $ | 200,000 |
Assumed 7.5% senior notes | $ | — |  |  | $ | — |  |  | $ | 446,625 |
Acquired working capital | $ | — |  |  | $ | 520 |  |  | $ | 41,365 |
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 |  |  | $ | — |

X
- Definition Cash payments made for interest and income taxes. + References No definition available. + Details
Name: | crk_CashPaymentsMadeForInterestAndIncomeTaxesTableTextBlock
Namespace Prefix: | crk_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
Name: | us-gaap_ScheduleOfAssetRetirementObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
Name: | us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration