Comstock Resources发布2026年二季度财务与经营业绩，产量环比恢复增长但属于排期财报披露

Comstock Resources, Inc.
("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended
June 30, 2026
.
Highlights of 2026
's
Second Quarter
Return of production growth in quarter with 16% growth over first quarter.
Sold a 27% noncontrolling common equity interest in
Pinnacle Gas Services LLC
("Pinnacle") for
$600 million
and used the proceeds to redeem and retire all of Pinnacle's preferred equity securities and its outstanding indebtedness.
Turned five Western Haynesville wells to sales in the second quarter with an average lateral length of 9,679 feet and an average per well initial production rate of 33 MMcf per day.
Turned twelve Legacy Haynesville wells to sales during the second quarter with an average lateral length of 11,835 feet and an average per well initial production rate of 31 MMcf per day. Five of these wells were horseshoe wells.
Second quarter 2026 financial results:
Natural gas and oil sales, including realized hedging gains, were
$332 million
for the quarter.
Cash flows from operating activities was
$170 million
and operating cash flow before changes in working capital was
$189 million
or
$0.65
per share.
Net income available to the Company was
$9 million
, or
$0.03
per share and adjusted net income available to the Company was
$8 million
or
$0.03
per share for the quarter.
Net income was
$15 million
and adjusted EBITDAX was
$245 million
.
Financial Results for the Three Months Ended
June 30, 2026
Comstock produced 113.1 Bcfe in the second quarter of 2026, which increased 16% from the first quarter of this year and increased 1% from the same period in 2025. During the second quarter of 2026, Comstock realized
$2.55
per Mcfe before hedging and
$2.93
per Mcfe after hedging. Comstock's natural gas and oil sales in the second quarter of 2026 were
$331.6 million
(including realized hedging gains of
$43.3 million
). Cash flows from operating activities in the second quarter of 2026 was
$170.2 million
. Operating cash flow before changes in working capital generated in the second quarter of 2026 was
$188.5 million
, and net income available to the Company for the second quarter was
$8.8 million
or
$0.03
per diluted share. The net income available to the Company in the quarter included a pre-tax
$1.0 million
unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the first quarter of 2026. Excluding this item, exploration expense and gain on sale of assets, adjusted net income available to the Company for the second quarter of 2026 was
$8.3 million
, or
$0.03
per diluted share.
Comstock's production cost per Mcfe in the second quarter returned to normal levels and averaged
$0.77
per Mcfe, which was comprised of
$0.38
for gathering and transportation costs,
$0.25
for lease operating costs,
$0.06
for production and other taxes and
$0.08
for cash general and administrative expenses. Comstock's unhedged operating margin was 70% in the second quarter of 2026 and 74% after hedging.
Financial Results for the Six Months Ended
June 30, 2026
For the six months ended
June 30, 2026
, production was down 7% to 1,166 MMcfe per day compared to the same period in 2025. Comstock realized
$3.35
per Mcfe before hedging and
$3.18
per Mcfe after hedging for its production of 211.0 Bcfe. Natural gas and oil sales for the six months ended
June 30, 2026
totaled
$670.2 million
(including realized hedging losses of
$37.1 million
). Cash flows from operating activities for the first six months of 2026 was
$442.2 million
. Operating cash flow before changes in working capital generated in the first six months of 2026 was
$380.4 million
, and net income available to the Company was
$116.2 million
or
$0.40
per diluted share. Net income available to the Company for the first six months of 2026 included a pre-tax
$83.8 million
unrealized gain on hedging contracts held for price risk management. Excluding this item and exploration expense and gain on sale of assets, adjusted net income available to the Company for the six months ended
June 30, 2026
was
$47.7 million
, or
$0.16
per diluted share.
Comstock's production cost per Mcfe for the six months ended
June 30, 2026
averaged
$0.85
per Mcfe, which was comprised of
$0.40
for gathering and transportation costs,
$0.27
for lease operating costs,
$0.09
for production and other taxes and
$0.09
for cash general and administrative expenses. Comstock's unhedged operating margin was 75% for the first six months of 2026 and 73% after hedging.
Drilling Results
Comstock drilled 17 (15.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2026, which had an average lateral length of 11,104 feet. Comstock turned 16 (12.7 net) operated wells to sales in the second quarter of 2026.
Since its last operational update in
May 2026
, Comstock has turned 17 (13.6 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 31 MMcf per day. The completed lateral length of these wells averaged 11,201 feet. Included in the wells turned to sales were five more successful Western Haynesville wells:
Well
Vertical
Depth
(feet)
Completed
Lateral (feet)
Initial
Production
Rate (MMcf
per day)
Ericson KN #1
15,414
7,975
30
Jensen WW #1
14,272
9,243
31
Glass KG
#1
14,972
11,182
35
Lotspeich BJ #1
17,903
9,805
34
Jones LA
#1
16,069
10,191
33
Earnings Call Information
Comstock has planned a conference call for
10:00 a.m. Central Time
on
July 30, 2026
, to discuss the second quarter 2026 operational and financial results. Investors wishing to listen should visit the Company's website at
www.comstockresources.com
for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register-conf.media-server.com/register/BIb1b9c89894d24cf390641104a3f40885
.
Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL:
https://edge.media-server.com/mmc/p/xprpo4xr
.
If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at
1:00 p.m. CT
on
July 30, 2026
. The replay of the conference can be accessed using the webcast link:
https://edge.media-server.com/mmc/p/xprpo4xr
.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.
COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
June 30
,
Six Months Ended
June 30
,
2026
2025
2026
2025
Revenues:
Natural gas sales
$
287,745
$
339,225
$
706,020
$
751,511
Oil sales
476
741
1,234
1,443
Total natural gas