- Comstock Resources reported its third quarter 2025 financial and operating results with higher natural gas prices driving improved results. - Natural gas and oil sales, including hedging gains, totaled 335 million dollars for the quarter. - Operating cash flow was 190 million dollars or 0.65 dollars per diluted share. - Adjusted EBITDAX amounted to 249 million dollars and adjusted net income was 28 million dollars or 0.09 dollars per diluted share. - During the third quarter, three Western Haynesville wells were brought into sales with an average lateral length of 8566 feet and an initial production rate of 32 MMcf per day. - In 2025, Comstock has turned 28 wells to sales in its Legacy Haynesville area with an average lateral length of 11919 feet and a per well initial production of 25 MMcf per day. - The company divested non-strategic Cotton Valley wells in East Texas and North Louisiana for net proceeds of 15 million dollars. - Comstock entered into an agreement to sell Shelby Trough assets in East Texas for 430 million dollars in cash. - For the third quarter, natural gas production was 112 Bcf with an average realized price of 2.99 dollars per Mcf after hedging, leading to sales of 335 million dollars including 26.4 million dollars in realized hedging gains. - Operating cash flow excluding working capital changes was 190.4 million dollars; net income was 118.1 million dollars or 0.40 dollars per diluted share, which included a 116.4 million dollars unrealized gain on hedging contracts. - Excluding unrealized gains and other adjustments, adjusted net income for the quarter was 27.9 million dollars or 0.09 dollars per share. - Production costs averaged 0.77 dollars per Mcfe, consisting of 0.36 dollars for gathering and transportation, 0.26 dollars for lease operation, 0.10 dollars for taxes, and 0.05 dollars for G&A expenses. - The unhedged operating margin was 72 percent, and 74 percent after hedging. - For the nine months ending September 30 2025, natural gas and oil sales totaled 1.08 billion dollars with realized prices of 3.19 dollars per Mcf after hedging; sales included realized hedging losses of 22.7 million dollars. - Operating cash flow for the nine months was 639 million dollars; net income was 133.4 million dollars or 0.45 dollars per share, including a 25.6 million dollars unrealized gain on hedging contracts. - Adjusted net income for the nine months, excluding unrealized gains and other items, was 121.8 million dollars or 0.41 dollars per share. - During this period, production costs averaged 0.80 dollars per Mcfe, with breakdowns of 0.37 for gathering and transportation, 0.28 for lease operation, 0.09 for taxes, and 0.06 for G&A. - The unhedged operating margin for the nine months was 74 percent, and 75 percent when including hedging. - In the third quarter, Comstock drilled 17 horizontal Haynesville/Bossier wells with an average lateral length of 11,692 feet, and turned 12 wells to sales with an average lateral length of 11,156 feet and an initial production rate of 28 MMcf per day. - Since July 2025, the company turned 10 operated Haynesville/Bossier wells to sales with average lateral length of 11,156 feet and initial production of 28 MMcf per day. - Among these wells, three Western Haynesville wells had vertical depths of 15741, 18720, and 19236 feet, with completed lateral lengths of 11062, 6708, and 7927 feet, and initial production rates of 35, 31, and 31 MMcf per day respectively. - On September 2, 2025, Comstock divested its interest in Cotton Valley wells in East Texas and North Louisiana for net proceeds of 15.2 million dollars, comprising interests in 883 wells and 46 inactive wells producing 7.9 MMcfe daily in August 2025. - On October 10, 2025, the company agreed to sell Shelby Trough assets for 430 million dollars, covering 155 producing wells and approximately 36,000 net acres, with September 2025 production of 9.3 MMcf per day; closing is expected in December 2025, with proceeds planned to reduce long-term debt. - Comstock is a leading independent natural gas producer focused on the Haynesville shale in North Louisiana and East Texas, with stock traded on NYSE under the symbol CRK.

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

FRISCO, TX, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended September 30, 2025.

Highlights of 2025's Third Quarter

Higher natural gas prices in the third quarter drove improved financial results in the quarter.

Natural gas and oil sales, including realized hedging gains, were $335 million for the quarter.


