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Comstock Resources (CRK) investor relations material
Comstock Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Higher natural gas prices in Q2 2025 led to improved financial results, with oil and gas sales reaching $344 million and operating cash flow at $210 million; adjusted EBITDAX was $260 million.
Adjusted net income for Q2 2025 was $40 million ($0.13/share), reversing a loss in 2024; reported net income was $130.7 million, including significant derivative gains.
Five Western Haynesville wells turned to sales in Q2, averaging 36 MMcf/d initial production and 10,897 feet lateral length.
Strategic focus on expanding Western Haynesville acreage, organic growth, and collaboration with NextEra Energy for power generation targeting data centers.
Cash flow from operations for H1 2025 more than doubled year-over-year to $522.3 million.
Financial highlights
Q2 2025 oil and gas sales were $344 million, up 24% year-over-year; six-month sales reached $749 million.
Adjusted net income for Q2 2025 was $40 million; reported net income was $130.7 million, including a $231.6 million pre-tax unrealized hedging gain.
Operating cash flow for Q2 2025 was $210 million; EBITDAX was $260 million.
Q2 2025 production cost per Mcfe was $0.80; realized gas price was $3.02/Mcf before hedging, $3.06 after hedging.
Total liquidity at June 30, 2025 was $1.05 billion, with $475 million outstanding under the credit facility.
Outlook and guidance
2025 focus remains on Western Haynesville, with plans to drill 19 wells and turn 13 to sales; Legacy Haynesville to see 32 wells drilled and turned to sales.
New gas treating plant operational, doubling treating capacity.
Intend to divest noncore properties in 2025 to accelerate deleveraging.
2025 production guidance: 1,225–1,325 MMcfe/d; D&C costs: $1.0–$1.1 billion.
Management expects operating cash flow and credit facility borrowings to cover liquidity and capital needs for at least the next twelve months.
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