Comstock Resources (CRK) Q1 2026 earnings summary

Executive summary

• Q1 2026 financial results were impacted by lower production due to significant weather events, resulting in reduced sales and earnings.

• Natural gas and oil sales, including hedging impacts, totaled $339 million for Q1 2026.

• Adjusted EBITDAX was $251 million, and adjusted net income was $44 million ($0.15 per diluted share).

• Net income for Q1 2026 was $112.5 million, including an $82.8 million unrealized gain on hedging contracts.

• Strong drilling results in both Western and Legacy Haynesville are expected to drive production growth for the remainder of 2026.

Financial highlights

• Q1 2026 production averaged 1,088 MMcfe/d, down from 1,279 MMcfe/d in Q1 2025.

• Total revenues and other operating income were $587.4 million, up from $512.9 million year-over-year.

• Operating cash flow was $192 million, down from $239 million in Q1 2025.

• Net income available was $107.5 million, reversing a loss of $121.3 million in Q1 2025.

• Free cash flow deficit after capex and acquisition/divestiture activity was $223 million in Q1 2026.

Outlook and guidance

• 2026 production guidance is 1,250–1,400 MMcfe/d, with total capex of $1.4–$1.5 billion.

• Expect to drill 71 wells and turn 68 wells to sales in 2026 across Western and Legacy Haynesville.

• Drilling efficiencies and completion design changes are expected to improve productivity and reduce costs.

• Management highlighted ongoing development in the Haynesville shale and continued focus on operational efficiency.

• Strong financial liquidity of $1.3 billion supports ongoing operations and growth.