Comstock Resources Sees 30 Years of Drilling Inventory Amid Western Haynesville Expansion

Comstock Resources has reported significant progress in its Western Haynesville expansion, with 525,000 net acres under its control and 29 wells drilled. The company has projected 30 years of drilling inventory in the area, and CEO Miles Jay Allison highlighted the growth of its Western Haynesville footprint.

Comstock Resources, Inc. (CRK) has reported significant progress in its Western Haynesville expansion, with 525,000 net acres under its control and 29 wells drilled. The company has projected 30 years of drilling inventory in the area, and CEO Miles Jay Allison highlighted the growth of its Western Haynesville footprint during the company's Q2 2025 earnings call [1].

Allison noted that the Western Haynesville footprint has grown to nearly 525,000 net acres, with 24 out of 29 drilled wells currently producing. Of these, 10 are producing from the Haynesville shale and 14 from the Bossier Shale. The company has also announced the startup of a new gas treating plant, increasing treating capacity by 400 million cubic feet per day, and highlighted collaboration with NextEra Energy for potential gas-fired power generation assets to serve data center customers near the Western Haynesville [1].

The company's focus on the Western Haynesville is evident in its drilling plans. Allison indicated that the company expects to drill 19 or 18.9 net wells and turn 13 net wells to sales in the Western Haynesville this year. For the Legacy Haynesville, the company plans to drill 32 or 24 net wells and turn 32 or 26.8 net wells to sales [1].

Despite the strategic pullback from drilling in the Legacy Haynesville, the company reported that it has 4 rigs working in the area, which will allow it to stabilize production while growing the Western Haynesville. The company's production in the second quarter averaged 1.23 Bcfe per day, which is 14% lower than the second quarter of 2025, reflecting the company's decision to drop rigs in early 2024 and defer completion activity last year into this year [1].

Financial Results
Comstock Resources reported oil and gas sales of $344 million in the second quarter, a 24% increase from the previous quarter. The company generated $210 million of operating cash flow and had an adjusted net income of $40 million for the quarter. The EBITDAX margin was 74% for the quarter, and the company ended the quarter with $1.1 billion in liquidity [1].

Outlook
The company plans to divest certain noncore properties during 2025 to accelerate balance sheet deleveraging. Allison reiterated that the company continues to have the industry's lowest producing cost structure and expects drilling efficiencies to continue to work toward driving down drilling and completion costs in 2025, in both the Western and Legacy Haynesville areas [1].

Management maintained a confident and optimistic stance during the earnings call, with CEO Allison stating, "we have never been more positive about the Western Haynesville." The company's focus on operational execution, cost control, and balance sheet strength is evident in its strategic decisions and financial results [1].

References:
[1] https://seekingalpha.com/news/4476193-comstock-projects-30-years-of-drilling-inventory-as-western-haynesville-expansion-accelerates
[2] https://seekingalpha.com/article/4807218-comstock-resources-inc-crk-q2-2025-earnings-call-transcript