Comstock Resources(US:CRK) Globenewswire·2026-02-11 21:15Core Insights - Comstock Resources reported strong financial results for Q4 and the full year 2025, driven by higher natural gas prices and successful drilling operations [4][7][9]. Financial Results for Q4 2025 - Comstock realized $3.27 per Mcf for natural gas production of 111 Bcf, leading to total natural gas and oil sales of $364 million, including hedging losses of $2.6 million [4]. - Operating cash flow for Q4 2025 was $222.3 million, with a net income of $286.8 million or $0.97 per diluted share, which included a pre-tax gain of $292.3 million from the sale of Shelby Trough properties [4][9]. - Adjusted net income for Q4 2025 was $46.1 million or $0.16 per diluted share, excluding certain one-time items [4][9]. Financial Results for the Year Ended December 31, 2025 - For the full year, Comstock realized $3.21 per Mcf from natural gas production of 450 Bcf, resulting in total sales of $1.4 billion, including hedging gains of $20.1 million [7]. - Operating cash flow for the year was $861.3 million, with a net income of $420.2 million or $1.43 per diluted share [7]. - Adjusted net income for the year was $159.9 million or $0.54 per diluted share, after excluding specific items [7]. Production Costs and Margins - Production cost per Mcfe in Q4 2025 averaged $0.77, with unhedged and hedged operating margins at 77% [5]. - For the year, average production cost per Mcfe was $0.79, with operating margins at 75% [8]. Drilling and Production Highlights - In Q4 2025, Comstock turned four successful wells to sales in the Western Haynesville, with an average initial production rate of 29 MMcf per day [9]. - A total of 12 wells were turned to sales in the Western Haynesville during 2025, with an average initial production rate of 33 MMcf per day [9]. - Comstock drilled 52 operated horizontal Haynesville/Bossier shale wells in 2025, achieving an average lateral length of 11,187 feet [11]. Proved Reserves - As of December 31, 2025, proved natural gas and oil reserves were estimated at 7.0 trillion cubic feet equivalent (Tcfe), significantly up from 3.8 Tcfe in 2024 [14]. - The present value of future net cash flows from these proved reserves was approximately $4.5 billion, based on average prices of $3.07 per Mcf for natural gas and $61.98 per barrel for oil [14]. 2026 Budget and Plans - In response to improved natural gas prices, Comstock plans to increase its drilling rigs from eight to nine in 2026, with a budget of approximately $1.4 billion to $1.5 billion for development and exploration projects [18].