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Comstock Resources Suspends Dividend Amid Low Natural Gas Prices -- Energy Comment - MarketWatch

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Comstock Resources Suspends Dividend Amid Low Natural Gas Prices -- Energy Comment - MarketWatch

By Mary de Wet

Comstock Resources suspended its quarterly dividend and plans to reduce its operating drilling rigs amid low natural gas prices.

Natural gas for March delivery fell for a seventh straight session on Tuesday, settling down 4.5% at $1.689 per million British thermal units on the Nymex exchange.

On its 2024 budget:

"In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve," the Frisco, Texas-based oil and gas company said.

"In addition, the Company plans to reduce the number of operating drilling rigs it is running from seven to five. Two of the five drilling rigs will continue to be deployed in the Company's Western Haynesville play."

"As a result, Comstock plans to spend approximately $750 million to $850 million in 2024 on its development and exploration projects to drill 46 (35.9 net) operated horizontal wells and to turn 44 (38.2 net) operated wells to sales in 2024."

Write to Mary de Wet at mary.dewet@dowjones.com

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