- Comstock Resources reported improved third quarter financial results driven by higher natural gas prices. - The company's natural gas and oil sales, including hedging gains, totaled 335 million dollars for the quarter. - Operating cash flow was 190.4 million dollars or 0.65 dollars per diluted share. - Adjusted EBITDAX for the quarter reached 249 million dollars. - Adjusted net income was 28 million dollars or 0.09 dollars per diluted share. - Three Western Haynesville wells turned to sales in the third quarter had an average lateral length of 8,566 feet and initial production rates of 32 MMcf per day. - Comstock turned 28 wells to sales in 2025 in its Legacy Haynesville area, with an average lateral length of 11,919 feet and initial rates of 25 MMcf per day. - The company divested non-strategic Cotton Valley wells in East Texas and North Louisiana for 15 million dollars net proceeds. - It entered into an agreement to sell Shelby Trough assets in East Texas for 430 million dollars cash. - During the third quarter, Comstock realized 2.99 dollars per Mcf after hedging on 112 Bcf of natural gas production. - The company’s third quarter total sales were 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 pre-tax unrealized gain of 116.4 million dollars from hedging contracts. - Excluding this gain, the adjusted net income for the quarter was 27.9 million dollars or 0.09 dollars per diluted share. - Production costs per Mcfe averaged 0.77 dollars, comprising gathering and transportation 0.36, lease operating costs 0.26, taxes 0.10, and G&A expenses 0.05. - The unhedged operating margin was 72 percent, increasing to 74 percent after hedging. - For the nine months ending September 30, 2025, Comstock earned 3.19 dollars per Mcf post hedging on 339 Bcf of natural gas. - Nine-month sales totaled 1.08 billion dollars including unrealized hedging losses of 22.7 million dollars. - Operating cash flow for nine months was 639 million dollars; net income was 133.4 million dollars or 0.45 dollars per share, including a 25.6 million dollar unrealized hedge gain. - Adjusted nine-month net income, excluding hedge unrealized gains and asset sale losses, was 121.8 million dollars or 0.41 dollars per share. - Production costs over nine months averaged 0.80 dollars per Mcfe, with costs for gathering and transportation at 0.37, lease operation 0.28, taxes 0.09, and G&A 0.06. - The unhedged operating margin for nine months was 74 percent, increasing slightly to 75 percent after hedging. - In the third quarter, Comstock drilled 17 horizontal Haynesville/Bossier shale wells with an average lateral length of 11,692 feet and turned 12 wells to sales, averaging initial production of 28 MMcf per day with lateral lengths of 11,156 feet. - The company completed three successful Western Haynesville wells with initial rates of 31 to 35 MMcf per day and lateral lengths above 6,700 feet. - Comstock sold its legacy Cotton Valley assets in East Texas and North Louisiana for 15.2 million dollars net, covering 883 wells producing 7.9 MMcfe per day in August 2025. - The company agreed to sell Shelby Trough properties in Texas for 430 million dollars, with an effective date of October 1, 2025, targeting closing in December 2025 to reduce long-term debt. - The Shelby Trough assets include 155 wells and approximately 36,000 net acres, with September production of 9.3 MMcf daily. - Comstock is a leading independent natural gas producer primarily focused on developing the Haynesville shale in North Louisiana and East Texas. - The company's stock trades on the NYSE and NYSE Texas 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.