FRISCO, TX, Nov. 03, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended September 30, 2025.

**Highlights of 2025’s Third Quarter**

Higher natural gas prices in the third quarter drove improved financial results. Natural gas and oil sales, including realized hedging gains, totaled $335 million for the quarter. Operating cash flow was $190 million, or $0.65 per diluted share. Adjusted EBITDAX for the quarter reached $249 million. Adjusted net income was $28 million, or $0.09 per diluted share.

Three Western Haynesville wells were turned to sales in the third quarter, each with an average lateral length of 8,566 feet and an initial production rate of 32 MMcf per day. To date in 2025, Comstock has turned 28 wells to sales in its Legacy Haynesville area, averaging 11,919 feet lateral length and 25 MMcf per day initial production per well.

The Company divested non-strategic Cotton Valley wells in East Texas and North Louisiana, generating net proceeds of $15 million. Additionally, Comstock entered into an agreement to divest Shelby Trough assets in East Texas for $430 million in cash.

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**Financial Results for the Three Months Ended September 30, 2025**

Comstock realized $2.99 per Mcf after hedging for natural gas production of 112 Bcf in Q3 2025. Natural gas and oil sales increased to $335.0 million, including realized hedging gains of $26.4 million.

Operating cash flow (excluding working capital changes) was $190.4 million. Net income for the quarter was $118.1 million, or $0.40 per diluted share, including a pre-tax unrealized gain on hedging contracts of $116.4 million resulting from changes in future gas prices since Q2 2025.

Excluding the unrealized gain, exploration expense, and loss on asset sales, adjusted net income was $27.9 million, or $0.09 per diluted share.

Production cost per Mcfe averaged $0.77, comprised of $0.36 for gathering and transportation, $0.26 for lease operating costs, $0.10 for production and other taxes, and $0.05 for cash general and administrative expenses.

The unhedged operating margin stood at 72%, increasing to 74% after hedging.

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**Financial Results for the Nine Months Ended September 30, 2025**

For the nine months ended September 30, 2025, Comstock realized $3.19 per Mcf after hedging for 339 Bcf of natural gas production. Natural gas and oil sales totaled $1.08 billion, including realized hedging losses of $22.7 million.

Operating cash flow (excluding working capital changes) totaled $639.0 million. Net income was $133.4 million, or $0.45 per diluted share, including a pre-tax unrealized gain on hedging contracts of $25.6 million.

Excluding unrealized gains, exploration expenses, and loss on asset sales, adjusted net income was $121.8 million, or $0.41 per diluted share.

Production cost per Mcfe averaged $0.80, including $0.37 gathering and transportation, $0.28 lease operating costs, $0.09 production and other taxes, and $0.06 cash general and administrative expenses.

The unhedged operating margin was 74%, rising to 75% after hedging for the first nine months.

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**Drilling Results**

In Q3 2025, Comstock drilled seventeen (14.2 net) operated horizontal Haynesville/Bossier shale wells, with an average lateral length of 11,692 feet. Twelve (10.6 net) operated wells were turned to sales during the quarter.

Since July 2025, the Company turned ten (8.6 net) operated wells to sales, averaging initial production rates of 28 MMcf per day and lateral lengths of 11,156 feet.

Notable Western Haynesville wells turned to sales include:

| Well Name | Vertical Depth (feet) | Completed Lateral (feet) | Initial Production Rate (MMcf/day) |
|——————–|———————–|————————-|————————————-|
| Hughes SC #1 | 15,741 | 11,062 | 35 |
| McCullough GLR #1 | 18,720 | 6,708 | 31 |
| McCullough GLR #3 | 19,236 | 7,927 | 31 |

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**Divestitures**

– On September 2, 2025, Comstock divested its interest in legacy Cotton Valley wells in East Texas and North Louisiana, receiving net proceeds of $15.2 million after selling expenses. The sold properties include interests in 883 wells (770.9 net) and 46 inactive wells (27.3 net), producing 7.9 MMcfe of natural gas equivalent as of August 2025.

– On October 10, 2025, Comstock entered into an agreement to sell Shelby Trough properties located in Nacogdoches, San Augustine, and Shelby counties in Texas for $430 million to an unaffiliated third party. The transaction is effective October 1, 2025, subject to customary closing conditions.

