SUNYA Energy

COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS

July 30, 2025
SUNYA Summary
- Comstock Resources, Inc. reported financial and operating results for the second quarter of 2025. - Higher natural gas prices in the quarter led to improved financial results. - Natural gas and oil sales totaled $344 million for the quarter. - Operating cash flow was $210 million or $0.71 per diluted share. - Adjusted EBITDAX for the quarter was $260 million. - Adjusted net income amounted to $40 million or $0.13 per diluted share. - Five Western Haynesville wells were turned to sales during the quarter. - The five wells had an average lateral length of 10,897 feet and an initial production rate of 36 MMcf per day. - Comstock has turned 21 wells to sales in 2025 in its Legacy Haynesville area. - Comstock achieved an average realized gas price of $3.02 per Mcf before hedging and $3.06 per Mcf after hedging for natural gas production of 112 Bcf. - Natural gas and oil sales for the first six months of 2025 totaled $749.3 million. - Operating cash flow in the first six months was $448.6 million. - Net income for the first six months was $15.3 million or $0.05 per diluted share. - Comstock's production cost per Mcfe averaged $0.82 during the first six months. - The company drilled twelve operated horizontal Haynesville/Bossier shale wells in the second quarter. - Comstock turned thirteen operated wells to sales in the second quarter. - Collaboration with NextEra Energy Resources aims to explore power generation asset development near the Western Haynesville area. - A conference call to discuss results is scheduled for 10:00 a.m. Central Time on July 31, 2025. - Comstock Resources is a leading independent natural gas producer focused on the Haynesville shale development.
PRESS RELEASE
COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS

July 30, 2025 16:15 ET | Source: Comstock Resources, Inc.

FRISCO, TX, July 30, 2025 (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, 2025.

Highlights of 2025's Second QuarterHigher natural gas prices in the second quarter drove improved financial results in the quarter.Natural gas and oil sales, including realized hedging gains, were $344 million for the quarter.
Operating cash flow was $210 million or $0.71 per diluted share.
Adjusted EBITDAX for the quarter was $260 million.
Adjusted net income was $40.0 million or $0.13 per diluted share for the quarter.
Five Western Haynesville wells turned to sales in the second quarter.These wells had an average lateral length of 10,897 feet and an average per well initial production rate of 36 MMcf per day.
The five wells were drilled and completed at an average per well cost of $2,647 per completed lateral foot.
Comstock has turned 21 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,803 feet and a per well initial production rate of 25 MMcf per day.



Financial Results for the Three Months Ended June 30, 2025

During the second quarter of 2025, Comstock realized $3.02 per Mcf before hedging and $3.06 per Mcf after hedging for its natural gas production of 112 Bcf. As a result, Comstock's natural gas and oil sales in the second quarter of 2025 increased to $344.3 million (including realized hedging gains of $4.3 million). Operating cash flow (excluding changes in working capital) generated in the second quarter of 2025 was $209.6 million, and net income for the second quarter was $130.7 million or $0.44 per diluted share. The net income in the quarter included a pre-tax $231.6 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 2025. Excluding this item, adjusted net income for the second quarter of 2025 was $40.0 million, or $0.13 per diluted share.

Comstock's production cost per Mcfe in the second quarter averaged $0.80 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.28 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged operating margin was 73% in the second quarter of 2025 and 74% after hedging.

Financial Results for the Six Months Ended June 30, 2025

For the six months ended June 30, 2025, Comstock realized $3.31 per Mcf before hedging and $3.29 per Mcf after hedging for its natural gas production of 227 Bcf. Natural gas and oil sales for the six months ended June 30, 2025 totaled $749.3 million (including realized hedging losses of $3.7 million). Operating cash flow (excluding changes in working capital) generated during the first six months of 2025 was $448.6 million, and net income was $15.3 million or $0.05 per diluted share. Net income during the first six months of 2025 included a pre-tax $90.8 million unrealized loss on hedging contracts held for risk management. Excluding this item and exploration expense, adjusted net income for the six months ended June 30, 2025 was $93.9 million or $0.32 per diluted share.

Comstock's production cost per Mcfe during the six months ended June 30, 2025 averaged $0.82 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.29 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged and hedged operating margin was 75% during the first six months of 2025.

Drilling Results

Comstock drilled twelve (10.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2025, which had an average lateral length of 10,388 feet. Comstock turned thirteen (12.0 net) operated wells to sales in the second quarter of 2025.

Since its last operational update in May 2025, Comstock has turned twelve (11.0 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 29 MMcf per day. The completed lateral length of these wells averaged 10,939 feet. Included in the wells turned to sales were four more successful Western Haynesville wells:








Well

Vertical
Depth
(feet)



Completed
Lateral (feet) Initial
Production
Rate (MMcf
per day)

Menn PB #1 16,262 10,926 38
Jennings Loehr #1 15,582 12,106 34
Jennings FSRA #1 14,760 12,045 28
Bell Meyer #1 18,762 9,100 41


Other

Comstock and NextEra Energy Resources, LLC, a unit of NextEra Energy, Inc. (NYSE: NEE) are collaborating to explore the potential development of power generation assets near Comstock's growing Western Haynesville area. The joint project will look to integrate Comstock's growing natural gas supply and its natural gas gathering and processing and pipeline assets in its Western Haynesville area to support reliable energy solutions to potential data center customers.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on July 31, 2025, to discuss the second quarter 2025 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/BI4a6aefc65c284c6190c230cdebdf9088.
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/537xytab.

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 31, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/537xytab.

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.