COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATING RESULTS

Published: 2026-05-05 16:16:27 ET CRK

Published on 05/05/2026 at 04:16 pm EDT

FRISCO, TX, May 05, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended March 31, 2026.

Highlights of 2026's First Quarter

Financial Results for the Three Months Ended March 31, 2026

Comstock's natural gas and oil sales in the first quarter of 2026 were $338.6 million (including realized hedging losses of $80.4 million). Operating cash flow (excluding changes in working capital) generated in the first quarter of 2026 was $191.9 million, and net income for the first quarter was $112.5 million or $0.38 per diluted share. The net income in the quarter included a pre-tax $82.8 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the fourth quarter of 2025. Excluding this item, exploration expense and gain from sale of assets, adjusted net income for the first quarter of 2026 was $44.5 million, or $0.15 per diluted share.

Comstock's production cost per Mcfe in the first quarter averaged $0.93 per Mcfe, which was comprised of $0.43 for gathering and transportation costs, $0.29 for lease operating costs, $0.10 for production and other taxes and $0.11 for cash general and administrative expenses. Comstock's unhedged operating margin was 78% in the first quarter of 2026 and 73% after hedging.

Drilling Results

Comstock drilled 17 (15.3 net) operated horizontal Haynesville/Bossier shale wells in the first quarter of 2026, which had an average lateral length of 10,714 feet. Comstock turned 13 (11.7 net) operated wells to sales in the first quarter of 2026.

Since its last operational update in February 2026, Comstock has turned 16 (14.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 30 MMcf per day. The completed lateral length of these wells averaged 11,773 feet.

Included in the wells turned to sales were six more successful Western Haynesville wells:

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on May 6, 2026, to discuss the first 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/BIfdab657d67b245688283195b41fda6fb.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/p77w7mi4.

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 May 6, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/p77w7mi4.

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)

COMSTOCK RESOURCES, INC.OPERATING RESULTS(In thousands, except per unit amounts)

(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)

(1)   Adjusted net income 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 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)

(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)

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