COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS
Comstock Resources (NYSE: CRK) reported third quarter 2025 results driven by higher natural gas prices. Natural gas and oil sales totaled $335.0M (including $26.4M realized hedging gains). Operating cash flow was $190.4M and adjusted EBITDAX was $249.1M for the quarter. GAAP net income was $118.1M ($0.40 diluted); adjusted net income was $27.9M ($0.09 diluted). Production was 111.8 Bcf in Q3 with realized gas price after hedging of $2.99/Mcf and production cost of $0.77/Mcfe. Comstock agreed to divest Shelby Trough assets for $430M (effective Oct 1, 2025) and closed Cotton Valley sales for $15.2M.
Comstock Resources (NYSE: CRK) ha riportato i risultati del terzo trimestre 2025 guidati dall'aumento dei prezzi del gas naturale. Vendite di gas naturale e petrolio ammontano a $335.0M (inclusi $26.4M di profitti realizzati su hedging). Flusso di cassa operativo è stato $190.4M e EBITDAX rettificato è stato $249.1M per il trimestre. L'utile netto GAAP è stato $118.1M (diluito $0.40); utile netto rettificato è stato $27.9M (diluizione $0.09). La produzione è stata 111.8 Bcf nel Q3 con prezzo realizzato del gas dopo hedge di $2.99/Mcf e costo di produzione di $0.77/Mcfe. Comstock ha concordato di cedere gli asset Shelby Trough per $430M (effettivo dal 1 ottobre 2025) e ha chiuso le vendite Cotton Valley per $15.2M.
Comstock Resources (NYSE: CRK) informó los resultados del tercer trimestre de 2025 impulsados por los mayores precios del gas natural. Ventas de gas natural y petróleo totalizaron $335.0M (incluidos $26.4M de ganancias realizadas por cobertura). Flujo de efectivo operativo fue de $190.4M y EBITDAX ajustado fue de $249.1M para el trimestre. La ganancia neta GAAP fue de $118.1M (diluido $0.40); ganancia neta ajustada fue de $27.9M (diluido $0.09). La producción fue de 111.8 Bcf en el Q3 con precio recibido del gas tras cobertura de $2.99/Mcf y costo de producción de $0.77/Mcfe. Comstock acordó vender los activos Shelby Trough por $430M (vigente a partir del 1 de oct de 2025) y cerró ventas Cotton Valley por $15.2M.
Comstock Resources (NYSE: CRK)는 천연 가스 가격 상승에 힘입어 2025년 3분기 실적을 발표했습니다. 천연가스 및 석유 판매는 $335.0M로 집계되었고 ($26.4M의 헤지 실현 이익 포함), 영업 현금 흐름은 $190.4M, 조정된 EBITDAX는 $249.1M이었습니다. GAAP 순이익은 $118.1M (희석가 $0.40), 조정 순이익은 $27.9M (희석가 $0.09)였고, 3분기 생산량은 111.8 Bcf였으며 헤지 후 실현 가스 가격은 $2.99/Mcf, 생산 원가는 $0.77/Mcfe였습니다. Comstock는 Shelby Trough 자산을 $430M에 매각하는 합의에 동의했고(발효일 2025년 10월 1일), Cotton Valley 매각은 $15.2M으로 종결했습니다.
Comstock Resources (NYSE: CRK) a publié les résultats du troisième trimestre 2025, tirés par des prix du gaz naturel plus élevés. Ventes de gaz naturel et de pétrole s'élèvent à $335.0M (dont $26.4M de gains réalisés sur couvertures). Flux de trésorerie opérationnel était de $190.4M et EBITDAX ajusté était de $249.1M pour le trimestre. Le bénéfice net GAAP s'est élevé à $118.1M (dilué $0.40); bénéfice net ajusté était de $27.9M (dilué $0.09). La production était de 111.8 Bcf au T3 avec un prix du gaz réalisé après couverture de $2.99/Mcf et un coût de production de $0.77/Mcfe. Comstock a accepté de céder les actifs Shelby Trough pour $430M (en vigueur à partir du 1er oct. 2025) et a clôturé les ventes Cotton Valley pour $15.2M.
