Why Is Comstock (CRK) Up 26.5% Since Last Earnings Report?

Core Viewpoint - Comstock Resources has shown a significant increase in share price, outperforming the S&P 500, with a 26.5% rise since the last earnings report [1][2]. Financial Performance - For Q3 2025, Comstock reported adjusted earnings of 9 cents per share, surpassing the Zacks Consensus Estimate of 4 cents, and improved from a loss of 17 cents in the prior year [3]. - Total revenues reached $450 million, exceeding the Zacks Consensus Estimate of $401 million, and increased from $304.5 million year-over-year [3]. - Average natural gas price realization rose to $2.75 per thousand cubic feet (Mcf), up from $1.90 per Mcf in the previous year [6]. Operational Performance - Total production averaged 111,837 million cubic feet equivalent (MMcfe), down from 133,198 MMcfe in the same quarter last year [5]. - Natural gas production decreased to 111,770 million cubic feet (MMcf) from 133,116 MMcf year-over-year [5]. Costs & Expenses - Total production costs were $0.77 per Mcfe, remaining flat year-over-year, while lease operating expenses increased to 26 cents per Mcfe from 22 cents [7]. - Total operating expenses for the quarter were $399.6 million, up from $365.8 million a year ago [7]. Balance Sheet - As of September 30, 2025, Comstock reported long-term debt of $3.13 billion and cash and cash equivalents of $19.2 million [8]. Capital Expenditures - Total exploration and development capital expenditures in Q3 amounted to $267.1 million, with operating cash flow at $190.3 million [9]. Outlook - Comstock expects total production in Q4 to range between 1,200-1,300 million cubic feet equivalent per day (MMcfe/d) [10]. - Lease operating expenses are projected to be between $0.25 and $0.29 per Mcfe, while gathering and transportation expenses are expected to be in the range of $0.34-$0.40 per Mcfe for Q4 [10]. Industry Comparison - Comstock operates within the Zacks Oil and Gas - Exploration and Production - United States industry, where CNX Resources Corporation has gained 13.7% over the past month [15]. - CNX Resources reported revenues of $423 million for the last quarter, reflecting a year-over-year increase of 19.5% [16].