Comstock Resources is a leading independent natural gas producer with operations focused
on the development of the Haynesville Shale in North Louisiana and East Texas

News Releases Details

COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS

FRISCO, TX, July 29, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended June 30, 2026.

Highlights of 2026's Second Quarter

  • Return of production growth in quarter with 16% growth over first quarter.
  • Sold a 27% noncontrolling common equity interest in Pinnacle Gas Services LLC ("Pinnacle") for $600 million and used the proceeds to redeem and retire all of Pinnacle's preferred equity securities and its outstanding indebtedness.
  • Turned five Western Haynesville wells to sales in the second quarter with an average lateral length of 9,679 feet and an average per well initial production rate of 33 MMcf per day.
  • Turned twelve Legacy Haynesville wells to sales during the second quarter with an average lateral length of 11,835 feet and an average per well initial production rate of 31 MMcf per day. Five of these wells were horseshoe wells.
  • Second quarter 2026 financial results:
    • Natural gas and oil sales, including realized hedging gains, were $332 million for the quarter.
    • Cash flows from operating activities was $170 million and operating cash flow before changes in working capital was $189 million or $0.65 per share.
    • Net income available to the Company was $9 million, or $0.03 per share and adjusted net income available to the Company was $8 million or $0.03 per share for the quarter.
    • Net income was $15 million and adjusted EBITDAX was $245 million.

Financial Results for the Three Months Ended June 30, 2026

Comstock produced 113.1 Bcfe in the second quarter of 2026, which increased 16% from the first quarter of this year and increased 1% from the same period in 2025. During the second quarter of 2026, Comstock realized $2.55 per Mcfe before hedging and $2.93 per Mcfe after hedging. Comstock's natural gas and oil sales in the second quarter of 2026 were $331.6 million (including realized hedging gains of $43.3 million). Cash flows from operating activities in the second quarter of 2026 was $170.2 million. Operating cash flow before changes in working capital generated in the second quarter of 2026 was $188.5 million, and net income available to the Company for the second quarter was $8.8 million or $0.03 per diluted share. The net income available to the Company in the quarter included a pre-tax $1.0 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the first quarter of 2026. Excluding this item, exploration expense and gain on sale of assets, adjusted net income available to the Company for the second quarter of 2026 was $8.3 million, or $0.03 per diluted share.

Comstock's production cost per Mcfe in the second quarter returned to normal levels and averaged $0.77 per Mcfe, which was comprised of $0.38 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.08 for cash general and administrative expenses. Comstock's unhedged operating margin was 70% in the second quarter of 2026 and 74% after hedging.

Financial Results for the Six Months Ended June 30, 2026

For the six months ended June 30, 2026, production was down 7% to 1,166 MMcfe per day compared to the same period in 2025. Comstock realized $3.35 per Mcfe before hedging and $3.18 per Mcfe after hedging for its production of 211.0 Bcfe. Natural gas and oil sales for the six months ended June 30, 2026 totaled $670.2 million (including realized hedging losses of $37.1 million). Cash flows from operating activities for the first six months of 2026 was $442.2 million. Operating cash flow before changes in working capital generated in the first six months of 2026 was $380.4 million, and net income available to the Company was $116.2 million or $0.40 per diluted share. Net income available to the Company for the first six months of 2026 included a pre-tax $83.8 million unrealized gain on hedging contracts held for price risk management. Excluding this item and exploration expense and gain on sale of assets, adjusted net income available to the Company for the six months ended June 30, 2026 was $47.7 million, or $0.16 per diluted share.

Comstock's production cost per Mcfe for the six months ended June 30, 2026 averaged $0.85 per Mcfe, which was comprised of $0.40 for gathering and transportation costs, $0.27 for lease operating costs, $0.09 for production and other taxes and $0.09 for cash general and administrative expenses. Comstock's unhedged operating margin was 75% for the first six months of 2026 and 73% after hedging.

Drilling Results

Comstock drilled 17 (15.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2026, which had an average lateral length of 11,104 feet. Comstock turned 16 (12.7 net) operated wells to sales in the second quarter of 2026.

Since its last operational update in May 2026, Comstock has turned 17 (13.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 31 MMcf per day. The completed lateral length of these wells averaged 11,201 feet. Included in the wells turned to sales were five more successful Western Haynesville wells:







Well		  

Vertical 
Depth
(feet)		  



Completed
Lateral (feet)		   Initial
Production
Rate (MMcf
per day)
             
Ericson KN #1   15,414   7,975   30
Jensen WW #1   14,272   9,243   31
Glass KG #1   14,972   11,182   35
Lotspeich BJ #1   17,903   9,805   34
Jones LA #1   16,069   10,191   33

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on July 30, 2026, to discuss the second quarter 2026 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register-conf.media-server.com/register/BIb1b9c89894d24cf390641104a3f40885.
Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/xprpo4xr.