Comstock Resources (NYSE: CRK) meldete die Ergebnisse des dritten Quartals 2025, angetrieben durch höhere Erdgaspreise. Erdgas- und Ölsalese belaufen sich auf $335.0M (einschließlich $26.4M realisierte Absicherungsgewinne). Betriebs-Cashflow betrug $190.4M und angepasster EBITDAX war $249.1M für das Quartal. GAAP-Nettoeinkommen betrug $118.1M (verwässert $0.40); angepasstes Nettoeinkommen war $27.9M (verwässert $0.09). Produktion betrug im Q3 111.8 Bcf mit realisiertem Gaspreis nach Absicherung von $2.99/Mcf und Produktionskosten von $0.77/Mcfe. Comstock vereinbarte den Verkauf der Shelby Trough-Assets für $430M (wirksam ab 1. Okt 2025) und schloss Cotton Valley-Verkäufe für $15.2M ab.
Comstock Resources (NYSE: CRK) أعلنت عن نتائج الربع الثالث 2025 مدفوعة بارتفاع أسعار الغاز الطبيعي. مبيعات الغاز الطبيعي والنفط بلغت $335.0M (شملت $26.4M من أرباح التحوط المحققة). التدفق النقدي من العمليات كان $190.4M و التدفقات النقدية المعدلة EBITDA كانت $249.1M للربع. صافي الربح وفق معايير GAAP كان $118.1M (مخفض بمقدار $0.40 للسهم الموزع)؛ صافي الربح المعدل كان $27.9M (مخفض $0.09). كان الإنتاج 111.8 Bcf في الربع الثالث مع سعر الغاز المحقق بعد التحوط $2.99/Mcf وتكلفة الإنتاج $0.77/Mcfe. وافقت Comstock على بيع أصول Shelby Trough مقابل $430M (ساري المفعول اعتباراً من 1 أكتوبر 2025) وأغلقت مبيعات Cotton Valley مقابل $15.2M.
- Natural gas and oil sales of $335.0M in Q3 2025
- Operating cash flow of $190.4M in Q3 2025
- Adjusted EBITDAX of $249.1M in Q3 2025
- Agreement to sell Shelby Trough assets for $430.0M
- Turned 28 wells to sales in 2025 Legacy Haynesville to date
- Production declined ~16% YoY to 111.8 Bcf in Q3 2025
- Gas services segment posted negative margin of $0.4M in Q3 2025
- Interest expense of $56.7M in Q3 2025
Insights
Stronger gas prices and operational activity drove materially better Q3 results and a near-term balance-sheet boost from a planned $
Higher realized natural gas prices of
Operationally, the company turned numerous Haynesville wells to sales with strong initial rates (examples: 35, 31, 31 MMcf/d) and continued high lateral lengths; production totaled 111.8 Bcf in Q3. The announced sale agreement for Shelby Trough assets for
Key dependencies and risks include the large unrealized derivative swing that inflated GAAP income this quarter and the timing/consummation of the Shelby Trough sale, which is subject to customary closing conditions. Production volumes declined year-over-year (111.8 Bcf vs. 133.1 Bcf prior-year quarter), so cash generation depends on sustaining realized prices and stable volumes. Watch the closing in
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.
- Natural gas and oil sales, including realized hedging gains, were
- 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
Comstock's production cost per Mcfe in the third quarter averaged
Financial Results for the Nine Months Ended September 30, 2025
For the nine months ended September 30, 2025, Comstock realized
Comstock's production cost per Mcfe during the nine months ended September 30, 2025 averaged
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
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
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on November 4, 2025, to discuss the third 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/BI7df9635a192e4021a7e3fa6c51387c86.
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/7ikyc57y.
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 November 4, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/7ikyc57y.
