COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2025 FINANCIAL AND OPERATING RESULTS
Rhea-AI Summary
Comstock Resources (CRK) reported Q4 2025 and full-year results on Feb 11, 2026, driven by higher natural gas prices, asset sales and drilling activity. Q4 revenue was $364.0M (including hedging), operating cash flow $222.3M, adjusted net income $46.1M ($0.16/share), and a $292.3M pre-tax gain on Shelby Trough sale. 2025 proved reserves rose to ~7.0 Tcfe with a PV-10 of ~$4.5B (SEC pricing). The company plans $1.4–1.5B development capex and $100–150M midstream spend for 2026, and will run nine rigs.
Positive
- Proved reserves increased to 7.0 Tcfe
- PV-10 value approximately $4.5 billion (SEC pricing)
- Q4 operating cash flow of $222.3 million
- Sale of Shelby Trough generated $417 million net proceeds
- Plans $1.4–1.5 billion 2026 development capital spending
Negative
- Q4 impairment of Eagle Ford properties of $29.1 million
- Production down YoY: 450.4 Bcfe produced in 2025 vs 527.8 Bcfe in 2024
- Gas services margin loss of $2.3 million in Q4
Key Figures
Market Reality Check
Peers on Argus
CRK is down 2.11% with muted volume. Most E&P peers (MGY -2.09%, CHRD -1.81%, CRC -1.28%, MTDR -1.72%) are also lower, while VIST is up 1.58%, pointing to mixed but generally weak sector tone.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Q3 2025 earnings | Positive | +2.6% | Higher gas prices, $335M sales, $249.1M adjusted EBITDAX, Shelby Trough divestiture. |
| Jul 30 | Q2 2025 earnings | Positive | -14.1% | Stronger margins and $344M sales but shares fell after the report. |
| May 09 | Q1 2025 earnings (peer) | Neutral | +3.4% | BKV reported adjusted profitability and JV for CCUS with moderate stock gain. |
| Apr 30 | Q1 2025 earnings | Positive | +3.3% | Higher gas prices, $405M sales, strong Western Haynesville well performance. |
| Feb 18 | Q4 2024 earnings | Positive | +9.9% | $336M sales, $252M adjusted EBITDAX and detailed 2025 capex and rig plans. |
Earnings releases often see modest positive reactions, with one notable negative divergence on strong Q2 2025 results.
Across the last five earnings-tagged events from Feb 2024 through Nov 2025, Comstock repeatedly highlighted higher natural gas prices, strong operating margins, and efficient Haynesville drilling. Q4 2024 and Q1–Q3 2025 results all featured solid adjusted EBITDAX and low production costs, with Western Haynesville wells and asset sales (like Shelby Trough) as key themes. Most of these reports saw positive share-price reactions, except Q2 2025, where shares fell despite otherwise constructive metrics.
Historical Comparison
Over the last five earnings-type releases, CRK’s average move was about 1.01%. Today’s pre-release move of -2.11% is somewhat weaker than that typical post-earnings reaction range.
Recent earnings have traced a path of improving natural gas pricing, consistently strong Haynesville margins, and growing Western Haynesville contributions, complemented by portfolio pruning via asset sales like Shelby Trough.
Market Pulse Summary
This announcement details strong Q4 2025 results, with natural gas and oil sales of $364M, adjusted EBITDAX of about $277M, and adjusted net income of roughly $46M. Proved reserves increased to 7.0 Tcfe with a PV-10 of $4.5B, while 2026 plans call for $1.4–$1.5B in development and exploration spending. Investors may track gas-price trends, capital discipline, and Western Haynesville well performance against these expanded reserves and budgets.
Key Terms
adjusted ebitdax financial
pv-10 value financial
tcfe technical
mmcf technical
mcfe technical
hedging financial
proved undeveloped technical
AI-generated analysis. Not financial advice.
FRISCO, TX, Feb. 11, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter and year ended December 31, 2025.
Highlights of 2025's Fourth Quarter
- Higher natural gas prices in the fourth quarter drove improved financial results in the quarter.
- Natural gas and oil sales, including realized hedging losses, were
$364 million for the quarter. - Operating cash flow was
$222 million or 0.75 per diluted share. - Adjusted EBITDAX for the quarter was
$277 million . - Adjusted net income was
$46 million or$0.16 per diluted share for the quarter.
- Natural gas and oil sales, including realized hedging losses, were
- Four successful wells were turned to sales in the Western Haynesville in the fourth quarter.
- These wells had an average lateral length of 8,399 feet and an average per well initial production rate of 29 MMcf per day.
