Company profile

Ticker
CRK
Exchange
CEO
M. Jay Allison
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
941667468

CRK stock data

(
)

Calendar

12 Nov 19
9 Dec 19
31 Dec 19

News

Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 224.44M 128.12M 126.88M 153.5M
Net income 6.79M 21.41M 13.58M 50.3M
Diluted EPS -0.01 0.2 0.13 0.48
Net profit margin 3.03% 16.71% 10.70% 32.77%
Operating income 76.36M 43.62M 53.22M 81.45M
Net change in cash 6.5M 17.42M 6.13M -135.19M
Cash on hand 53.24M 46.75M 29.32M 23.19M
Annual (USD) Dec 17 Dec 16 Dec 15 Dec 14
Revenue 255.33M 175.71M 555.23M
Net income -111.41M -135.13M -1.05B -57.11M
Diluted EPS -7.61 -11.52 -113.53 -1.24
Net profit margin -43.63% -76.91% -10.29%
Operating income -183K -183.79M -1.17B -32.07M
Net change in cash -4.65M -68.1M 131.94M
Cash on hand 61.26M 65.9M 134.01M 2.07M

Financial data from company earnings reports

Financial report summary

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Risks
  • An extended period of depressed oil and natural gas prices will adversely affect our business, financial condition, cash flow, liquidity, results of operations and our ability to meet our capital expenditure obligations and financial commitments.
  • Our debt service requirements could adversely affect our operations and limit our growth.
  • Our access to capital markets may be limited in the future.
  • Our future production and revenues depend on our ability to replace our reserves.
  • Prospects that we decide to drill may not yield oil or natural gas in commercially viable quantities or quantities sufficient to meet our targeted rate of return.
  • Our business involves many uncertainties and operating risks that can prevent us from realizing profits and can cause substantial losses.
  • If oil and natural gas prices decline further or remain low for an extended period of time, we may be required to further write-down the carrying values and/or the estimates of total reserves of our oil and natural gas properties, which would constitute a non-cash charge to earnings and adversely affect our results of operations.
  • Our reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in our reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • Some of our undeveloped leasehold acreage is subject to leases that will expire unless production is established on units containing the acreage.
  • We pursue acquisitions as part of our growth strategy and there are risks associated with such acquisitions.
  • Market conditions or operational impediments may hinder our access to oil and natural gas markets or delay our production.
  • We are subject to extensive governmental laws and regulations that may adversely affect the cost, manner or feasibility of doing business.
  • Our operations may incur substantial liabilities due to compliance with environmental laws and regulations.
  • The enactment of derivatives legislation and regulation could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price risks, interest rate risks and other risks associated with our business.
  • Federal and state legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays as well as restrict our access to our oil and gas reserves.
  • Changes in taxation as well as the inherent difficulty in quantifying potential tax effects of business decisions could have a material adverse effect on our results of operations, financial condition, or cash flows.
  • Loss of our information and computer systems could adversely affect our business.
  • Our business could be negatively impacted by security threats, including cyber-security threats and other disruptions.
  • We are exposed to the credit risk of our customers and counterparties, and our credit risk management may not be adequate to protect against such risk.
  • Substantial exploration and development activities could require significant outside capital, which could dilute the value of our common shares and restrict our activities. Also, we may not be able to obtain needed capital or financing on satisfactory terms, which could lead to a limitation of our future business opportunities and a decline in our oil and natural gas reserves.
  • The unavailability or high cost of drilling rigs, equipment, supplies, qualified personnel and oilfield services could adversely affect our ability to execute our exploration and development plans on a timely basis and within our budget.
  • We depend on our key personnel and the loss of any of these individuals could have a material adverse effect on our operations.
  • Our insurance coverage may not be sufficient or may not be available to cover some liabilities or losses that we may incur.
Management Discussion
  • During the three months ended September 30, 2019, we had $224.4 million in total oil and natural gas sales.  Our natural gas production of 97.2 Bcf (1.1 Bcf per day) was sold at an average price of $1.99 per Mcf. Oil production of 603,773 barrels (6,563 barrels per day) was sold at an average price of $51.24 per barrel.  Natural gas production is primarily from our Haynesville / Bossier shale properties which is the primary focus of our development drilling program.  Oil production in 2019 is primarily from our Bakken shale properties that were contributed to us in August 2018.  
  • In the nine months ended September 30, 2019, we had $479.4 million in total oil and natural gas sales.  Natural gas production of 171.3 Bcf (628 MMcf per day) was sold at an average price of $2.19. Oil production of 2.1 million barrels (7,723 barrels per day) was sold at an average price of $49.26 per barrel.  During the successor period comprising 48 days from August 14, 2018 to September 30, 2018, we had $70.1 million in total oil and gas sales.  Natural gas production of 14.1 Bcf (294 MMcf per day) was sold at an average price of $2.58 per Mcf.  Oil production of 542,200 barrels (11,300 barrels per day) was sold at an average price of $62.21 per barrel.  During the predecessor period comprising 42 days from July 1, 2018 to August 13, 2018, we had $32.6 million in total oil and gas sales.  Natural gas production of 11.9 Bcf (270 MMcf per day) was sold at an average price of $2.70 per Mcf.
  • Our production taxes of $7.0 million for the three months ended September 30, 2019 were mainly comprised of $2.7 million on our oil production and $4.3 million on our natural gas production. Production taxes of $18.7 million for the first nine months of 2019 included $10.7 million of taxes on oil production and $8.0 million on our natural gas production.  Our production taxes of $4.1 million during the period August 14, 2018 through September 30, 2018 were mainly comprised of $3.2 million on our oil production and $0.9 million on our natural gas production.  Our production taxes of $0.7 million during the period July 1, 2018 through August 13, 2018 primarily relate to our natural gas production.
Content analysis ?
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New words: antidilutive, assistance, assumption, calendar, coupled, default, differential, East, extend, extended, firm, focused, free, Hub, implied, inflation, mezzanine, monthly, nonperformance, NYMEX, physical, publicly, published, put, qualified, recoverable, redemption, repaid, reserve, return, settle, spent, volume, yield
Removed: approximated, floating, liquid, offsetting, original, purpose