0000950170-24-119429 | 10-Q | XBRL Viewer

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

These unaudited consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly-owned subsidiaries (collectively, "Comstock" or the "Company"). In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Comstock as of September 30, 2024, and the related results of operations and cash flows for the periods being presented. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the period through September 30, 2024 are not necessarily an indication of the results expected for the full year.

Pinnacle Gas Services ("PGS") is a joint venture entity formed by the Company and an affiliate of Quantum Capital Solutions. PGS provides gathering and treating services for natural gas production in the Company's Western Haynesville area. Comstock directs the activities that most significantly impact the performance of PGS and has the obligation to absorb losses or right to receive benefits that could potentially be significant to PGS. Accordingly, Comstock is considered the primary beneficiary and consolidates the assets, liabilities and results of operations of PGS in the accompanying consolidated financial statements. PGS assets that cannot be used by Comstock for general corporate purposes include $101.6 million and $54.9 million of other property and equipment as of September 30, 2024 and December 31, 2023, respectively. Other PGS assets that cannot be used by Comstock and PGS liabilities for which creditors do not have recourse to Comstock's assets are not material to the Company's consolidated financial statements. The portions of PGS net income and stockholders' equity not attributable to Comstock's controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of operations and statements of stockholders' equity.

Property and Equipment

The Company follows the successful efforts method of accounting for its natural gas and oil properties. Costs incurred to acquire natural gas and oil leases and to drill and complete developmental wells are capitalized.

Exploratory well costs are initially capitalized as proved property in the consolidated balance sheets but charged to exploration expense if and when the well is determined not to have found commercial proved natural gas and oil reserves.

The changes in capitalized exploratory well costs are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands)
Beginning capitalized exploratory well costs	$	69,800		$	34,196		$	96,233		$	867
Additions to exploratory well costs pending the determination of proved reserves		60,930			74,737			219,778			179,049
Determined to have found proved reserves		(837	)		(71,838	)		(186,118	)		(142,821	)
Ending capitalized exploratory well costs	$	129,893		$	37,095		$	129,893		$	37,095

As of September 30, 2024 and December 31, 2023, the Company had no exploratory wells for which costs have been capitalized for a period greater than one year.

The Company assesses the need for an impairment of the capitalized costs for its proved natural gas and oil properties on a property basis. No impairments were recognized to adjust the carrying value of the Company's proved natural gas and oil properties during any of the periods presented. Unproved natural gas and oil properties are also periodically assessed and any impairment in value is charged to expense. The costs related to unproved properties are transferred to proved natural gas and oil properties and amortized on an equivalent unit-of-production basis when they are reflected in proved natural gas and oil reserves.

The Company determines the fair value of its natural gas and oil properties using a discounted cash flow model and proved and risk-adjusted probable natural gas and oil reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for natural gas and oil prices, production costs, capital expenditures, and future production as well as estimated proved natural gas and oil reserves and risk-adjusted probable natural gas and oil reserves. Management's natural gas and oil price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value.

It is reasonably possible that the Company's estimates of undiscounted future net cash flows attributable to its natural gas and oil properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable natural gas and oil reserves, results of future drilling activities, future prices for natural gas and oil, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of these or other properties.

Goodwill

The Company had goodwill of $335.9 million as of September 30, 2024 that was recorded in 2018. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct an annual review of goodwill for impairment. The Company performs an annual assessment of goodwill on October 1 of each year and performs interim assessments if indicators of impairment are present. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value. No impairment indicators were identified during the periods presented.

Leases

The Company has right-of-use lease assets of $82.1 million related to its corporate office, certain office equipment, vehicles and drilling rigs with corresponding short-term and long-term liabilities. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company determines if contracts contain a lease at inception of the contract. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent our obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Leases for the right to explore for and develop natural gas and oil reserves and the related rights to use the land associated with those leases are reflected as natural gas and oil properties.

Comstock contracts for a variety of equipment used in its natural gas and oil exploration and development activities. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling and completion operations routinely change due to changes in commodity prices, demand for natural gas and oil, and the overall operating and economic environment. Accordingly,

Comstock manages the terms of its contracts for drilling rigs and completion equipment so as to allow for maximum flexibility in responding to these changing conditions. The Company's hydraulic fracturing fleet contracts are on terms of less than one year and include rights of substitution. The Company has three drilling rig contracts with a three year term with options to extend the term by mutual agreement at mutually acceptable terms or terminate the contracts at any time without default by the lessor. The Company's other drilling rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 30 or 45 days advance notice without a specified expiration date. The Company has elected not to recognize right-of-use lease assets for contracts less than one year. The costs associated with drilling and completion operations are accounted for under the successful efforts method, which generally require that these costs be capitalized as part of our proved natural gas and oil properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense.

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its natural gas and oil properties and disposal of other facilities.

Derivative Financial Instruments and Hedging Activities

All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by commodity contract. None of the Company's derivative contracts were designated as cash flow hedges. All of Comstock's natural gas derivative financial instruments are tied to the Henry Hub-NYMEX price index.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period and included in general and administrative expenses for awards of restricted stock and performance stock units ("PSUs") to the Company's employees and directors. The Company recognized $3.9 million and $2.7 million of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and PSUs to its employees and directors during the three months ended September 30, 2024 and 2023, respectively, and $11.4 million and $7.0 million for the nine months ended September 30, 2024 and 2023, respectively.

In February 2024, the Company granted an aggregate of 1,272,811 shares of restricted stock to its directors and employees, which were valued at $7.63 per share. In June 2024, the Company granted an aggregate of 43,173 shares of restricted stock to its directors, which were valued at $12.16 per share. As of September 30, 2024, Comstock had 2,091,087 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $9.25 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $15.3 million as of September 30, 2024 is expected to be recognized over a period of 1.9 years.

In February 2024, the Company granted an aggregate of 705,603 PSUs to its executive officers at a value of $9.69 per unit. As of September 30, 2024, Comstock had 1,290,755 PSUs outstanding with a weighted average grant date fair value of $13.21 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company's stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 2,581,510 shares of common stock. Total unrecognized compensation cost related to these grants of $9.7 million as of September 30, 2024 is expected to be recognized over a period of 2.2 years.

Revenue Recognition

Comstock produces natural gas and oil and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points.

Gas services revenues represent sales of natural gas purchased for resale from unaffiliated third parties and fees received for gathering and treating services provided by PGS to third parties. Revenues are recognized upon completion of the gathering and treating of contracted natural gas volumes and delivery of purchased natural gas volumes to the Company's customers. Profits and losses earned

from the gathering and treating of natural gas produced by the Company's natural gas wells are eliminated in consolidation. Revenues and expenses associated with natural gas purchased for resale are presented on a gross basis in the Company's consolidated statements of operations as the Company acts as the principal in the transaction by assuming the risks and rewards from ownership of the natural gas volumes purchased and the responsibility to deliver the natural gas volumes to their sales point.

