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Sep 30
Comstock Resources Q3 2025 Earnings Report
Comstock Resources posted strong Q3 2025 results driven by higher natural gas prices and cost discipline.
Key Takeaways
Comstock Resources reported Q3 2025 net income of $118 million with improved margins due to rising gas prices and continued focus on operational efficiency.
Reported net income of $118 million and adjusted net income of $28 million
Adjusted EBITDAX reached $249 million and operating cash flow was $190 million
Natural gas prices rose to $2.99/Mcf including hedging
Production cost per Mcfe held steady at $0.77, with a 74% hedged operating margin
Comstock Resources
Comstock Resources
Comstock Resources Revenue by Segment
Comstock Resources Revenue by Geographic Location
Revenue by Segment
Natural Gas Sales Revenue
CapyFin.comOil Sales Revenue
CapyFin.comGas Services Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Comstock expects continued operational strength, supported by strategic divestitures and improving gas fundamentals.
Positive Outlook
- Divestiture of non-core Shelby Trough assets expected to close in Q4
- Proceeds from divestitures to be used for debt reduction
- Strong well results from Western Haynesville with IPs up to 35 MMcf/day
- Disciplined cost control with steady production expenses
- Strategic development focused on Haynesville and Bossier assets
Challenges Ahead
- Negative free cash flow of $75 million in Q3 2025
- Ongoing need for capital expenditure support from midstream partners
- Declining natural gas production compared to prior year
- Limited contribution from oil revenue ($681K vs $308M gas)
- Modest adjusted net income relative to reported net income due to hedging effects