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UPDATE 1-Comstock Resources posts wider-than-expected Q4 loss
February 8, 2010 / 9:31 PM / 8 years ago

UPDATE 1-Comstock Resources posts wider-than-expected Q4 loss

* Q4 loss $0.15/shr vs est. loss $0.07/shr

* Q4 rev falls 10 pct

* Says Q4 hurt by lower gas prices

Feb 8 (Reuters) - Independent oil and gas company Comstock Resources Inc (CRK.N) reported wider-than-expected fourth-quarter loss, as low natural gas prices offset higher production.

For the latest quarter, the company’s net loss was $6.8 million, or 15 cents a share, compared with net loss of $96.4 million, or $2.09 per share, a year earlier.

Quarterly revenue fell 10 percent to $90.4 million.

Analysts on average were expecting the company to post a loss of 7 cents a share, on revenue of $87.50 million, according to Thomson Reuters I/B/E/S.

Comstock said its production for the quarter rose 27 percent to 19.1 billion cubic feet equivalent of natural gas (bcfe). Shares of the company closed at $37.32 Monday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB4543] (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)

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