All natural gas and oil and gas services revenues are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of natural gas and oil are generally based upon terms that are common in the oil and gas industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for natural gas and oil routinely fluctuate based on changes in these factors. Prices for gathering and treating services are generally fixed in nature but can vary due to the quality of the gas being treated. Each unit of production (thousand cubic feet of natural gas and barrel of crude oil) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts.

Comstock has elected to exclude all taxes from the measurement of transaction prices, and its revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling natural gas and oil on behalf of royalty owners and working interest owners. Revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. Gas services revenue is recorded in the month the services are performed and purchased gas is sold based on an estimate of natural gas volumes and contract prices. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenues received have not been significant. The amount of natural gas or oil sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at September 30, 2024 or December 31, 2023.

The Company recognized accounts receivable of $100.8 million and $166.6 million as of September 30, 2024 and December 31, 2023, respectively, from purchasers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.

Credit Losses

Substantially all of the Company's accounts receivable are due from either purchasers of natural gas and oil or participants in natural gas and oil wells for which the Company serves as the operator. Generally, operators of natural gas and oil wells have the right to offset future revenues against unpaid charges related to operated wells. Natural gas and oil sales are generally unsecured. Comstock assesses the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been recorded for the nine months ended September 30, 2024 and 2023.

Income Taxes

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.

In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

The Company's federal income tax returns for the years subsequent to December 31, 2019 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2020. The Company is currently under examination with the state of Louisiana and believes that its significant filing positions are highly certain and that all of its other significant income tax filing positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

Earnings Per Share

Unvested restricted stock containing non-forfeitable rights to dividends are included in common stock outstanding and are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. At September 30, 2024 and December 31, 2023, 2,091,087 and 1,429,084 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's stockholders.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

Supplementary Information with Respect to the Consolidated Statements of Cash Flows

Cash payments made for interest and income taxes and other non-cash investing activities for the nine months ended September 30, 2024 and 2023, respectively, were as follows:


	Nine Months Ended September 30,
	2024			2023
	(In thousands)
Cash payments for:
Interest payments	$	180,312		$	150,239
Income tax payments	$	37		$	29,796
Non-cash investing activities include:
Decrease in accrued capital expenditures	$	(19,507	)	$	(32,441	)
Liabilities assumed in exchange for right-of-use lease assets	$	34,321		$	157,789

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 "Segment Reporting–Improvements to Reportable Segment Disclosures". ASU 2023-07 requires additional disclosures about a public entity's reportable segments, including requiring all annual disclosures of reportable segment's profit or loss and assets during interim periods, identifying the title and position of an entity's chief operating decision maker ("CODM"), disclosing significant expenses regularly provided to the CODM that are included in each reported measure of segment profit or loss, and disclosing additional measures of profit or loss used by the CODM in deciding how to allocate resources. The update is effective for public entities for fiscal years beginning after December 15, 2023, and interim and fiscal years beginning after December 15, 2024. ASU 2023-07 will not have an impact on the Company's reported results of operations, financial position or liquidity but will have an impact on the Company's financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures". ASU 2023-09 requires additional disclosures around effective tax rates and cash income taxes paid and is effective for public entities for annual periods beginning after December 15, 2024. ASU 2023-07 will not have an impact on the Company's reported results of operations, financial position or liquidity but will have an impact on the Company's financial statement disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Accrued Costs (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accrued transportation costs	$ 34,088	$ 32,294
Accrued interest payable	22,086	54,912
Accrued income and other taxes	21,215	1,894
Accrued drilling costs	16,369	35,876
Accrued employee compensation	6,998	6,700
Accrued lease operating expenses	3,646	2,299
Other	1,655	491
Total accrued expenses	$ 106,057	$ 134,466

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (163,441)	$ 103,517
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(67,165)	28,878
Gain on sale of assets	(910)	(125)
Depreciation, depletion and amortization	593,281	422,350
Gain on derivative financial instruments	(89,218)	(76,190)
Cash settlements of derivative financial instruments	159,956	76,221
Amortization of debt discount and issuance costs	8,519	5,980
Stock-based compensation	11,380	7,006
Decrease in accounts receivable	75,573	295,323
Increase in other current assets	(749)	(624)
Decrease in accounts payable and accrued expenses	(173,942)	(73,697)
Net cash provided by operating activities	353,284	788,639
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and acquisitions	(817,526)	(1,088,933)
Prepaid drilling costs	28,989	(14,594)
Proceeds from sales of assets	1,214	41,295
Net cash used for investing activities	(787,323)	(1,062,232)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facility	580,000	575,000
Repayments of bank credit facility	(645,000)	(230,000)
Issuance of Senior Notes	372,000	0
Issuance of common stock	100,450	0
Common stock dividends paid	0	(104,181)
Debt and stock issuance costs	(6,807)	(144)
Income tax withholdings on equity awards	(3,373)	(1,899)
Contributions from noncontrolling interest	36,000	0
Distribution to noncontrolling interest	(2,128)	0
Net cash provided by financing activities	431,142	238,776
Net decrease in cash and cash equivalents	(2,897)	(34,817)
Cash and cash equivalents, beginning of period	16,669	54,652
Cash and cash equivalents, end of period	$ 13,772	$ 19,835

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Contract	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use assets	$ 82,124		$ 82,124		$ 71,462
Cash payments for operating leases associated with right-of-use assets	1,000	$ 1,000	2,900	$ 2,900
Cash payments for operating leases associated with ROU assets used for investing activities	$ 16,100	$ 64,700	$ 51,200	$ 146,400
Operating lease, weighted average remaining lease term	2 years 2 months 12 days		2 years 2 months 12 days		2 years 10 months 24 days
Operating lease, weighted average discount rate, percent	7.30%		7.30%		7.20%
Expected future payments for short term leased drilling services	$ 53,700		$ 53,700
Maximum
Lessee, Lease, Description [Line Items]
Prior advance notice period for cancellation of rig contracts			45 days
Minimum
Lessee, Lease, Description [Line Items]
Prior advance notice period for cancellation of rig contracts			30 days
Drilling Rig Contract
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	3 years		3 years
Operating lease, number of contract \| Contract			3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	$ 71,704		$ 126,775
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Interest rate on debt instrument		6.75%
Bank Credit Facility:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	415,000		480,000
Long-term debt, fair value	$ 415,000		480,000
6.75% Senior Notes due 2029:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Interest rate on debt instrument	6.75%	6.75%
5.875% Senior Notes due 2030:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Interest rate on debt instrument	5.875%
Level 2 and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	$ 76,532		126,775
Derivative financial asset, fair value	76,532		126,775
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative financial instruments	20,495		0
Derivative financial liabilities, fair value	20,495		0
Level 1 \| 6.75% Senior Notes due 2029:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	1,602,665		1,229,018
Long-term debt, fair value	1,577,223		1,138,208
Level 1 \| 5.875% Senior Notes due 2030:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, carrying value	965,000		965,000
Long-term debt, fair value	$ 897,450		$ 849,200

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
PGS
Operations And Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, additions	$ 101.6	$ 54.9

