CRKHIGH SIGNALOPERATIONAL10-K

CRK nearly doubled its proved reserves from 3.8 Tcfe to 7.0 Tcfe while dramatically improving valuation from $1.6B to $4.5B PV-10, indicating a major operational expansion or acquisition.

The massive 84% increase in proved reserves combined with a 181% increase in PV-10 value suggests CRK completed a transformational acquisition or drilling program that fundamentally changed the company's asset base. However, the shift from 73% to 41% developed reserves indicates much of the new value is undeveloped, creating execution risk for realizing this potential.

Comparing 2026-02-19 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

CRK's financial performance shows strong operational momentum with revenue growing 32% to $555M and operating cash flow surging 45% to $900M, demonstrating improved profitability from operations. The company significantly increased capital expenditure by 23% to $1.3B while adding $300M in debt to fund expansion, but stockholders' equity still grew 18% to $2.6B. The 40% increase in accounts receivable and 27% growth in current assets align with higher revenue and business scale, suggesting healthy operational growth supported by increased investment and leverage.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+45%
$620.3M$899.6M

Operating cash flow surged 45% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+40%
$145.4M$203.5M

Receivables surged 40% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Debt
Balance Sheet
+34%
$798.7M$1.1B

Debt increased 34% — substantial leverage increase; assess whether deployed for growth or covering losses.

Dividends Paid
Cash Flow
+32.4%
$18.0M$23.8M

Dividend payments increased 32.4% — management confidence in sustained cash generation.

Revenue
P&L
+32.1%
$420.3M$555.2M

Strong top-line growth of 32.1% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+27.1%
$284.0M$360.9M

Current assets grew 27.1% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+22.9%
$1.1B$1.3B

Capex increased 22.9% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
+19%
$612.9M$729.5M

Current liabilities rose 19% — increased short-term obligations, watch current ratio.

Stockholders Equity
Balance Sheet
+18.1%
$2.2B$2.6B

Equity base grew 18.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-21
ADDED
As of February 18, 2026 there were 294,021,740 shares of common stock of the registrant outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 7A.
Our natural gas and oil properties are estimated to have proved reserves of 7.0 Tcfe with a PV 10 Value of $4.5 billion as of December 31, 2025 based on SEC prices.
Our proved reserves are principally natural gas, which were 41% developed as of December 31, 2025 with an average reserve life of approximately 16 years.
Using NYMEX futures market natural gas and oil prices as of December 31, 2025, proved reserves are estimated at 7.2 Tcfe with a PV 10 Value of $5.2 billion.
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REMOVED
As of February 20, 2025 there were 292,919,009 shares of common stock of the registrant outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A.
Our natural gas and oil properties are estimated to have proved reserves of 3.8 Tcfe with a PV 10 Value of $1.6 billion as of December 31, 2024 based on SEC prices.
Our proved reserves are principally natural gas, which were 73% developed as of December 31, 2024 with an average reserve life of approximately 7 years.
Using NYMEX futures market natural gas and oil prices as of December 31, 2024, proved reserves are estimated at 7.0 Tcfe with a PV 10 Value of $5.7 billion.
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