# COMSTOCK RESOURCES INC (CRK) Informational only - not investment advice. CIK: 0000023194 SIC: 1311 Crude Petroleum & Natural Gas SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 13](/major-group/13/) > [SIC 1311 Crude Petroleum & Natural Gas](/industry/1311/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=23194 Filing source: https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001193125-26-059001 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023194.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,220,289,000 USD | 2025 | verified | | Net income | 395,611,000 USD | 2025 | verified | | Assets | 7,007,062,000 USD | 2025 | verified | | Free cash flow | -449,673,000 USD | 2025 | computed | | Net margin | 17.82% | 2025 | computed | | Operating margin | 29.09% | 2025 | computed | | Revenue YoY | +76.99% | 2025 | computed | | ROE | 14.95% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CRK | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 17.8% | 11.9% | 66 | 42 | | Operating margin | 29.1% | 11.9% | 74 | 36 | | Revenue growth | 77.0% | 12.2% | 93 | 42 | | FCF margin | -20.3% | 15.0% | 0 | 18 | | ROE | 14.9% | 8.9% | 76 | 43 | | ROA | 5.6% | 4.9% | 63 | 44 | | Liabilities / equity | 1.53 | 0.90 | 83 | 43 | | Current ratio | 0.49 | 0.86 | 9 | 44 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1311 Crude Petroleum & Natural Gas, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2220289000 | USD | 2025 | 2026-02-19 | | Net income | 395611000 | USD | 2025 | 2026-02-19 | | Assets | 7007062000 | USD | 2025 | 2026-02-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023194.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 255,331,000 | 153,498,000 | 768,689,000 | 858,195,000 | 1,850,730,000 | 3,628,397,000 | 1,565,234,000 | 1,254,455,000 | 2,220,289,000 | | Net income | | | | -1,047,109,000 | -135,134,000 | -111,405,000 | | 96,889,000 | -52,417,000 | -259,225,000 | 1,124,868,000 | 211,117,000 | -229,651,000 | 395,611,000 | | Operating income | | | | -1,165,654,000 | -183,790,000 | -183,000 | | 274,886,000 | 163,032,000 | 900,774,000 | 2,281,481,000 | 226,597,000 | -168,615,000 | 645,852,000 | | Diluted EPS | -2.16 | 0.85 | -1.24 | | | | | 0.52 | -0.39 | -1.12 | 4.11 | 0.76 | -0.76 | 1.43 | | Operating cash flow | | | 400,984,000 | 30,086,000 | | 174,614,000 | | 451,237,000 | 575,701,000 | 860,940,000 | 1,698,388,000 | 1,016,846,000 | 620,337,000 | 899,607,000 | | Capital expenditures | | | | 264,210,000 | 57,424,000 | 180,481,000 | | 486,781,000 | 509,690,000 | 691,005,000 | 1,067,800,000 | 1,425,086,000 | 1,097,478,000 | 1,349,280,000 | | Dividends paid | | | | | | | | | 0.00 | 0.00 | 34,688,000 | 138,985,000 | 0.00 | 0.00 | | Assets | | | | | 889,874,000 | 930,419,000 | 2,187,840,000 | 4,657,122,000 | 4,623,983,000 | 4,668,229,000 | 5,694,255,000 | 6,253,623,000 | 6,382,097,000 | 7,007,062,000 | | Liabilities | | | | | 1,161,143,000 | 1,299,691,000 | 1,618,269,000 | 3,134,517,000 | 3,182,210,000 | 3,480,450,000 | 3,415,941,000 | 3,870,432,000 | 4,048,553,000 | 4,044,159,000 | | Stockholders' equity | | | | | -271,269,000 | -369,272,000 | 569,571,000 | 1,143,022,000 | 1,266,773,000 | 1,012,779,000 | 2,278,314,000 | 2,358,414,000 | 2,241,023,000 | 2,646,810,000 | | Cash and cash equivalents | | | | | 65,904,000 | 61,255,000 | 23,193,000 | 18,532,000 | 30,272,000 | 30,663,000 | 54,652,000 | 16,669,000 | 6,799,000 | 23,930,000 | | Free cash flow | | | | -234,124,000 | | -5,867,000 | | -35,544,000 | 66,011,000 | 169,935,000 | 630,588,000 | -408,240,000 | -477,141,000 | -449,673,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | -43.63% | | 12.60% | -6.11% | -14.01% | 31.00% | 13.49% | -18.31% | 17.82% | | Operating margin | | | | | | -0.07% | | 35.76% | 19.00% | 48.67% | 62.88% | 14.48% | -13.44% | 29.09% | | Return on equity | | | | | | | | 8.48% | -4.14% | -25.60% | 49.37% | 8.95% | -10.25% | 14.95% | | Return on assets | | | | | -15.19% | -11.97% | | 2.08% | -1.13% | -5.55% | 19.75% | 3.38% | -3.60% | 5.65% | | Liabilities / equity | | | | | | | 2.84 | 2.74 | 2.51 | 3.44 | 1.50 | 1.64 | 1.81 | 1.53 | | Current ratio | | | | | 0.98 | 1.80 | 0.77 | 0.74 | 0.45 | 0.50 | 0.85 | 0.68 | 0.46 | 0.49 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CRK/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023194.