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FRISCO, Texas - Oil and gas producer Comstock Resources Inc. said Monday its second-quarter profit surged 78 percent as crude and natural gas prices rallied during the period.
For the quarter ended June 30, the company posted profit of $82.6 million, or $1.81 per share, compared with profit of $18.2 million, or 41 cents per diluted share, in the year-ago period.
The number of outstanding shares rose about 2 percent to 45.3 million between the periods.
Comstock posted revenue of $193.5 million, up from $83.2 million in the year-ago quarter. The latest period includes gains of about $21.4 million from asset sales.
Analysts polled by Thomson Financial expected, on average, earnings of $1.24 per share on revenue of $227.5 million.
During the second quarter the company began reflecting its Bois d'Arc Energy operations as discontinued due to Stone Energy Corp.'s planned purchase of that unit.
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