What is the market's earnings forecast for Comstock Resources next quarter?

What were the key takeaways from Comstock Resources's earnings call?

What is Comstock Resources's gross profit margin?

What guidance did Comstock Resources's management provide for the next earnings period?

Did Comstock Resources beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Comstock Resources year over year?

What were the key takeaways from Comstock Resources’s earnings call?

What is Comstock Resources's latest dividend and current dividend yield?

- **Revenue Growth**: 15% YoY increase in Q4 2025, driven by higher gas prices and production in legacy and Western Haynesville plays.
- **Western Haynesville Expansion**: 4 new rigs added in 2026, targeting 24 wells turned to sales and a 2 GW data center project with NextEra.
- **Financial Strength**: $1.3 billion liquidity after $445 million asset sales, with 2025 finding cost of $1.02 per Mcfe.
- **Cost Efficiency**: Drilling costs down 11% in 2025, with further reductions expected through new technologies and rig upgrades.

**【CEO Summary Section】**
- Comstock achieved a 15% year-over-year revenue growth in Q4 2025, driven by higher natural gas prices and production in the legacy Haynesville and Western Haynesville plays.
- CEO emphasized the company's focus on the Western Haynesville play, with plans to add 4 operated rigs and commercialize a 2 GW data center project with NextEra Energy.
- The company sold $445 million in legacy assets, reducing debt and improving liquidity to $1.3 billion.

**【CFO Financial Commentary】**
- Q4 2025 GAAP net income was $46 million ($0.16 per share), with adjusted EBITDAX of $277 million and operating cash flow of $222 million.
- Full-year 2025 oil and gas sales increased 15% to $1.4 billion, driven by higher gas prices and production.
- Drilling and completion costs improved to $1,347 per foot in 2025, down 11% from 2024, with further cost reductions expected in 2026.

**【COO Operational Update】**
- Drilled 52 wells (44.2 net) in 2025, with an average IP rate of 27 MMcf/d and finding cost of $1.02 per Mcfe.
- Western Haynesville wells had an average lateral length of 9,944 feet and IP rate of 29 MMcf/d, with plans to increase lateral lengths and deploy rotary steerable drilling technology.
- Legacy Haynesville wells achieved an average lateral length of 11,738 feet and IP rate of 25 MMcf/d, with 50% of the inventory in extra-long laterals (>10,000 feet).

**【Q&A Highlights】**
- **Production Guidance**: 2026 exit rate expected to exceed 2025 levels, with 65+ wells turned to sales (24 in Western Haynesville, 41 in legacy).
- **Western Haynesville Data Center**: 2 GW project to be commercialized in 2026, with potential expansion to 8 GW.
- **Midstream Recapitalization**: Pinnacle Gas Services to replace preferred equity with common equity, supported by a new $1.5 billion credit facility.
- **Cost Efficiency**: Drilling and completion costs expected to decline further in 2026 with insulated drill pipe, upgraded rigs, and hot-hole MWD tools.

Comstock Resources, Inc.(CRK)-20260212-2025 Q4 Earnings call transcript

- **Western Haynesville Dominance**: 530,000 net acres with 2,559 locations, 32 MMcf/d wells, and $1.3Bcf/d midstream capacity by 2026.
- **Liquidity Boost**: $430M Shelby Trough sale reduces debt, liquidity >$900M post-close.
- **Cost Leadership**: $1,229/foot legacy D&C, 35% savings from horseshoe wells, 24% Q3 Western Haynesville D&C decline.
- **Demand Growth**: AI/data center power needs +18% LNG exports drive 1.22 Bcfe/d production, 18% YoY growth.

**【CEO Summary Section】**
- **Western Haynesville Expansion**: Announced 530,000 net acres in the Western Haynesville, with 2,559 net drilling locations, positioning for long-term natural gas demand growth from AI, data centers, and LNG exports.
- **Legacy Asset Divestiture**: Sold Shelby Trough assets for $430 million, reducing debt and improving liquidity, while focusing on high-margin Western Haynesville development.
- **Drilling Efficiency**: Achieved $1,229/foot D&C costs in legacy Haynesville, industry-leading for the basin, with 35% savings using horseshoe well design.
- **Production Growth**: 1.22 Bcfe/d Q3 production, up 18% year-over-year, driven by higher gas prices and operational efficiency.

