- Comstock Resources reported higher financial results in the third quarter of 2025 driven by increased natural gas prices. - The company's natural gas and oil sales, including realized hedging gains, amounted to 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 for the quarter. - Three Western Haynesville wells turned to sales in the third quarter with an average lateral length of 8,566 feet and initial production of 32 MMcf per day per well. - In 2025, Comstock turned 28 wells to sales in its Legacy Haynesville area with an average lateral length of 11,919 feet and initial production of 25 MMcf per day per well. - 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 divest Shelby Trough assets in East Texas for 430 million dollars in cash. - During the third quarter, Comstock realized 2.99 dollars per Mcf after hedging for its 112 Bcf natural gas production, leading to sales of 335 million dollars including hedging gains. - The company's third-quarter 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 hedging and other items, adjusted net income for the third quarter was 27.9 million dollars or 0.09 dollars per diluted share. - Production costs per Mcfe in the third quarter averaged 0.77 dollars, with specific costs for gathering, transportation, lease operations, taxes, and administrative expenses. - The unhedged operating margin was 72 percent, and 74 percent after hedging for the third quarter. - For the first nine months of 2025, Comstock realized 3.19 dollars per Mcf after hedging for 339 Bcf production, with total sales of 1.08 billion dollars. - During the nine months, net income was 133.4 million dollars or 0.45 dollars per diluted share, including a 25.6 million dollars unrealized hedging gain. - Excluding hedging and other items, adjusted net income for the nine months was 121.8 million dollars or 0.41 dollars per share. - Production costs for the nine months averaged 0.80 dollars per Mcfe, with costs broken down into gathering, transportation, lease, taxes, and administrative expenses. - The unhedged operating margin was 74 percent, and 75 percent after hedging during the nine months. - In the third quarter, Comstock drilled 17 operated horizontal Haynesville/Bossier wells with an average lateral length of 11,692 feet and turned 12 wells to sales. - Since July 2025, the company turned 10 operated wells to sales with an average initial production of 28 MMcf per day and lateral length of 11,156 feet. - Included in new wells were three successful Western Haynesville wells with varying depth, lateral length, and initial production rates around 31 to 35 MMcf per day. - On September 2, 2025, Comstock divested its interest in Cotton Valley wells in East Texas and North Louisiana for approximately 15.2 million dollars. - The properties sold included 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 its Shelby Trough properties in Texas for 430 million dollars, including 155 wells and roughly 36,000 net acres, primarily undeveloped. - The Shelby Trough properties produced 9.3 MMcf of natural gas daily in September 2025, with an expected closing in December 2025 to reduce long-term debt. - Comstock Resources is a leading independent natural gas producer focused on the development of the Haynesville shale in North Louisiana and East Texas, 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.