LONG-TERM DEBT - Long-term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal		$ 1,223,900
Debt issuance costs, net of amortization	$ (33,484)
Long-term debt	2,949,181		$ 2,640,391
Interest rate on debt instrument		6.75%
Bank Credit Facility:
Debt Instrument [Line Items]
Principal	415,000
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Principal	1,623,880
Discount, net of amortization	$ (21,215)
Interest rate on debt instrument	6.75%	6.75%
5.875% Senior Notes due 2030:
Debt Instrument [Line Items]
Principal	$ 965,000
Interest rate on debt instrument	5.875%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1F
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (c)
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

(6) RELATED PARTY TRANSACTIONS

Comstock operates natural gas and oil properties held by partnerships owned by its majority stockholder. The Company charges the partnerships for the costs incurred to drill, complete and produce wells, as well as drilling and operating overhead fees. Comstock also provides natural gas marketing services to the partnerships, including evaluating potential markets and providing hedging services, in return for a fee equal to $0.02 per Mcf for natural gas marketed. The Company received $0.3 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively, and $0.8 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively, for drilling, operating and marketing services provided to the partnerships. The fees received for the services are reflected as a reduction of general and administrative expenses in the accompanying consolidated statements of operations.

In connection with the operation of the wells, the Company had a $16.7 million and $16.1 million receivable from the partnerships at September 30, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2024	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net income (loss) attributable to common stock
Stock-based compensation					$ 11,380	$ 7,006
Restricted Stock
Net income (loss) attributable to common stock
Granted (in shares)	43,173	1,272,811
Value per share (in dollars per share)	$ 12.16	$ 7.63
Shares of unvested restricted stock outstanding (in shares)			2,091,087		2,091,087		1,429,084
Weighted average grant date fair value of stock grants per share (in dollars per share)			$ 9.25		$ 9.25
Unrecognized compensation cost related to unvested restricted stock			$ 15,300		$ 15,300
Period in which compensation cost expected to be recognized					1 year 10 months 24 days
PSUs
Net income (loss) attributable to common stock
Period in which compensation cost expected to be recognized					2 years 2 months 12 days
Number of Performance Shares Units Awards Granted		705,603
Estimated Grant Date Fair Value Of Performance Share Units		$ 9.69
Number of performance stock units ("PSUs") outstanding (in shares)			1,290,755		1,290,755
Weighted average grant date fair value of PSUs per unit (in dollars per share)			$ 13.21		$ 13.21
Minimum final number of shares of common stock issuable based on performance multiplier (in shares)					0
Maximum final number of shares of common stock issuable based on performance multiplier (in shares)					2,581,510
Unrecognized expense, performance share units					$ 9,700
General and Administrative Expense
Net income (loss) attributable to common stock
Stock-based compensation			$ 3,900	$ 2,700	$ 11,400	$ 7,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Derivative Contracts Volume and Prices (Detail)	9 Months Ended
	Sep. 30, 2024 MMBTU $ / Mcf
Natural Gas Swap Contracts
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	310,775,000
Average price (in dollars per MMBtu)	3.51
Natural Gas Swap Contracts \| Swap Contracts for 2024
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	64,400,000
Average price (in dollars per MMBtu)	3.54
Natural Gas Swap Contracts \| Swap Contracts for 2025
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	136,875,000
Average price (in dollars per MMBtu)	3.51
Natural Gas Swap Contracts \| Swap Contracts for 2026
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	109,500,000
Average price (in dollars per MMBtu)	3.51
Natural Gas Price Collar Contracts:
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	146,000,000
Average ceiling (dollars per unit)	3.92
Average floor (dollars per MMBtu)	3.5
Natural Gas Price Collar Contracts: \| Collar Contracts for 2025
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	54,750,000
Average ceiling (dollars per unit)	3.8
Average floor (dollars per MMBtu)	3.5
Natural Gas Price Collar Contracts: \| Collar Contracts for 2026
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	91,250,000
Average ceiling (dollars per unit)	3.98
Average floor (dollars per MMBtu)	3.5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Other Current Assets

Other current assets at September 30, 2024 and December 31, 2023 consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In thousands)
Prepaid drilling costs	$	41,135	$	70,124
Income tax receivable		6,587		8,312
Production tax refunds receivable		3,957		5,745
Other receivables		3,757		—
Prepaid expenses		2,943		2,438
	$	58,379	$	86,619

Property and Equipment

The changes in capitalized exploratory well costs are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands)
Beginning capitalized exploratory well costs	$	69,800		$	34,196		$	96,233		$	867
Additions to exploratory well costs pending the determination of proved reserves		60,930			74,737			219,778			179,049
Determined to have found proved reserves		(837	)		(71,838	)		(186,118	)		(142,821	)
Ending capitalized exploratory well costs	$	129,893		$	37,095		$	129,893		$	37,095

As of September 30, 2024 and December 31, 2023, the Company had no exploratory wells for which costs have been capitalized for a period greater than one year.

Goodwill

Leases

Lease costs recognized during the three months and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost included in general and administrative expense	$	423	$	445	$	1,263	$	1,334
Operating lease cost included in lease operating expense		564		523		1,652		1,533
Operating lease cost included in natural gas and oil properties		9,171		18,659		25,473		41,339
Variable lease cost (drilling rig and completion costs included in natural gas and oil properties)		1,306		25,970		4,670		31,032
Short-term lease cost (drilling rig costs included in natural gas and oil properties)		5,582		20,098		21,096		73,986
	$	17,046	$	65,695	$	54,154	$	149,224

Cash payments for operating leases associated with right-of-use lease assets included in net cash provided by operating activities were $1.0 million for both the three months ended September 30, 2024 and 2023, respectively, and $2.9 million for both the nine months ended September 30, 2024 and 2023, respectively. Cash payments for operating leases associated with right-of-use lease assets included in net cash used for investing activities were $16.1 million and $64.7 million for the three months ended September 30, 2024 and 2023, respectively, and $51.2 million and $146.4 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024 and December 31, 2023, the operating leases had a weighted-average term of 2.2 years and 2.9 years, respectively, and the weighted-average discount rate used to determine the present value of future operating lease payments was 7.3% and 7.2%, respectively. As of September 30, 2024, the Company also had expected future payments for short term leased drilling services of $53.7 million.

