CRK · Comstock Resources, Inc.

Comstock Resources delivered Q1 2026 results with GAAP net income of $112.5 million ($0.38 per diluted share), boosted by an $82.8 million pre-tax unrealized gain on hedging contracts from rising future natural gas prices. Excluding this non-cash item, exploration expense, and asset sale gain, adjusted net income was $44.5 million ($0.15 per share), reflecting core operational performance amid hedging impacts. Natural gas sales reached $418.3 million on 97,855 MMcf production at $4.27/Mcf, but realized hedging losses of $80.4 million reduced total sales to $338.6 million. Production costs held steady at $0.93/Mcfe, supporting a robust unhedged operating margin of 78% (73% hedged), driven by efficient lease operating ($0.29/Mcfe) and gathering costs ($0.43/Mcfe). Operationally, the company turned 16 operated Haynesville/Bossier wells to sales since February, averaging 30 MMcf/day initial rates over 11,773-foot laterals, including strong Western Haynesville performers up to 35 MMcf/day. Adjusted EBITDAX of $251 million and operating cash flow of $191.9 million (pre-working capital) funded $343 million in exploration/development capex, resulting in a $206 million free cash deficit. Balance sheet shows total debt at $2.95 billion against $6.49 billion in net property and equipment, with cash at $14.8 million. No forward guidance provided; conference call scheduled for May 6, 2026.