Comstock Resources, Inc. Reports Fourth Quarter 2018 Financial and Operating Results


Frisco, TX, Feb. 21, 2019 (GLOBE NEWSWIRE) --

COMSTOCK RESOURCES, INC. REPORTS
FOURTH QUARTER 2018 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 21, 2019 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results.  As a result of the transactions that were completed on August 14, 2018 in which entities controlled by Dallas businessman Jerry Jones and his children contributed their Bakken Shale properties to the Company in exchange for approximately 88.6 million shares of Comstock common stock (the "Jones Contribution") and the Company refinanced its long-term debt, the Company is presenting its 2018 results as two separate periods.  References to "Successor" relate to the financial position and results of operations of the Company subsequent to August 13, 2018, and references to "Predecessor" relate to the financial position and results of operations of the Company on or prior to August 13, 2018.  The Company's consolidated financial results are being presented with a blackline division which delineates the lack of comparability between amounts presented before and after August 13, 2018.

Financial Results for the Three Months Ended December 31, 2018

In the first full quarter following the closing of the Jones Contribution, Comstock reported net income of $50.3 million or $0.48 per diluted share for the fourth quarter of 2018 as compared to a net loss of $42.3 million or $2.86 per share for the Predecessor fourth quarter of 2017.  The fourth quarter 2018 results included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $18.3 million.  Excluding the unrealized gain, the net income for the fourth quarter of 2018 would have been $36.6 million or $0.35 per share.

Comstock produced 30.9 billion cubic feet of natural gas and 843,000 barrels of oil or 36.0 billion cubic feet of natural gas equivalent ("Bcfe") in the fourth quarter of 2018.  The Company's natural gas production averaged 336 million cubic feet ("MMcf") per day, an increase of 39% over natural gas production in the Predecessor fourth quarter of 2017.  The growth in natural gas production was primarily attributable to the continuing successful results from Comstock's Haynesville shale drilling program.  Oil production in the fourth quarter of 2018, which averaged 9,155 barrels of oil per day, increased from the 2,319 barrels per day produced in the Predecessor fourth quarter of 2017 due to production from the Bakken Shale properties acquired in the Jones Contribution.  The fourth quarter 2018 oil production was revised from what was previously reported to account for oil production shut-in for completions and workovers.  Oil production during the month of December 2018 averaged 10,820 barrels of oil per day.

Comstock's average realized natural gas price, including hedging losses, increased 12% to $3.28 per Mcf in the fourth quarter of 2018 as compared to $2.94 per Mcf realized in the Predecessor fourth quarter of 2017.  The Company's average realized oil price, including hedging gains, decreased by 3% to $54.96 per barrel in the fourth quarter of 2018 as compared to $56.48 per barrel in the Predecessor fourth quarter of 2017.  Oil and gas sales were $147.7 million (including realized hedging gains and losses) in the fourth quarter of 2018 as compared to the Predecessor 2017 fourth quarter sales of $77.3 million.  EBITDAX, or earnings before interest, taxes, depreciation, depletion, amortization, exploration expense and other noncash expenses, of $112.5 million in the fourth quarter of 2018 increased by 117% over EBITDAX of $56.0 million for the Predecessor fourth quarter of 2017.  The Company's operating cash flow generated in the fourth quarter of 2018 of $95.6 million increased 154% over operating cash flow of $37.6 million in the Predecessor fourth quarter of 2017. 

Financial Results for the Period August 14, 2018 through December 31, 2018

Financial results subsequent to the Jones Contribution are for the 140 day period from August 14, 2018 through December 31, 2018 (the "Successor Period").  Comstock reported net income of $64.1 million or $0.61 per diluted share for the Successor Period.  The results for this period included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $16.0 million.  Excluding the unrealized gain, the net income for the Successor period would have been $52.0 million or $0.49 per share.