**【CFO Financial Commentary】**
- **Revenue & Cash Flow**: Q3 revenue $335M, up 10% YoY; EBITDAX $249M, cash flow $190M. Year-to-date EBITDAX $802M, net income $122M.
- **Hedging & Pricing**: 57% gas hedged in Q3, realized price $2.99/Mcf vs. $2.75 spot. Improved margins from cost control and higher gas prices.
- **Balance Sheet**: $580M borrowings, $239M liquidity. Shelby Trough sale expected to close in December, reducing leverage to ~2.5x.

**【COO Drilling Update】**
- **Western Haynesville Wells**: 8 wells turned to sales with 32 MMcf/d IP, 8,566-foot laterals. Drilled 6 wells to TD in Q3 with 10,158-foot avg lateral, down from 7,933Q2.
- **Cost Savings**: Legacy Haynesville D&C costs $558/foot (down 15% QoQ), completion costs $671/foot (down 7%). Western Haynesville drilling $1,385/foot (down 24% QoQ).
- **Midstream Expansion**: New Marquez gas plant added 900 MMcf/d capacity, total 1.3Bcf/d by Q3 2026.

**【Q&A Highlights】**
- **2026 Capital Efficiency**: 4 rigs in Western Haynesville, 4 in legacy. Expect continued D&C cost declines with longer laterals and unitization.
- **Gas Marketing**: Direct sales to end-users (AI, LNG) via owned midstream, bypassing third-party pipelines. Shelby Trough sale tax-free gain.
- **Inventory Growth**: 1,039 legacy Haynesville locations (80% >8,500ft), 3,332 Western Haynesville locations (60% >8,500ft). Testing Bossier in northern step-outs.
- **LNG Demand**: Record 18.7 Bcf/day exports, 30% of gas sold at premium to Henry Hub via direct contracts.

Comstock Resources, Inc. (CRK) Q3 2025 Earnings Call Transcript

- **Western Haynesville Growth**: 29 wells drilled (24 producing) with 10,000+ foot laterals, D&C costs down 36% YoY.
- **Financial Strength**: $210M Q2 cash flow, 74% EBITDAX margin, $1.1B liquidity.
- **Strategic Initiatives**: New gas plant, NextEra data center partnership, 40% Legacy Haynesville inventory for potential sale.
- **Cost Efficiency**: Legacy completion costs down 15% QoQ, Western completion costs stable at $1,305/foot.
- **Long-Term Vision**: 525,000 net acres with 149 horseshoe wells planned, targeting 2026 production growth.

**【CEO Summary Section】**
- Expanded Western Haynesville acreage to 525,000 net acres, with 29 wells drilled (24 producing) and initial production rates of 25-37 MMcf/d.
- Launched new gas treating plant with 400 MMcf/d capacity and partnered with NextEra Energy to explore data center development near Western Haynesville.
- Drilled 5 new Western Haynesville wells in Q2 at $2,647/foot, 36% lower than prior-year costs, with 10,000+ foot laterals.
- Maintained 4 rigs in Legacy Haynesville to stabilize production, turning 21 wells to sales with 11,803-foot average lateral length.

**【CFO Financial Commentary】**
- Q2 2025 revenue $344M (+24% YoY), operating cash flow $210M, adjusted net income $40M ($0.13/share).
- EBITDAX margin 74%, with $4.4M profit from third-party marketing offsetting $0.42 basis differential.
- Reduced debt by $35M to $475M, maintaining $1.1B liquidity and 3x LTM leverage ratio.
- 32% of gas sold at spot prices ($3.16/Henry Hub), with 56% hedged at $3.06/realized price.

**【Q&A Highlights】**
- **Western Haynesville Efficiency**: Drilled 4 wells in Q2 at 58 days average (vs. 59 days in 2024), targeting longer laterals to reduce costs.
- **D&C Cost Reduction**: Legacy Haynesville completion costs down 15% QoQ to $724/foot; Western Haynesville completion costs stable at $1,305/foot.
- **Non-Core Asset Sales**: Planning to divest certain Legacy Haynesville locations to accelerate deleveraging, with potential proceeds to be disclosed in Q3.
- **Choke Management Testing**: Experimenting with restricted drawdowns to optimize EURs, with results expected to inform 2026 drilling strategy.
- **NextEra Collaboration**: Exploring gas-fired power generation and data center opportunities near Western Haynesville, leveraging NextEra's expertise in natural gas infrastructure.