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.28 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.49 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.17 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -45,706,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 376,737,000 | | 0.05 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 410,583,000 | 107,600,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 335,772,000 | -16,321,000 | -0.05 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 246,830,000 | -126,310,000 | -0.43 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 304,472,000 | -28,891,000 | -0.09 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 367,381,000 | -58,129,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 512,854,000 | -121,278,000 | -0.40 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 470,262,000 | 124,842,000 | 0.44 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 449,852,000 | 111,128,000 | 0.40 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 787,321,000 | 280,919,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 587,354,000 | 107,450,000 | 0.38 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 353,282,000 | 8,766,000 | 0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CRK's latest 10-K: [/company/CRK/business/](/company/CRK/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CRK's latest 10-K: [/company/CRK/risk-factors/](/company/CRK/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/23194/000119312526326260/crk-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This report contains forward-looking statements that involve risks, uncertainties and assumptions that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including those described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"). All statements other than statements of historic facts contained, or incorporated by reference, in this report, may be forward-looking statements. Actual results may differ materially from those anticipated in our forward-looking statements due to many factors. Such forward-looking statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although we believe the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. You are cautioned not to place undue reliance on the forward-looking statements included in this report, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this report and in our Annual Report as well as with the Risk Factors contained in our Annual Report. Results of Operations [[GREPCENT_TABLE]] [["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["","","(In thousands, except per unit amounts)"],["Net Production Data:"],["Natural gas (MMcf)","","","113,069","","","","112,164","","","","210,924","","","","227,193"],["Oil (MBbls)","","","5","","","","13","","","","16","","","","23"],["Natural gas equivalent (MMcfe)","","","113,102","","","","112,238","","","","211,021","","","","227,329"],["Revenues:"],["Natural gas sales","","$","287,745","","","$","339,225","","","$","706,020","","","$","751,511"],["Oil sales","","","476","","","","741","","","","1,234","","","","1,443"],["Total natural gas and oil sales","","$","288,221","","","$","339,966","","","$","707,254","","","$","752,954"],["Expenses:"],["Production and ad valorem taxes","","$","7,196","","","$","10,555","","","$","17,621","","","$","21,734"],["Gathering and transportation","","$","43,331","","","$","41,759","","","$","85,135","","","$","84,376"],["Lease operating","","$","28,150","","","$","31,109","","","$","56,431","","","$","66,109"],["Exploration","","$","4,427","","","$","\u2014","","","$","13,770","","","$","2,150"],["Average Sales Price:"],["Natural gas (per Mcf)","","$","2.54","","","$","3.02","","","$","3.35","","","$","3.31"],["Oil (per Bbl)","","$","95.20","","","$","57.00","","","$","77.13","","","$","62.74"],["Average equivalent (Mcfe)","","$","2.55","","","$","3.03","","","$","3.35","","","$","3.31"],["Expenses ($ per Mcfe):"],["Production and ad valorem taxes","","$","0.06","","","$","0.09","","","$","0.09","","","$","0.10"],["Gathering and transportation","","$","0.38","","","$","0.37","","","$","0.40","","","$","0.37"],["Lease operating","","$","0.25","","","$","0.28","","","$","0.27","","","$","0.29"],["Gas Services:"],["Gas services revenue","","$","63,481","","","$","130,296","","","$","229,982","","","$","230,162"],["Gas services expense","","$","63,014","","","$","126,714","","","$","225,870","","","$","243,483"]] [[/GREPCENT_TABLE]] Revenues – Natural gas and oil sales of $288.2 million for the three months ended June 30, 2026 decreased by $51.7 million (15%) as compared to $340.0 million for the second quarter of 2025. The decrease was due to lower natural gas prices realized in the second quarter of 2026 as compared to the same period in 2025. The average realized price for our natural gas was $2.54 per thousand cubic feet ("Mcf"), which decreased 16% from the average realized natural gas price in the second quarter of 2025. Our natural gas production for the second quarter of 2026 increased 1% to 113.1 billion cubic feet ("Bcf") (1.2 Bcf per day). Natural gas production for the second quarter of 2025 was 112.2 Bcf (1.2 Bcf per day) and was sold at an average price of $3.02 per Mcf. 20 COMSTOCK RESOURCES, INC. Natural gas and oil sales of $707.3 million for the six months ended June 30, 2026 decreased by $45.7 million (6%) as compared to $753.0 million for the six months ended June 30, 2025, which was primarily attributable to