- During 2025, Comstock turned a total of 12 wells to sales in the Western Haynesville with an average per well initial production rate of 33 MMcf per day.
- Comstock turned 35 wells to sales in 2025 in its legacy Haynesville area with an average lateral length of 11,738 feet and a per well initial production rate of 25 MMcf per day.
- Completed the sale of Shelby Trough assets in East Texas for net proceeds after selling expenses of
$417 million .
Financial Results for the Three Months Ended December 31, 2025
During the fourth quarter of 2025, Comstock realized
Comstock's production cost per Mcfe in the fourth quarter averaged
Financial Results for the Year Ended December 31, 2025
For the year ended December 31, 2025, Comstock realized
Comstock's production cost per Mcfe during the year ended December 31, 2025 averaged
2025 Drilling Results
Comstock drilled 52 (44.2 net) operated horizontal Haynesville/Bossier shale wells in 2025, which had an average lateral length of 11,187 feet. Comstock also turned 47 (40.3 net) operated wells to sales in 2025, which had an average initial production rate of 27 MMcf per day.
Since its last operational update in October, Comstock has turned eleven (9.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 27 MMcf per day. The completed lateral length of these wells averaged 10,063 feet. Included in these wells, Comstock turned an additional four (4.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:
Well | Vertical Depth (feet) | Completed Lateral (feet) | Initial Production Rate (MMcf per day) | |||
| Williams RM #1 | 16,286 | 8,186 | 31 | |||
| Hutto TMM #1 | 18,333 | 8,836 | 31 | |||
| Brown Trueheart W #1 | 17,663 | 8,763 | 32 | |||
| Brown Trueheart BB #1 | 16,584 | 7,809 | 22 |
These wells had average initial daily production rates of 29 MMcf per day and average completed lateral lengths of 8,399 feet.
2025 Proved Oil and Gas Reserves
Comstock also announced that proved natural gas and oil reserves as of December 31, 2025 were estimated at 7.0 trillion cubic feet equivalent ("Tcfe") as compared to 3.8 Tcfe as of December 31, 2024. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 7.0 Tcfe of proved reserves at December 31, 2025 were substantially all natural gas,
Using NYMEX future market prices as of December 31, 2025 of
The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2024:
| SEC | NYMEX | ||||||
| (Bcfe) | |||||||
| Proved Reserves: | |||||||
| Proved Reserves at December 31, 2024 | 3,764.1 | 7,022.5 | |||||
| Production | (450.4 | ) | (450.4 | ) | |||
| Extensions and discoveries | 3,737.8 | 1,068.6 | |||||
| Divestitures | (16.4 | ) | (419.0 | ) | |||
| Revisions | (29.8 | ) | (37.9 | ) | |||
| Proved Reserves at December 31, 2025 | 7,005.3 | 7,183.8 | |||||
Comstock replaced
2026 Budget
In response to improved natural gas prices, the Company currently plans to increase the number of operating drilling rigs it is running from eight to nine during 2026. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on February 12, 2026, to discuss the fourth quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register-conf.media-server.com/register/BIae8372c1163d420aa61e1af518726ae0.
Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/fhhg297w.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 12, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/fhhg297w.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
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.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 366,440 | $ | 287,626 | $ | 1,425,857 | $ | 1,043,886 | ||||||||
| Oil sales | 168 | 672 | 2,292 | 3,597 | ||||||||||||
| Total natural gas and oil sales | 366,608 | 288,298 | 1,428,149 | 1,047,483 | ||||||||||||
| Gas services | 128,775 | 78,208 | 500,202 | 206,097 | ||||||||||||
