COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS
The SOCAR agreement provides for cash proceeds to retire debt, while quarterly production growth accompanied lower earnings.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Comstock Resources (CRK) reported third-quarter 2026 net income available to the company of $22.3 million, down from the prior year. Diluted earnings fell to $0.08 from $0.40. Production reached 122.4 billion cubic feet equivalent, up 9% year over year and 8% sequentially. Oil and gas sales including realized hedging gains reached $359.3 million; operating cash flow was $180.2 million.
Comstock signed a $1.65 billion cash agreement with SOCAR to sell portions of its upstream and gas-services interests, effective July 1, 2026. Closing is expected by year-end, subject to required governmental approvals. The bank facility maturity was extended to November 15, 2028, with a further extension to November 15, 2031 conditional on closing and debt retirement. Quarterly exploration and development spending rose to $382.867 million from $267.110 million. Comstock expects its $450 million Jerry Jones drilling venture to generate fourth-quarter free cash flow.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointSOCAR's definitive agreement provides $1.65 billion cash for portions of Comstock's upstream and gas-services interests. 42% of market cap
- Moderate pointBank facility maturity extended to November 15, 2028.
- Moderate pointThird-quarter production reached 122.4 billion cubic feet equivalent, up 9% annually and 8% sequentially.
- Moderate pointThird-quarter oil and gas sales including hedging rose to $359.343 million from $334.968 million a year earlier.
- Moderate pointThird-quarter operating cash flow totaled $180.2 million; before working-capital changes, it was $208.0 million.
- Moderate pointNine-month net income available to Comstock rose to $138.486 million from $114.692 million a year earlier.
- Moderate pointGas-services margin improved to $5.059 million quarterly and $9.171 million year-to-date, versus prior-year losses.
- Moderate pointLease operating costs fell to $0.23 per equivalent thousand cubic feet quarterly, from $0.26 a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Jerry Jones drilling venture of $450 million is expected by Comstock to generate fourth-quarter free cash flow. 11% of market cap
4 minor points
- Minor pointNine-month diluted earnings increased to $0.47 from $0.45 a year earlier.
- Minor pointNine-month operating cash flow totaled $622.4 million.
- Minor pointNine-month lease operating costs fell to $0.25 per equivalent thousand cubic feet from $0.28 a year earlier.
- Minor pointComstock turned 23 operated wells to sales in the third quarter.
Negative
- Moderate pointThird-quarter net income available to Comstock fell to $22.270 million from $111.128 million a year earlier.
- Moderate pointThird-quarter exploration and development capital spending increased to $382.867 million from $267.110 million a year earlier.
- Moderate pointNine-month production declined to 333,453 million cubic feet equivalent from 339,166 million a year earlier.
- Moderate pointNine-month oil and gas sales including hedging declined to $1,029.542 million from $1,084.249 million a year earlier.
- Moderate pointProduction costs rose to $0.80 per equivalent thousand cubic feet quarterly and $0.83 year-to-date, versus $0.77 and $0.80.
- Moderate pointGas-services revenue fell to $64.482 million quarterly and $294.464 million year-to-date, from $141.265 million and $371.427 million.
- Moderate pointOperating income fell to $22.935 million quarterly and $220.407 million year-to-date, from $50.213 million and $265.827 million.
10 minor points
- Minor pointThird-quarter diluted earnings fell to $0.08 from $0.40 a year earlier.
- Minor pointSOCAR closing remains subject to required governmental approvals, with completion expected by year-end.
- Minor point. Forward-looking: it has not happened yet and may not happen.Further bank maturity extension to November 15, 2031 requires SOCAR closing and debt retirement using proceeds.
- Minor pointSOCAR receives 20% of Comstock's Legacy upstream interest and 15% each of its Western upstream and Pinnacle interests.
- Minor pointNine-month exploration and development capital spending increased to $1,116.567 million from $785.068 million a year earlier.
