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Sep 30, 2025
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
Revenue by Segment
Revenue by Geographic Location
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)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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