olivLaw · US equity research
Comstock Resources, Inc. CRK
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Comstock Resources is an independent natural gas producer focused on the Haynesville shale in North Louisiana and East Texas, close to Gulf Coast export markets. The company is currently pursuing production growth in Western Haynesville, and gas prices and its developing data center contracts shape its outlook.
At the close of 04 Nov 2026, Comstock Resources, Inc. (CRK) stock was 13.38 USD (−3.32% on the day), with market capitalisation 3.9 bn USD, P/E 7.6 on diluted EPS of 1.76 USD over the last 12 months, dividend yield 0.00%, beta 0.69, 52-week range 12.32–27.37 USD. Latest reported quarter (Q2 2026): revenue of 353.3 m USD (−24.9% YoY), net income of 8.8 m USD (−93.0% YoY), diluted EPS 0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 13.21 – 14.93
- in the lower half of the band · %B 0.10 · band width 12.2%
- SMA 50 / 200
- 13.98 / 16.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | −1.1% | +3.5 pp | — |
| 3 months | +3.2% | −0.5% | +3.7 pp | — |
| 6 months | −10.7% | +4.4% | −15.1 pp | — |
| Year to date | −42.3% | +12.3% | −54.6 pp | — |
| 1 year | −33.3% | +13.5% | −46.8 pp | +18.8% |
| 3 years | +0.5% | +76.4% | −75.9 pp | +12.4% |
| 5 years | +38.2% | +63.7% | −25.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 304.5 m | 367.4 m | 512.9 m | 470.3 m | 449.9 m | 787.3 m | 587.4 m | 353.3 m |
| Operating income | -61.3 m | -1.9 m | 126.2 m | 89.4 m | 50.2 m | 380.0 m | 174.9 m | 22.6 m |
| Depreciation & amortisation | 208.4 m | 202.1 m | 167.9 m | 158.4 m | 157.4 m | 157.5 m | 141.5 m | 167.4 m |
| Interest expense | 54.5 m | 54.6 m | 54.8 m | 55.2 m | 56.7 m | 56.1 m | 53.1 m | 55.0 m |
| Pre-tax income | -40.4 m | -135.3 m | -258.7 m | 272.2 m | 136.7 m | 358.5 m | 124.5 m | 12.2 m |
| Income tax | -14.7 m | -80.0 m | -143.3 m | 141.5 m | 18.6 m | 71.7 m | 12.0 m | -2.8 m |
| Net income | -28.9 m | -58.1 m | -121.3 m | 124.8 m | 111.1 m | 280.9 m | 107.5 m | 8.8 m |
| Diluted EPS | -0.09 | -0.20 ≈ | -0.40 | 0.44 | 0.40 | 0.95 ≈ | 0.38 | 0.03 |
| Operating cash flow | 98.2 m ≈ | 267.1 m | 174.7 m | 347.6 m ≈ | 153.1 m ≈ | 224.2 m | 272.0 m | 170.2 m ≈ |
| Capex | 229.3 m ≈ | 280.0 m | 298.0 m | 344.3 m ≈ | 341.5 m ≈ | 365.5 m | 415.8 m | 431.9 m ≈ |
| Dividends paid | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 15-quarter history (min 2.2, median 10.2, max 109.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 255.3 m | 768.7 m | 858.2 m | 1.9 bn | 3.6 bn | 1.6 bn | 1.3 bn | 2.2 bn |
| Revenue YoY | unavailable | unavailable | +11.6% | +115.7% | — | −56.9% | −19.9% | +77.0% |
| Net income | -111.4 m | 96.9 m | -52.4 m | -259.2 m | 1.1 bn | 211.1 m | -229.7 m | 395.6 m |
| Net income YoY | unavailable | unavailable | −154.1% | unavailable | — | −81.2% | −208.8% | unavailable |
| Diluted EPS | unavailable | 0.52 | -0.39 | -1.12 | 4.11 | 0.76 | -0.76 | 1.43 |
| Diluted EPS YoY | unavailable | unavailable | −175.0% | unavailable | — | −81.5% | −200.0% | unavailable |
| net % | -43.6% | 12.6% | -6.1% | -14.0% | 31.0% | 13.5% | -18.3% | 17.8% |
| Free cash flow | -5.9 m | -35.5 m | 66.0 m | 169.9 m | 630.6 m | -408.2 m | -477.1 m | -449.7 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.9 m USD
- Financial debt
- 2.8 bn USD
- Net debt
- 2.8 bn USD
- Equity
- 3.0 bn USD
- Total assets
- 7.0 bn USD
- Debt / equity
- 0.95x
- Current ratio
- 0.49x
- ROE
- 14.9%
- ROA
- 5.9%
- FCF margin
