Q4 2025 Comstock Resources Inc Earnings Call Transcript

Feb 12, 2026 / 04:00PM GMT

Release Date Price: $19.18 (-6.07%)

Transcript 10-K8-K

Key Points

Positve

Comstock Resources Inc (CRK) added three operated rigs to their program in 2025, with plans for an additional rig in early 2026, aiming to drive production growth in 2026 and 2027.
The company achieved a 229% replacement of their 2025 production with one TCFE of drilling-related proved reserve additions, maintaining a low finding cost of $1.02 per MCFE.
Comstock Resources Inc (CRK) completed $445 million in divestitures, improving their balance sheet and recognizing a pre-tax gain of $292 million.
The company reported a strong total shareholder return of 162% over the last two years, the highest among public E&P companies.
Comstock Resources Inc (CRK) plans to commercialize their Western Hainesville Data Center project in 2026, in partnership with NextEra, aiming to support hyperscale data center development.

Negative

Production in 2025 averaged 1.2 BCFE per day, which was 14% lower than in 2024.
The company reported a $29 million impairment on their non-operated Eagle Ford shale acreage.
Comstock Resources Inc (CRK) experienced a 22% increase in drilling costs per foot in the fourth quarter of 2025 compared to the third quarter.
The average lateral lengths drilled in the Western Hainesville were shorter in the fourth quarter, impacting per foot costs.
The company faces potential volatility in natural gas prices, which could impact their capital spending and production plans.

Operator

Good day, and thank you for standing by. Welcome to the fourth quarter, 2025 Comstock Resources Inc. Earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jay. Allison, Chairman and CEO. Please go ahead.

M. Jay Allison

Comstock Resources Inc - Chairman of the Board, Chief Executive Officer

Thanks for the introduction, and I want to thank everybody for joining the call. It's always a highlight to report on what happened in the prior year and then kind of give you a visual for what we think tomorrow may look like and today is a day.

So welcome to the Comstock Resources fourth quarter of 2025 Financial and operating results conference call. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com and downloading the quarterly results presentation. There you'll find a presentation entitled

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