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Comstock Resources (CRK) investor relations material
Comstock Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Higher natural gas prices in Q3 2025 led to improved financial results, with natural gas and oil sales (including hedging gains) reaching $335 million and operating cash flow at $190 million; adjusted EBITDAX was $249 million and adjusted net income was $28 million ($0.09/share), reversing a prior loss.
Net income for Q3 2025 was $118.1 million ($0.40 per diluted share), reversing a loss in Q3 2024, driven by higher natural gas prices and derivative gains.
Revenues for Q3 2025 rose 48% year-over-year to $449.9 million, with natural gas and oil sales up 22% and gas services revenue up 178%.
Divested non-strategic Cotton Valley wells for $15–$15.2 million and entered agreement to sell Shelby Trough assets for $430 million, both to improve liquidity and reduce debt.
Maintained a balanced drilling program in Western and legacy Haynesville, leveraging technological advancements and operational efficiencies.
Financial highlights
Q3 2025 oil and gas sales rose to $335 million, up from $305 million in Q3 2024; operating cash flow was $190 million ($0.65/share).
Adjusted EBITDA/EBITDAX reached $249 million; adjusted net income was $28 million ($0.09/share), reversing a loss from Q3 2024.
Q3 2025 net income was $118.1 million ($0.40/share), including a $116.4 million pre-tax unrealized hedging gain.
Year-to-date oil and gas sales up 18% to $1.1 billion; EBITDA at $802 million; net income $122–$133.4 million ($0.41–$0.45/share).
Realized gas price averaged $2.75/Mcf, with hedging raising it to $2.99/Mcf; 57% of gas production hedged in Q3.
Outlook and guidance
2025 focus remains on Western Haynesville, with plans to drill 19 wells and turn 13 to sales; legacy Haynesville to see 33 wells drilled and 35 turned to sales.
Guidance for Q4 2025: production of 1,200–1,300 MMcfe/d, D&C costs of $250–$300 million, lease operating expenses of $0.25–$0.29/Mcfe.
Capital expenditures for the remainder of 2025 are expected to be $250–$350 million.
Liquidity exceeds $900 million, to be further enhanced by Shelby Trough sale proceeds.
Proceeds from Shelby Trough divestiture are expected to be used to reduce long-term debt.
Western Haynesville well productivity per lateral foot?
Shelby Trough sale: impact on debt and production?
Free cash flow trend and future capital funding.
Western Haynesville inventory: unitization impact
Activity allocation: WH vs. legacy strategy
Western Haynesville D&C cost trajectory
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Next Comstock Resources earnings date
Q4 202518 Feb, 2026
Next Comstock Resources earnings date
Q4 202518 Feb, 2026
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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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