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 307,906 | $ | 252,650 | $ | 1,059,417 | $ | 756,260 | ||||||||
| Oil sales | 681 | 975 | 2,124 | 2,925 | ||||||||||||
| Total natural gas and oil sales | 308,587 | 253,625 | 1,061,541 | 759,185 | ||||||||||||
| Gas services | 141,265 | 50,847 | 371,427 | 127,889 | ||||||||||||
| Total revenues | 449,852 | 304,472 | 1,432,968 | 887,074 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 11,216 | 12,578 | 32,950 | 49,730 | ||||||||||||
| Gathering and transportation | 39,969 | 53,996 | 124,345 | 150,456 | ||||||||||||
| Lease operating | 28,778 | 29,248 | 94,887 | 99,125 | ||||||||||||
| Exploration | 6,600 | — | 8,750 | — | ||||||||||||
| Depreciation, depletion and amortization | 157,395 | 208,350 | 483,665 | 593,281 | ||||||||||||
| Gas services | 141,684 | 52,622 | 385,167 | 132,796 | ||||||||||||
| General and administrative | 11,504 | 9,923 | 34,884 | 29,271 | ||||||||||||
| Loss (gain) on sale of assets | 2,493 | (910 | ) | 2,493 | (910 | ) | ||||||||||
| Total operating expenses | 399,639 | 365,807 | 1,167,141 | 1,053,749 | ||||||||||||
| Operating income (loss) | 50,213 | (61,335 | ) | 265,827 | (166,675 | ) | ||||||||||
| Other income (expenses): | ||||||||||||||||
| Gain from derivative financial instruments | 142,822 | 75,163 | 48,330 | 89,218 | ||||||||||||
| Other income | 409 | 274 | 2,848 | 927 | ||||||||||||
| Interest expense | (56,722 | ) | (54,516 | ) | (166,737 | ) | (156,005 | ) | ||||||||
| Total other income (expenses) | 86,509 | 20,921 | (115,559 | ) | (65,860 | ) | ||||||||||
| Income (loss) before income taxes | 136,722 | (40,414 | ) | 150,268 | (232,535 | ) | ||||||||||
| (Provision for) benefit from income taxes | (18,623 | ) | 14,696 | (16,834 | ) | 69,094 | ||||||||||
| Net income (loss) | 118,099 | (25,718 | ) | 133,434 | (163,441 | ) | ||||||||||
| Net income attributable to noncontrolling interest | (6,971 | ) | (3,173 | ) | (18,742 | ) | (8,081 | ) | ||||||||
| Net income (loss) available to the Company | $ | 111,128 | $ | (28,891 | ) | $ | 114,692 | $ | (171,522 | ) | ||||||
| Net income (loss) per share | ||||||||||||||||
| Basic | $ | 0.40 | $ | (0.09 | ) | $ | 0.46 | $ | (0.57 | ) | ||||||
| Diluted | $ | 0.40 | $ | (0.09 | ) | $ | 0.45 | $ | (0.57 | ) | ||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 291,097 | 290,170 | 290,671 | 285,949 | ||||||||||||
| Diluted | 293,952 | 290,170 | 294,004 | 285,949 | ||||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Natural gas production (MMcf) | 111,770 | 133,116 | 338,963 | 403,420 | ||||||||||||
| Oil production (Mbbls) | 11 | 13 | 34 | 40 | ||||||||||||
| Total production (MMcfe) | 111,837 | 133,198 | 339,166 | 403,662 | ||||||||||||
| Natural gas sales | $ | 307,906 | $ | 252,650 | $ | 1,059,417 | $ | 756,260 | ||||||||
| Natural gas hedging settlements (1) | 26,381 | 51,409 | 22,708 | 159,956 | ||||||||||||
| Total natural gas including hedging | 334,287 | 304,059 | 1,082,125 | 916,216 | ||||||||||||
| Oil sales | 681 | 975 | 2,124 | 2,925 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 334,968 | $ | 305,034 | $ | 1,084,249 | $ | 919,141 | ||||||||
| Average natural gas price (per Mcf) | $ | 2.75 | $ | 1.90 | $ | 3.13 | $ | 1.87 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 2.99 | $ | 2.28 | $ | 3.19 | $ | 2.27 | ||||||||
| Average oil price (per barrel) | $ | 61.91 | $ | 75.00 | $ | 62.47 | $ | 73.13 | ||||||||
| Average price (per Mcfe) | $ | 2.76 | $ | 1.90 | $ | 3.13 | $ | 1.88 | ||||||||
| Average price including hedging (per Mcfe) | $ | 3.00 | $ | 2.29 | $ | 3.20 | $ | 2.28 | ||||||||
| Production and ad valorem taxes | $ | 11,216 | $ | 12,578 | $ | 32,950 | $ | 49,730 | ||||||||
| Gathering and transportation | 39,969 | 53,996 | 124,345 | 150,456 | ||||||||||||
| Lease operating | 28,778 | 29,248 | 94,887 | 99,125 | ||||||||||||
| Cash general and administrative (2) | 5,880 | 6,042 | 19,291 | 17,892 | ||||||||||||