As of September 30, 2024, expected future payments related to contracts that contain operating leases were as follows:


	(In thousands)
October 1 to December 31, 2024	$	10,049
2025		40,056
2026		34,015
2027		3,821
2028		1,560
Total lease payments		89,501
Imputed interest		(7,448	)
Total lease liability	$	82,053

Accrued Costs

Accrued costs at September 30, 2024 and December 31, 2023 consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In thousands)
Accrued transportation costs	$	34,088	$	32,294
Accrued interest payable		22,086		54,912
Accrued income and other taxes		21,215		1,894
Accrued drilling costs		16,369		35,876
Accrued employee compensation		6,998		6,700
Accrued lease operating expenses		3,646		2,299
Other		1,655		491
	$	106,057	$	134,466

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its natural gas and oil properties and disposal of other facilities. The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:


	Nine Months Ended September 30,
	2024			2023
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	30,773		$	29,114
New wells placed on production		109			114
Liabilities settled		(40	)		(42	)
Wells sold		(157	)		—
Accretion expense		1,331			1,248
Reserve for future abandonment costs at end of period	$	32,016		$	30,434

Derivative Financial Instruments and Hedging Activities

The Company had the following natural gas price derivative financial instruments at September 30, 2024:


	Future Production Period
	Three Months Ending December 31, 2024	Year Ending December 31, 2025	Year Ending December 31, 2026	Total
Natural Gas Price Swap Contracts:
Volume (MMBtu)	64,400,000	136,875,000	109,500,000	310,775,000
Average Price per MMBtu	$3.54	$3.51	$3.51	$3.51
Natural Gas Price Collar Contracts:
Volume (MMBtu)		54,750,000	91,250,000	146,000,000
Average Price per MMBtu:
Average Ceiling		$3.80	$3.98	$3.92
Average Floor		$3.50	$3.50	$3.50

Subsequent to September 30, 2024, the Company entered into natural gas swap contracts to hedge an additional 7,300,000 MMBtu of natural gas production from January 2025 to December 2025 at an average price of $3.40 per MMBtu.

The classification of derivative financial instruments of assets or liabilities, consists of the following:


		As of
Type	Consolidated Balance Sheet Location	September 30, 2024		December 31, 2023
		(In thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	71,704	$	126,775
Natural gas price derivatives	Derivative Financial Instruments – long-term	$	4,828	$	—

Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – long-term	$	20,495	$	—

The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses).

Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Gain (loss) on Derivatives Recognized in Earnings	2024		2023		2024		2023
	(In thousands)
Natural gas price derivatives	$	75,163	$	14,276	$	89,218	$	76,190
	$	75,163	$	14,276	$	89,218	$	76,190

Stock-Based Compensation

Revenue Recognition

Credit Losses

Income Taxes

The following is an analysis of the consolidated income tax provision (benefit):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands)
Current - Federal	$	(1,962	)	$	—		$	(1,962	)	$	—
Current - State		—			—			37			—
Deferred - Federal		(8,662	)		3,999			(50,242	)		28,350
Deferred - State		(4,072	)		(391	)		(16,927	)		528
	$	(14,696	)	$	3,608		$	(69,094	)	$	28,878

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Tax at statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Tax effect of:
Valuation allowance on deferred tax assets		—			5.5			(0.2	)		1.7
State income taxes, net of federal benefit		10.2			(8.2	)		7.8			(1.6	)
Nondeductible stock-based compensation		(0.2	)		1.7			(0.9	)		0.8
Other		5.4			(0.3	)		2.0			(0.1	)
Effective tax rate		36.4	%		19.7	%		29.7	%		21.8	%

For the three and nine months ended September 30, 2024, the effective tax rates for state income taxes, net of federal benefit, and other income taxes increased due to an increase in tax benefits within state jurisdictions with higher statutory tax rates and new claims for marginal well tax credits. The Company's federal income tax returns for the years subsequent to December 31, 2019 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2020. The Company is currently under examination with the state of Louisiana and believes that its significant filing positions are highly certain and that all of its other significant income tax filing positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company's financial instruments as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Assets:
Commodity-based derivatives (1)	$	76,532	$	76,532	$	126,775	$	126,775
Liabilities:
Commodity-based derivatives (1)	$	20,495	$	20,495	$	—	$	—
Bank credit facility (2)	$	415,000	$	415,000	$	480,000	$	480,000
6.75% senior notes due 2029 (3)	$	1,602,665	$	1,577,223	$	1,229,018	$	1,138,208
5.875% senior notes due 2030 (3)	$	965,000	$	897,450	$	965,000	$	849,200

(1)

The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using third party pricing services and other active markets or broker quotes that are readily available in the public markets.

(2)

The carrying value of our floating rate debt outstanding approximates fair value.

(3)

The fair value of the Company's fixed rate debt was based on quoted prices as of September 30, 2024 and December 31, 2023, respectively, a Level 1 measurement.

Earnings Per Share

Weighted average shares of unvested restricted stock outstanding were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Unvested restricted stock		2,091		1,469		2,219		1,186

PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the performance period. The treasury stock method is used to measure the dilutive effect of PSUs.

Weighted average unearned PSUs outstanding were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(In thousands, except per unit amounts)
Weighted average PSUs	1,291	744	1,266	631
Weighted average grant date fair value per unit	$13.21	$15.92	$13.21	$15.92

Basic and diluted income (loss) per share for the three months and nine months ended September 30, 2024 and 2023 were determined as follows:


	Three Months Ended September 30,
	2024								2023
	Loss			Shares		Per Share			Income		Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(25,718	)						$	14,720
Income allocable to unvested restricted shares		—								—
Basic income (loss) attributable to common stock		(25,718	)		290,170	$	(0.09	)		14,720		276,999	$	0.05
Diluted income (loss) attributable to common stock	$	(25,718	)		290,170	$	(0.09	)	$	14,720		276,999	$	0.05


	Nine Months Ended September 30,
	2024								2023
	Loss			Shares		Per Share			Income		Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(163,441	)						$	103,517
Income allocable to unvested restricted shares		—								—
Basic income (loss) attributable to common stock		(163,441	)		285,949	$	(0.57	)		103,517		276,741	$	0.37
Diluted income (loss) attributable to common stock	$	(163,441	)		285,949	$	(0.57	)	$	103,517		276,741	$	0.37

None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses.

Supplementary Information with Respect to the Consolidated Statements of Cash Flows

Cash payments made for interest and income taxes and other non-cash investing activities for the nine months ended September 30, 2024 and 2023, respectively, were as follows:


	Nine Months Ended September 30,
	2024			2023
	(In thousands)
Cash payments for:
Interest payments	$	180,312		$	150,239
Income tax payments	$	37		$	29,796
Non-cash investing activities include:
Decrease in accrued capital expenditures	$	(19,507	)	$	(32,441	)
Liabilities assumed in exchange for right-of-use lease assets	$	34,321		$	157,789

Recent Accounting Pronouncements

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	1 Months Ended
	Aug. 31, 2024 USD ($) Drillingrig
Drill and Rig Contracts
Commitments And Contingencies [Line Items]
Number of drilling rigs \| Drillingrig	2
Other commitment, to be paid, year one \| $	$ 12.8
Drilling Rigs One
Commitments And Contingencies [Line Items]
Other commitment, period	3 years
Drilling Rigs Two
Commitments And Contingencies [Line Items]
Other commitment, period	1 year

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Operations And Summary Of Significant Accounting Policies [Line Items]
Performance multiplier, minimum	0.00%
Performance multiplier, maximum	200.00%
Participating securities that share in losses (in shares)	0
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding (in shares)	2,091,087	1,429,084