| Gain (loss) on sale of assets | 294,431 | (35 | ) | 291,938 | 875 | |||||||||||
| Total revenues | 789,814 | 366,471 | 2,220,289 | 1,254,455 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 7,503 | 7,707 | 40,453 | 57,437 | ||||||||||||
| Gathering and transportation | 41,763 | 44,434 | 166,108 | 194,890 | ||||||||||||
| Lease operating | 27,775 | 31,379 | 122,662 | 130,504 | ||||||||||||
| Exploration | 1,321 | — | 10,071 | — | ||||||||||||
| Depreciation, depletion and amortization | 157,498 | 202,116 | 641,163 | 795,397 | ||||||||||||
| Impairment of natural gas and oil properties | 29,071 | — | 29,071 | — | ||||||||||||
| Gas services | 131,057 | 72,611 | 516,224 | 205,407 | ||||||||||||
| General and administrative | 13,801 | 10,164 | 48,685 | 39,435 | ||||||||||||
| Total operating expenses | 409,789 | 368,411 | 1,574,437 | 1,423,070 | ||||||||||||
| Operating income (loss) | 380,025 | (1,940 | ) | 645,852 | (168,615 | ) | ||||||||||
| Other Expenses: | ||||||||||||||||
| Gain (loss) from derivative financial instruments | 34,207 | (79,022 | ) | 82,537 | 10,196 | |||||||||||
| Other income | 296 | 284 | 3,144 | 1,211 | ||||||||||||
| Interest expense | (56,060 | ) | (54,616 | ) | (222,797 | ) | (210,621 | ) | ||||||||
| Total other expenses | (21,557 | ) | (133,354 | ) | (137,116 | ) | (199,214 | ) | ||||||||
| Income (loss) before income taxes | 358,468 | (135,294 | ) | 508,736 | (367,829 | ) | ||||||||||
| (Provision for) benefit from income taxes | (71,699 | ) | 79,981 | (88,533 | ) | 149,075 | ||||||||||
| Net income (loss) | 286,769 | (55,313 | ) | 420,203 | (218,754 | ) | ||||||||||
| Net income attributable to noncontrolling interest | (5,850 | ) | (2,816 | ) | (24,592 | ) | (10,897 | ) | ||||||||
| Net income (loss) attributable to Comstock | $ | 280,919 | $ | (58,129 | ) | $ | 395,611 | $ | (229,651 | ) | ||||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.98 | $ | (0.19 | ) | $ | 1.43 | $ | (0.76 | ) | ||||||
| Diluted | $ | 0.97 | $ | (0.19 | ) | $ | 1.43 | $ | (0.76 | ) | ||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 291,097 | 290,170 | 290,779 | 287,010 | ||||||||||||
| Diluted | 294,569 | 290,170 | 294,131 | 287,010 | ||||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Natural gas production (MMcf) | 111,239 | 124,128 | 450,202 | 527,548 | ||||||||||||
| Oil production (Mbbls) | 3 | 10 | 37 | 50 | ||||||||||||
| Total production (MMcfe) | 111,257 | 124,185 | 450,423 | 527,847 | ||||||||||||
| Natural gas sales | $ | 366,440 | $ | 287,626 | $ | 1,425,857 | $ | 1,043,886 | ||||||||
| Natural gas hedging settlements (1) | (2,573 | ) | 47,847 | 20,135 | 207,803 | |||||||||||
| Total natural gas including hedging | 363,867 | 335,473 | 1,445,992 | 1,251,689 | ||||||||||||
| Oil sales | 168 | 672 | 2,292 | 3,597 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 364,035 | $ | 336,145 | $ | 1,448,284 | $ | 1,255,286 | ||||||||
| Average natural gas price (per Mcf) | $ | 3.29 | $ | 2.32 | $ | 3.17 | $ | 1.98 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 3.27 | $ | 2.70 | $ | 3.21 | $ | 2.37 | ||||||||
| Average oil price (per barrel) | $ | 56.00 | $ | 67.20 | $ | 61.95 | $ | 71.94 | ||||||||
| Average price (per Mcfe) | $ | 3.30 | $ | 2.32 | $ | 3.17 | $ | 1.98 | ||||||||
| Average price including hedging (per Mcfe) | $ | 3.27 | $ | 2.71 | $ | 3.22 | $ | 2.38 | ||||||||
| Production and ad valorem taxes | $ | 7,503 | $ | 7,707 | $ | 40,453 | $ | 57,437 | ||||||||
| Gathering and transportation | 41,763 | 44,434 | 166,108 | 194,890 | ||||||||||||
| Lease operating | 27,775 | 31,379 | 122,662 | 130,504 | ||||||||||||
| Cash general and administrative (2) | 8,172 | 6,282 | 27,463 | 24,174 | ||||||||||||
| Total production costs | $ | 85,213 | $ | 89,802 | $ | 356,686 | $ | 407,005 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.07 | $ | 0.06 | $ | 0.09 | $ | 0.11 | ||||||||
