# EDGAR Filing Document

**Accession Number:** 0000023194
**File Stem:** 0001193125-26-046631
**Filing Date:** 2026-2
**Character Count:** 33768
**Document Hash:** c87c13af5a0e9954b13cbd4413490229
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-046631.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001193125-26-046631

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260211

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMSTOCK RESOURCES INC
- **CENTRAL INDEX KEY:** 0000023194
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 941667468
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03262
- **FILM NUMBER:** 26621056

**BUSINESS ADDRESS:**
- **STREET 1:** 5300 TOWN AND COUNTRY BLVD
- **STREET 2:** STE 500
- **CITY:** FRISCO
- **STATE:** TX
- **ZIP:** 75034
- **BUSINESS PHONE:** 9726688800

**MAIL ADDRESS:**
- **STREET 1:** 5300 TOWN AND COUNTRY BLVD
- **STREET 2:** STE 500
- **CITY:** FRISCO
- **STATE:** TX
- **ZIP:** 75034

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMSTOCK TUNNEL & DRAINAGE CO
- **DATE OF NAME CHANGE:** 19880121

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 11, 2026<br>

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COMSTOCK RESOURCES, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Nevada | 001-03262 | 94-1667468 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 5300 Town and Country Blvd**.**<br>Suite 500 |  |  |
| Frisco**,** Texas |  | 75034 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (972) 668-8800<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.50 (per share) | CRK | New York Stock Exchange |
|  | CRK | New York Stock Exchange Texas |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On February 11, 2026, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the quarter ended December 31, 2025. A copy of the press release announcing Comstock's earnings and operating results for this period and other matters is attached hereto as Exhibit 99.1.

The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

## Item 9.01 Financial Statements and Exhibits.

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [<u>99.1</u>](crk-ex99_1.htm) | [<u>Press Release dated February 11, 2026</u>](crk-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | COMSTOCK RESOURCES, INC. |
| Date: | February 11, 2026 | By:  | /s/ ROLAND O. BURNS |
|  |  |  | Roland O. Burns<br>President and Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![img15376905_0.jpg](img15376905_0.jpg) | ***5300 Town and Country Blvd., Suite 500*** |
| ![img15376905_0.jpg](img15376905_0.jpg) | ***Frisco, Texas 75034*** |
| ![img15376905_0.jpg](img15376905_0.jpg) | ***Telephone: (972) 668-8834*** |
| ![img15376905_0.jpg](img15376905_0.jpg) | ***Contact: Ron Mills*** |
| ![img15376905_0.jpg](img15376905_0.jpg) | ***VP of Finance and Investor Relations*** |
| ![img15376905_0.jpg](img15376905_0.jpg) | ***Web Site: www.comstockresources.com*** |
| ![img15376905_0.jpg](img15376905_0.jpg) |  |
| **NEWS RELEASE** | **NEWS RELEASE** |

---

***For Immediate Release***

**COMSTOCK RESOURCES, INC. REPORTS**

**FOURTH QUARTER 2025 FINANCIAL AND OPERATING RESULTS**

**FRISCO, TEXAS, February 11, 2026** – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter and year ended December 31, 2025.

***Highlights of 2025*'s *Fourth Quarter***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Higher natural gas prices in the fourth quarter drove improved financial results in the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Natural gas and oil sales, including realized hedging losses, were $364 million for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating cash flow was $222 million or 0.75 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDAX for the quarter was $277 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income was $46 million or $0.16 per diluted share for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Four successful wells were turned to sales in the Western Haynesville in the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•These wells had an average lateral length of 8,399 feet and an average per well initial production rate of 29 MMcf per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During 2025, Comstock turned a total of 12 wells to sales in the Western Haynesville with an average per well initial production rate of 33 MMcf per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Comstock turned 35 wells to sales in 2025 in its legacy Haynesville area with an average lateral length of 11,738 feet and a per well initial production rate of 25 MMcf per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed the sale of Shelby Trough assets in East Texas for net proceeds after selling expenses of $417 million.