LONG-TERM DEBT - Additional Information (Detail) - USD ($)			1 Months Ended	9 Months Ended		29 Months Ended
	Sep. 30, 2035	Jun. 30, 2025	Apr. 30, 2024	Jun. 30, 2025	Sep. 30, 2024	Nov. 15, 2027
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,223,900,000
Interest rate on debt instrument			6.75%
Maturity date			Mar. 01, 2029
Frequency of periodic payment			semi-annually
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Long-term debt, gross					$ 1,623,880,000
Debt instrument, face amount			$ 400,000,000
Interest rate on debt instrument			6.75%		6.75%
Proceeds of issued senior notes			$ 365,200,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross					$ 415,000,000
Borrowing base					$ 1,500,000,000
Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base					0.375%
Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base					0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility					1.75%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility					2.75%
Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility					0.75%
Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility					1.75%
Revolving Credit Facility \| Bank Credit Facility
Debt Instrument [Line Items]
Borrowing base					$ 2,000,000,000
Revolving Credit Facility \| Minimum \| Bank Credit Facility
Debt Instrument [Line Items]
Current ratio					1.00%
Revolving Credit Facility \| Maximum \| Bank Credit Facility
Debt Instrument [Line Items]
Leverage ratio					4.00%
Forecast \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				2.25%		2.00%
Forecast \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				3.25%		3.00%
Forecast \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				1.25%		1.00%
Forecast \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility				2.25%		2.00%
Forecast \| Revolving Credit Facility \| Bank Credit Facility
Debt Instrument [Line Items]
Leverage ratio	3.50%	3.75%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Asset Derivative Financial Instruments:
Derivative Financial Instruments - Current Asset	$ 71,704	$ 126,775
Derivative Financial Instruments - Long-Term Asset	4,828	0
Liability Derivative Financial Instruments:
Derivative Financial Instruments - Long Term Liability	20,495	0
Natural Gas Price Derivatives - Derivative Financial Instruments - Current Asset
Asset Derivative Financial Instruments:
Derivative Financial Instruments - Current Asset	71,704	126,775
Natural Gas Price Derivatives Non-Current Asset [Member]
Asset Derivative Financial Instruments:
Derivative Financial Instruments - Long-Term Asset	4,828	0
Natural Gas Price Derivatives - Derivative Financial Instruments - Long Term Liability
Liability Derivative Financial Instruments:
Derivative Financial Instruments - Long Term Liability	$ 20,495	$ 0

COMMON STOCK

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

COMMON STOCK

(4) COMMON STOCK

In March 2024, the Company issued 12,500,000 shares of common stock in a private placement to two entities controlled by Comstock's majority stockholder, receiving proceeds of $100.5 million. Following the issuance, Comstock's majority stockholder's beneficial ownership in the Company increased to 67% and is currently approximately 71% after subsequent open market purchases made in the third quarter of 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognized (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) Product	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Number of primary products \| Product	2
Contract cash settlement max days	25 days
Contract cancellable notice term	30 days
Natural gas and oil sales and gas services	$ 100,814,000	$ 166,639,000
Allowance for doubtful accounts	$ 0		$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Lease Cost Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 17,046	$ 65,695	$ 54,154	$ 149,224
Operating lease cost included in general and administrative expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	423	445	1,263	1,334
Operating lease cost included in lease operating expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	564	523	1,652	1,533
Operating lease cost included in natural gas and oil properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	9,171	18,659	25,473	41,339
Variable lease cost drilling rig and completion costs included in natural gas and oil properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Variable lease cost	1,306	25,970	4,670	31,032
Short-term lease cost (drilling rig costs included in natural gas and oil properties)
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 5,582	$ 20,098	$ 21,096	$ 73,986

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	292,260,645	278,429,463
Common stock, shares outstanding (in shares)	292,260,645	278,429,463

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 304,472	$ 376,737	$ 887,074	$ 1,154,526
Operating expenses:
Production and ad valorem taxes	12,578	25,386	49,730	59,891
Gathering and transportation	53,996	47,012	150,456	137,981
Lease operating	29,248	31,664	99,125	100,525
Exploration	0	0	0	1,775
Depreciation, depletion and amortization	208,350	148,190	593,281	422,350
Gas services	52,622	67,632	132,796	224,317
General and administrative	9,923	9,586	29,271	31,992
Gain on sale of assets	(910)	0	(910)	(125)
Total operating expenses	365,807	329,470	1,053,749	978,706
Operating income (loss)	(61,335)	47,267	(166,675)	175,820
Other income (expenses):
Gain from derivative financial instruments	75,163	14,276	89,218	76,190
Other income	274	409	927	1,467
Interest expense	(54,516)	(43,624)	(156,005)	(121,082)
Total other income (expenses)	20,921	(28,939)	(65,860)	(43,425)
Income (loss) before income taxes	(40,414)	18,328	(232,535)	132,395
(Provision for) benefit from income taxes	14,696	(3,608)	69,094	(28,878)
Net income (loss)	(25,718)	14,720	(163,441)	103,517
Net income attributable to noncontrolling interest	(3,173)	0	(8,081)	0
Net income (loss) available to Comstock	$ (28,891)	$ 14,720	$ (171,522)	$ 103,517
Net income (loss) per share:
Basic (in dollars per share)	$ (0.09)	$ 0.05	$ (0.57)	$ 0.37
Diluted (in dollars per share)	$ (0.09)	$ 0.05	$ (0.57)	$ 0.37
Weighted average shares outstanding:
Basic (in shares)	290,170	276,999	285,949	276,741
Diluted (in shares)	290,170	276,999	285,949	276,741
Dividends per share	$ 0	$ 0.125	$ 0	$ 0.375
Total natural gas and oil sales
Revenues:
Total revenues	$ 253,625	$ 305,450	$ 759,185	$ 915,176
Natural gas sales
Revenues:
Total revenues	252,650	304,141	756,260	911,065
Oil sales
Revenues:
Total revenues	975	1,309	2,925	4,111
Gas services
Revenues:
Total revenues	$ 50,847	$ 71,287	$ 127,889	$ 239,350

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidated Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Current - Federal	$ (1,962)	$ 0	$ (1,962)	$ 0
Current - State	0	0	37	0
Deferred - Federal	(8,662)	3,999	(50,242)	28,350
Deferred - State	(4,072)	(391)	(16,927)	528
Total	$ (14,696)	$ 3,608	$ (69,094)	$ 28,878

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding (Detail) - PSUs - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average PSUs (in shares)	1,291	744	1,266	631
Weighted average grant date fair value per unit (in dollars per share)	$ 13.21	$ 15.92	$ 13.21	$ 15.92

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-03262
Entity Registrant Name	COMSTOCK RESOURCES, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Trading Symbol	CRK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		292,260,645
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Equipment and Goodwill (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning capitalized exploratory well costs	$ 69,800,000	$ 34,196,000	$ 96,233,000	$ 867,000
Additions to exploratory well costs pending the determination of proved reserves	60,930,000	74,737,000	219,778,000	179,049,000
Determined to have found proved reserves	(837,000)	(71,838,000)	(186,118,000)	(142,821,000)
Ending capitalized exploratory well costs	129,893,000	$ 37,095,000	129,893,000	37,095,000
Impairment of oil and gas properties			0
Goodwill	$ 335,897,000		335,897,000		$ 335,897,000
Goodwill impairment			$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Other Current Assets

