XML 40 R22.htm IDEA: XBRL DOCUMENT
v3.24.0.1

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 |  |  | $ | — |

X
- Definition Schedule of antidilutive securities excluded from weighted average unearned PSUs outstanding. + References No definition available. + Details
Name: | crk_ScheduleOfAntidilutiveSecuritiesExcludedFromWeightedAverageUnearnedPSUsOutstandingTableTextBlock
Namespace Prefix: | crk_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Weighted average shares of unvested restricted stock. + References No definition available. + Details
Name: | crk_WeightedAverageSharesOfUnvestedRestrictedStockTableTextBlock
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 the change in capitalized exploratory costs during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-1B + Details
Name: | us-gaap_CapitalizedExploratoryWellCostsRollForwardTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-30 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-31 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-32 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + 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 the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 + 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 supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + 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