Comstock Resources: More Than Meets the Eye
Back in April I argued that Comstock Resources (NYSE: CRK ) was a hidden play on LNG exports from the Gulf Coast due to sizable reserves in the Haynesville shale with close proximity to the coast. The company, though, appears to have much more than natural gas resources based on the recent results of its first well in the East Eagle Ford shale.
Comstock Resources continues shifting toward oily production with added positions in the Eagle Ford and Tuscaloosa Marine Shale, or TMS. While total production isn't increasing that much due to a 30% year-over-year drop in natural gas produced during the first quarter, the higher realized prices along with more oil production dramatically improved results.
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