lower natural gas production, which decreased 7% to 210.9 Bcf (1.2 Bcf per day) during the first six months of 2026. Natural gas prices increased by 1% during the first six months of 2026 as compared to 2025 natural gas prices. Our natural gas production for the first six months of 2025 was 227.2 Bcf (1.3 Bcf per day) and was sold at an average price of $3.31 per Mcf. We utilize natural gas price derivative financial instruments to manage our exposure to changes in prices of natural gas and to protect returns on investment from our drilling activities. The following table presents our natural gas prices before and after the effect of cash settlements of our derivative financial instruments: [[GREPCENT_TABLE]] [["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Average Realized Natural Gas Price:"],["Natural gas, per Mcf","","$","2.54","","","$","3.02","","","$","3.35","","","$","3.31"],["Cash settlements on derivative financial instruments, per Mcf","","","0.39","","","","0.04","","","","(0.18",")","","","(0.02",")"],["Price per Mcf, including cash settlements on derivative financial instruments","","$","2.93","","","$","3.06","","","$","3.17","","","$","3.29"]] [[/GREPCENT_TABLE]] Gas service revenues of $63.5 million decreased $66.8 million (51%) for the second quarter of 2026 from $130.3 million in the second quarter of 2025. Gas service revenues of $230.0 million decreased $0.2 million for the first six months of 2025 from $230.2 million for the first six months of 2025. The decreases were primarily due to lower natural gas prices related to sales of natural gas purchased to utilize our excess transport capacity. Costs and Expenses – Our production and ad valorem taxes decreased $3.4 million (32%) to $7.2 million for the second quarter of 2026 from $10.6 million in the second quarter of 2025. Production and ad valorem taxes decreased $4.1 million (19%) to $17.6 million during the first six months of 2026 from $21.7 million during the first six months of 2025. The decreases were due primarily to the sale of producing properties in the prior periods and changes in natural gas prices. Gathering and transportation costs for the second quarter of 2026 increased $1.6 million (4%) to $43.3 million as compared to $41.8 million in the second quarter of 2025. Gathering and transportation costs during the first six months of 2026 increased $0.8 million (1%) to $85.1 million as compared to the first six months of 2025. The increases in both periods were due primarily to production growth in areas with higher average gathering and transportation rates. Our lease operating expense of $28.2 million ($0.25 per Mcfe) for the second quarter of 2026 decreased $3.0 million (10%) as compared to our lease operating expense of $31.1 million ($0.28 per Mcfe) for the second quarter of 2025. Lease operating expense of $56.4 million ($0.27 per Mcfe) during the first six months of 2026 decreased $9.7 million (15%) from lease operating expense of $66.1 million ($0.29 per Mcfe) during the first six months of 2025. The decreases were due primarily to the sale of producing properties in the prior periods. Gas service expenses of $63.0 million decreased $63.7 million (50%) for the second quarter of 2026 from $126.7 million in the second quarter of 2025. Gas service expenses of $225.9 million decreased $17.6 million (7%) for the first six months of 2026 from $243.5 million for the first six months of 2025. The decreases were primarily due to lower natural gas prices and volumes related to purchases of third party natural gas for resale. Depreciation, depletion and amortization ("DD&A") increased $9.1 million to $167.4 million in the second quarter of 2026 from $158.4 million in the second quarter of 2025. Our DD&A per equivalent Mcf produced was $1.48 per Mcfe for the quarter ended June 30, 2026 as compared to $1.41 per Mcfe for the quarter ended June 30, 2025. The increase was due primarily to higher finding and development costs in 2026. DD&A decreased $17.3 million to $309.0 million for the first six months of 2026 from $326.3 million during the first six months of 2025. Our DD&A per equivalent Mcf produced was $1.46 per Mcfe for the six months ended June 30, 2026, which was comparable to $1.44 per Mcfe for the six months ended June 30, 2025. 