***Financial Results for the Three Months Ended December 31, 2025***

During the fourth quarter of 2025, Comstock realized $3.27 per Mcf after hedging for its natural gas production of 111 Bcf. As a result, Comstock's natural gas and oil sales in the fourth quarter of 2025 increased to $364.0 million (including realized hedging losses of $2.6 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2025 was $222.3 million, and net income for the fourth quarter was $286.8 million or $0.97 per diluted share. Net income in the quarter included a pre-tax gain of $292.3 million on the sale of its Shelby Trough properties, a pre-tax $36.8 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the third quarter of 2025 and a

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$29.1 million impairment to Comstock's Eagle Ford shale properties. Excluding these items and exploration expense, adjusted net income for the fourth quarter of 2025 was $46.1 million, or $0.16 per diluted share.

Comstock's production cost per Mcfe in the fourth quarter averaged $0.77 per Mcfe, which was comprised of $0.38 for gathering and transportation costs, $0.25 for lease operating costs, $0.07 for production and other taxes and $0.07 for cash general and administrative expenses. Comstock's unhedged and hedged operating margins were 77% in the fourth quarter of 2025.

***Financial Results for the Year Ended December 31, 2025***

For the year ended December 31, 2025, Comstock realized $3.21 per Mcf after hedging for its natural gas production of 450 Bcf. Natural gas and oil sales for the year ended December 31, 2025 totaled $1.4 billion (including realized hedging gains of $20.1 million). Operating cash flow (excluding changes in working capital) generated during the year was $861.3 million, and net income was $420.2 million or $1.43 per diluted share. Net income during the year included a pre-tax gain of $291.9 million for the sale of its natural gas and oil properties and a pre-tax $62.4 million unrealized gain on hedging contracts held for risk management. Excluding these items, the impairment and exploration expense, adjusted net income for the year ended December 31, 2025 was $159.9 million or $0.54 per diluted share.

Comstock's production cost per Mcfe during the year ended December 31, 2025 averaged $0.79 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.27 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged and hedged operating margin was 75% during 2025.

***2025 Drilling Results***

Comstock drilled 52 (44.2 net) operated horizontal Haynesville/Bossier shale wells in 2025, which had an average lateral length of 11,187 feet. Comstock also turned 47 (40.3 net) operated wells to sales in 2025, which had an average initial production rate of 27 MMcf per day.

Since its last operational update in October, Comstock has turned eleven (9.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 27 MMcf per day. The completed lateral length of these wells averaged 10,063 feet. Included in these wells, Comstock turned an additional four (4.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

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| | | | |
|:---|:---|:---|:---|
| <br>**Well** | <br>**Vertical** <br>**Depth** <br>**(feet)** | <br>**Completed**<br>**Lateral (feet)** | **Initial**<br>**Production**<br>**Rate (MMcf**<br>**per day)** |
| Williams RM #1 | 16,286 | 8,186 | 31 |
| Hutto TMM #1 | 18,333 | 8,836 | 31 |
| Brown Trueheart W #1 | 17,663 | 8,763 | 32 |
| Brown Trueheart BB #1 | 16,584 | 7,809 | 22 |

---

These wells had average initial daily production rates of 29 MMcf per day and average completed lateral lengths of 8,399 feet.

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***2025 Proved Oil and Gas Reserves***

Comstock also announced that proved natural gas and oil reserves as of December 31, 2025 were estimated at 7.0 trillion cubic feet equivalent ("Tcfe") as compared to 3.8 Tcfe as of December 31, 2024. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 7.0 Tcfe of proved reserves at December 31, 2025 were substantially all natural gas, 41% developed and 99% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value"), was approximately $4.5 billion using the Company's average first of month 2025 prices of $3.07 per Mcf of natural gas and $61.98 per barrel of oil. The natural gas price used in determining the December 31, 2025 proved reserve estimates was substantially higher than the price used in 2024 of $1.84 per Mcf which allowed for the inclusion of certain proved undeveloped locations in the 2025 reserve report.

Using NYMEX future market prices as of December 31, 2025 of $3.23 per Mcf for natural gas and $56.82 per barrel of oil, as adjusted for the Company's basis differentials, proved reserves would have been 7.2 Tcfe with a PV-10 value of $5.2 billion.