If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on July 30, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/xprpo4xr.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.

Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.

COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Revenues:                        
Natural gas sales   $ 287,745     $ 339,225     $ 706,020     $ 751,511  
Oil sales     476       741       1,234       1,443  
Total natural gas and oil sales     288,221       339,966       707,254       752,954  
Gas services     63,481       130,296       229,982       230,162  
Gain on sale of assets     1,580       —       3,400       —  
Total revenues and other operating income     353,282       470,262       940,636       983,116  
Operating expenses:                        
Production and ad valorem taxes     7,196       10,555       17,621       21,734  
Gathering and transportation     43,331       41,759       85,135       84,376  
Lease operating     28,150       31,109       56,431       66,109  
Exploration     4,427       —       13,770       2,150  
Depreciation, depletion and amortization     167,432       158,379       308,964       326,270  
Gas services     63,014       126,714       225,870       243,483  
General and administrative     17,151       12,300       35,373       23,380  
Total operating expenses     330,701       380,816       743,164       767,502  
Operating income     22,581       89,446       197,472       215,614  
Other income (expenses):                        
Gain (loss) from derivative financial instruments     44,365       235,847       46,761       (94,492 )
Other income     259       2,100       522       2,439  
Interest expense     (55,042 )     (55,178 )     (108,103 )     (110,015 )
Total other income (expenses)     (10,418 )     182,769       (60,820 )     (202,068 )
Income before income taxes     12,163       272,215       136,652       13,546  
(Provision for) benefit from income taxes     2,837       (141,487 )     (9,153 )     1,789  
Net income     15,000       130,728       127,499       15,335  
Net income attributable to noncontrolling interest     (6,234 )     (5,886 )     (11,283 )     (11,771 )
Net income available to the Company   $ 8,766     $ 124,842     $ 116,216     $ 3,564  
                         
Net income per share:                        
Basic   $ 0.03     $ 0.45     $ 0.40     $ 0.05  
Diluted   $ 0.03     $ 0.44     $ 0.40     $ 0.05  
Weighted average shares outstanding:                        
Basic     291,612       290,604       291,465       290,455  
Diluted     291,612       294,247       291,465       294,026  

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

    Three Months Ended June 30,     Six Months Ended June 30,  
    2026     2025     2026     2025  
Natural gas production (MMcf)     113,069       112,164       210,924       227,193  
Oil production (Mbbls)     5       13       16       23  
Total production (MMcfe)     113,102       112,238       211,021       227,329  
                         
Natural gas sales   $ 287,745     $ 339,225     $ 706,020     $ 751,511  
Natural gas hedging settlements (1)     43,333       4,286       (37,055 )     (3,673 )
Total natural gas including hedging     331,078       343,511       668,965       747,838  
Oil sales     476       741       1,234       1,443  
Total natural gas and oil sales including hedging   $ 331,554     $ 344,252     $ 670,199     $ 749,281  
                         
Average natural gas price (per Mcf)   $ 2.54     $ 3.02     $ 3.35     $ 3.31  
Average natural gas price including hedging (per Mcf)   $ 2.93     $ 3.06     $ 3.17     $ 3.29  
Average oil price (per barrel)   $ 95.20     $ 57.00     $ 77.13     $ 62.74  
Average price (per Mcfe)   $ 2.55     $ 3.03     $ 3.35     $ 3.31  
Average price including hedging (per Mcfe)   $ 2.93     $ 3.07     $ 3.18     $ 3.30  
                         
Production and ad valorem taxes   $ 7,196     $ 10,555     $ 17,621     $ 21,734  
Gathering and transportation     43,331       41,759       85,135       84,376  
Lease operating     28,150       31,109       56,431       66,109  
Cash general and administrative (2)     8,792       6,771       19,570       13,411  
Total production costs   $ 87,469     $ 90,194     $ 178,757     $ 185,630  
                         
Production and ad valorem taxes (per Mcfe)   $ 0.06     $ 0.09     $ 0.09     $ 0.10  
Gathering and transportation (per Mcfe)     0.38       0.37       0.40       0.37  
Lease operating (per Mcfe)     0.25       0.28       0.27       0.29  
Cash general and administrative (per Mcfe)     0.08       0.06       0.09       0.06  
Total production costs (per Mcfe)   $ 0.77     $ 0.80     $ 0.85     $ 0.82  
                         
Unhedged operating margin     70 %     73 %     75 %     75 %
Hedged operating margin     74 %     74 %     73 %     75 %
                         
Gas services revenue   $ 63,481     $ 130,296     $ 229,982     $ 230,162  
Gas services expenses     63,014       126,714       225,870       243,483  
Gas services margin   $ 467     $ 3,582     $ 4,112     $ (13,321 )
                         
Natural Gas and Oil Capital Expenditures:                        
Unproved property acquisitions   $ 20,409     $ 9,932     $ 39,449     $ 19,616  
Total natural gas and oil properties acquisitions   $ 20,409     $ 9,932     $ 39,449     $ 19,616  
Exploration and Development:                        
Development leasehold   $ 4,006     $ 5,295     $ 7,374     $ 8,851  
Exploratory drilling and completion     174,359       130,997       349,134       231,104  
Development drilling and completion     199,356       123,991       357,915       269,569  
Other development costs     12,707       7,919       19,277       8,434  
Total exploration and development capital expenditures   $ 390,428     $ 268,202     $ 733,700     $ 517,958  

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

(2)   Excludes stock-based compensation.

COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
ADJUSTED NET INCOME AVAILABLE TO THE COMPANY:                        
Net income available to the Company   $ 8,766     $ 124,842     $ 116,216     $ 3,564  
Unrealized (gain) loss from derivative financial instruments     (1,032 )     (231,561 )     (83,816 )     90,819  
Exploration expense     4,427       —       13,770       2,150  
Gain on sale of assets     (1,580 )     —       (3,400 )     —  
Adjustment to income taxes     (2,330 )     140,873       4,919       (14,419 )
Adjusted net income available to the Company(1)   $ 8,251     $ 34,154     $ 47,689     $ 82,114  
                         
Adjusted net income available to the Company per share(2)   $ 0.03     $ 0.12     $ 0.16     $ 0.28  
Diluted shares outstanding     291,612       294,247       291,465       294,026  
                         
                         
ADJUSTED EBITDAX:                        
Net income   $ 15,000     $ 130,728     $ 127,499     $ 15,335  
Interest expense     55,042       55,178       108,103       110,015  
Income taxes     (2,837 )     141,487       9,153       (1,789 )
Depreciation, depletion, and amortization     167,432       158,379       308,964       326,270  
Exploration     4,427       —       13,770       2,150  
Unrealized (gain) loss from derivative financial instruments     (1,032 )     (231,561 )     (83,816 )     90,819  
Stock-based compensation     8,359       5,529       15,803       9,971  
Gain on sale of assets     (1,580 )     —       (3,400 )     —  
Total Adjusted EBITDAX (3)   $ 244,811     $ 259,740     $ 496,076     $ 552,771  
                         
                         
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL(4):                        
Cash flows from operating activities   $ 170,205     $ 347,564     $ 442,170     $ 522,310  
Increase (decrease) in accounts receivable     11,542       (34,978 )     (61,952 )     (1,318 )
Increase (decrease) in other current assets     12,148       (25,322 )     2,949       (25,881 )
Increase in accounts payable and accrued expenses     (5,390 )     (77,628 )     (2,764 )     (46,487 )
Operating cash flow before changes in working capital   $ 188,505     $ 209,636     $ 380,403     $ 448,624  

(1)   Adjusted net income available to the Company is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.

(2)   Adjusted net income available to the Company per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.

(3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

(4)   Operating cash flow before changes in working capital is presented in the earnings release because management believes it to be useful to investors as a measure of operating cash generation of the Company based on the revenues and expenses that were related to the period versus the period when the revenues were received or expenses paid while enhancing comparability across periods. Operating cash flow before changes in working capital is not a measure of Comstock's liquidity or actual cash generation.

COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)

    June 30,
2026		     December 31,
2025		  
ASSETS            
Cash and cash equivalents   $ 45,008     $ 23,930  
Accounts receivable     180,593       242,545  
Derivative financial instruments     53,156       19,206  
Other current assets     59,804       75,257  
Total current assets     338,561       360,938  
Property and equipment, net     6,756,314       6,215,494  
Goodwill     335,897       335,897  
Operating lease right-of-use assets     71,684       94,733  
Derivative financial instruments     22,230       —  
    $ 7,524,686     $ 7,007,062  
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Accounts payable   $ 503,111     $ 501,695  
Accrued costs     171,187       153,248  
Operating leases     37,598       46,937  
Derivative financial instruments     —       27,636  
Total current liabilities     711,896       729,516  
Long-term debt     3,098,770       2,809,066  
Deferred income taxes     495,428       437,098  
Long-term operating leases     33,570       47,692  
Asset retirement obligation     21,444       20,787  
Total liabilities     4,361,108       4,044,159  
Stockholders' Equity:            
Common stock     146,810       146,527  
Additional paid-in capital     1,191,881       1,376,053  
Accumulated earnings     1,240,446       1,124,230  
Total stockholders' equity attributable to Comstock     2,579,137       2,646,810  
Noncontrolling interest     584,441       316,093  
Total stockholders' equity     3,163,578       2,962,903  
    $ 7,524,686     $ 7,007,062   



Ron Mills
VP - Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com

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Source: Comstock Resources, Inc.