Other current assets at September 30, 2024 and December 31, 2023 consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In thousands)
Prepaid drilling costs	$	41,135	$	70,124
Income tax receivable		6,587		8,312
Production tax refunds receivable		3,957		5,745
Other receivables		3,757		—
Prepaid expenses		2,943		2,438
	$	58,379	$	86,619

Capitalized Exploratory Well Costs

The changes in capitalized exploratory well costs are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands)
Beginning capitalized exploratory well costs	$	69,800		$	34,196		$	96,233		$	867
Additions to exploratory well costs pending the determination of proved reserves		60,930			74,737			219,778			179,049
Determined to have found proved reserves		(837	)		(71,838	)		(186,118	)		(142,821	)
Ending capitalized exploratory well costs	$	129,893		$	37,095		$	129,893		$	37,095

Summary of Lease Cost Recognized

Lease costs recognized during the three months and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost included in general and administrative expense	$	423	$	445	$	1,263	$	1,334
Operating lease cost included in lease operating expense		564		523		1,652		1,533
Operating lease cost included in natural gas and oil properties		9,171		18,659		25,473		41,339
Variable lease cost (drilling rig and completion costs included in natural gas and oil properties)		1,306		25,970		4,670		31,032
Short-term lease cost (drilling rig costs included in natural gas and oil properties)		5,582		20,098		21,096		73,986
	$	17,046	$	65,695	$	54,154	$	149,224

Summary of Liabilities Under Contracts That Contain Operating Leases

As of September 30, 2024, expected future payments related to contracts that contain operating leases were as follows:


	(In thousands)
October 1 to December 31, 2024	$	10,049
2025		40,056
2026		34,015
2027		3,821
2028		1,560
Total lease payments		89,501
Imputed interest		(7,448	)
Total lease liability	$	82,053

Summary of Accrued Costs

Accrued costs at September 30, 2024 and December 31, 2023 consisted of the following:


	As of
	September 30, 2024		December 31, 2023
	(In thousands)
Accrued transportation costs	$	34,088	$	32,294
Accrued interest payable		22,086		54,912
Accrued income and other taxes		21,215		1,894
Accrued drilling costs		16,369		35,876
Accrued employee compensation		6,998		6,700
Accrued lease operating expenses		3,646		2,299
Other		1,655		491
	$	106,057	$	134,466

Summary of Changes in Total Estimated Asset Retirement Obligation Liability

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:


	Nine Months Ended September 30,
	2024			2023
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	30,773		$	29,114
New wells placed on production		109			114
Liabilities settled		(40	)		(42	)
Wells sold		(157	)		—
Accretion expense		1,331			1,248
Reserve for future abandonment costs at end of period	$	32,016		$	30,434

Schedule of Natural Gas Price Derivative

The Company had the following natural gas price derivative financial instruments at September 30, 2024:


	Future Production Period
	Three Months Ending December 31, 2024	Year Ending December 31, 2025	Year Ending December 31, 2026	Total
Natural Gas Price Swap Contracts:
Volume (MMBtu)	64,400,000	136,875,000	109,500,000	310,775,000
Average Price per MMBtu	$3.54	$3.51	$3.51	$3.51
Natural Gas Price Collar Contracts:
Volume (MMBtu)		54,750,000	91,250,000	146,000,000
Average Price per MMBtu:
Average Ceiling		$3.80	$3.98	$3.92
Average Floor		$3.50	$3.50	$3.50

Schedule of Derivative Instruments

The classification of derivative financial instruments of assets or liabilities, consists of the following:


		As of
Type	Consolidated Balance Sheet Location	September 30, 2024		December 31, 2023
		(In thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	71,704	$	126,775
Natural gas price derivatives	Derivative Financial Instruments – long-term	$	4,828	$	—

Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – long-term	$	20,495	$	—

Schedule of Gains and Losses from Derivative Contracts

Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Gain (loss) on Derivatives Recognized in Earnings	2024		2023		2024		2023
	(In thousands)
Natural gas price derivatives	$	75,163	$	14,276	$	89,218	$	76,190
	$	75,163	$	14,276	$	89,218	$	76,190

Consolidated Income Tax Benefit (Provision)

The following is an analysis of the consolidated income tax provision (benefit):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In thousands)
Current - Federal	$	(1,962	)	$	—		$	(1,962	)	$	—
Current - State		—			—			37			—
Deferred - Federal		(8,662	)		3,999			(50,242	)		28,350
Deferred - State		(4,072	)		(391	)		(16,927	)		528
	$	(14,696	)	$	3,608		$	(69,094	)	$	28,878

Difference Between Federal Statutory Rate and Effective Tax Rate

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Tax at statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Tax effect of:
Valuation allowance on deferred tax assets		—			5.5			(0.2	)		1.7
State income taxes, net of federal benefit		10.2			(8.2	)		7.8			(1.6	)
Nondeductible stock-based compensation		(0.2	)		1.7			(0.9	)		0.8
Other		5.4			(0.3	)		2.0			(0.1	)
Effective tax rate		36.4	%		19.7	%		29.7	%		21.8	%

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Assets:
Commodity-based derivatives (1)	$	76,532	$	76,532	$	126,775	$	126,775
Liabilities:
Commodity-based derivatives (1)	$	20,495	$	20,495	$	—	$	—
Bank credit facility (2)	$	415,000	$	415,000	$	480,000	$	480,000
6.75% senior notes due 2029 (3)	$	1,602,665	$	1,577,223	$	1,229,018	$	1,138,208
5.875% senior notes due 2030 (3)	$	965,000	$	897,450	$	965,000	$	849,200

(1)

(2)

The carrying value of our floating rate debt outstanding approximates fair value.

(3)

The fair value of the Company's fixed rate debt was based on quoted prices as of September 30, 2024 and December 31, 2023, respectively, a Level 1 measurement.

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Unvested restricted stock		2,091		1,469		2,219		1,186

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

The treasury stock method is used to measure the dilutive effect of PSUs.

Weighted average unearned PSUs outstanding were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(In thousands, except per unit amounts)
Weighted average PSUs	1,291	744	1,266	631
Weighted average grant date fair value per unit	$13.21	$15.92	$13.21	$15.92

Schedule of Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share for the three months and nine months ended September 30, 2024 and 2023 were determined as follows:


	Three Months Ended September 30,
	2024								2023
	Loss			Shares		Per Share			Income		Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(25,718	)						$	14,720
Income allocable to unvested restricted shares		—								—
Basic income (loss) attributable to common stock		(25,718	)		290,170	$	(0.09	)		14,720		276,999	$	0.05
Diluted income (loss) attributable to common stock	$	(25,718	)		290,170	$	(0.09	)	$	14,720		276,999	$	0.05


	Nine Months Ended September 30,
	2024								2023
	Loss			Shares		Per Share			Income		Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(163,441	)						$	103,517
Income allocable to unvested restricted shares		—								—
Basic income (loss) attributable to common stock		(163,441	)		285,949	$	(0.57	)		103,517		276,741	$	0.37
Diluted income (loss) attributable to common stock	$	(163,441	)		285,949	$	(0.57	)	$	103,517		276,741	$	0.37