Comstock produced 1.4 million barrels of oil and 45.0 billion cubic feet ("Bcf") of natural gas or 53.3 Bcfe in the Successor Period.  Oil production averaged 9,889 barrels of oil per day and natural gas production averaged 322 MMcf per day.  Comstock's average realized oil price after hedging was $57.80 per barrel and the average realized gas price after hedging was $3.07 per Mcf during the Successor Period.  Oil and gas sales for the Successor Period were $218.0 million (including realized hedging gains and losses), EBITDAX was $165.4 million and operating cash flow generated was $134.3 million.

Drilling Results

Comstock reported the results from its 2018 Haynesville/Bossier shale drilling program.  During 2018, Comstock spent $267.1 million on its development activities.  Comstock spent $224.4 million in the Haynesville and Bossier shale, including $197.2 million on drilling and completing wells and an additional $27.2 million on refrac and other development activity.  Comstock drilled 49 (17.0 net) horizontal Haynesville or Bossier shale wells in 2018, which had an average lateral length of approximately 8,300 feet.  Comstock also completed 16 (4.2 net) wells that were drilled in 2017.  Thirty (11.9 net) of the wells drilled in 2018 were also completed in 2018.  The Company currently expects the remaining 19 (5.1 net) wells drilled in 2018 will be completed in 2019.  Comstock also spent $42.7 million of development costs on its other properties primarily on completing 24 (7.0 net) Bakken shale wells. 
     
Since the last operational update, Comstock reported on an additional thirteen Haynesville shale wells, eight of which were operated by Comstock.  Comstock has a 30% working interest in the five non-operated wells.  The average initial production rate of these wells was 28 MMcf per day. The wells had completed lateral lengths ranging from 5,239 feet to 10,964 feet, with an average completed lateral length of 9,470 feet.  Each well was tested at initial production rates of 17 to 40 MMcf per day.  Comstock currently has five (3.5 net) operated Haynesville shale wells that are in the process of being completed.

2019 Drilling Budget

The Company also announced its current drilling plans for 2019.  Comstock's planned capital expenditures for 2019 are $364.0 million.  Haynesville/Bossier shale drilling and completion activities comprise $339.8 million of the activity in 2019 to drill 58 (36.4 net) horizontal wells including spending $25.0 million to complete 16 (5.7 net) wells drilled in 2018.  Comstock expects to spend an additional $24.2 million on its Bakken shale and Eagle Ford shale properties.

Other

Comstock has planned a conference call for 10:00 a.m. Central Time on February 21, 2019, to discuss the 2018 operational and financial results.  Investors wishing to participate should visit the Company's website at www.comstockresources.com for a live web cast or dial 844-776-7840 (international dial-in use 661-378-9538) and provide access code 5897118 when prompted.  If you are unable to participate in the original conference call, a web replay will be available approximately 24 hours following the completion of the call on Comstock's website at www.comstockresources.com.  The web replay will be available for approximately one week.  A replay of the conference call will be available beginning at 1:00 p.m. CT February 21, 2019 and will continue until 1:00 p.m. February 28, 2019.  To hear the replay, call 855-859-2056 (404-537-3406 if calling from outside the US).  The conference call access code is 5897118.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein.  Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

Comstock Resources, Inc. is an independent energy company based in Frisco, Texas engaged in oil and gas acquisitions, exploration and development, and its assets are primarily located in Texas, Louisiana and North Dakota.  The Company's stock is traded on the New York Stock Exchange under the symbol CRK.

COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per share amounts)

  Three Months Ended December 31,  Twelve Months Ended December 31, 
          Successor  Predecessor  Predecessor 
        August 14
through
December 31,
2018
  January 1
through
August 13,
2018
  2017 
SuccessorPredecessor
20182017
  (In thousands, except per share amounts) 
Revenues:                    
Natural gas sales................................................................................................... $107,843  $61,200  $144,236  $147,897  $208,741 
Oil sales................................................................................................................  45,655   12,048   79,385   18,733   46,590 
Total oil and gas sales......................................................................  153,498   73,248   223,621   166,630   255,331 
                     
