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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,
20212020
(In thousands)
Production tax refunds receivable$7,879 $7,915 
Pipe and oil field equipment inventory5,015 3,080 
Prepaid expenses2,183 1,829 
Advance payments for drilling costs— 1,795 
Other— 220 
$15,077 $14,839 
Reconciliation of Beginning and Ending Balances for Derivative Instruments
The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:
Year Ended December 31,
20212020
(In thousands)
Balance at beginning of year$(22,588)$4,351 
Total gains (losses) included in earnings(162,421)15,943 
Settlements, net58,448 (31,252)
Transfers out of Level 3126,561 (11,630)
Balance at end of year$— $(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,
20212020
Carrying ValueFair ValueCarrying ValueFair 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,
202120202019
(In thousands)
Operating lease cost included in general and administrative expense$1,732 $1,665 $1,646 
Operating lease cost included in lease operating expense879 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 
20232,256 
20241,921 
20253 
Total lease payments6,769 
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,
20212020
(In thousands)
Accrued interest payable$60,305 $67,265 
Accrued transportation costs22,859 25,353 
Accrued drilling costs19,995 24,959 
Accrued income and other taxes15,655 — 
Accrued employee compensation12,320 7,519 
Accrued lease operating expenses2,036 3,466 
Other1,856 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,
20212020
(In thousands)
Reserve for future abandonment costs at beginning of the year$19,290 $18,151 
Acquisitions637 — 
New wells placed on production1,994 733 
Changes in estimates and timing3,008 (699)
Liabilities settled(31)(80)
Divestitures(466)— 
Accretion expense1,241 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,
202120202019
(in thousands)
Unvested restricted stock1,057 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,
202120202019
(In thousands, except per unit amounts)
Weighted average PSUs929 632 776 
Weighted average grant date fair value per unit$8.11 $9.33 $9.56 
Year Ended December 31,
202120202019
(In thousands)
Weighted average convertible preferred stock43,750 63,832 44,565 
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were determined as follows:
Year Ended December 31,
202120202019
(In thousands, except per share amounts)
Net income (loss) available to common stockholders$(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)$96,533 
Basic weighted average shares outstanding231,633 215,194 142,750 
Effect of dilutive securities:
Performance stock units— — 63 
Convertible preferred stock— — 44,565 
Diluted weighted average shares outstanding231,633 215,194 187,378 
Basic income (loss) per share$(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,
202120202019
(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 $—