FRISCO, TX, May 02, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today announced a dual listing of its common stock on NYSE Texas, the newly launched fully electronic equities exchange headquartered in Dallas, Texas. M. Jay Allison, Chief Executive Officer of Comstock commented, “We are honored to become a Founding Member of NYSE Texas and show our support for the growth, momentum, and entrepreneurial spirit of the Lone Star State. Texas has a strong, diverse e ...

Core Insights - Comstock Resources reported a revenue of $512.85 million for the quarter ended March 2025, marking a 52.7% increase year-over-year and exceeding the Zacks Consensus Estimate by 18.98% [1] - The company's EPS for the quarter was $0.18, a significant improvement from -$0.03 in the same quarter last year, also surpassing the consensus estimate of $0.16 by 12.50% [1] Financial Performance Metrics - Average natural gas price was reported at $3.58, higher than the three-analyst average estimate of $3.49 [4] - Total daily production of natural gas reached 1300 million cubic feet, exceeding the average estimate of 1287.82 million cubic feet [4] - Average oil price was $70.20, significantly above the two-analyst average estimate of $63.27 [4] - Total production was reported at 115,091 MMcfe, slightly below the two-analyst average estimate of 116,533.6 MMcfe [4] Revenue Breakdown - Revenues from oil sales were $0.70 million, which is a 19.9% decrease year-over-year and below the average estimate of $0.84 million [4] - Revenues from natural gas sales amounted to $412.29 million, representing a 43.6% increase compared to the year-ago quarter and exceeding the average estimate of $408.31 million [4] Stock Performance - Comstock shares have returned -14.9% over the past month, contrasting with the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Natural gas and oil sales for Q1 2025 were $413.0 million, an increase of $125.0 million (43%) compared to $288.0 million in Q1 2024, driven by higher natural gas prices[92]. - The company reported a net loss of $115.4 million, or $0.40 per share, for Q1 2025, compared to a net loss of $14.5 million, or $0.05 per share, in Q1 2024[104]. - Interest expense increased to $54.8 million in Q1 2025 from $49.6 million in Q1 2024, primarily due to the issuance of an additional $400.0 million in senior notes[102]. Production and Sales - The average realized price for natural gas in Q1 2025 was $3.58 per Mcf, a 74% increase from $2.06 per Mcf in Q1 2024[92]. - Natural gas production decreased by 18% to 115.0 Bcf in Q1 2025 from 139.4 Bcf in Q1 2024[92]. - Gas services revenue increased by $52.1 million (109%) to $99.9 million in Q1 2025 from $47.8 million in Q1 2024, primarily due to higher natural gas prices[94]. Capital Expenditures and Liquidity - Total capital expenditures for Q1 2025 were $298.3 million, a decrease from $348.2 million in Q1 2024[106]. - As of March 31, 2025, the company had $1.0 billion in liquidity, including $990 million of unused borrowing capacity[111]. - The company expects to spend an additional $780 million to $880 million on drilling, completion, and infrastructure activities in the remaining nine months of 2025[110]. Debt and Financial Obligations - The company had approximately $3.1 billion principal amount of long-term debt outstanding, with $965.0 million at a fixed rate of 5.875% and $1.62 billion at a fixed rate of 6.75%[121]. - The fair market value of the 5.875% senior notes due in 2030 was $909.5 million, while the 6.75% senior notes due in 2029 had a fair market value of $1.58 billion[121]. - The company is subject to financial covenants, including maintaining a leverage ratio of less than 4.0 to 1.0, which will reduce to 3.75 to 1.0 by June 30, 2025[114]. Tax and Regulatory Matters - The company reported $743.0 million in U.S. federal net operating loss (NOL) carryforwards and $1.8 billion in certain state NOL carryforwards, with an estimated $740.6 million and $1.2 billion expected to expire unused[115]. - The company is currently under examination by the IRS and the state of Louisiana, but believes its significant filing positions will be sustained[116]. Market Conditions and Risk - The company’s financial condition is highly dependent on the prevailing market prices of natural gas and oil, which are subject to wide fluctuations[118]. - An increase of 10% in the market price of natural gas would decrease the fair value of the company's natural gas price swaps and collars by approximately $154.2 million[120]. - The company had natural gas price swaps hedging approximately 149.9 Bcf of 2025 production at an average price of $3.48 per MMBtu and 116.8 Bcf of 2026 production at an average price of $3.51 per MMBtu[119]. Taxation and Fees - The company pays a commitment fee of 0.375% to 0.50% on the unused portion of the committed borrowing base under its bank credit facility[114]. - Production and ad valorem taxes decreased by $6.7 million (38%) to $11.2 million in Q1 2025 from $17.9 million in Q1 2024[95].

Comstock Resources (CRK) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the q one two thousand twenty five Comstock Resources earnings conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you need to press 11 on your telephone. You would then hear an automated message advising your hand is raised. Please be advi ...

1st Quarter 2025 Results April 30, 2025 Disclaimer This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. These statements include estimates of future natural gas and oil reserves, expected natural gas and oil production and future expenses, assumptions regarding future natural gas and oil prices, budg ...

Comstock Resources (CRK) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this oil and gas company would post earnings of $0.02 per share when it actually produced earnings of $0.16, delivering a surprise of 700%.Over the last four quarters, the ...

Exhibit 99.1 Natural gas prices improved substantially in the first quarter of 2025 and Comstock realized $3.58 per Mcf before hedging and $3.52 per Mcf after hedging for its natural gas production of 115 Bcf in the quarter. Comstock's natural gas and oil sales in the first quarter of 2025 increased to $405.0 million (including realized hedging losses of $8.0 million). Operating cash flow (excluding changes in working capital) generated in the first quarter of 2025 was $239.0 million, and net loss for the f ...

FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2025. Highlights of 2025's First Quarter Higher natural gas prices in the first quarter drove improved financial results in the quarter. Natural gas and oil sales, including realized hedging gains, were $405 million for the quarter.Operating cash flow was $239 million or $0.81 per diluted share.Adjusted EBITDAX for th ...

DENVER, CO AND FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) -- BKV Corporation (NYSE: BKV) (“BKV”) and Comstock Resources, Inc. (NYSE: CRK) ("Comstock") today announced an exclusive, non-binding agreement for BKV to develop carbon capture, utilization and sequestration (“CCUS”) projects at two of Comstock’s natural gas processing facilities in its Western Haynesville operating area. As part of the agreement, the companies plan to develop CCUS injection wells to permanently sequester carbon dioxide waste prod ...

Comstock Resources (CRK) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on April 30, 2025, might help the stock move higher if these key numbers are better th ...