Operating expenses:                    
Production taxes...................................................................................................  7,104   1,643   11,155   3,659   5,373 
Gathering and transportation.................................................................................  7,061   5,110   10,511   11,841   17,538 
Lease operating.....................................................................................................  13,720   9,178   20,736   21,139   37,859 
Depreciation, depletion and amortization..............................................................  36,124   30,548   53,944   68,032   123,557 
General and administrative....................................................................................  8,096   7,003   11,399   15,699   26,137 
Impairment of oil and gas properties.....................................................................     43,990         43,990 
Loss (gain) on sale of oil and gas properties.........................................................  (57)     (155)  35,438   1,060 
                     
Total operating expenses.................................................................................  72,048   97,472   107,590   155,808   255,514 
                     
Operating income (loss)............................................................................................  81,450   (24,224)  116,031   10,822   (183)
                     
Other income (expenses):                    
Gain from derivative financial instruments...........................................................  12,480   2,168   10,465   881   16,753 
Other income........................................................................................................  131   132   173   677   530 
Interest expense....................................................................................................  (28,758)  (39,199)  (43,603)  (101,203)  (146,449)
Transaction costs..................................................................................................           (2,866)   
                     
Total other income (expenses)........................................................................  (16,147)  (36,899)  (32,965)  (102,511)  (129,166)
                     
Income (loss) before income taxes...........................................................................  65,303   (61,123)  83,066   (91,689)  (129,349)
Benefit from (provision for) income taxes................................................................  (15,004)  18,827   (18,944)  (1,065)  17,944 
Net income (loss)...................................................................................................... $50,299  $(42,296) $64,122  $(92,754) $(111,405)
                     
Net income (loss) per share – basic and diluted......................................... $0.48  $(2.86) $0.61  $(6.08) $(7.61)
                     
Weighted average shares outstanding:                    
Basic.....................................................................................................................  105,457   14,808   105,453   15,262   14,644 
Diluted..................................................................................................................  105,457   14,808   105,459   15,262   14,644 


COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands)

  Three Months Ended December 31,  Twelve Months Ended December 31, 
        Successor  Predecessor  Predecessor 
        August 14
through
December  31,
2018
  January 1
through
August 13,
2018
  
2017
 
  Successor  Predecessor       

2018
2017
                     
OPERATING CASH FLOW:                    
                     
Net income (loss)...................................................................................................... $50,299  $(42,296) $64,122  $(92,754) $(111,405)
Reconciling items:                     
Deferred and non-current income taxes................................................................  25,196   (18,848)  29,079   1,052   (18,080)
Depreciation, depletion and amortization..............................................................  36,124   30,548   53,944   68,032   123,557 
Unrealized loss (gain) from derivative financial instruments.................................  (18,250)  1,885   (16,044)  1,961   (7,348)
Amortization of debt discount, premium and
 issuance costs....................................................................................................
  1,582   10,966   2,404   29,457   35,880 
Interest paid in-kind..............................................................................................     9,879      25,004   38,073 
Stock-based compensation....................................................................................  665   1,468   994   3,912   5,923 
Impairment of oil and gas properties.....................................................................     43,990         43,990 
Loss (gain) on sale of oil and gas properties.........................................................  (57)     (155)  35,438   1,060 
Operating cash flow..........................................................................................  95,559   37,592   134,344   72,102   111,650 
(Increase) decrease in accounts receivable..................................................  (16,164)  (4,176)  (61,048)  2,834   (16,128)
(Increase) decrease in other current assets..................................................  (11,201)  (251)  (12,527)  337   (921)
Increase in accounts payable and
accrued expenses......................................................................................
  30,499   50,686   41,533   10,462   80,013 
Net cash provided by operating activities.............................................. $98,693  $83,851  $102,302  $85,735  $174,614 
                     
EBITDAX:                    
                     