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing activities for the nine months ended September 30, 2024 and 2023, respectively, were as follows:


	Nine Months Ended September 30,
	2024			2023
	(In thousands)
Cash payments for:
Interest payments	$	180,312		$	150,239
Income tax payments	$	37		$	29,796
Non-cash investing activities include:
Decrease in accrued capital expenditures	$	(19,507	)	$	(32,441	)
Liabilities assumed in exchange for right-of-use lease assets	$	34,321		$	157,789

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Accounting Policies [Abstract]
October 1 to December 31, 2024	$ 10,049
2025	40,056
2026	34,015
2027	3,821
2028	1,560
Total lease payments	89,501
Imputed interest	(7,448)
Total lease liability	$ 82,053

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,891)	$ 14,720	$ (171,522)	$ 103,517

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Paragraph 1
-Subparagraph (g)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

RELATED PARTY TRANSACTIONS - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / Mcf	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenues	$ 304,472	$ 376,737	$ 887,074	$ 1,154,526
From affiliates	16,721		$ 16,721		$ 16,087
Partnerships owned by majority stockholder
Related Party Transaction [Line Items]
Related party revenue, fee (in USD per Mcf) \| $ / Mcf			0.02
From affiliates	16,700		$ 16,700		$ 16,100
Partnerships owned by majority stockholder \| Partnership costs to drill and operating wells and overhead fees
Related Party Transaction [Line Items]
Revenues	$ 300	$ 300	$ 800	$ 1,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Unvested restricted stock (in shares)	2,091	1,469	2,219	1,186

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Difference Between Federal Statutory Rate and Effective Tax Rate (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%
Tax effect of:
Valuation allowance on deferred tax assets	0.00%	5.50%	(0.20%)	1.70%
State income taxes, net of federal benefit	10.20%	(8.20%)	7.80%	(1.60%)
Nondeductible stock-based compensation	(0.20%)	1.70%	(0.90%)	0.80%
Other	5.40%	(0.30%)	2.00%	(0.10%)
Effective tax rate	36.40%	19.70%	29.70%	21.80%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 13,772	$ 16,669
Accounts receivable:
Natural gas and oil sales and gas services	100,814	166,639
Joint interest operations	38,322	48,704
From affiliates	16,721	16,087
Derivative financial instruments	71,704	126,775
Other current assets	58,379	86,619
Total current assets	299,712	461,493
Natural gas and oil properties, successful efforts method:
Proved	7,805,384	7,126,519
Unproved	413,109	343,419
Other	110,827	62,382
Accumulated depreciation, depletion and amortization	(2,738,872)	(2,147,549)
Net property and equipment	5,590,448	5,384,771
Goodwill	335,897	335,897
Derivative financial instruments	4,828	0
Operating lease right-of-use assets	82,124	71,462
Total assets	6,313,009	6,253,623
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	358,336	523,260
Accrued costs	106,057	134,466
Operating leases	35,372	23,765
Total current liabilities	499,765	681,491
Long-term debt	2,949,181	2,640,391
Deferred income taxes	402,870	470,035
Derivative financial instruments	20,495	0
Long-term operating leases	46,681	47,742
Reserve for future abandonment costs	32,016	30,773
Total liabilities	3,951,008	3,870,432
Commitments and contingencies
Stockholders' equity:
Common stock - $0.50 par, 400,000,000 shares authorized, 292,260,645 and 278,429,463 shares issued and outstanding at Septmeber 30, 2024 and December 31, 2023, respectively	146,130	139,214
Additional paid-in capital	1,362,393	1,260,930
Accumulated earnings	786,748	958,270
Total stockholders' equity attributable to Comstock	2,295,271	2,358,414
Noncontrolling interest	66,730	24,777
Total stockholders' equity	2,362,001	2,383,191
Total liabilities and stockholders' equity	$ 6,313,009	$ 6,253,623

COMMON STOCK - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Investment Company, Change in Net Assets [Line Items]
Proceeds from issuance of common stock, net of issuance costs		$ 100,450	$ 0
Majority Stockholder
Investment Company, Change in Net Assets [Line Items]
Common issued in private placement	12,500,000
Proceeds from issuance of common stock, net of issuance costs	$ 100,500
Common stock ownership percentage	67.00%	71.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to common stock
Net income (loss) attributable to common stock	$ (25,718)	$ 14,720	$ (163,441)	$ 103,517
Income allocable to unvested restricted shares	0	0	0	0
Basic income (loss) attributable to common stock	$ (25,718)	$ 14,720	$ (163,441)	$ 103,517
Basic income (loss) attributable to common stock (in shares)	290,170	276,999	285,949	276,741
Basic income (loss) attributable to common stock (in dollars per share)	$ (0.09)	$ 0.05	$ (0.57)	$ 0.37
Diluted income (loss) attributable to common stock	$ (25,718)	$ 14,720	$ (163,441)	$ 103,517
Diluted income (loss) attributable to common stock (in shares)	290,170	276,999	285,949	276,741
Diluted income (loss) attributable to common stock (in dollars per share)	$ (0.09)	$ 0.05	$ (0.57)	$ 0.37

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

(5) COMMITMENTS AND CONTINGENCIES

In August 2024, the Company entered into two agreements for two new drilling rigs, one with a three-year term and one with a one-year term, with an annual commitment of $12.8 million per drilling rig. Comstock plans to take delivery of the rigs in December 2024 and February 2025, respectively.

From time to time, the Company is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position, results of operations or cash flows and no material amounts are accrued relative to these matters at September 30, 2024 or 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivatives Narrative (Detail)	Oct. 01, 2024 MMBTU $ / Mcf	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Cash flow hedges derivative instruments \| $		$ 0
Natural Gas Price Swap Contracts: \| Subsequent Event [Member]
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	7,300,000
Average price (in dollars per MMBtu) \| $ / Mcf	3.4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplementary Information of Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash payments for:
Interest payments	$ 180,312	$ 150,239
Income tax payments	37	29,796
Non-cash investing activities include:
Decrease in accrued capital expenditures	(19,507)	(32,441)
Liabilities assumed in exchange for right-of-use lease assets	$ 34,321	$ 157,789

ACQUISITION - Additional Information (Detail) - Western Haynesville $ in Millions	1 Months Ended
	Mar. 31, 2024 USD ($) Acres
Business Acquisition [Line Items]
Acres acquired \| Acres	189,000
Asset acquisition, consideration transferred \| $	$ 50.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Reserve for future abandonment costs at beginning of period	$ 30,773	$ 29,114
New wells placed on production	109	114
Wells sold	(157)
Liabilities settled	(40)	(42)
Accretion expense	1,331	1,248
Reserve for future abandonment costs at end of period	$ 32,016	$ 30,434

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Prepaid drilling costs	$ 41,135	$ 70,124
Income tax receivable	6,587	8,312
Production tax refunds receivable	3,957	5,745
Other receivables	3,757	0
Prepaid expenses	2,943	2,438
Other current assets	$ 58,379	$ 86,619

