Comstock Resources (CRK) investor relations material

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.