| Total production costs | $ | 85,843 | $ | 101,864 | $ | 271,473 | $ | 317,203 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.10 | $ | 0.09 | $ | 0.09 | $ | 0.12 | ||||||||
| Gathering and transportation (per Mcfe) | 0.36 | 0.41 | 0.37 | 0.37 | ||||||||||||
| Lease operating (per Mcfe) | 0.26 | 0.22 | 0.28 | 0.25 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.05 | 0.05 | 0.06 | 0.04 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.77 | $ | 0.77 | $ | 0.80 | $ | 0.78 | ||||||||
| Unhedged operating margin | 72 | % | 60 | % | 74 | % | 58 | % | ||||||||
| Hedged operating margin | 74 | % | 67 | % | 75 | % | 65 | % | ||||||||
| Gas services revenue | $ | 141,265 | $ | 50,847 | $ | 371,427 | $ | 127,889 | ||||||||
| Gas services expenses | 141,684 | 52,622 | 385,167 | 132,796 | ||||||||||||
| Gas services margin | $ | (419 | ) | $ | (1,775 | ) | $ | (13,740 | ) | $ | (4,907 | ) | ||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Unproved property acquisitions | $ | 16,941 | $ | 8,800 | $ | 36,557 | $ | 87,938 | ||||||||
| Total natural gas and oil properties acquisitions | $ | 16,941 | $ | 8,800 | $ | 36,557 | $ | 87,938 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 1,095 | $ | 5,623 | $ | 9,946 | $ | 12,153 | ||||||||
| Exploratory drilling and completion | 114,215 | 57,144 | 345,319 | 215,992 | ||||||||||||
| Development drilling and completion | 145,854 | 114,172 | 415,423 | 411,315 | ||||||||||||
| Other development costs | 5,946 | 7,453 | 14,380 | 22,175 | ||||||||||||
| Total exploration and development capital expenditures | $ | 267,110 | $ | 184,392 | $ | 785,068 | $ | 661,635 | ||||||||
(1) Included in gain 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| ADJUSTED NET INCOME (LOSS): | ||||||||||||||||
| Net income (loss) | $ | 118,099 | $ | (25,718 | ) | $ | 133,434 | $ | (163,441 | ) | ||||||
| Unrealized (gain) loss from derivative financial instruments | (116,441 | ) | (23,754 | ) | (25,622 | ) | 70,738 | |||||||||
| Exploration expense | 6,600 | — | 8,750 | — | ||||||||||||
| Loss (gain) on sale of assets | 2,493 | (910 | ) | 2,493 | (910 | ) | ||||||||||
| Adjustment to income taxes | 17,153 | 1,873 | 2,734 | (27,663 | ) | |||||||||||
| Adjusted net income (loss) (1) | $ | 27,904 | $ | (48,509 | ) | $ | 121,789 | $ | (121,276 | ) | ||||||
| Adjusted net income (loss) per share (2) | $ | 0.09 | $ | (0.17 | ) | $ | 0.41 | $ | (0.42 | ) | ||||||
| Diluted shares outstanding | 293,952 | 290,170 | 294,004 | 285,949 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income (loss) | $ | 118,099 | $ | (25,718 | ) | $ | 133,434 | $ | (163,441 | ) | ||||||
| Interest expense | 56,722 | 54,516 | 166,737 | 156,005 | ||||||||||||
| Income taxes | 18,623 | (14,696 | ) | 16,834 | (69,094 | ) | ||||||||||
| Depreciation, depletion, and amortization | 157,395 | 208,350 | 483,665 | 593,281 | ||||||||||||
| Exploration | 6,600 | — | 8,750 | — | ||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (116,441 | ) | (23,754 | ) | (25,622 | ) | 70,738 | |||||||||
| Stock-based compensation | 5,624 | 3,883 | 15,595 | 11,380 | ||||||||||||
| Loss (gain) on sale of assets | 2,493 | (910 | ) | 2,493 | (910 | ) | ||||||||||
| Total Adjusted EBITDAX (3) | $ | 249,115 | $ | 201,671 | $ | 801,886 | $ | 597,959 | ||||||||
(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, exploration expense 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 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, unrealized gains and losses on derivative financial instruments 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| OPERATING CASH FLOW (1): | ||||||||||||||||
| Net income (loss) | $ | 118,099 | $ | (25,718 | ) | $ | 133,434 | $ | (163,441 | ) | ||||||
| Reconciling items: | ||||||||||||||||
| Unrealized (gain) loss from derivative financial instruments | (116,441 | ) | (23,754 | ) | (25,622 | ) | 70,738 | |||||||||
| Deferred income taxes | 20,175 | (12,734 | ) | 20,485 | (67,165 | ) | ||||||||||
| Depreciation, depletion and amortization | 157,395 | 208,350 | 483,665 | 593,281 | ||||||||||||