- -20.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 858.2 m | 1.9 bn | 3.6 bn | 1.6 bn | 1.3 bn | 2.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 163.0 m | 900.8 m | 2.3 bn | 226.6 m | -168.6 m | 645.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 417.1 m | 469.4 m | 489.5 m | 607.9 m | 795.4 m | 641.2 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 580.1 m ≈ | 1.4 bn ≈ | 2.8 bn ≈ | 834.5 m ≈ | 626.8 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 234.8 m | 218.5 m | 171.1 m | 169.0 m | 210.6 m | 222.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -61.6 m | -230.3 m | 1.4 bn | 247.0 m | -367.8 m | 508.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | -9.2 m | 11.4 m | 261.1 m | 35.1 m | -149.1 m | 88.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -52.4 m | -259.2 m | 1.1 bn | 211.1 m | -229.7 m | 395.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -0.39 | -1.12 | 4.11 | 0.76 | -0.76 | 1.43 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 215.2 m | 231.6 m | 277.5 m | 276.8 m | 287.0 m | 294.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.13 | 0.50 | 0.00 | 0.00 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 30.3 m | 30.7 m | 54.7 m | 16.7 m | 6.8 m | 23.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 125.0 m | 217.1 m | 415.1 m | 166.6 m | 145.4 m | 203.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 199.8 m | 318.7 m | 645.0 m | 461.5 m | 284.0 m | 360.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 4.1 bn | 4.0 bn | 4.6 bn | 5.4 bn | 5.7 bn | 6.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 335.9 m | 335.9 m | 335.9 m | 335.9 m | 335.9 m | 335.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 4.6 bn | 4.7 bn | 5.7 bn | 6.3 bn | 6.4 bn | 7.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 259.3 m | 314.6 m | 530.2 m | 523.3 m | 421.8 m | 501.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 2.5 bn | 2.6 bn | 2.2 bn | 2.6 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 441.6 m | 634.0 m | 756.1 m | 681.5 m | 612.9 m | 729.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 3.2 bn | 3.5 bn | 3.4 bn | 3.9 bn | 4.0 bn | 4.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.3 bn | 1.0 bn | 2.3 bn | 2.4 bn | 2.3 bn | 3.0 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 575.7 m | 860.9 m | 1.7 bn | 1.0 bn | 620.3 m | 899.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 509.7 m | 691.0 m | 1.1 bn | 1.4 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 66.0 m ≈ | 169.9 m ≈ | 630.6 m ≈ | -408.2 m ≈ | -477.1 m ≈ | -449.7 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -511.2 m | -552.8 m | -1.1 bn | -1.4 bn | -1.1 bn | -915.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -52.8 m | -307.8 m | -576.7 m | 363.0 m | 454.1 m | 32.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 0 | 0 | 34.7 m | 139.0 m | 0 | 0 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation43
- Balance sheet9
- Quality43
- Growth0
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.99 – 21.52 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA3.99 – 13.92 (Mid 9.69)13 companies used · median multiple 4.7x · quartiles 3.4x – 5.7xAPA, AR, DEC, EOG, EQT, EXE, FANG, MTDR, MUR, OVV, PARR, REPX, WTI
- Peers: P/E14.90 – 21.52 (Mid 17.53)18 companies used · median multiple 9.9x · quartiles 8.4x – 12.2xANNA, APA, AR, CKX, DEC, DVN, EOG, EQT, EXE, MTDR, MUR, OVV, OXY, PARR, PR, REPX, SM, TTE
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.1% | 45 (vs peers) | 11% |
| Net margin · Quality | 23.3% | 84 (vs peers) | 7% |
| FCF conversion · Quality | -144.7% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -15.1% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -29.7% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.4x | 6 (vs peers) | 11% |
| Interest coverage · Balance sheet | 2.8x | 21 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 7.6x | 81 (vs peers) | 11% |
| EV/EBITDA · Valuation | 5.6x | 40 (vs peers) | 11% |
| FCF yield · Valuation | -18.7% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality43/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation43/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COMSTOCK RESOURCES, INC. (CRK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.2 bn USD in 2025; YoY growth 77.0%; net margin 23.3%; ROE 21.1%; net debt/EBITDA 2.4x.