- Minor pointThird-quarter realized prices including hedging fell to $2.94 per equivalent thousand cubic feet from $3.00 a year earlier.
- Minor pointNine-month realized prices including hedging fell to $3.09 per equivalent thousand cubic feet from $3.20 a year earlier.
- Minor pointThird-quarter unhedged and hedged operating margins fell to 69% and 73%, from 72% and 74% a year earlier.
- Minor pointNine-month unhedged and hedged operating margins fell to 73% each, from 74% and 75% a year earlier.
- Minor pointThird-quarter interest expense increased to $58.333 million from $56.722 million a year earlier.
News Explained
After closing, the bank facility retains $1.5 billion in commitments and has an initially stated $1.6 billion borrowing base.
Comstock has signed the SOCAR sale agreement, which remains pending closing; it covers non-operated interests equal to
Under the agreement, SOCAR’s Western Haynesville interest is set to reduce to
After closing, bank-facility commitments will remain
Key Figures
- Production
- 122.4 Bcfe
- Third quarter 2026
- Production growth
- 9%
- Compared with third quarter 2025
- Natural gas and oil sales
- $359.3 million
- Third quarter 2026, including realized hedging gains
- Net income available to the Company
- $22.3 million; $0.08 per diluted share
- Third quarter 2026
- Adjusted net income
- $5.9 million; $0.02 per diluted share
- Third quarter 2026
- SOCAR transaction price
- $1.65 billion
- Cash purchase price, subject to customary purchase price adjustments
- Haynesville drilling venture
- $450 million
- Venture with Jerry Jones; expected to generate free cash flow in the fourth quarter
- Bank credit facility maturity
- November 15, 2028; November 15, 2031
- Further extension to 2031 is conditional on the SOCAR closing and debt retirement
Previous Earnings Reports
-
Reported second-quarter production growth, sales, net income, and operating cash flow.
-
Reported third-quarter sales, cash flow, and operating results alongside asset divestitures.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
mcfe technical
non-operated working interests technical
borrowing base financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FRISCO, TX, Nov. 04, 2026 (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, 2026.
Highlights of 2026's Third Quarter
- Production grew
9% from the third quarter of 2025 and was8% higher than the second quarter of 2026 driven by our drilling program.- Sixteen Legacy Haynesville wells were turned to sales with an average lateral length of 10,812 feet and an average per well initial production rate of 25 MMcf per day. Six of these wells were horseshoe wells.
- Six Western Haynesville wells were turned to sales in the third quarter with an average lateral length of 9,829 feet and an average per well initial production rate of 33 MMcf per day.
- Growth in production drove the third quarter 2026 financial results:
- Natural gas and oil sales, including realized hedging gains, increased to
$359 million for the quarter. - Cash flows from operating activities was
$180 million and operating cash flow before changes in working capital was$208 million or$0.71 per share. - Net income available to the Company was
$22 million , or$0.08 per diluted share and adjusted net income available to the Company was$6 million or$0.02 per diluted share for the quarter. - Net income was
$25 million and adjusted EBITDAX was$266 million .
- Natural gas and oil sales, including realized hedging gains, increased to
$450 million Haynesville shale drilling venture with Jerry Jones is expected to generate free cash flow in the fourth quarter to further strengthen the balance sheet.$1.65 billion SOCAR divestiture will substantially enhance Comstock's balance sheet.- Bank credit facility maturity was extended to November 15, 2028, and extends further to November 15, 2031, after the SOCAR transaction closes and debt is retired.
Financial Results for the Three Months Ended September 30, 2026
Comstock produced 122.4 Bcfe in the third quarter of 2026, which increased
Comstock's production cost per Mcfe in the third quarter averaged
Financial Results for the Nine Months Ended September 30, 2026
For the nine months ended September 30, 2026, production was 1,221 MMcfe per day. Comstock realized
Comstock's production cost per Mcfe for the nine months ended September 30, 2026 averaged
Drilling Results
Comstock drilled 21 (13.9 net) operated horizontal Haynesville/Bossier shale wells in the third quarter of 2026, which had an average lateral length of 10,967 feet. Comstock turned 23 (20.4 net) operated wells to sales in the third quarter of 2026.
