Comstock Resources Inc

Latest Results (15.05.2026):

Comstock Resources, Inc. — First Quarter 2026: Comstock reported solid operating results for Q1 2026, with natural gas and oil sales including realized hedging losses of about $338.6 million, operating cash flow of $191.9 million (approximately $0.66 per share), adjusted EBITDAX of $251.3 million, and adjusted net income of $44.5 million ($0.15 per share). The company turned multiple Haynesville wells to sales and reported higher development activity and capital spending during the quarter.

Revenue and Operating Income

Total natural gas and oil sales including hedging were $338.6 million for Q1 2026; total revenues and other operating income were $587.4 million, producing operating income of $174.9 million.

Net Income

Comstock reported net income of $112.5 million for Q1 2026 and net income available to the Company of $107.5 million (basic and diluted net income per share $0.38), compared with a loss in Q1 2025.

Non‑GAAP Results

Adjusted EBITDAX was $251.3 million and adjusted net income was $44.5 million ($0.15 per share) for Q1 2026, after excluding certain non‑cash and one‑time items per the company's reconciliation.

Cash Flow and Free Cash Flow

Operating cash flow was $191.9 million for the quarter (company noted ~$192 million or $0.66 per share). Free cash deficit from operations was $(206.1) million and after acquisitions/divestitures the free cash deficit was $(223.3) million for the quarter.

Production, Prices and Hedging

Total production was about 97.9 MMcfe in Q1 2026. Average natural gas price was $4.27/Mcf (unhedged) and $3.45/Mcf including hedging; average price per Mcfe was $4.28 (unhedged) and $3.46 including hedging.

Costs and Margins

Total production costs were $91.3 million ($0.93 per Mcfe) in Q1 2026, up from $0.83 per Mcfe a year earlier. Unhedged operating margin was 78% and hedged operating margin was 73% for the quarter.

Capital Spending and Operational Activity

Exploration and development capital expenditures were $343.3 million in Q1 2026 (plus $19.0 million of unproved property acquisitions). Comstock turned six Western Haynesville wells (avg. lateral 10,874 ft, ~29 MMcf/d initial) and ten Legacy Haynesville wells (avg. lateral 12,312 ft, ~31 MMcf/d initial) to sales and drilled 17 operated horizontal wells (15.3 net).

Balance Sheet Snapshot

As of quarter end, cash and cash equivalents were $14.8 million, accounts receivable $169.1 million, long‑term debt $2.948 billion, and total stockholders' equity attributable to Comstock was $2.757 billion.