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UPDATE 1-Comstock Resources Q2 loss narrows
August 2, 2010 / 8:49 PM / in 7 years

UPDATE 1-Comstock Resources Q2 loss narrows

* Q2 shr loss $0.04 vs loss of $0.26 year ago

* Sales rose 40 pct to $90.7 mln

* Production in Q2 grew 30 pct to 20 bcfe * Raises 2010 capex 30 pct to $500 mln

Aug 2 (Reuters) - Independent oil and gas company Comstock Resources Inc (CRK.N) posted a narrower second quarter loss, helped by increased production and higher realized oil prices.

For the second quarter, the company reported a net loss of $1.6 million, or 4 cents a share, compared to a net loss of $11.5 million, or 26 cents a share a year ago.

Sales rose 40 percent to $90.7 million.

Analysts on average expected the company to post a loss of 21 cents a share on revenue of $87.4 million, according to Thomson Reuters I/B/E/S.

Comstock said its production for the quarter rose 30 percent to 20 billion cubic feet of natural gas equivalent (bcfe) on higher output from its Haynesville shale.

Realized oil prices improved by 37 percent to $67.37 per barrel for the second quarter.

The company also raised its 2010 capital expenditure outlook to $500 million, from its previous outlook of $385 million.

Shares of the company closed at $25.99 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Vyas Mohan)

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