Since its last operational update in July 2026, Comstock has turned 22 (17.1 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 10,544 feet.
Included in the wells turned to sales were six more successful Western Haynesville wells:
Well | Vertical Depth (feet) | Completed Lateral (feet) | Initial Production Rate (MMcf per day) | |||
| Kretzschmar PBH #1 | 18,274 | 7,956 | 29 | |||
| Kretzschmar PP #1 | 16,572 | 9,292 | 39 | |||
| Winn CR #1 | 14,970 | 11,393 | 31 | |||
| Dollie Jones RP #1 | 16,322 | 14,783 | 40 | |||
| Starkey MP #1 | 16,183 | 6,936 | 31 | |||
| Danford CS #1 | 16,462 | 8,612 | 26 |
SOCAR Transaction
On November 4, 2026, Comstock entered into a definitive purchase and sale agreement with the State Oil Company of the Republic of Azerbaijan ("SOCAR") to sell non-operated working interests in
Extension of Bank Credit Facility
On November 4, 2026, the Company entered into an amendment to its bank credit facility to extend the maturity date of the bank credit facility to November 15, 2028. Upon the closing of the SOCAR transaction and the retirement of debt using the proceeds received from SOCAR, the maturity date will extend further to November 15, 2031. After closing the SOCAR transaction, aggregate commitments under the bank credit facility will continue to be
Earnings Call Information
Comstock has planned a conference call for 10:00 a.m. Central Time on November 5, 2026, to discuss the third quarter 2026 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/BI962f0a6609044819bcc431a45cfea339.
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/e9dram3p.
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 5, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/e9dram3p.
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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| Natural gas sales | $ | 319,269 | $ | 307,906 | $ | 1,025,289 | $ | 1,059,417 | ||||||||
| Oil sales | 612 | 681 | 1,846 | 2,124 | ||||||||||||
| Total natural gas and oil sales | 319,881 | 308,587 | 1,027,135 | 1,061,541 | ||||||||||||
| Gas services | 64,482 | 141,265 | 294,464 | 371,427 | ||||||||||||
| Gain (loss) on sale of assets | — | (2,493 | ) | 3,400 | (2,493 | ) | ||||||||||
| Total revenues and other operating income | 384,363 | 447,359 | 1,324,999 | 1,430,475 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production and ad valorem taxes | 11,032 | 11,216 | 28,653 | 32,950 | ||||||||||||
| Gathering and transportation | 50,012 | 39,969 | 135,147 | 124,345 | ||||||||||||
| Lease operating | 28,457 | 28,778 | 84,888 | 94,887 | ||||||||||||
| Exploration | 10,745 | 6,600 | 24,515 | 8,750 | ||||||||||||
| Depreciation, depletion and amortization | 185,655 | 157,395 | 494,619 | 483,665 | ||||||||||||
| Gas services | 59,423 | 141,684 | 285,293 | 385,167 | ||||||||||||
| General and administrative | 16,104 | 11,504 | 51,477 | 34,884 | ||||||||||||
| Total operating expenses | 361,428 | 397,146 | 1,104,592 | 1,164,648 | ||||||||||||
| Operating income | 22,935 | 50,213 | 220,407 | 265,827 | ||||||||||||
| Other income (expenses): | ||||||||||||||||
| Gain from derivative financial instruments | 74,529 | 142,822 | 121,290 | 48,330 | ||||||||||||
| Other income | 208 | 409 | 730 | 2,848 | ||||||||||||
| Interest expense | (58,333 | ) | (56,722 | ) | (166,436 | ) | (166,737 | ) | ||||||||
