Comstock Resources, Inc. reported a significant financial turnaround for the fiscal year ending December 31, 2025, achieving a net income of $420.2 million, or $1.43 per diluted share, compared to a net loss of $218.8 million, or $0.76 per diluted share, in the previous year. The company's total revenues surged to $1.43 billion, a 36% increase from $1.05 billion in 2024, primarily driven by higher natural gas prices, which averaged $3.17 per Mcf in 2025, up from $1.98 in 2024. Despite a 15% decrease in natural gas production to 450.2 Bcf, the increase in prices significantly bolstered revenue.
In terms of operational metrics, Comstock's total natural gas and oil sales reached $1.43 billion, with natural gas sales contributing $1.43 billion and oil sales at $2.3 million. The company also reported a substantial gain on asset sales of $291.9 million, primarily from the divestiture of its Shelby Trough properties for $417.2 million. This strategic move, along with a focus on high-return projects in the Haynesville and Bossier shales, reflects Comstock's ongoing efforts to optimize its asset portfolio.
The company has made notable advancements in its operational capabilities, drilling 52 wells in 2025, with an average lateral length of approximately 11,187 feet. Comstock's total proved reserves as of December 31, 2025, were estimated at 7.0 Tcfe, with a PV 10 value of $4.5 billion. The company has also expanded its drilling inventory, identifying 1,848 drilling locations in its legacy Haynesville and Bossier shale area, and 3,343 locations in the Western Haynesville area, indicating a robust pipeline for future production.
Looking ahead, Comstock plans to invest between $1.4 billion and $1.5 billion in 2026, primarily focused on the continued development of its Haynesville and Bossier shale properties. The company aims to drill 66 operated horizontal wells and turn 72 operated wells to sales in the upcoming year. Comstock's management remains optimistic about its growth trajectory, supported by its strategic focus on high-quality drilling opportunities and a disciplined financial strategy to fund its exploration and development activities.
About COMSTOCK RESOURCES INC
Comstock Resources, Inc. is an independent natural gas producer focused on the Haynesville and Bossier shale plays in North Louisiana and East Texas. It develops and explores high-quality, economically attractive acreage, primarily producing natural gas for Gulf Coast markets. The company emphasizes technological innovation, operational efficiency, environmental responsibility, and strategic growth through organic development, leasing, and midstream investments. Its business model centers on resource extraction, reserve development, and market access.
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