21 COMSTOCK RESOURCES, INC. General and administrative expenses, which are reported net of overhead reimbursements, increased to $17.2 million for the second quarter of 2026 as compared to $12.3 million in the second quarter of 2025. General and administrative expenses increased to $35.4 million for the six months ended June 30, 2026 as compared to $23.4 million for the six months ended June 30, 2025. The increases in both periods were primarily due to higher stock-based compensation, which increased to $8.4 million in the second quarter of 2026 as compared to $5.5 million in the second quarter of 2025, and a reduction in overhead reimbursements resulting from the property divestitures completed in 2025. For the six months ended June 30, 2026, stock-based compensation increased to $15.8 million as compared to $10.0 million for the same period in 2025. We use derivative financial instruments as part of our price risk management program to protect our capital investments. During the quarter ended June 30, 2026, we had net gains related to our derivative financial instruments of $44.4 million, as compared to net gains on derivative financial instruments of $235.8 million during the quarter ended June 30, 2025, resulting from the decrease in future natural gas prices since June 30, 2025. Realized net gains from our price risk management program were $43.3 million for the quarter ended June 30, 2026 as compared to realized net gains of $4.3 million for the quarter ended June 30, 2025. Net gains on derivative financial instruments were $46.8 million for the first six months of 2026 as compared to net losses of $94.5 million for the first six months of 2025, resulting from a decrease in future natural gas prices since December 31, 2025. Realized net losses from our price risk management program were $37.1 million for the first six months of 2026 as compared to realized net losses of $3.7 million for the first six months of 2025. Interest expense was $55.0 million and $55.2 million for the quarters ended June 30, 2026 and 2025, respectively, and $108.1 million and $110.0 million for six months ended June 30, 2026 and 2025, respectively. The decrease in interest expense was due primarily to decreased borrowings on our bank credit facility. Exploration expense was $4.4 million for the second quarter of 2026, and exploration expense was $13.8 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively, which were related to the acquisition of seismic data in our Western Haynesville area. Income taxes for the quarters ended June 30, 2026 and 2025 were a benefit of $2.8 million and a provision of $141.5 million, respectively. Income taxes for the six months ended June 30, 2026 and 2 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm Complete FY 2025 MD&A: /company/CRK/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-19 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our selected historical consolidated financial data and our accompanying consolidated financial statements and the notes to those financial statements included elsewhere in this report. The following discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." Overview We are an independent energy company engaged in the acquisition, exploration, development and production of natural gas and oil in the United States. Our assets are concentrated in the Haynesville and Bossier shale located in North Louisiana and East Texas, a premier natural gas basin with superior economics due to the geographic proximity to Gulf Coast natural gas markets. We own interests in 1,724 producing natural gas and oil wells (959.7 net to us) and we operate 1,074 of these wells. We use the successful efforts method of accounting, which allows only for the capitalization of costs associated with developing proven natural gas and oil properties as well as exploration costs associated with successful exploration activities. Accordingly, our exploration costs consist of costs we incur to acquire seismic data used for exploration, impairments of our unevaluated leasehold where we were not successful in discovering reserves and the costs of unsuccessful exploratory wells that we drill. We generally sell our natural gas and oil at current market prices at the point where our wells connect to third party purchaser pipelines or terminals. We have entered into certain transportation and treating agreements with midstream and pipeline companies to transport a substantial portion of our natural gas production to long-haul gas pipelines. We market our products in several different ways depending upon a number of factors, including the availability of purchasers for the product, the availability and cost of pipelines near our wells, market prices, pipeline constraints and operational flexibility. Accordingly, our revenues are heavily dependent upon the prices of and demand for natural gas. Natural gas prices have historically been volatile and are likely to remain volatile in the future. Our operating costs are generally comprised of several components, including costs of our field personnel, insurance, repair and maintenance costs, production supplies, fuel used in operations, transportation costs, workover expenses and state production and ad valorem taxes. Like all natural gas and oil exploration and production companies, we face the challenge of replacing our reserves. Although in the past we have offset the effect of declining production rates from existing properties through successful acquisition and drilling efforts, there