Comstock Resources Inc

Latest Results (04.04.2026):

Comstock Resources Inc. — Fourth Quarter 2025: Comstock reported improved Q4 2025 results driven by higher natural gas prices. Key outcomes included roughly $364 million of natural gas and oil sales (including realized hedging), GAAP net income attributable to Comstock of about $281 million, adjusted net income of $46 million, adjusted EBITDAX of approximately $277 million, and operating cash flow of $222 million. The quarter also featured successful Haynesville well turn‑ins and the completed Shelby Trough asset sale.

Quarterly financials

Q4 2025 total natural gas and oil sales including hedging were about $364.0 million; GAAP net income attributable to Comstock was $280.9 million (diluted EPS $0.97); operating cash flow for the quarter was $222.3 million (reported as $0.75 per diluted share).

Adjusted performance

Adjusted net income (non‑GAAP) for Q4 2025 was $46.1 million ($0.16 per diluted share). Adjusted EBITDAX for the quarter was $276.8 million (rounded to $277 million), per the company’s disclosure.

Production and drilling

Q4 2025 natural gas production was 111,239 MMcf (111,257 MMcfe total production). In Q4 Comstock turned four operated wells to sales in the Western Haynesville with average completed laterals of 8,399 feet and average initial production of 29 MMcf/d per well; for 2025 Comstock turned 12 Western Haynesville wells (avg IP 33 MMcf/d) and 35 legacy Haynesville wells (avg lateral 11,738 ft, avg IP 25 MMcf/d).

Asset sale & liquidity

Comstock completed the sale of Shelby Trough assets in East Texas for net proceeds of $417 million. Free cash flow after acquisition and divestiture activity for the quarter was positive $328.8 million (three‑month figure shown in the release).

Prices, costs & margins

Average realized natural gas price in Q4 2025 was $3.29/Mcf (including hedging $3.27/Mcf). Total production costs for the quarter were $85.2 million ($0.77 per Mcfe), and reported unhedged operating margin was 77%.

Capital plan & reserves replacement

Comstock drilled 52 operated horizontal wells in 2025; the company reported it replaced 823% of 2025 production under reported reserve metrics and plans to increase operated drilling rigs from eight to nine in 2026 in response to improved gas prices.

Balance sheet highlights

At year‑end Q4 2025 Comstock reported cash and cash equivalents of $23.9 million, long‑term debt of $2.809 billion, and total stockholders’ equity attributable to Comstock of $2.647 billion (per the consolidated balance sheet in the release).