The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2024:

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| | | |
|:---|:---|:---|
|  | **SEC** | **NYMEX** |
|  | *(Bcfe)* | *(Bcfe)* |
| **Proved Reserves:** |  |  |
| &nbsp;&nbsp;Proved Reserves at December 31, 2024 | 3764.1 | 7022.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production | (450.4) | (450.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Extensions and discoveries | 3737.8 | 1068.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divestitures | (16.4) | (419.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Revisions | (29.8) | (37.9) |
| Proved Reserves at December 31, 2025 | 7005.3 | 7183.8 |

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Comstock replaced 823% of its 2025 production under SEC pricing and replaced 229% of its 2025 production under NYMEX pricing.

***2026 Budget***

In response to improved natural gas prices, the Company currently plans to increase the number of operating drilling rigs it is running from eight to nine during 2026. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.4 billion to $1.5 billion in 2026 on its development and exploration projects and $100 million to $150 million on its Western Haynesville midstream system.

***Earnings Call Information***

Comstock has planned a conference call for 10:00 a.m. Central Time on February 12, 2026, to discuss the fourth quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:

https://register-conf.media-server.com/register/BIae8372c1163d420aa61e1af518726ae0.

Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/fhhg297w.

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If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 12, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/fhhg297w.

***This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.***

***Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.***

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**COMSTOCK RESOURCES, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(In thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas sales | $366440 | $287626 | $1425857 | $1043886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil sales | 168 | 672 | 2292 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total natural gas and oil sales | 366608 | 288298 | 1428149 | 1047483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas services | 128775 | 78208 | 500202 | 206097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of assets | 294431 | (35) | 291938 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 789814 | 366471 | 2220289 | 1254455 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production and ad valorem taxes | 7503 | 7707 | 40453 | 57437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gathering and transportation | 41763 | 44434 | 166108 | 194890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating | 27775 | 31379 | 122662 | 130504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | 1321 |  | 10071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 157498 | 202116 | 641163 | 795397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of natural gas and oil properties | 29071 |  | 29071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas services | 131057 | 72611 | 516224 | 205407 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13801 | 10164 | 48685 | 39435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 409789 | 368411 | 1574437 | 1423070 |
| Operating income (loss) | 380025 | (1940) | 645852 | (168615) |
| Other Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) from derivative financial instruments | 34207 | (79022) | 82537 | 10196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 296 | 284 | 3144 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (56060) | (54616) | (222797) | (210621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | (21557) | (133354) | (137116) | (199214) |
| Income (loss) before income taxes | 358468 | (135294) | 508736 | (367829) |
| (Provision for) benefit from income taxes | (71699) | 79981 | (88533) | 149075 |
| Net income (loss) | 286769 | (55313) | 420203 | (218754) |
| Net income attributable to noncontrolling interest | (5850) | (2816) | (24592) | (10897) |
| Net income (loss) attributable to Comstock | $280919 | $(58129) | $395611 | $(229651) |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.98 | $(0.19) | $1.43 | $(0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.97 | $(0.19) | $1.43 | $(0.76) |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 291097 | 290170 | 290779 | 287010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 294569 | 290170 | 294131 | 287010 |

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**COMSTOCK RESOURCES, INC.**

