Comstock Resources
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Comstock Resources (CRK) investor relations material

Comstock Resources Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Added three operated rigs in 2025, with a fourth planned for early 2026 to drive production growth through 2027.

  • Partnered with NextEra for a data center project, with initial power expected by 2027 and potential to expand to 8 GW.

  • Completed $445 million in asset divestitures, improving the balance sheet and reducing leverage.

  • Achieved highest total shareholder return among public E&P companies over the last two years at 162%.

  • Q4 2025 saw improved financial results driven by higher natural gas prices, with sales reaching $364 million and operating cash flow at $222 million.

Financial highlights

  • Q4 2025 oil and gas sales grew to $365 million, up 8% year-over-year, with operating cash flow of $222 million and adjusted EBITDAX of $277 million.

  • Adjusted net income for Q4 2025 was $46 million ($0.16/share), flat year-over-year.

  • Full-year 2025 production averaged 1.2 Bcfe/d, down 14% from 2024, but sales rose 15% to $1.4 billion due to higher prices.

  • Full-year adjusted net income was $160 million ($0.54/share), reversing a net loss in 2024.

  • Reported $396 million profit for 2025, including $292 million pre-tax gain on asset sales.

Outlook and guidance

  • 2026 production guidance: 1,250–1,400 MMcfe/d; Q1 2026: 1,075–1,150 MMcfe/d.

  • 2026 total capex expected at $1,400–$1,500 million, with plans to drill 66 wells and turn 72 wells to sales.

  • Proved reserves at year-end 2025 were 7.0 Tcfe, up from 3.8 Tcfe at year-end 2024, with a PV-10 value of $4.5 billion.

  • Expects to commercialize the Western Haynesville data center project with NextEra in 2026.

  • Maintains $1.3 billion in liquidity, with flexibility to adjust drilling activity based on gas prices.

NextEra data center project commercialization plan
2026 D&C cost reduction from drilling efficiency
Target leverage ratio post-2025 divestitures
Western Haynesville delineation progress and outlook
Reserve growth drivers and future PUD conversion
2026 capital program funding and FCF impact
NextEra data center project scaling to 8 GW
Western Haynesville D&C cost reduction timeline
Pinnacle Gas Services recapitalization details
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Frequently asked questions

Comstock Resources Inc is an independent energy company engaged in the acquisition, development, and production of natural gas and oil. The company’s operations are focused in the Haynesville shale in North Louisiana and East Texas. The company is headquartered in Frisco, Texas, and its shares are listed on the NYSE.

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