can be no assurance that we will be able to continue to offset production declines or maintain production at current rates through future acquisitions or drilling activity. Our operations and facilities are subject to extensive federal, state and local laws and regulations relating to the exploration for, and the development, production and transportation of, natural gas and oil, and operating safety. Future laws or regulations, any adverse changes in the interpretation of existing laws and regulations or our failure to comply with existing legal requirements may have an adverse effect on our business, results of operations and financial condition. Applicable environmental regulations require us to remove our equipment after production has ceased, to plug and abandon our wells and to remediate any environmental damage our operations may have caused. The present value of the estimated future costs to plug and abandon our natural gas and oil wells and to dismantle and remove our production facilities is included in our reserve for future abandonment costs, which was $20.8 million as of December 31, 2025. Prices for natural gas and oil have been highly volatile in recent years but we expect our natural gas production to increase in 2026, assuming we maintain a sufficient development program to offset expected production declines from our producing wells. The level of our drilling activity is dependent on natural gas prices. If we are unable to offset production declines with the new wells we plan to drill in 2026 and future periods, our production volumes and cash flows from our operating activities may not be sufficient to fund our capital expenditures, and thus, we may need to either curtail drilling activity or seek additional borrowings, which would result in an increase in our interest expense in 2026 and future periods. We recognized $29.1 million of impairments to our non-operated Eagle Ford shale unproved and proved properties in 2025 to adjust the carrying value of our Eagle Ford shale assets to their estimated fair value. We may need to recognize further impairments of our natural gas and oil properties if natural gas and oil prices decline, and as a result, the expected future cash flows from these properties become insufficient to recover their carrying value. 33 COMSTOCK RESOURCES, INC. Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Our operating data for the year ended December 31, 2025 and 2024 are summarized below: [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","","2024"],["","","(In thousands except per unit amounts)"],["Net Production Data:"],["Natural gas (MMcf)","","","450,202","","","","527,548"],["Oil (MBbls)","","","37","","","","50"],["Natural gas equivalent (MMcfe)","","","450,423","","","","527,847"],["Revenues:"],["Natural gas sales","","$","1,425,857","","","$","1,043,886"],["Oil sales","","","2,292","","","","3,597"],["Total natural gas and oil sales","","$","1,428,149","","","$","1,047,483"],["Expenses:"],["Production and ad valorem taxes","","$","40,453","","","$","57,437"],["Gathering and transportation","","$","166,108","","","$","194,890"],["Lease operating","","$","122,662","","","$","130,504"],["Exploration","","$","10,071","","","$","\u2014"],["Average Sales Price:"],["Natural gas (per Mcf)","","$","3.17","","","$","1.98"],["Oil (per Bbl)","","$","61.95","","","$","71.94"],["Average equivalent (Mcfe)","","$","3.17","","","$","1.98"],["Expenses ($ per Mcfe):"],["Production and ad valorem taxes","","$","0.09","","","$","0.11"],["Gathering and transportation","","$","0.37","","","$","0.37"],["Lease operating","","$","0.27","","","$","0.25"],["Gas Services:"],["Gas services revenue","","$","500,202","","","$","206,097"],["Gas services expense","","$","516,224","","","$","205,407"]] [[/GREPCENT_TABLE]] Natural gas and oil sales. Natural gas and oil sales of $1.4 billion in 2025 increased by $0.4 billion, or 36%, as compared to $1.0 billion in 2024. The increase was primarily due to higher prices received for our natural gas production. Our 2025 natural gas production decreased 15% to 450.2 Bcf (1.2 Bcf per day), which was sold at an average price of $3.17 per Mcf as compared to 527.5 Bcf (1.4 Bcf per day) sold at an average price of $1.98 in 2024. We utilize natural gas derivative financial instruments to manage our exposure to changes in prices of natural gas to protect returns on investment from our drilling activities. The following table presents our natural gas prices before and after the effect of cash settlements of our derivative financial instruments: [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","","2024"],["Average Realized Natural Gas Price:"],["Natural gas, per Mcf","","$","3.17","","","$","1.98"],["Cash settlements on derivative financial instruments, per Mcf","","","0.04","","","","0.39"],["Price per Mcf, including cash settlements on derivative financial