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Dec 31, 2025
Comstock Resources Q4 2025 Earnings Report
Comstock Resources reported improved financial results in the fourth quarter of 2025, driven by higher natural gas prices and a significant gain from asset sales.
Key Takeaways
Comstock Resources, Inc. announced strong fourth-quarter 2025 results, with net income reaching $286.8 million and adjusted net income at $46.1 million. The company benefited from higher natural gas prices and a pre-tax gain of $292.3 million from the sale of its Shelby Trough properties. Operating cash flow was $222.3 million, and the company turned 4 successful wells to sales in the Western Haynesville.
Higher natural gas prices led to improved financial results in Q4 2025.
Natural gas and oil sales, including realized hedging losses, totaled $364 million for the quarter.
Operating cash flow was $222.3 million, or $0.75 per diluted share.
The company completed the sale of Shelby Trough assets for net proceeds of $417 million, contributing to a pre-tax gain of $292.3 million.
Revenue by Segment
Forward Guidance
Comstock Resources plans to increase drilling activity and capital expenditures in 2026 in response to improved natural gas prices, focusing on development and exploration projects, particularly in the Western Haynesville.
Positive Outlook
- Increase in operating drilling rigs from eight to nine during 2026.
- Four rigs will be dedicated to the Western Haynesville to delineate the new play.
- Planned capital expenditure of $1.4 billion to $1.5 billion for development and exploration projects.
- Additional $100 million to $150 million planned for Western Haynesville midstream system.
- Increased activity driven by improved natural gas prices.
Challenges Ahead
- No specific negative guidance was provided in the report.
- No specific negative guidance was provided in the report.
- No specific negative guidance was provided in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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