| Amortization of debt discount and issuance costs | 3,006 | 3,136 | 8,925 | 8,519 | ||||||||||||
| Stock-based compensation | 5,624 | 3,883 | 15,595 | 11,380 | ||||||||||||
| Loss (gain) on sale of assets | 2,493 | (910 | ) | 2,493 | (910 | ) | ||||||||||
| Operating cash flow | $ | 190,351 | $ | 152,253 | $ | 638,975 | $ | 452,402 | ||||||||
| (Increase) decrease in accounts receivable | 582 | (658 | ) | 1,900 | 75,573 | |||||||||||
| (Increase) decrease in other current assets | (1,729 | ) | (5,595 | ) | 24,152 | (749 | ) | |||||||||
| Increase (decrease) in accounts payable and accrued expenses | (36,111 | ) | (47,830 | ) | 10,376 | (173,942 | ) | |||||||||
| Net cash provided by operating activities | $ | 153,093 | $ | 98,170 | $ | 675,403 | $ | 353,284 | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| FREE CASH FLOW (DEFICIT)(2): | ||||||||||||||||
| Operating cash flow | $ | 190,351 | $ | 152,253 | $ | 638,975 | $ | 452,402 | ||||||||
| Less: | ||||||||||||||||
| Exploration and development capital expenditures | (267,110 | ) | (184,392 | ) | (785,068 | ) | (661,635 | ) | ||||||||
| Midstream capital expenditures | (60,038 | ) | (30,251 | ) | (162,978 | ) | (46,739 | ) | ||||||||
| Other capital expenditures | (875 | ) | (735 | ) | (113 | ) | (1,706 | ) | ||||||||
| Contributions from midstream partner | 64,000 | 19,000 | 156,500 | 36,000 | ||||||||||||
| Free cash deficit from operations | $ | (73,672 | ) | $ | (44,125 | ) | $ | (152,684 | ) | $ | (221,678 | ) | ||||
| Acquisitions | (16,941 | ) | (8,800 | ) | (36,557 | ) | (87,938 | ) | ||||||||
| Proceeds from divestitures | 15,166 | 1,214 | 15,166 | 1,214 | ||||||||||||
| Free cash deficit after acquisitions | $ | (75,447 | ) | $ | (51,711 | ) | $ | (174,075 | ) | $ | (308,402 | ) | ||||
(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 deficit from operations and free cash deficit after acquisitions 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, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 19,215 | $ | 6,799 | ||||
| Accounts receivable | 172,946 | 174,846 | ||||||
| Derivative financial instruments | 8,140 | 4,865 | ||||||
| Other current assets | 68,552 | 97,524 | ||||||
| Total current assets | 268,853 | 284,034 | ||||||
| Property and equipment, net | 6,158,898 | 5,688,389 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 77,179 | 73,777 | ||||||
| Derivative financial instruments | 166 | — | ||||||
| $ | 6,840,993 | $ | 6,382,097 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 455,282 | $ | 421,814 | ||||
| Accrued costs | 123,912 | 146,173 | ||||||
| Operating leases | 48,332 | 35,927 | ||||||
| Derivative financial instruments | 22,284 | 8,940 | ||||||
| Total current liabilities | 649,810 | 612,854 | ||||||
| Long-term debt | 3,126,015 | 2,952,090 | ||||||
| Deferred income taxes | 365,601 | 345,116 | ||||||
| Derivative financial instruments | 31,232 | 66,757 | ||||||
| Long-term operating leases | 28,795 | 37,740 | ||||||
| Asset retirement obligation | 21,730 | 33,996 | ||||||
| Total liabilities | 4,223,183 | 4,048,553 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 146,527 | 146,130 | ||||||
| Additional paid-in capital | 1,370,426 | 1,366,274 | ||||||
| Accumulated earnings | 843,311 | 728,619 | ||||||
| Total stockholders' equity attributable to Comstock | 2,360,264 | 2,241,023 | ||||||
| Noncontrolling interest | 257,546 | 92,521 | ||||||
| Total stockholders' equity | 2,617,810 | 2,333,544 | ||||||
| $ | 6,840,993 | $ | 6,382,097 | |||||
Ron Mills VP - Finance & Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
FAQ
What were Comstock (CRK) Q3 2025 revenues and realized hedging gains?
How much operating cash flow did CRK generate in Q3 2025?
What is Comstock's Q3 2025 adjusted EBITDAX (CRK)?
What sale did Comstock (CRK) announce in October 2025 and when is it expected to close?
What was Comstock's Q3 2025 production and realized gas price (CRK)?
How did Comstock's adjusted net income per share (CRK) look in Q3 2025?