Net income (loss)...................................................................................................... $50,299  $(42,296) $64,122  $(92,754) $(111,405)
Interest expense........................................................................................................  28,758   39,199   43,603   101,203   146,449 
Income taxes.............................................................................................................  15,004   (18,827)  18,944   1,065   (17,944)
Depreciation, depletion and amortization..................................................................  36,124   30,548   53,944   68,032   123,557 
Unrealized loss (gain) from derivative financial instruments.....................................  (18,250)  1,885   (16,044)  1,961   (7,348)
Stock-based compensation........................................................................................  665   1,468   994   3,912   5,923 
Transaction costs......................................................................................................           2,866    
Impairment of oil and gas properties.........................................................................     43,990         43,990 
Loss (gain) on sale of oil and gas properties.............................................................  (57)     (155)  35,438   1,060 
Total EBITDAX.................................................................................... $112,543  $55,967  $165,408  $121,723  $184,282 


  Successor  Predecessor 
  As of
December 31, 2018
  As of
December 31, 2017
 
BALANCE SHEET DATA:        
         
Cash and cash equivalents........................................................................................................... $23,193  $61,255 
Derivative financial instruments..................................................................................................  15,401   1,318 
Other current assets.....................................................................................................................  120,833   239,932 
Property and equipment, net........................................................................................................  1,667,979   607,929 
Other...........................................................................................................................................  360,434   19,985 
Total assets........................................................................................................................... $2,187,840  $930,419 
         
Current liabilities......................................................................................................................... $206,853  $168,489 
Long-term debt............................................................................................................................  1,244,363   1,110,529 
Deferred income taxes.................................................................................................................  161,917   10,266 
Asset retirement obligation..........................................................................................................  5,136   10,407 
Stockholders' equity (deficit).......................................................................................................  569,571   (369,272)
Total liabilities and stockholders' equity (deficit)................................................................. $2,187,840  $930,419 



COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Successor
  For the Three Months Ended December 31, 2018
  Haynesville / Cotton Valley  Bakken  Other  Total 
Gas production (MMcf)............................................................................  28,261   2,583   89   30,933 
Oil production (Mbbls).........................................................................  9   828   6   843 
Total production (MMcfe)........................................................................  28,316   7,550   121   35,987 
                 
Natural gas sales................................................................................. $100,125  $7,447  $271  $107,843 
Natural gas hedging settlements(1)....................................................................           (6,402)
Total natural gas including hedging..................................................................  100,125   7,447   271   101,441 
Oil sales.................................................................................  524   44,810   321   45,655 
Oil hedging settlements(1)....................................................................           632 
Total oil including hedging..................................................................  524   44,810   321   46,287 
Total oil and gas sales including hedging.................................................................. $100,649  $52,257  $592  $147,728 
                 
Average gas price (per Mcf)............................................................................... $3.54  $2.88  $3.06  $3.49 
Average gas price including hedging
(per Mcf)...............................................................................
 $3.54  $2.88  $3.06  $3.28 
Average oil price (per barrel)............................................................................ $56.77  $54.13  $61.90  $54.21 
Average oil price including hedging
(per barrel)............................................................................
             $54.96 
Average price (per Mcfe)............................................................................. $3.55  $6.92  $4.89  $4.27 
Average price including hedging
(per Mcfe).............................................................................
             $4.11 
                 
Production taxes................................................................................. $2,062  $5,001  $41  $7,104 
Gathering and transportation................................................................. $7,008  $  $53  $7,061 
Lease operating.......................................................................... $7,629  $5,820  $272  $13,721 
                 
Production taxes (per Mcfe)............................................................................. $0.07  $0.66  $0.34  $0.20 
Gathering and transportation (per Mcfe)............................................................................ $0.25  $  $0.44  $0.20 
Lease operating (per Mcfe)............................................................................. $0.27  $0.77  $2.24  $0.37 
                 
Oil and Gas Capital Expenditures:                
Acquisitions................................................................. $3,108  $  $  $3,108 
Development leasehold....................................................................  1,240         1,240 
Development drilling and completion.................................................................  72,962   26,764      99,726 
Other development.................................................................  5,802         5,802 
Total........................................................................... $83,112  $26,764  $  $109,876 

                                               

(1)    Included in gain from derivative financial instruments in operating results.
      


