$CRK

COMSTOCK RESOURCES INC

CIK:0000023194|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues and other operating income	$ 353,282	$ 470,262	$ 940,636	$ 983,116
Operating expenses:
Production and ad valorem taxes	7,196	10,555	17,621	21,734
Gathering and transportation	43,331	41,759	85,135	84,376
Lease operating	28,150	31,109	56,431	66,109
Exploration	4,427	0	13,770	2,150
Depreciation, depletion and amortization	167,432	158,379	308,964	326,270
Gas services	63,014	126,714	225,870	243,483
General and administrative	17,151	12,300	35,373	23,380
Total operating expenses	330,701	380,816	743,164	767,502
Operating income	22,581	89,446	197,472	215,614
Other income (expenses):
Gain (loss) from derivative financial instruments	44,365	235,847	46,761	(94,492)
Other income	259	2,100	522	2,439
Interest expense	(55,042)	(55,178)	(108,103)	(110,015)
Total other income (expenses)	(10,418)	182,769	(60,820)	(202,068)
Income before income taxes	12,163	272,215	136,652	13,546
(Provision for) benefit from income taxes	2,837	(141,487)	(9,153)	1,789
Net income	15,000	130,728	127,499	15,335
Net income attributable to noncontrolling interest	(6,234)	(5,886)	(11,283)	(11,771)
Net income available to the Company	$ 8,766	$ 124,842	$ 116,216	$ 3,564
Net income per share:
Basic (in dollars per share)	$ 0.03	$ 0.45	$ 0.4	$ 0.05
Diluted (in dollars per share)	$ 0.03	$ 0.44	$ 0.4	$ 0.05
Weighted average shares outstanding:
Basic (in shares)	291,612	290,604	291,465	290,455
Diluted (in shares)	291,612	294,247	291,465	294,026
Total natural gas and oil sales
Revenues:
Total revenues and other operating income	$ 288,221	$ 339,966	$ 707,254	$ 752,954
Natural gas sales
Revenues:
Total revenues and other operating income	287,745	339,225	706,020	751,511
Oil sales
Revenues:
Total revenues and other operating income	476	741	1,234	1,443
Gas services
Revenues:
Total revenues and other operating income	63,481	130,296	229,982	230,162
Gain on sale of assets
Revenues:
Total revenues and other operating income	$ 1,580	$ 0	$ 3,400	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 127,499	$ 15,335
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	9,153	310
Gain on sale of assets	(3,400)	0
Depreciation, depletion and amortization	308,964	326,270
(Gain) loss on derivative financial instruments	(46,761)	94,492
Cash settlements of derivative financial instruments	(37,055)	(3,673)
Amortization of debt discount and issuance costs	6,200	5,919
Stock-based compensation	15,803	9,971
Decrease in accounts receivable	61,952	1,318
(Increase) decrease in other current assets	(2,949)	25,881
Increase in accounts payable and accrued expenses	2,764	46,487
Net cash provided by operating activities	442,170	522,310
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and acquisitions	(847,738)	(642,327)
Prepaid drilling costs	18,191	3,060
Proceeds from sales of assets	18,400	0
Net cash used for investing activities	(811,147)	(639,267)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facilities	712,000	335,000
Repayments of bank credit facilities	(427,000)	(275,000)
Debt issuance costs	(1,496)	(36)
Income tax withholdings on equity awards	(5,514)	(10,947)
Redemption of noncontrolling interest	(445,000)	0
Contributions from noncontrolling interest	600,126	92,500
Distributions to noncontrolling interest	(24,589)	(5,500)
Noncontrolling interest transaction costs	(18,472)	0
Net cash provided by financing activities	390,055	136,017
Net increase in cash and cash equivalents	21,078	19,060
Cash and cash equivalents, beginning of period	23,930	6,799
Cash and cash equivalents, end of period	$ 45,008	$ 25,859

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 45,008	$ 23,930
Accounts receivable:
Natural gas and oil sales and gas services	133,162	203,549
Joint interest operations	44,200	35,400
From affiliates	3,231	3,596
Derivative financial instruments	53,156	19,206
Other current assets	59,804	75,257
Total current assets	338,561	360,938
Natural gas and oil properties, successful efforts method:
Proved	9,719,655	8,984,969
Unproved	414,610	391,065
Other	477,395	386,656
Accumulated depreciation, depletion and amortization	(3,855,346)	(3,547,196)
Net property and equipment	6,756,314	6,215,494
Goodwill	335,897	335,897
Derivative financial instruments	22,230	0
Operating lease right-of-use assets	71,684	94,733
Total assets	7,524,686	7,007,062
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	503,111	501,695
Accrued costs	171,187	153,248
Operating leases	37,598	46,937
Derivative financial instruments	0	27,636
Total current liabilities	711,896	729,516
Long-term debt	3,098,770	2,809,066
Deferred income taxes	495,428	437,098
Long-term operating leases	33,570	47,692
Reserve for future abandonment costs	21,444	20,787
Total liabilities	4,361,108	4,044,159
Commitments and contingencies
Stockholders' equity:
Common stock-$0.50 par, 400,000,000 shares authorized, 293,620,548 and 293,054,806 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	146,810	146,527
Additional paid-in capital	1,191,881	1,376,053
Accumulated earnings	1,240,446	1,124,230
Total stockholders' equity attributable to the Company	2,579,137	2,646,810
Noncontrolling interest	584,441	316,093
Total stockholders' equity	3,163,578	2,962,903
Total liabilities and stockholders' equity	$ 7,524,686	$ 7,007,062