Comstock to hike capex, with focus on Haynesville

摘要

Houston-In what appears to be a contrarian move, small independent Comstock Resources announced plans January 5 to increase spending 20% in 2009 to $450 million. “I was very surprised,” said Oppenheimer analyst Fadel Gheit. The announcement from the Frisco, Texasbased company came on the same day that Moody’s Investors Service issued a report awarding the entire sector a negative outlook on what the credit watchdog called a “precipitous decline in oil and natural gas prices to levels that are likely to result in abnormally low cash margins and fundamental credit deterioration.”