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Three Months Ended December 31, 2017 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)...................................  21,750   301   163   22,214 
Oil production (Mbbls)....................................  14   194   6   214 
Total production (MMcfe)................................  21,834   1,464   196   23,494 
                 
Natural gas sales............................................... $59,317  $1,424  $459  $61,200 
Natural gas hedging settlements(1)....................           4,053 
Total natural gas including hedging............  59,317   1,424   459   65,253 
Oil sales............................................................  737   11,008   303   12,048 
Total oil and gas sales including
hedging..................................................
 $60,054  $12,432  $762  $77,301 
                 
                 
Average gas price (per Mcf)............................ $2.73  $4.73  $2.82  $2.76 
Average gas price including hedging
(per Mcf)........................................................
             $2.94 
Average oil price (per barrel)........................... $52.47  $56.80  $55.74  $56.48 
Average price (per Mcfe)................................. $2.75  $8.49  $3.89  $3.12 
Average price including hedging
(per Mcfe)......................................................
             $3.29 
                 
Production taxes............................................... $1,013  $584  $46  $1,643 
Gathering and transportation............................ $4,692  $369  $49  $5,110 
Lease operating................................................. $5,484  $3,367  $327  $9,178 
                 
Production taxes (per Mcfe)............................. $0.05  $0.40  $0.23  $0.07 
Gathering and transportation (per Mcfe).......... $0.21  $0.25  $0.25  $0.22 
Lease operating (per Mcfe)............................... $0.25  $2.30  $1.67  $0.39 
                 
Oil and Gas Capital Expenditures:                
Development leasehold................................ $2,751  $  $  $2,751 
Development drilling and completion...........  42,899   12      42,911 
Other development.......................................  2,805   514   23   3,342 
Total........................................................... $48,455  $526 $23  $49,004 

                                               

(1)    Included in gain from derivative financial instruments in operating results.
      


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Successor 
  For the Period August 14, 2018 through December 31, 2018 
  Haynesville / Cotton Valley  Bakken  Other  Total 
Gas production (MMcf)............................................................................  41,035   3,855   141   45,031 
Oil production (Mbbls).........................................................................  14   1,364   7   1,385 
Total production (MMcfe)........................................................................  41,119   12,037   182   53,338 
                 
Natural gas sales................................................................................. $134,890  $8,913  $433  $144,236 
Natural gas hedging settlements(1)....................................................................            (6,211)
Total natural gas including hedging..................................................................  134,890   8,913   433   138,025 
Oil sales.................................................................................  844   78,050   491   79,385 
Oil hedging settlements(1)....................................................................           632 
Total oil including hedging..................................................................  844   78,050   491   80,017 
Total oil and gas sales including hedging.................................................................. $135,734  $86,963  $924  $218,042 
                 
Average gas price (per Mcf)............................................................................... $3.29  $2.31  $3.06  $3.20 
Average gas price including hedging
(per Mcf)...............................................................................
             $3.07 
Average oil price (per barrel)............................................................................ $59.52  $57.24  $74.72  $57.34 
Average oil price including hedging
(per barrel)............................................................................
             $57.80 
Average price (per Mcfe)............................................................................. $3.30  $7.22  $5.09  $4.19 
Average price including hedging
(per Mcfe).............................................................................
             $4.09 
                 
Production taxes................................................................................. $2,874  $8,215  $66  $11,155 
Gathering and transportation................................................................. $10,428  $  $83  $10,511 
Lease operating.......................................................................... $11,244  $9,070  $422  $20,736 
                 
Production taxes (per Mcfe)............................................................................. $0.07  $0.68  $0.36  $0.21 
Gathering and transportation (per Mcfe)............................................................................ $0.25  $  $0.46  $0.20 
Lease operating (per Mcfe)............................................................................. $0.28  $0.76  $2.33  $0.38 
                 
Oil and Gas Capital Expenditures:                
Acquisitions................................................................. $21,013  $  $  $21,013 
Development leasehold....................................................................  1,715         1,715 
Development drilling and completion.................................................................  106,366   42,379      148,745 
Other development.................................................................  13,612         13,612 
Total........................................................................... $142,706  $42,379 $  $185,085 

                                               

(1)    Included in gain from derivative financial instruments in operating results.