Comstock Resources, Inc. (CRK) Q2 2025 Earnings Call Transcript

- **Western Haynesville Breakthrough**: Olajuwon well success validates 520,000-acre play, with 2025 plans to drill 20 wells and turn 15 to sales.
- **Cost Efficiency**: 21% QoQ D&C cost decline in Legacy Haynesville, 34% reduction in Western Haynesville since 2022.
- **Liquidity & Growth**: $1B liquidity supports $130-150M midstream investments, enabling 30+ year drilling inventory.
- **Carbon Neutrality**: BKV partnership targets zero-emission LNG exports, aligning with global decarbonization trends.
- **2025 Outlook**: Sequential production growth from Q3 onward, with H2 2025 volumes up 30%+ YoY.


**【CEO Opening Remarks】**
- Comstock achieved significant progress in delineating the Western Haynesville play with the successful Olajuwon well, which turned to sales at 41 MMcf/d after drilling 24.4 miles from the nearest producing well.
- The company emphasized the importance of drilling inventory as the 'holy grail' for long-term value creation, with over 1,500 net operated locations identified across both Western and Legacy Haynesville areas.
- 2025 capital allocation prioritizes Western Haynesville development, with plans to drill 20 wells and turn 15 to sales, while midstream investments of $130-150M will support production growth.

**【CFO Financial Highlights】**
- Q1 2025 revenue reached $405M, up 21% YoY, driven by higher natural gas prices ($3.58 realized price vs. $2.73 in Q1 2024).
- Adjusted EBITDAX of $293M and operating cash flow of $239M ($0.81/diluted share) reflected strong margin improvement (76% EBITDAX margin vs. 73% in Q4 2024).
- The company maintained $1B liquidity and reaffirmed a $2B borrowing base, supporting its aggressive drilling program.

**【COO Operational Updates】**
- Drilling efficiency improved across both plays: Legacy Haynesville wells averaged 1,027 ft/day (12% YoY improvement), while Western Haynesville wells achieved 524 ft/day, down from 281 ft/day in 2022.
- D&C costs declined 21% QoQ in Legacy Haynesville to $523/ft, while Western Haynesville costs stabilized at $1,374/ft after a 34% reduction since 2022.
- Midstream investments and natural gas-powered frack fleets reduced diesel consumption by 1M gallons, offsetting 2,000 metric tonnes of CO2.

**【Q&A Key Takeaways】**
- **Western Haynesville Expansion**: Plans to drill 8 wells in Freestone County (northeast of Olajuwon) in 2026, with midstream infrastructure expansion supporting 2025-2026 ramp-up.
- **Cost Management**: Expect D&C cost flattening in H2 2025, with potential for further reductions in 2026 if oil prices remain depressed and service costs decline.
- **Carbon Capture Partnership**: BKV Corporation's proven carbon capture model in Barnett Shale could enable zero-emission LNG exports, enhancing competitiveness in global markets.
- **Production Outlook**: Sequential production growth expected in Q3 and Q4 2025, driven by 12-14 wells turned to sales in H2, with Western Haynesville contributing ~60% of new volumes.


Comstock Resources (CRK)-1 May 25-2025 Q1 Earnings call transcript

- **Western Haynesville Breakthrough**: 18 wells producing with D&C costs down 33% and 28%, positioning Comstock for superior returns in a high-demand LNG corridor.
- **Financial Resilience**: 2024 EBITDAX of $850M and 6% reserve growth despite low gas prices, supported by $1.1B liquidity and disciplined capital allocation.
- **2025 Growth Plan**: 40% of $1.3-1.5B capex allocated to Western Haynesville, targeting 20 wells and midstream expansion to support 2026 leverage reduction to 1.5x.
- **Cost Leadership**: Legacy Haynesville wells drilled in 26 days (down 10% YoY), with Western Haynesville drilling times halved since 2022, driving industry-leading efficiency.

