- Comstock Resources reported improved financial results due to higher natural gas prices in the third quarter of 2025. - Natural gas and oil sales, including realized hedging gains, reached 335 million dollars for the quarter. - Operating cash flow was 190 million dollars or 0.65 dollars per diluted share. - Adjusted EBITDAX for the quarter was 249 million dollars. - Adjusted net income was 28 million dollars or 0.09 dollars per diluted share. - Three Western Haynesville wells were turned to sales in the third quarter, with an average lateral length of 8,566 feet and initial production rate of 32 MMcf per day. - A total of 28 wells in the Legacy Haynesville area were turned to sales in 2025, averaging 11,919 feet lateral length and 25 MMcf per day initial production rate. - Non-strategic Cotton Valley wells in East Texas and North Louisiana were divested for net proceeds of 15 million dollars. - Comstock agreed to sell Shelby Trough assets in East Texas for 430 million dollars in cash. - During the third quarter, realized 2.99 dollars per Mcf after hedging for natural gas production of 112 Bcf, increasing sales to 335 million dollars including hedging gains of 26.4 million dollars. - Net income for the third quarter was 118.1 million dollars or 0.40 dollars per diluted share, including a 116.4 million dollars unrealized gain on hedging contracts. - Excluding hedging gains and sale expenses, adjusted net income was 27.9 million dollars or 0.09 dollars per share. - Production cost per Mcfe was 0.77 dollars, comprising gathering transportation 0.36 dollars, lease operating 0.26 dollars, taxes 0.10 dollars, and administrative expenses 0.05 dollars. - Unhedged operating margin was 72 percent and after hedging was 74 percent in the third quarter. - For 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 for 339 Bcf production. - Operating cash flow for nine months was 639 million dollars, and net income was 133.4 million dollars or 0.45 dollars per share. - Nine months net income included a 25.6 million dollars unrealized gain on hedging contracts. - Excluding hedging, adjusted net income was 121.8 million dollars or 0.41 dollars per share. - Production cost per Mcfe for the nine months was 0.80 dollars, with costs including gathering transportation 0.37 dollars, lease operating 0.28 dollars, taxes 0.09 dollars, and administrative expenses 0.06 dollars. - Operating margin for nine months was 74 percent unhedged and 75 percent after hedging. - In the third quarter, 17 operated Haynesville/Bossier shale wells were drilled, with an average lateral length of 11,692 feet. - Twelve wells were turned to sales, with initial production rates averaging 28 MMcf per day and lateral lengths of 11,156 feet. - Since July 2025, 10 more wells were turned to sales, with initial rates of 28 MMcf per day and lateral lengths of 11,156 feet. - Three successful wells in the Western Haynesville included Hughes SC, McCullough GLR #1 and #3, with lateral lengths ranging from 6,708 to 11,062 feet and initial rates of 31 to 35 MMcf per day. - On September 2, 2025, Comstock divested its interest in Cotton Valley wells for 15.2 million dollars, covering 883 wells including inactive wells. - On October 10, 2025, Comstock agreed to sell Shelby Trough properties for 430 million dollars, including 155 wells and approximately 36,000 net acres, expected to close in December 2025. - The Shelby Trough properties produced 9.3 MMcf per day in September 2025, and sale proceeds will be used to reduce long-term debt. - Comstock focuses on natural gas development in the Haynesville shale in North Louisiana and East Texas and trades under the symbol CRK on NYSE.

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.