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Period January 1, 2018 through August 13, 2018 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)...................................  54,386   379   475   55,240 
Oil production (Mbbls)....................................  27   247   13   287 
Total production (MMcfe)................................  54,549   1,860   554   56,963 
                 
Natural gas sales............................................... $144,918  $1,590  $1,389  $147,897 
Natural gas hedging settlements(1)....................           2,842 
Total natural gas including hedging............  144,918   1,590   1,389   150,739 
Oil sales............................................................  1,760   16,157   816   18,733 
Total oil and gas sales including
hedging..................................................
 $146,678  $17,747  $2,205  $169,472 
                 
                 
Average gas price (per Mcf)............................ $2.66  $4.20  $2.92  $2.68 
Average gas price including hedging
(per Mcf)........................................................
             $2.73 
Average oil price (per barrel)........................... $64.71  $65.46  $62.00  $65.23 
Average price (per Mcfe)................................. $2.69  $9.54  $3.98  $2.93 
Average price including hedging
(per Mcfe)......................................................
             $2.98 
                 
Production taxes............................................... $2,680  $831  $148  $3,659 
Gathering and transportation............................ $11,211  $463  $167  $11,841 
Lease operating................................................. $15,610  $4,829  $700  $21,139 
                 
Production taxes (per Mcfe)............................. $0.05  $0.45  $0.27  $0.06 
Gathering and transportation (per Mcfe).......... $0.21  $0.25  $0.30  $0.21 
Lease operating (per Mcfe)............................... $0.28  $2.59  $1.26  $0.37 
                 
Oil and Gas Capital Expenditures:                
Acquisitions................................................. $39,323  $  $  $39,323 
Development leasehold................................  2,848         2,848 
Development drilling and completion...........  90,840         90,840 
Other development.......................................  13,205   393   273   13,871 
Total........................................................... $146,216  $393 $273  $146,882 

                                               

(1)    Included in gain from derivative financial instruments in operating results.


COMSTOCK RESOURCES, INC.
REGIONAL OPERATING RESULTS
(In thousands, except per unit amounts)

  Predecessor 
  For the Year Ended December 31, 2017 
  Haynesville / Cotton Valley  South Texas  Other  Total 
Gas production (MMcf)..............................  71,550   1,372   599   73,521 
Oil production (Mbbls)...............................  53   876   22   951 
Total production (MMcfe)..........................  71,868   6,626   730   79,224 
                 
Natural gas sales......................................... $201,534  $5,574  $1,633  $208,741 
Natural gas hedging settlements(1)...............           9,405 
Total natural gas including hedging......  201,534   5,574   1,633   218,146 
Oil sales......................................................  2,557   42,961   1,072   46,590 
Total oil and gas sales including
hedging.............................................
 $204,091  $48,535  $2,705  $264,736 
                 
                 
Average gas price (per Mcf)....................... $2.82  $4.06  $2.73  $2.84 
Average gas price including hedging
(per Mcf)..................................................
             $2.97 
Average oil price (per barrel)...................... $48.21  $49.06  $49.10  $49.02 
Average price (per Mcfe)............................ $2.84  $7.32  $3.71  $3.22 
Average price including hedging
(per Mcfe).................................................
             $3.34 
                 
Production taxes.......................................... $2,941  $2,248  $184  $5,373 
Gathering and transportation....................... $15,654  $1,648  $236  $17,538 
Lease operating........................................... $22,232  $14,323  $1,304  $37,859 
                 
Production taxes (per Mcfe)....................... $0.04  $0.34  $0.25  $0.07 
Gathering and transportation (per Mcfe)..... $0.22  $0.25  $0.32  $0.22 
Lease operating (per Mcfe)......................... $0.31  $2.16  $1.79  $0.48 
                 
Oil and Gas Capital Expenditures:                
Development leasehold........................... $4,177  $521  $  $4,698 
Development drilling and completion.....  163,755   717      164,472 
Other development..................................  7,187   1,999   458   9,644 
Total...................................................... $175,119  $3,237 $458  $178,814 

                                               

(1)    Included in gain from derivative financial instruments in operating results.


            

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