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain (loss) on Derivatives Recognized in Earnings	$ 75,163	$ 14,276	$ 89,218	$ 76,190
Natural gas price derivatives
Derivative [Line Items]
Gain (loss) on Derivatives Recognized in Earnings	$ 75,163	$ 14,276	$ 89,218	$ 76,190

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Earnings	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022		277,517,000
Beginning balance at Dec. 31, 2022	$ 2,278,314	$ 138,759	$ 1,253,417	$ 886,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		(7,000)
Stock-based compensation	2,046	$ (4)	2,050
Net income (loss)	134,503			134,503
Common stock dividends	(34,688)			(34,688)
Ending balance (in shares) at Mar. 31, 2023		277,510,000
Ending balance at Mar. 31, 2023	2,380,175	$ 138,755	1,255,467	985,953
Beginning balance (in shares) at Dec. 31, 2022		277,517,000
Beginning balance at Dec. 31, 2022	2,278,314	$ 138,759	1,253,417	886,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	103,517
Ending balance (in shares) at Sep. 30, 2023		278,430,000
Ending balance at Sep. 30, 2023	2,282,757	$ 139,214	1,258,069	885,474
Beginning balance (in shares) at Mar. 31, 2023		277,510,000
Beginning balance at Mar. 31, 2023	2,380,175	$ 138,755	1,255,467	985,953
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		983,000
Stock-based compensation	406	$ 491	(85)
Net income (loss)	(45,706)			(45,706)
Common stock dividends	(34,689)			(34,689)
Ending balance (in shares) at Jun. 30, 2023		278,493,000
Ending balance at Jun. 30, 2023	2,300,186	$ 139,246	1,255,382	905,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		(63,000)
Stock-based compensation	2,655	$ (32)	2,687
Net income (loss)	14,720			14,720
Payment of preferred stock dividends	(34,804)			(34,804)
Ending balance (in shares) at Sep. 30, 2023		278,430,000
Ending balance at Sep. 30, 2023	2,282,757	$ 139,214	1,258,069	885,474
Beginning balance (in shares) at Dec. 31, 2023		278,430,000
Beginning balance at Dec. 31, 2023	2,383,191	$ 139,214	1,260,930	958,270	$ 24,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		1,272,000
Stock-based compensation	3,415	$ 637	2,778
Issuance of common stock (in shares)		12,500,000
Issuance of common stock	100,450	$ 6,250	94,200
Net income (loss)	(14,474)			(16,321)	1,847
Contributions from noncontrolling interest	6,000				6,000
Ending balance (in shares) at Mar. 31, 2024		292,202,000
Ending balance at Mar. 31, 2024	2,478,582	$ 146,101	1,357,908	941,949	32,624
Beginning balance (in shares) at Dec. 31, 2023		278,430,000
Beginning balance at Dec. 31, 2023	2,383,191	$ 139,214	1,260,930	958,270	24,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(163,441)
Ending balance (in shares) at Sep. 30, 2024		292,261,000
Ending balance at Sep. 30, 2024	2,362,001	$ 146,130	1,362,393	786,748	66,730
Beginning balance (in shares) at Mar. 31, 2024		292,202,000
Beginning balance at Mar. 31, 2024	2,478,582	$ 146,101	1,357,908	941,949	32,624
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		59,000
Stock-based compensation	709	$ 29	680
Stock issuance costs	(39)		(39)
Net income (loss)	(123,249)			(126,310)	3,061
Contributions from noncontrolling interest	11,000				11,000
Distributions to noncontrolling interest	(1,098)				(1,098)
Ending balance (in shares) at Jun. 30, 2024		292,261,000
Ending balance at Jun. 30, 2024	2,365,905	$ 146,130	1,358,549	815,639	45,587
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,883		3,883
Stock issuance costs	(39)		(39)
Net income (loss)	(25,718)			(28,891)	3,173
Contributions from noncontrolling interest	19,000				19,000
Distributions to noncontrolling interest	(1,030)				(1,030)
Ending balance (in shares) at Sep. 30, 2024		292,261,000
Ending balance at Sep. 30, 2024	$ 2,362,001	$ 146,130	$ 1,362,393	$ 786,748	$ 66,730

ACQUISITION

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

ACQUISITION

(2) ACQUISITION

In March 2024, the Company acquired approximately 189,000 net undeveloped acres in its Western Haynesville area from an unaffiliated third party for $50.0 million, which was accounted for as an asset acquisition.

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt

At September 30, 2024, long-term debt was comprised of the following:


	(In thousands)
6.75% Senior Notes due 2029:
Principal	$	1,623,880
Discount, net of amortization		(21,215	)
5.875% Senior Notes due 2030:
Principal		965,000
Bank Credit Facility:
Principal		415,000
Debt issuance costs, net of amortization		(33,484	)
	$	2,949,181

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 3
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

(3) LONG-TERM DEBT

At September 30, 2024, long-term debt was comprised of the following:


	(In thousands)
6.75% Senior Notes due 2029:
Principal	$	1,623,880
Discount, net of amortization		(21,215	)
5.875% Senior Notes due 2030:
Principal		965,000
Bank Credit Facility:
Principal		415,000
Debt issuance costs, net of amortization		(33,484	)
	$	2,949,181

As of September 30, 2024, the Company had $415.0 million outstanding under a bank credit facility. Aggregate commitments under the bank credit facility are $1.5 billion, which matures on November 15, 2027. Borrowings under the bank credit facility are subject to a borrowing base, which is currently set at $2.0 billion. The borrowing base is re-determined on a semi-annual basis and upon the occurrence of certain other events. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either SOFR plus 1.75% to 2.75% or an alternate base rate plus 0.75% to 1.75%, in each case depending on the utilization of the borrowing base. Additionally, beginning in the fourth quarter of 2024 through the second quarter of 2025, the bank credit facility will bear interest at the Company's option, at either SOFR plus 2.25% to 3.25% or an alternate base rate plus 1.25% to 2.25%, with either option also based on the utilization of the borrowing base. Beginning in the third quarter of 2025 through maturity, the bank credit facility will bear interest at the Company's option, at either SOFR plus 2.0% to 3.0% or an alternate base rate plus 1.0% to 2.0%, with either option also based on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5% on the unused portion of the borrowing base. The bank credit facility places certain restrictions upon the Company's and its subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 4.0 to 1.0, which reduces to 3.75 to 1.0 at June 30, 2025 and to 3.5 to 1.0 at September 30, 2025, and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of September 30, 2024.

In April 2024, the Company issued $400.0 million principal amount of 6.75% senior notes due 2029 (the "New 2029 Notes") in a private placement and received net proceeds after offering costs and deducting the initial purchasers' discounts of $365.2 million, which were used to pay down the outstanding borrowings on the Company's bank credit facility. The New 2029 Notes have substantially identical terms as the Company's $1,223.9 million aggregate principal amount of 6.75% senior notes due 2029, which mature on March 1, 2029 and accrue interest at a rate of 6.75% per annum, payable semi-annually on March 1 and September 1 of each year.