Comstock Resources ( (CRK) ) has released its Q1 earnings. Here is a breakdown of the information Comstock Resources presented to its investors.
Comstock Resources, Inc. is a leading independent natural gas producer primarily focused on the development of the Haynesville shale in North Louisiana and East Texas, with its stock traded on the New York Stock Exchange under the symbol CRK.
In the first quarter of 2025, Comstock Resources reported a significant improvement in financial results driven by higher natural gas prices. The company achieved natural gas and oil sales of $405 million, including realized hedging gains, and generated an operating cash flow of $239 million.
Key financial highlights include an adjusted EBITDAX of $293 million and an adjusted net income of $53.8 million, or $0.18 per diluted share. The company successfully turned fourteen operated wells to sales, with an average initial production rate of 25 MMcf per day, and extended its success in the Western Haynesville region with a notable well in Freestone County, Texas.
Despite a net loss of $115.4 million due to a substantial unrealized loss on hedging contracts, Comstock’s production cost per Mcfe remained competitive at $0.83, and the company maintained a strong operating margin of 76% after hedging.
Looking ahead, Comstock Resources remains focused on leveraging its strategic positioning in the Haynesville shale to drive future growth, supported by a reaffirmed $2.0 billion borrowing base under its revolving credit facility.