The estimated value range is 9.45–17.72 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 13.61 USD, the price of 13.38 USD leaves a potential of 1.7% (value / price − 1) and a margin of safety of 1.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 23.3%
- P/E (TTM): 7.6x
What contradicts it
- FCF conversion: -144.7%
- Revenue CAGR 3Y: -15.1%
- EPS CAGR 3Y: -29.7%
- Net debt / EBITDA: 2.4x
- Interest coverage: 2.8x
- Current ratio: 0.5x
- FCF yield: -18.7%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| PBRPetrobras - Petroleo Brasileiro SA | 145.9 bn | 33.8 | 10.9% | 8.2% | −10.7% | +56% / +28% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| SMSm Energy Co | 7.3 bn | 7.5 | 15.0% | 13.7% | +17.2% | +63% / −17% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| MURMurphy Oil Corporation | 5.2 bn | 11.2 | 8.9% | 15.0% | −10.2% | +12% / −16% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −33% / +1% |
| PARRPar Pacific Holdings, Inc. | 3.5 bn | 3.6 | 50.9% | 9.8% | −6.4% | +53% / +103% |
| TBNTamboran Resources Corporation | 982.4 m | — | -4.8% | — | unavailable | +18% / unavailable |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| DECDiversified Energy Company | 942.7 m | 16.7 | 11.0% | 4.9% | +141.5% | −11% / +1,434% |
| TTITETRA Technologies, Inc. | 917.3 m | 100.8 | 2.5% | 1.4% | +5.3% | −20% / +31% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| EGYVaalco Energy Inc | 568.0 m | — | -24.4% | -31.1% | −25.0% | +51% / +16% |
| WTIW&T Offshore, Inc. | 497.2 m | — | — | -8.4% | −4.5% | +81% / −4% |
1- and 3-year price returns: for CRK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.02 Total return -48% · Per year -48% | 12.47 Total return -7% · Per year -7% | 18.88 Total return 41% · Per year 41% |
| 3 years | 5.57 Total return -58% · Per year -25% | 11.26 Total return -16% · Per year -6% | 18.88 Total return 41% · Per year 12% |
| 5 years | 4.43 Total return -67% · Per year -20% | 10.16 Total return -24% · Per year -5% | 18.88 Total return 41% · Per year 7% |
- Exit P/E± 2.81
- Net margin± 1.97
- Annual revenue growth± 1.78
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Comstock Resources is an independent natural gas producer focused on the Haynesville shale in North Louisiana and East Texas, close to Gulf Coast export markets. The company is currently pursuing production growth in Western Haynesville, and gas prices and its developing data center contracts shape its outlook 13.
SWOT
Strengths
- Its position in the Haynesville basin, with access to Gulf Coast markets and substantial proved reserves, gives it a pricing advantage over producers in other regions 1.
- The company operates nearly all its properties, giving it control over costs, drilling timing and marketing 1.
- Its drilling inventory is deep and growth relies on acquiring undeveloped acreage rather than producing properties 1.
Weaknesses
- Production and revenue depend heavily on gas prices, which are volatile, and price declines directly affect cash flow 1.
- Financing costs are high, and interest expense rose because of additional borrowing 1.
- The company recorded impairment in the Eagle Ford and could need further impairments if prices decline 1.
Opportunities
- Development of Western Haynesville and longer lateral wells could raise reserves and production over the long term 1.
- The NextEra contract for gas supplying power generation for data centers could add a new revenue source 1.
- LNG export demand could support better prices for producers with Gulf Coast access 1.
Threats
Risks
- Dependence on gas priceshigh
Revenue, reserve value and project viability depend on gas prices, which may remain volatile 1.
- Reserve replacementhigh
Future production depends on the company's ability to find and develop new economically recoverable reserves, and success is not assured 1.
- Lease expirationsmedium
A large portion of undeveloped acreage is under leases expiring before 2028, and renewing them could be costly or impossible 1.
- Environmental and operating hazardsmedium
Operations carry risks of explosions, leaks and accidents, and environmental rules impose costs and penalties 1.
- Access to capitalmedium
Funding investment may require equity or additional debt, which could dilute shareholders or raise costs 1.
Investment thesis
What would need to be true (bull case)
- Large reserves, a position in Haynesville and access to Gulf Coast markets could support cash flow if gas prices stabilize 12.
- The Western Haynesville project and the NextEra partnership could open long-term growth linked to data center demand 13.
- Second quarter 2026 results show production growth and a high operating margin even though prices fell 3.