| Gathering and transportation (per Mcfe) | 0.38 | 0.36 | 0.37 | 0.37 | ||||||||||||
| Lease operating (per Mcfe) | 0.25 | 0.25 | 0.27 | 0.25 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.07 | 0.05 | 0.06 | 0.05 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.77 | $ | 0.72 | $ | 0.79 | $ | 0.78 | ||||||||
| Unhedged operating margin | 77 | % | 69 | % | 75 | % | 61 | % | ||||||||
| Hedged operating margin | 77 | % | 73 | % | 75 | % | 68 | % | ||||||||
| Gas services revenues | $ | 128,775 | $ | 78,208 | $ | 500,202 | $ | 206,097 | ||||||||
| Gas services expenses | 131,057 | 72,611 | 516,224 | 205,407 | ||||||||||||
| Gas services margin | $ | (2,282 | ) | $ | 5,597 | $ | (16,022 | ) | $ | 690 | ||||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Unproved property acquisitions | $ | 18,113 | $ | 18,448 | $ | 54,670 | $ | 106,386 | ||||||||
| Total natural gas and oil properties acquisitions | $ | 18,113 | $ | 18,448 | $ | 54,670 | $ | 106,386 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 4,616 | $ | 1,308 | $ | 14,562 | $ | 13,461 | ||||||||
| Exploratory drilling and completion | 145,110 | 138,565 | 490,429 | 354,557 | ||||||||||||
| Development drilling and completion | 101,952 | 92,235 | 517,375 | 503,550 | ||||||||||||
| Other development costs | 18,113 | 8,325 | 32,493 | 30,500 | ||||||||||||
| Total exploration and development capital expenditures | $ | 269,791 | $ | 240,433 | $ | 1,054,859 | $ | 902,068 | ||||||||
(1) Included in gain (loss) from derivative financial instruments in operating results.
(2) Excludes stock-based compensation.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| ADJUSTED NET INCOME (LOSS): | ||||||||||||||||
| Net income (loss) | $ | 286,769 | $ | (55,313 | ) | $ | 420,203 | $ | (218,754 | ) | ||||||
| Unrealized (gain) loss from derivative financial instruments | (36,780 | ) | 126,869 | (62,402 | ) | 197,607 | ||||||||||
| Impairment of natural gas and oil properties | 29,071 | — | 29,071 | — | ||||||||||||
| Exploration expense | 1,321 | — | 10,071 | — | ||||||||||||
| (Gain) loss on sale of assets | (294,431 | ) | 35 | (291,938 | ) | (875 | ) | |||||||||
| Adjustment to income taxes | 60,168 | (25,333 | ) | 54,852 | (46,981 | ) | ||||||||||
| Adjusted net income (loss) (1) | $ | 46,118 | $ | 46,258 | $ | 159,857 | $ | (69,003 | ) | |||||||
| Adjusted net income (loss) per share (2) | $ | 0.16 | $ | 0.16 | $ | 0.54 | $ | (0.24 | ) | |||||||
| Diluted shares outstanding | 294,570 | 292,983 | 294,131 | 287,010 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income (loss) | $ | 286,769 | $ | (55,313 | ) | $ | 420,203 | $ | (218,754 | ) | ||||||
| Interest expense | 56,060 | 54,616 | 222,797 | 210,621 | ||||||||||||
| Income taxes | 71,699 | (79,981 | ) | 88,533 | (149,075 | ) | ||||||||||
| Depreciation, depletion, and amortization | 157,498 | 202,116 | 641,163 | 795,397 | ||||||||||||
| Exploration | 1,321 | — | 10,071 | — | ||||||||||||
| Impairment of natural gas and oil properties | 29,071 | — | 29,071 | — | ||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (36,780 | ) | 126,869 | (62,402 | ) | 197,607 | ||||||||||
| Stock-based compensation | 5,627 | 3,881 | 21,222 | 15,261 | ||||||||||||
| (Gain) loss on sale of assets | (294,431 | ) | 35 | (291,938 | ) | (875 | ) | |||||||||
| Total Adjusted EBITDAX (3) | $ | 276,834 | $ | 252,223 | $ | 1,078,720 | $ | 850,182 | ||||||||
(1) Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets, impairment of natural gas and oil properties and other unusual items.
(2) Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.
(3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, impairment of natural gas and oil properties, unrealized (gain) loss from derivative financial instruments, (gain) loss on sale of assets and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.
COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| OPERATING CASH FLOW (1): | ||||||||||||||||
| Net income (loss) | $ | 286,769 | $ | (55,313 | ) | $ | 420,203 | $ | (218,754 | ) | ||||||
| Reconciling items: | ||||||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (36,780 | ) | 126,869 | (62,402 | ) | 197,607 | ||||||||||
| Deferred income taxes | 71,497 | (57,754 | ) | 91,982 | (124,919 | ) | ||||||||||
| Depreciation, depletion and amortization | 157,498 | 202,116 | 641,163 | 795,397 | ||||||||||||
| Impairment of natural gas and oil properties | 29,071 | — | 29,071 | — | ||||||||||||
| Amortization of debt discount and issuance costs | 3,051 | 2,957 | 11,976 | 11,476 | ||||||||||||
| Stock-based compensation | 5,627 | 3,881 | 21,222 | 15,261 | ||||||||||||
| (Gain) loss on sale of assets | (294,431 | ) | 35 | (291,938 | ) | (875 | ) | |||||||||
| Operating cash flow | $ | 222,302 | $ | 222,791 | $ | 861,277 | $ | 675,193 | ||||||||
| (Increase) decrease in accounts receivable | (62,396 | ) | (18,989 | ) | (60,496 | ) | 56,584 | |||||||||
| (Increase) decrease in other current assets | (6,634 | ) | (22,144 | ) | 17,518 | (22,893 | ) | |||||||||
| Increase (decrease) in accounts payable and other accrued expenses | 70,932 | 85,395 | 81,308 | (88,547 | ) | |||||||||||
| Net cash provided by operating activities | $ | 224,204 | $ | 267,053 | $ | 899,607 | $ | 620,337 | ||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| FREE CASH FLOW (2): | ||||||||||||||||
| Operating cash flow | $ | 222,302 | $ | 222,791 | $ | 861,277 | $ | 675,193 | ||||||||
| Less: | ||||||||||||||||
| Exploration and development capital expenditures | (269,791 | ) | (240,433 | ) | (1,054,859 | ) | (902,068 | ) | ||||||||
| Midstream capital expenditures | (60,535 | ) | (38,638 | ) | (223,592 | ) | (85,377 | ) | ||||||||
| Other capital expenditures | (17,780 | ) | (558 | ) | (17,893 | ) | (2,264 | ) | ||||||||
| Contributions from midstream partnership | 59,000 | 24,500 | 215,500 | 60,500 | ||||||||||||
| Free cash deficit from operations | $ | (66,804 | ) | $ | (32,338 | ) | $ | (219,567 | ) | $ | (254,016 | ) | ||||
| Acquisitions | (18,113 | ) | (18,448 | ) | (54,670 | ) | (106,386 | ) | ||||||||
| Proceeds from divestitures | 413,702 | — | 428,868 | 1,214 | ||||||||||||
| Free cash flow (deficit) after acquisition and divestiture activity | $ | 328,785 | $ | (50,786 | ) | $ | 154,631 | $ | (359,188 | ) | ||||||
(1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.
(2) Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 23,930 | $ | 6,799 | ||||
| Accounts receivable | 242,545 | 174,846 | ||||||
| Derivative financial instruments | 19,206 | 4,865 | ||||||
| Other current assets | 75,257 | 97,524 | ||||||
| Total current assets | 360,938 | 284,034 | ||||||
| Property and equipment, net | 6,215,494 | 5,688,389 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 94,733 | 73,777 | ||||||
| $ | 7,007,062 | $ | 6,382,097 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 501,695 | $ | 421,814 | ||||
| Accrued costs | 153,248 | 146,173 | ||||||
| Operating leases | 46,937 | 35,927 | ||||||
| Derivative financial instruments | 27,636 | 8,940 | ||||||
| Total current liabilities | 729,516 | 612,854 | ||||||
| Long-term debt | 2,809,066 | 2,952,090 | ||||||
| Deferred income taxes | 437,098 | 345,116 | ||||||
| Derivative financial instruments | — | 66,757 | ||||||
| Long-term operating leases | 47,692 | 37,740 | ||||||
| Asset retirement obligation | 20,787 | 33,996 | ||||||
| Total liabilities | 4,044,159 | 4,048,553 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 146,527 | 146,130 | ||||||
| Additional paid-in capital | 1,376,053 | 1,366,274 | ||||||
| Accumulated earnings | 1,124,230 | 728,619 | ||||||
| Total stockholders' equity attributable to Comstock | 2,646,810 | 2,241,023 | ||||||
| Noncontrolling interest | 316,093 | 92,521 | ||||||
| Total stockholders' equity | 2,962,903 | 2,333,544 | ||||||
| $ | 7,007,062 | $ | 6,382,097 | |||||
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
FAQ
What were Comstock Resources (CRK) key Q4 2025 financial results?
How much did Comstock (CRK) receive from the Shelby Trough asset sale?
What is Comstock's (CRK) proved reserves and PV-10 at year-end 2025?
How much is Comstock (CRK) planning to spend on 2026 capital and midstream?
What operational drilling results did Comstock (CRK) report for 2025?
