ZACKS·2026-02-12 17:05Core Insights - Comstock Resources, Inc. (CRK) reported fourth-quarter 2025 adjusted earnings of 16 cents per share, exceeding the Zacks Consensus Estimate of 11 cents, with revenues of $789.8 million surpassing the estimate of $467.9 million and increasing from $366.5 million year-over-year [1][10] Group 1: Operational Performance - Total production averaged 111,257 million cubic feet equivalent (MMcfe), down from 124,185 MMcfe in the same quarter last year, with natural gas production declining to 111,239 million cubic feet (MMcf) from 124,128 MMcf [2] Group 2: Price Realization - Average natural gas price realization (before hedging) was $3.29 per thousand cubic feet (Mcf), up from $2.32 per Mcf in the prior-year quarter, while total price realization (before hedging) averaged $3.30 per thousand cubic feet equivalent (Mcfe), compared to $2.32 per Mcfe in the fourth quarter of 2024 [3] Group 3: Costs & Expenses - Total production costs were 77 cents per Mcfe, an increase from 72 cents per Mcfe a year ago, with lease operating expenses remaining flat at 25 cents, and gathering and transportation expenses rising to 38 cents from 36 cents per Mcfe [4] - Total operating expenses for the quarter were $409.8 million, higher than $368.4 million reported a year ago, with gas services expenses increasing to $131.1 million from $72.6 million in the fourth quarter of 2024 [5] Group 4: Financial Position - As of December 31, 2025, Comstock Resources reported long-term debt of $2.8 billion and cash and cash equivalents of $23.9 million [6] - Total exploration and development capital expenditures in the fourth quarter amounted to $269.8 million, with operating cash flow at $222.3 million [7] Group 5: Outlook - Comstock Resources anticipates total production in the first quarter of 2026 to be between 1,075-1,150 million cubic feet equivalent per day (MMcfe/d), with capital spending projected at $275 million-$325 million, lease operating expenses expected between 25 cents and 29 cents per Mcfe, gathering and transportation expenses projected at 34 cents to 40 cents per Mcfe, and production and other taxes anticipated between 18 cents and 22 cents per Mcfe for the first quarter of 2026 [8]