These properties include interests in 155 producing wells (74.5 net) and approximately 36,000 net undeveloped acres. Production net to Comstock was 9.3 MMcf of natural gas per day as of September 2025. The divestiture is expected to close in December 2025, with proceeds intended for long-term debt reduction.

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**Earnings Call Information**

Comstock has scheduled a conference call for 10:00 a.m. Central Time on November 4, 2025, to discuss Q3 2025 operational and financial results.

– Investors can listen to the live webcast via the Company’s website at [www.comstockresources.com](http://www.comstockresources.com).

– To participate telephonically, investors must register beforehand to receive dial-in details and a personal PIN. Please dial in at least 15 minutes early to ensure timely connection.

A replay of the call will be available through the webcast link provided on the Company’s website.

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**Forward-Looking Statements**

This press release may contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current expectations and involve risks and uncertainties that could cause actual results to differ materially.

Investors are urged to review the risks and assumptions detailed in Comstock’s filings with the Securities and Exchange Commission (SEC), available on the Company’s website and the SEC’s website at [sec.gov](https://www.sec.gov).

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**About Comstock Resources, Inc.**

Comstock Resources, Inc. is a leading independent natural gas producer with a focus on developing the Haynesville shale formation in North Louisiana and East Texas. The Company’s shares trade on the NYSE and NYSE Texas under the symbol CRK.

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**Selected Financial Data**

*Consolidated Statements of Operations (In thousands, except per share amounts)*

| Description | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|————————————|————–|————–|————–|————–|
| Natural gas sales | $307,906 | $252,650 | $1,059,417 | $756,260 |
| Oil sales | $681 | $975 | $2,124 | $2,925 |
| Total natural gas and oil sales | $308,587 | $253,625 | $1,061,541 | $759,185 |
| Operating income (loss) | $50,213 | $(61,335) | $265,827 | $(166,675) |
| Net income (loss) available to Company | $111,128 | $(28,891) | $114,692 | $(171,522) |
| Net income (loss) per diluted share | $0.40 | $(0.09) | $0.45 | $(0.57) |

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**Operating Results (In thousands, except per unit amounts)**

| Description | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|———————————–|————–|————–|————–|————–|
| Natural gas production (MMcf) | 111,770 | 133,116 | 338,963 | 403,420 |
| Oil production (Mbbls) | 111 | 33 | 440 | 40 |
| Total production (MMcfe) | 111,837 | 133,198 | 339,166 | 403,662 |
| Average natural gas price (per Mcf) | $2.75 | $1.90 | $3.13 | $1.87 |
| Average natural gas price including hedging | $2.99 | $2.28 | $3.19 | $2.27 |
| Production and ad valorem taxes (per Mcfe) | $0.10 | $0.09 | $0.09 | $0.12 |
| Total production costs (per Mcfe) | $0.77 | $0.77 | $0.80 | $0.78 |
| Unhedged operating margin | 72% | 60% | 74% | 58% |
| Hedged operating margin | 74% | 67% | 75% | 65% |

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**Capital Expenditures**

– Unproved property acquisitions: $16.9 million in Q3 2025
– Exploration and development capital expenditures: $267.1 million in Q3 2025

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**Non-GAAP Financial Measures**

– Adjusted net income for Q3 2025 was $27.9 million ($0.09 per diluted share).
– Adjusted EBITDAX for Q3 2025 was $249.1 million.
– Operating cash flow for Q3 2025 was $190.4 million.
– Free cash deficit from operations for Q3 2025 was $73.7 million.

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**Balance Sheet Highlights**

As of September 30, 2025, Comstock’s total assets were $6.84 billion, with total liabilities of $4.22 billion. Stockholders’ equity attributable to Comstock was $2.36 billion.

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For complete financial information and disclosures, please visit [Comstock Resources’ Investor Relations website](http://www.comstockresources.com).

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*This earnings release and additional information are also available on the SEC’s website.*
https://www.globenewswire.com/news-release/2025/11/03/3179831/0/en/COMSTOCK-RESOURCES-INC-REPORTS-THIRD-QUARTER-2025-FINANCIAL-AND-OPERATING-RESULTS.html