What would break the thesis
- Realized prices fell in the second quarter of 2026, and sales revenue was lower than in the prior year 2.
- Net income for the quarter was small, and part of the profit came from unrealized gains on hedging instruments rather than operations 3.
- Interest costs and debt could limit financial flexibility if gas prices stay low for a long period 1.
What to watch
- Realized gas price trend and the effect of hedgingQ3 2026
- Completion of the Quantum redemption and its effect on the capital structure2026
- Results and initial rates of the first Western Haynesville wellsQ3 2026
- Update of the drilling plan and capital budget in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Comstock Resources is an independent company engaged in the exploration and production of natural gas and oil in the United States, with assets concentrated almost entirely in the Haynesville and Bossier shales of North Louisiana and East Texas 1. As of December 31, 2025, it held proved reserves of 7.0 Tcfe with a PV 10 value of 4.5 billion USD 1. Its shares are listed on the NYSE and NYSE Texas under the symbol CRK 1.
The company's advantage is its location, since the area has access to Gulf Coast demand driven by LNG exports, exports to Mexico and petrochemical facilities 1. It operates 99% of its proved reserve base and controls costs through its operator role 1. Since 2023, a partnership with Quantum has financed gathering and treating infrastructure in Western Haynesville through Pinnacle Gas Services LLC 1.
For 2026, the company intends to drill an additional 19 Haynesville and Bossier wells in its exploratory Western Haynesville play while maintaining a plan that protects its balance sheet 1. In the second quarter of 2026, Pinnacle was partly sold, and the proceeds were used to redeem Pinnacle's preferred equity and debt 3.
Segments
Market context
The US natural gas market is highly volatile, and producers' realized prices depend on domestic and foreign demand, weather and global inventories 1. Comstock benefits from access to Gulf Coast markets, where demand is rising due to LNG exports and data center power generation 1. Realized prices fell in Q2 2026 to 2.54 USD per Mcf before hedging 2.
Reserve estimates depend on the reference price: for 2025 the gas price used was 3.07 USD per Mcf, and proved reserves rose significantly from the prior year 1. If prices stayed below recent levels, the value of reserves and drilling plans could be reassessed 1.
Trends
- Rising LNG export demandtailwind
US LNG exports and expanding petrochemical capacity on the Gulf Coast support demand for Haynesville gas 1. If this demand keeps growing, producers with direct Gulf Coast access could obtain better prices 1.
- Data center power demandtailwind
The partnership with NextEra Energy Resources to supply gas for new power generation supporting data centers could open a new long-term revenue source 1. The project is, however, at an early stage.
- Weaker gas pricesheadwind
In the first half of 2026, the realized price fell in the second quarter to 2.54 USD per Mcf, compared with 3.02 USD in the same period of the prior year 2. Lower prices reduce revenue and reserve value 1.
- Environmental regulationmixed
Environmental laws are becoming stricter, and the imposition of harsher rules such as cap and trade schemes could increase costs and limit operations 1.
Competitive position
Comstock competes with other Haynesville producers and with producers in other regions for acreage, equipment, services and capital, and winning favorable acquisitions is becoming harder 1. The company says it differentiates through longer lateral wells and a steady acquisition of undeveloped acreage 1.
Producers in other areas without Gulf Coast access generally receive lower net prices, so Comstock's position depends on regional infrastructure 1. Competition for gathering and transport infrastructure can influence margins 1.
- Other independent Haynesville producers
Companies operating in the same basin that compete for acreage, equipment and capital; the source does not name them.
- Operators in other North American gas basins
Producers in other regions that compete for prices and demand in the gas market; the source does not name them.
- Gathering and transport infrastructure companies
Third-party pipeline and treating operators on which market access depends; the source does not name them.
- Eagle Ford producers
Operators reducing activity in the Eagle Ford, where the company recorded impairment; the source does not identify them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Comstock (CRK) Signs a $1.65B SOCAR Letter of Intent and a $450M Drilling Venture. Does Deleveraging Outweigh the Economics It Gives Up?Yahoo Finance — News · 10 Sept 2026 · EN
- Comstock signs $1.65bn LoI with SOCAR for Haynesville asset stakesYahoo Finance — News · 02 Sept 2026 · EN
- Comstock Resources (CRK) Bags $2.1B New Deals, Climbs 11%Yahoo Finance — News · 02 Sept 2026 · EN
SEC filings
- Current report01 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report19 Feb 2026
- Current report11 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Comstock Resources, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Comstock Resources, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Comstock Resources, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.