Operating cash flow was $190 million or $0.65 per diluted share.


Adjusted EBITDAX for the quarter was $249 million.


Adjusted net income was $28 million or $0.09 per diluted share for the quarter.


Three Western Haynesville wells turned to sales in the third quarter.

These wells had an average lateral length of 8,566 feet and an average per well initial production rate of 32 MMcf per day.


Comstock has turned 28 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,919 feet and a per well initial production rate of 25 MMcf per day.


Divested non-strategic Cotton Valley wells in East Texas and North Louisiana for net proceeds of $15 million.


Entered into an agreement to divest Shelby Trough assets in East Texas for $430 million in cash.

Financial Results for the Three Months Ended September 30, 2025

During the third quarter of 2025, Comstock realized $2.99 per Mcf after hedging for its natural gas production of 112 Bcf. As a result, Comstock's natural gas and oil sales in the third quarter of 2025 increased to $335.0 million (including realized hedging gains of $26.4 million). Operating cash flow (excluding changes in working capital) generated in the third quarter of 2025 was $190.4 million, and net income for the third quarter was $118.1 million or $0.40 per diluted share. The net income in the quarter included a pre-tax $116.4 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the second quarter of 2025. Excluding this item, exploration expense and loss from sale of assets, adjusted net income for the third quarter of 2025 was $27.9 million, or $0.09 per diluted share.

Comstock's production cost per Mcfe in the third quarter averaged $0.77 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.26 for lease operating costs, $0.10 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock's unhedged operating margin was 72% in the third quarter of 2025 and 74% after hedging.

Financial Results for the Nine Months Ended September 30, 2025

For the nine months ended September 30, 2025, Comstock realized $3.19 per Mcf after hedging for its natural gas production of 339 Bcf. Natural gas and oil sales for the nine months ended September 30, 2025 totaled $1.08 billion (including realized hedging losses of $22.7 million). Operating cash flow (excluding changes in working capital) generated during the first nine months of 2025 was $639.0 million, and net income was $133.4 million or $0.45 per diluted share. Net income during the first nine months of 2025 included a pre-tax $25.6 million unrealized gain on hedging contracts held for risk management. Excluding this item, exploration expense and loss from sale of assets, adjusted net income for the nine months ended September 30, 2025 was $121.8 million or $0.41 per diluted share.

Comstock's production cost per Mcfe during the nine months ended September 30, 2025 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 74% during the first nine months of 2025 and 75% after hedging.

Drilling Results

Comstock drilled seventeen (14.2 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2025, which had an average lateral length of 11,692 feet. Comstock turned twelve (10.6 net) operated wells to sales in the third quarter of 2025.

Since its last operational update in July 2025, Comstock has turned ten (8.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 28 MMcf per day. The completed lateral length of these wells averaged 11,156 feet.

Included in the wells turned to sales were three more successful Western Haynesville wells:







Well

Vertical
Depth
(feet)



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

Hughes SC #1 15,741 11,062 35
McCullough GLR #1 18,720 6,708 31
McCullough GLR #3 19,236 7,927 31


Divestitures

On September 2, 2025, Comstock divested of its interest in its legacy Cotton Valley wells in East Texas and North Louisiana for net proceeds, after selling expenses, of $15.2 million. The properties sold include interests in 883 (770.9 net to Comstock) wells and 46 (27.3 net to Comstock) inactive wells. The properties were producing 7.9 MMcfe of natural gas equivalent in August 2025.

On October 10, 2025, the Company entered into an agreement to sell its Shelby Trough properties in Nacogdoches, San Augustine and Shelby counties in Texas for $430.0 million to an unaffiliated third party. The transaction has an effective date of October 1, 2025, and is subject to customary closing conditions. The properties being sold include interests in 155 (74.5 net to Comstock) producing wells and approximately 36,000 net acres that are primarily undeveloped. Production net to Comstock's interest in these properties was 9.3 MMcf of natural gas per day in September 2025. Comstock expects to close the divestiture in December 2025 and intends to use the proceeds to reduce long-term debt.

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.