Comstock Rscs Stock Price, News & Analysis
Company Description
Comstock Resources, Inc. (NYSE: CRK) is an independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The company describes itself as a leading producer in this premier natural gas basin, which benefits from proximity to high-value Gulf Coast natural gas markets and the LNG corridor. Comstock’s common stock is listed on the New York Stock Exchange and is also dual listed on NYSE Texas under the same ticker symbol, CRK.
According to the company’s public disclosures, Comstock operates in one primary business segment: the exploration and production of North American natural gas and oil. It is engaged in the acquisition, development, production, and exploration of oil and natural gas, with oil and gas operations concentrated in Louisiana and Texas. Within this footprint, Comstock’s activity is centered on horizontal drilling and completion of Haynesville and Bossier shale wells, including both its Legacy Haynesville area and a growing Western Haynesville area in East Texas.
Core operations and Haynesville focus
Comstock’s operations are focused on the development of the Haynesville Shale in North Louisiana and East Texas. The company reports that it drills and completes operated horizontal Haynesville/Bossier shale wells, turning multiple wells to sales each quarter in both its Legacy Haynesville area and Western Haynesville area. Public operational updates highlight long lateral lengths and high initial production rates from these wells, underscoring the company’s emphasis on large-scale, natural gas–weighted development in this basin.
The Haynesville shale is described in company and partner communications as a premier natural gas basin in Northwest Louisiana and East Texas with direct access to Gulf Coast markets and the LNG corridor. Comstock’s position in this basin is central to its strategy, with repeated references in earnings releases and collaboration announcements to its role as a producer in the Haynesville and to the development of its Western Haynesville acreage.
Business activities and segment focus
Comstock reports that it operates in one business segment, focused on the exploration and production of natural gas and oil in North America. Its activities include:
- Acquisition of natural gas and oil properties and leasehold interests in Louisiana and Texas.
- Development drilling and completion of horizontal Haynesville/Bossier shale wells.
- Exploration drilling, including step-out wells in its Western Haynesville area.
- Production of natural gas and, to a lesser extent, oil from its operated wells.
Company disclosures also reference gas services revenue and expenses associated with gathering, processing and transportation of natural gas, as well as midstream-related capital expenditures and contributions from a midstream partner. These items appear in the company’s reported financial and operating results, indicating that Comstock’s operations include midstream-related activities that support its upstream natural gas production.
Geographic footprint and operational areas
Comstock’s oil and gas operations are concentrated in Louisiana and Texas, with a particular focus on North Louisiana and East Texas. Within this region, the company distinguishes between its Legacy Haynesville area and its Western Haynesville area. Operational updates describe:
- Legacy Haynesville: A core area where Comstock has turned numerous horizontal Haynesville/Bossier shale wells to sales, reporting average lateral lengths and initial production rates per well.
- Western Haynesville: A growing area in East Texas where Comstock has drilled and turned to sales multiple wells with reported high initial production rates and long laterals. The company has highlighted a successful step-out Western Haynesville well in Freestone County, Texas, as a major milestone in delineating this acreage.
In addition to its Haynesville-focused operations, Comstock has disclosed divestitures of non-strategic properties, including legacy Cotton Valley wells in East Texas and North Louisiana and an agreement to sell Shelby Trough properties in East Texas. These transactions indicate an ongoing focus on Haynesville and Western Haynesville development while monetizing other assets.
Exchange listings and corporate domicile
Comstock Resources’ common stock trades on the New York Stock Exchange under the symbol CRK. The company has also announced a dual listing on NYSE Texas, a fully electronic equities exchange headquartered in Dallas, Texas, and trades there under the same ticker. SEC filings identify Comstock Resources, Inc. as a Nevada corporation with a Commission File Number of 001-03262.
Partnerships and infrastructure-related initiatives
Public announcements describe Comstock’s involvement in collaborations related to its natural gas operations and infrastructure. The company has disclosed that it and NextEra Energy Resources, LLC are collaborating to explore the potential development of power generation assets near Comstock’s Western Haynesville area, with a focus on integrating Comstock’s natural gas supply and its gathering, processing and pipeline assets to support energy solutions for potential data center customers.
Comstock has also entered into an exclusive, non-binding agreement with BKV Corporation to explore opportunities to develop carbon capture, utilization and sequestration (CCUS) projects at two of Comstock’s natural gas processing facilities in its Western Haynesville operating area. The agreement contemplates CCUS injection wells to sequester carbon dioxide waste produced at Comstock’s Bethel and Marquez natural gas processing and production facilities in Texas, as well as potential additional locations, subject to definitive agreements and permitting.
Financial reporting and investor communications
Comstock regularly reports financial and operating results for its quarters and year-to-date periods, including natural gas and oil sales, production volumes, production costs per unit, operating margins, and various non-GAAP measures such as adjusted net income, adjusted EBITDAX, operating cash flow, and free cash flow metrics. These results are disseminated through press releases and furnished to the U.S. Securities and Exchange Commission on Form 8-K under Item 2.02 (Results of Operations and Financial Condition).
The company also provides drilling and completion updates, including the number of operated horizontal Haynesville/Bossier wells drilled and turned to sales, average lateral lengths, and initial production rates per well. Capital expenditure disclosures break out unproved property acquisitions and exploration and development spending, including exploratory and development drilling and completion and other development costs.
Conference calls and investor outreach
Comstock announces earnings release dates and schedules quarterly conference calls to discuss its financial and operating results. Interested parties can register for telephonic participation and access live webcasts and replays for a defined period. The company also makes slide show presentations on financial results available under a “Quarterly Results” section of its website, providing additional context on operations and financial performance.
Regulatory filings and compliance
The company’s recent Form 8-K filings with the SEC confirm the release of quarterly financial results and the use of non-GAAP financial measures, with reconciliations provided in the associated earnings releases. These filings state that the information is furnished rather than filed for purposes of certain sections of the Securities Exchange Act of 1934, and they reference the availability of additional information in the company’s other SEC filings.
Position within the natural gas and oil sector
Within the crude petroleum and natural gas extraction industry, Comstock Resources positions itself as an independent natural gas producer focused on the Haynesville shale. Its operations emphasize horizontal shale development in North Louisiana and East Texas, supported by gathering, processing and transportation infrastructure and by selective divestitures of non-core properties. Public communications repeatedly characterize Comstock as a leading independent natural gas producer with operations concentrated in this basin.