COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

Financial Performance - Comstock Resources reported natural gas prices of $3.58 per Mcf before hedging and $3.52 per Mcf after hedging for its production of 115 Bcf in Q1 2025, leading to total natural gas and oil sales of $405.0 million [4] - The operating cash flow for the quarter was $239.0 million, resulting in a net loss of $115.4 million or $0.40 per share, which included a pre-tax unrealized loss of $322.4 million on hedging contracts [4][25] - Adjusted net income for Q1 2025 was $53.8 million or $0.18 per diluted share, excluding the unrealized loss and exploration expenses [4][25] Production and Costs - The average production cost per Mcfe was $0.83, with components including $0.37 for gathering and transportation, $0.30 for lease operating costs, $0.10 for production taxes, and $0.06 for cash general and administrative expenses [5][22] - Comstock's unhedged operating margin was 77% and 76% after hedging in Q1 2025 [5][22] Drilling and Operational Updates - In Q1 2025, Comstock drilled seven operated horizontal Haynesville/Bossier shale wells, with an average lateral length of 11,660 feet, and turned eleven operated wells to sales [7][8] - The company has turned fourteen operated Haynesville/Bossier shale wells to sales since the last update, with initial production rates averaging 25 MMcf per day [8] Capital Expenditures and Financial Position - Comstock's bank group reaffirmed a $2.0 billion borrowing base under its $1.5 billion revolving credit facility [10] - Total revenues for Q1 2025 were $512.9 million, compared to $335.8 million in Q1 2024, indicating significant growth [19]