| Total other income (expenses) | 16,404 | 86,509 | (44,416 | ) | (115,559 | ) | ||||||||||
| Income before income taxes | 39,339 | 136,722 | 175,991 | 150,268 | ||||||||||||
| Provision for income taxes | (13,973 | ) | (18,623 | ) | (23,126 | ) | (16,834 | ) | ||||||||
| Net income | 25,366 | 118,099 | 152,865 | 133,434 | ||||||||||||
| Net income attributable to noncontrolling interest | (3,096 | ) | (6,971 | ) | (14,379 | ) | (18,742 | ) | ||||||||
| Net income available to the Company | $ | 22,270 | $ | 111,128 | $ | 138,486 | $ | 114,692 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.08 | $ | 0.40 | $ | 0.47 | $ | 0.46 | ||||||||
| Diluted | $ | 0.08 | $ | 0.40 | $ | 0.47 | $ | 0.45 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 291,772 | 291,097 | 291,569 | 290,671 | ||||||||||||
| Diluted | 291,772 | 293,952 | 291,569 | 294,004 | ||||||||||||
COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Natural gas production (MMcf) | 122,392 | 111,770 | 333,316 | 338,963 | ||||||||||||
| Oil production (Mbbls) | 7 | 11 | 23 | 34 | ||||||||||||
| Total production (MMcfe) | 122,432 | 111,837 | 333,453 | 339,166 | ||||||||||||
| Natural gas sales | $ | 319,269 | $ | 307,906 | $ | 1,025,289 | $ | 1,059,417 | ||||||||
| Natural gas hedging settlements (1) | 39,462 | 26,381 | 2,407 | 22,708 | ||||||||||||
| Total natural gas including hedging | 358,731 | 334,287 | 1,027,696 | 1,082,125 | ||||||||||||
| Oil sales | 612 | 681 | 1,846 | 2,124 | ||||||||||||
| Total natural gas and oil sales including hedging | $ | 359,343 | $ | 334,968 | $ | 1,029,542 | $ | 1,084,249 | ||||||||
| Average natural gas price (per Mcf) | $ | 2.61 | $ | 2.75 | $ | 3.08 | $ | 3.13 | ||||||||
| Average natural gas price including hedging (per Mcf) | $ | 2.93 | $ | 2.99 | $ | 3.08 | $ | 3.19 | ||||||||
| Average oil price (per barrel) | $ | 87.43 | $ | 61.91 | $ | 80.26 | $ | 62.47 | ||||||||
| Average price (per Mcfe) | $ | 2.61 | $ | 2.76 | $ | 3.08 | $ | 3.13 | ||||||||
| Average price including hedging (per Mcfe) | $ | 2.94 | $ | 3.00 | $ | 3.09 | $ | 3.20 | ||||||||
| Production and ad valorem taxes | $ | 11,032 | $ | 11,216 | $ | 28,653 | $ | 32,950 | ||||||||
| Gathering and transportation | 50,012 | 39,969 | 135,147 | 124,345 | ||||||||||||
| Lease operating | 28,457 | 28,778 | 84,888 | 94,887 | ||||||||||||
| Cash general and administrative (2) | 8,628 | 5,880 | 28,198 | 19,291 | ||||||||||||
| Total production costs | $ | 98,129 | $ | 85,843 | $ | 276,886 | $ | 271,473 | ||||||||
| Production and ad valorem taxes (per Mcfe) | $ | 0.09 | $ | 0.10 | $ | 0.09 | $ | 0.09 | ||||||||
| Gathering and transportation (per Mcfe) | 0.41 | 0.36 | 0.41 | 0.37 | ||||||||||||
| Lease operating (per Mcfe) | 0.23 | 0.26 | 0.25 | 0.28 | ||||||||||||
| Cash general and administrative (per Mcfe) | 0.07 | 0.05 | 0.08 | 0.06 | ||||||||||||
| Total production costs (per Mcfe) | $ | 0.80 | $ | 0.77 | $ | 0.83 | $ | 0.80 | ||||||||
| Unhedged operating margin | 69 | % | 72 | % | 73 | % | 74 | % | ||||||||
| Hedged operating margin | 73 | % | 74 | % | 73 | % | 75 | % | ||||||||
| Gas services revenue | $ | 64,482 | $ | 141,265 | $ | 294,464 | $ | 371,427 | ||||||||
| Gas services expenses | 59,423 | 141,684 | 285,293 | 385,167 | ||||||||||||
| Gas services margin | $ | 5,059 | $ | (419 | ) | $ | 9,171 | $ | (13,740 | ) | ||||||
