CRK
Comstock Resources, Inc.21.28
-0.41-1.89%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
6.24BP/E (TTM)
92.52Basic EPS (TTM)
0.23Dividend Yield
0%Recent Filings
8-K
Strong Q3 earnings, asset sales
Comstock Resources reported stronger Q3 2025 results, fueled by higher natural gas prices that lifted sales to $335 million including hedging gains, with operating cash flow at $190 million and adjusted EBITDAX at $249 million. The company turned three Western Haynesville wells to sales, averaging 32 MMcf per day initial rates, while divesting legacy Cotton Valley assets for $15 million and agreeing to sell Shelby Trough properties for $430 million to cut debt. Production costs held steady at $0.77 per Mcfe, yielding a 74% hedged operating margin. Divestitures sharpen focus on core Haynesville plays.
10-Q
Q2 FY2025 results
Comstock Resources swung to operating income of $89.4 million in Q2 2025 ended June 30, up from a $92.5 million loss a year earlier, fueled by natural gas sales jumping 56% y/y to $339.2 million on higher prices despite 14% lower production of 112.2 Bcf. Total revenues doubled to $470.3 million, boosted by gas services surging 346% y/y to $130.3 million from third-party volumes. Yet net income of $130.7 million reflected a $235.8 million derivative gain, while YTD operating income hit $215.6 million versus last year's $105.3 million loss, with diluted EPS at $0.05 aligning with 294 million shares. Cash swelled to $25.9 million on $522.3 million operating inflows, minus $639.3 million capex yielding negative FCF of $117.0 million (derived); debt stood at $3.0 billion with $1.0 billion revolver availability under covenants met. Non-GAAP metrics not disclosed in the 10-Q. Volatility in natural gas prices remains a key risk.
8-K
Comstock Q2 boosted by gas prices
Comstock Resources reported stronger Q2 2025 results, fueled by higher natural gas prices that lifted sales to $344 million on 112 Bcf production at $3.06 per Mcf after hedging. The company turned five Western Haynesville wells to sales, averaging 36 MMcf per day initial rates from 10,897-foot laterals completed at $2,647 per foot, while overall adjusted EBITDAX hit $260 million. Comstock's exploring power generation tie-ins with NextEra for data center energy. Yet free cash flow posted an $89 million deficit after acquisitions.
8-K
Stockholders approve LTIP expansion
Comstock Resources' stockholders approved an amendment to the 2019 Long-term Incentive Plan on June 3, 2025, boosting available shares by 10,000,000 and extending the plan through April 6, 2035, while broadening eligibility to all employees, contract workers, and non-employee directors. This bolsters retention tools amid energy sector talent wars. Directors were re-elected with strong support. Plan fuels long-term alignment, yet dilutes shares slightly.
10-Q
Q1 FY2025 results
Comstock Resources posted solid revenue growth in Q1 FY2025 ended March 31, 2025, with total revenues climbing 53% year-over-year to $512.9M, driven by natural gas sales up 43% to $412.3M at $3.58 per Mcf despite 18% lower production of 115 Bcf; gas services revenues doubled to $99.9M on higher prices for third-party volumes. Operating income flipped to $126.2M from a $12.8M loss last year, thanks to reduced taxes and transportation costs, though DD&A dipped to $167.9M on lower output. Yet derivative losses of $330.3M—tied to rising NYMEX prices—pushed net loss to $115.4M or $0.40 per diluted share, wider than $14.5M or $0.05 last year, with the gap mainly from those hedges and higher interest. Cash from operations held steady at $174.7M, funding $298.3M in capex; free cash flow stood negative at $123.5M after $75.4M capex (derived). Liquidity remains robust at $1.0B, with $32.9M cash and $990M revolver availability under a $2.0B base, while total debt hit $3.1B including $510M on the facility maturing 2027. Derivative pain stings. Volatility in natural gas prices poses ongoing risks to earnings.
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