instruments","","$","3.21","","","$","2.37"]] [[/GREPCENT_TABLE]] Gas services revenues. Gas services revenues of $500.2 million in 2025 increased $294.1 million (143%) from $206.1 million in 2024. Gas services activities include sales of natural gas purchased from unaffiliated third parties for resale and fees received from unaffiliated third parties for natural gas gathering and treating services. Gas services revenues increased in 2025 due primarily to higher natural gas prices on sales of natural gas purchased to utilize our excess transport capacity. Gain on sale of assets. We reported a gain on sale of assets of $291.9 million in 2025, which was primarily related to the divestiture of our Shelby Trough properties in East Texas for net proceeds of $417.2 million. We also sold our interest in 34 COMSTOCK RESOURCES, INC. our Cotton Valley properties in East Texas and North Louisiana for net proceeds of $15.2 million. In 2024, we sold our interest in certain non-operated properties and realized a gain of $0.9 million. Production and ad valorem taxes. Our production and ad valorem taxes decreased $17.0 million (30%) to $40.5 million in 2025 from $57.4 million in 2024. This decrease was primarily related to a decrease in Louisiana production tax and ad valorem tax rates and lower natural gas production volumes in 2025. Gathering and transportation. Gathering and transportation costs decreased $28.8 million (15%) to $166.1 million in 2025 as compared to $194.9 million in 2024. This decrease was due primarily to lower production volumes in 2025. Lease operating expenses. Our lease operating expense of $122.7 million ($0.27 per Mcfe) in 2025 was $7.8 million, or 6% lower than lease operating expenses in 2024 of $130.5 million ($0.25 per Mcfe). The decrease in lease operating expense was due to lower production volumes as compared to 2024. Gas services expenses. Gas services expenses of $516.2 million in 2025 were $310.8 million (151%) higher than gas services expenses in 2024 of $205.4 million. The increase was due primarily to higher natural gas prices for purchases of third-party natural gas for resale. Depreciation, depletion and amortization expense ("DD&A"). DD&A expense decreased $154.2 million (19%) to $641.2 million in 2025 from $795.4 million in 2024. Our DD&A expense per equivalent Mcf produced was $1.42 per Mcfe in 2025 as compared to $1.51 per Mcfe in 2024. The decrease in DD&A rate was primarily due to the increase in estimated proved undeveloped reserves used in determining the DD&A rate, which resulted from the higher natural gas price used in the estimation of proved reserves at December 31, 2025. General and administrative expenses. General and administrative expenses, which are reported net of overhead reimbursements, increased to $48.7 million in 2025 from $39.4 million in 2024 due primarily to higher personnel costs including stock-based compensation. Stock-based compensation included in general and administrative expenses was $21.2 million and $15.3 million in 2025 and 2024, respectively. Impairment of oil and gas properties. We recorded an impairment to our Eagle Ford shale proved and unproved natural gas and oil properties of $29.1 million in 2025. This charge primarily resulted from diminished activity on our leasehold acreage in the area by operators, low oil prices and our capital allocation strategy, which prioritizes higher-return projects in the Haynesville and Bossier shales. Derivative financial instruments. We use derivative financial instruments as part of our price risk management program to protect the cash flow we generate from our operating activities. We had net gains on derivative financial instruments of $82.5 million for 2025 as compared to $10.2 million for 2024. Realized net gains from our natural ga [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CRK/mda/fy2025/ All MD&A years: /company/CRK/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CRK/mda/fy2024/): filed 2025-02-21; accession 0000950170-25-024783 (https://www.sec.gov/Archives/edgar/data/23194/000095017025024783/crk-20241231.htm) - [FY 2023 MD&A](/company/CRK/mda/fy2023/): filed 2024-02-16; accession 0000950170-24-016532 (https://www.sec.gov/Archives/edgar/data/23194/000095017024016532/crk-20231231.htm) - [FY 2022 MD&A](/company/CRK/mda/fy2022/): filed 2023-02-17; accession 0000023194-23-000009 (https://www.sec.gov/Archives/edgar/data/23194/000002319423000009/crk-20221231.htm) - [FY 2021 MD&A](/company/CRK/mda/fy2021/): filed 2022-02-17; accession 0000023194-22-000011 (https://www.sec.gov/Archives/edgar/data/23194/000002319422000011/crk-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1311 Crude Petroleum & Natural Gas) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CRK.md · JSON record: /company/CRK.json · verified financials: /company/CRK/financials.json / /company/CRK/financials.csv · machine TOC for the whole site: /llms.txt