| Natural Gas and Oil Capital Expenditures: | ||||||||||||||||
| Unproved property acquisitions | $ | 17,066 | $ | 16,941 | $ | 56,515 | $ | 36,557 | ||||||||
| Total natural gas and oil properties acquisitions | $ | 17,066 | $ | 16,941 | $ | 56,515 | $ | 36,557 | ||||||||
| Exploration and Development: | ||||||||||||||||
| Development leasehold | $ | 16,917 | $ | 1,095 | $ | 24,291 | $ | 9,946 | ||||||||
| Exploratory drilling and completion | 120,023 | 114,215 | 469,157 | 345,319 | ||||||||||||
| Development drilling and completion | 233,780 | 145,854 | 591,695 | 415,423 | ||||||||||||
| Other development costs | 12,147 | 5,946 | 31,424 | 14,380 | ||||||||||||
| Total exploration and development capital expenditures | $ | 382,867 | $ | 267,110 | $ | 1,116,567 | $ | 785,068 | ||||||||
(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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| ADJUSTED NET INCOME AVAILABLE TO THE COMPANY: | ||||||||||||||||
| Net income available to the Company | $ | 22,270 | $ | 111,128 | $ | 138,486 | $ | 114,692 | ||||||||
| Unrealized gain from derivative financial instruments | (35,067 | ) | (116,441 | ) | (118,883 | ) | (25,622 | ) | ||||||||
| Exploration expense | 10,745 | 6,600 | 24,515 | 8,750 | ||||||||||||
| Loss (gain) on sale of assets | — | 2,493 | (3,400 | ) | 2,493 | |||||||||||
| Adjustment to income taxes | 7,928 | 17,153 | 12,847 | 2,734 | ||||||||||||
| Adjusted net income available to the Company(1) | $ | 5,876 | $ | 20,933 | $ | 53,565 | $ | 103,047 | ||||||||
| Adjusted net income available to the Company per share(2) | $ | 0.02 | $ | 0.07 | $ | 0.18 | $ | 0.35 | ||||||||
| Diluted shares outstanding | 291,772 | 293,952 | 291,569 | 294,004 | ||||||||||||
| ADJUSTED EBITDAX: | ||||||||||||||||
| Net income | $ | 25,366 | $ | 118,099 | $ | 152,865 | $ | 133,434 | ||||||||
| Interest expense | 58,333 | 56,722 | 166,436 | 166,737 | ||||||||||||
| Income taxes | 13,973 | 18,623 | 23,126 | 16,834 | ||||||||||||
| Depreciation, depletion, and amortization | 185,655 | 157,395 | 494,619 | 483,665 | ||||||||||||
| Exploration | 10,745 | 6,600 | 24,515 | 8,750 | ||||||||||||
| Unrealized gain from derivative financial instruments | (35,067 | ) | (116,441 | ) | (118,883 | ) | (25,622 | ) | ||||||||
| Stock-based compensation | 7,477 | 5,624 | 23,280 | 15,595 | ||||||||||||
| Loss (gain) on sale of assets | — | 2,493 | (3,400 | ) | 2,493 | |||||||||||
| Total Adjusted EBITDAX (3) | $ | 266,482 | $ | 249,115 | $ | 762,558 | $ | 801,886 | ||||||||
| OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL(4): | ||||||||||||||||
| Cash flows from operating activities | $ | 180,209 | $ | 153,093 | $ | 622,379 | $ | 675,403 | ||||||||
| Increase (decrease) in accounts receivable | 43,207 | (582 | ) | (18,745 | ) | (1,900 | ) | |||||||||
| Increase (decrease) in other current assets | 29 | 1,729 | 2,978 | (24,152 | ) | |||||||||||
| (Increase) decrease in accounts payable and accrued expenses | (15,460 | ) | 36,111 | (18,224 | ) | (10,376 | ) | |||||||||
| Operating cash flow before changes in working capital | $ | 207,985 | $ | 190,351 | $ | 588,388 | $ | 638,975 | ||||||||
(1) Adjusted net income available to the Company 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 available to the Company 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.