**【CEO Summary Section】**
- Comstock Resources achieved significant success in the Western Haynesville play, holding 518,000 net acres with 18 producing wells as of Q4 2024. Drilling and completion costs have decreased by 33% and 28%, respectively, compared to 2022 levels.
- Despite challenging natural gas prices in 2024, the company maintained financial discipline, reducing capital spending and suspending the dividend to conserve cash flow. EBITDAX for the year was $850 million, and proved reserves grew by 6% to 7 Tcfe.
- The company plans to focus on organic growth in 2025, drilling 20 wells in the Western Haynesville and 26-29 in the legacy Haynesville, with a goal of improving leverage and delevering the balance sheet.

**【CFO Financial Commentary】**
- Q4 2024 EBITDAX was $252 million, with full-year EBITDAX of $850 million. Adjusted net loss for the year was $69 million, reflecting the impact of low natural gas prices and higher DD&A expenses.
- The company successfully raised $500 million through equity and debt issuances, enhancing liquidity to $1.1 billion. The 2025 capital budget is set at $1.3-1.5 billion, with 40% allocated to the Western Haynesville.
- Hedge positions for 2025 and 2026 provide downside protection with 50% of production hedged at $3.48/Mcf and $3.50/Mcf, respectively.

**【COO Operational Update】**
- Drilling efficiency improved significantly in both legacy and Western Haynesville areas. In the Western Haynesville, average lateral length increased to 10,032 feet, with drilling costs reduced to $1,396/foot and completion costs to $1,315/foot in Q4 2024.
- The company achieved 78% average working interest across its drilling inventory, with a focus on 2-well pads to reduce costs and optimize acreage utilization.
- Midstream expansion with Quantum Capital Solutions is progressing, with a new 400 MMcf/d treating plant under construction to support growing production in the Western Haynesville.

**【Q&A Highlights】**
- **Western Haynesville Development**: Plans to drill 20 wells in 2025, with D&C costs expected to continue declining. The play's proximity to Gulf Coast LNG facilities positions Comstock to benefit from long-term demand growth.
- **Cost Compression**: Drilling and completion cost reductions reflect operational improvements and economies of scale. The legacy Haynesville remains a low-cost production hub with 895 net wells.
- **Leverage Reduction**: Targeting 1.5x leverage by 2026 through cash flow generation and debt repayment. The midstream JV with Quantum is expected to become self-funding by 2026.
- **Market Outlook**: Positive on natural gas demand driven by LNG exports and industrial growth. The company is exploring direct contracts with industrial users to stabilize pricing and reduce market volatility.

Actual											0.12	0.01	-0.06	0.14	0.25	0.22	0.34	0.37	0.51	1	1.18	1.05	0.33	-0.001	0.04	0.1	-0.03	-0.2	-0.17	0.16	0.18	0.13	0.09	0.16
Forecast											0.0717	-0.0015	-0.0018	0.091	0.1445	0.1732	0.3456	0.4041	0.507	0.9482	1.1697	0.8493	0.349	0.0517	0.053	0.1172	-0.0584	-0.1632	-0.1611	0.0203	0.1566	0.0892	0.0516	0.1185
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+67.36%	+766.67%	-3233.33%	+53.85%	+73.01%	+27.02%	-1.62%	-8.44%	+0.59%	+5.46%	+0.88%	+23.63%	-5.44%	-101.93%	-24.53%	-14.68%	+48.63%	-22.55%	-5.52%	+688.18%	+14.94%	+45.74%	+74.42%	+35.02%

CRK

CRK fundamentals

CRK Q4 2025 Earnings

Earnings Call

You can ask Aime

CRK

CRK fundamentals

CRK Q4 2025 Earnings

Earnings Call

CRK Earnings Call Summary for Q4/202511:00 AM on Feb 12, 2026

CRK Earnings Call Summary for Q3/202511:00 AM on Nov 4, 2025

CRK Earnings Call Summary for Q2/202511:00 AM on Jul 31, 2025

CRK Earnings Call Summary for Q1/202511:00 AM on May 1, 2025

CRK Earnings Call Summary for Q4/202411:00 AM on Feb 19, 2025

You can ask Aime