(4) Operating cash flow before changes in working capital is presented in the earnings release because management believes it to be useful to investors as a measure of operating cash generation of the Company based on the revenues and expenses that were related to the period versus the period when the revenues were received or expenses paid while enhancing comparability across periods. Operating cash flow before changes in working capital is not a measure of Comstock's liquidity or actual cash generation.
COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| September 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 18,633 | $ | 23,930 | ||||
| Accounts receivable | 223,800 | 242,545 | ||||||
| Derivative financial instruments | 108,576 | 19,206 | ||||||
| Other current assets | 69,250 | 75,257 | ||||||
| Total current assets | 420,259 | 360,938 | ||||||
| Property and equipment, net | 6,990,777 | 6,215,494 | ||||||
| Goodwill | 335,897 | 335,897 | ||||||
| Operating lease right-of-use assets | 96,456 | 94,733 | ||||||
| Derivative financial instruments | 11,571 | — | ||||||
| $ | 7,854,960 | $ | 7,007,062 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 547,744 | $ | 501,695 | ||||
| Accrued costs | 116,348 | 153,248 | ||||||
| Operating leases | 37,789 | 46,937 | ||||||
| Derivative financial instruments | — | 27,636 | ||||||
| Total current liabilities | 701,881 | 729,516 | ||||||
| Long-term debt | 3,356,968 | 2,809,066 | ||||||
| Deferred income taxes | 510,039 | 437,098 | ||||||
| Derivative financial instruments | 9,694 | — | ||||||
| Long-term operating leases | 58,215 | 47,692 | ||||||
| Reserve for future abandonment costs | 21,829 | 20,787 | ||||||
| Total liabilities | 4,658,626 | 4,044,159 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 146,810 | 146,527 | ||||||
| Additional paid-in capital | 1,199,358 | 1,376,053 | ||||||
| Accumulated earnings | 1,262,716 | 1,124,230 | ||||||
| Total stockholders' equity attributable to Comstock | 2,608,884 | 2,646,810 | ||||||
| Noncontrolling interest | 587,450 | 316,093 | ||||||
| Total stockholders' equity | 3,196,334 | 2,962,903 | ||||||
| $ | 7,854,960 | $ | 7,007,062 | |||||
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Comstock Resources' third-quarter 2026 earnings?
Comstock reported $22.3 million in net income available to the company, or $0.08 per diluted share. Adjusted net income available to the company was $5.9 million, or $0.02 per diluted share, excluding the unrealized hedging gain and exploration expense.
What interests is Comstock selling to SOCAR?
SOCAR agreed to buy non-operated working interests representing 20% of Comstock's Legacy Haynesville upstream interest, 15% of its Western Haynesville upstream interest and 15% of its Pinnacle Gas Services interest. The aggregate cash price is $1.65 billion, subject to customary purchase price adjustments.
When will SOCAR's Western Haynesville interest in Comstock's assets decrease?
SOCAR's Western Haynesville upstream interest will decrease to 7.5% after five years and after SOCAR has achieved a 15% return on investment in those assets. Both conditions apply to the reduction.
What bank borrowing capacity will Comstock have after the SOCAR transaction closes?
After the SOCAR transaction closes, aggregate bank facility commitments will remain $1.5 billion, with borrowings subject to an initially set $1.6 billion borrowing base.