**OPERATING RESULTS**

*(In thousands, except per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Natural gas production (MMcf) | 111239 | 124128 | 450202 | 527548 |
| Oil production (Mbbls) | 3 | 10 | 37 | 50 |
| Total production (MMcfe) | 111257 | 124185 | 450423 | 527847 |
| Natural gas sales | $366440 | $287626 | $1425857 | $1043886 |
| Natural gas hedging settlements <sup>(1)</sup> | (2573) | 47847 | 20135 | 207803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas including hedging | 363867 | 335473 | 1445992 | 1251689 |
| Oil sales | 168 | 672 | 2292 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total natural gas and oil sales including hedging | $364035 | $336145 | $1448284 | $1255286 |
| Average natural gas price (per Mcf) | $3.29 | $2.32 | $3.17 | $1.98 |
| Average natural gas price including hedging (per Mcf) | $3.27 | $2.70 | $3.21 | $2.37 |
| Average oil price (per barrel) | $56.00 | $67.20 | $61.95 | $71.94 |
| Average price (per Mcfe) | $3.30 | $2.32 | $3.17 | $1.98 |
| Average price including hedging (per Mcfe) | $3.27 | $2.71 | $3.22 | $2.38 |
| Production and ad valorem taxes | $7503 | $7707 | $40453 | $57437 |
| Gathering and transportation | 41763 | 44434 | 166108 | 194890 |
| Lease operating | 27775 | 31379 | 122662 | 130504 |
| Cash general and administrative <sup>(2)</sup> | 8172 | 6282 | 27463 | 24174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total production costs | $85213 | $89802 | $356686 | $407005 |
| Production and ad valorem taxes (per Mcfe) | $0.07 | $0.06 | $0.09 | $0.11 |
| Gathering and transportation (per Mcfe) | 0.38 | 0.36 | 0.37 | 0.37 |
| Lease operating (per Mcfe) | 0.25 | 0.25 | 0.27 | 0.25 |
| Cash general and administrative (per Mcfe) | 0.07 | 0.05 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total production costs (per Mcfe) | $0.77 | $0.72 | $0.79 | $0.78 |
| Unhedged operating margin | 77% | 69% | 75% | 61% |
| Hedged operating margin | 77% | 73% | 75% | 68% |
| Gas services revenues | $128775 | $78208 | $500202 | $206097 |
| Gas services expenses | 131057 | 72611 | 516224 | 205407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas services margin | $(2282) | $5597 | $(16022) | $690 |
| Natural Gas and Oil Capital Expenditures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unproved property acquisitions | $18113 | $18448 | $54670 | $106386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total natural gas and oil properties acquisitions | $18113 | $18448 | $54670 | $106386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Development: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development leasehold | $4616 | $1308 | $14562 | $13461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploratory drilling and completion | 145110 | 138565 | 490429 | 354557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development drilling and completion | 101952 | 92235 | 517375 | 503550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other development costs | 18113 | 8325 | 32493 | 30500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total exploration and development capital expenditures | $269791 | $240433 | $1054859 | $902068 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Included in gain (loss) from derivative financial instruments in operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes stock-based compensation.

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**COMSTOCK RESOURCES, INC.**

**NON-GAAP FINANCIAL MEASURES**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **ADJUSTED NET INCOME (LOSS):** |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $286769 | $(55313) | $420203 | $(218754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss from derivative financial instruments | (36780) | 126869 | (62402) | 197607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of natural gas and oil properties | 29071 |  | 29071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration expense | 1321 |  | 10071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (294431) | 35 | (291938) | (875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to income taxes | 60168 | (25333) | 54852 | (46981) |
| &nbsp;&nbsp;Adjusted net income (loss) <sup>(1)</sup> | $46118 | $46258 | $159857 | $(69003) |
| &nbsp;&nbsp;Adjusted net income (loss) per share <sup>(2)</sup> | $0.16 | $0.16 | $0.54 | $(0.24) |
| &nbsp;&nbsp;Diluted shares outstanding | 294570 | 292983 | 294131 | 287010 |
| **ADJUSTED EBITDAX:** |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $286769 | $(55313) | $420203 | $(218754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 56060 | 54616 | 222797 | 210621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 71699 | (79981) | 88533 | (149075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 157498 | 202116 | 641163 | 795397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration | 1321 |  | 10071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of natural gas and oil properties | 29071 |  | 29071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss from derivative financial instruments | (36780) | 126869 | (62402) | 197607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5627 | 3881 | 21222 | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (294431) | 35 | (291938) | (875) |
| &nbsp;&nbsp;Total Adjusted EBITDAX <sup>(3)</sup> | $276834 | $252223 | $1078720 | $850182 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets, impairment of natural gas and oil properties and other unusual items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, impairment of natural gas and oil properties, unrealized (gain) loss from derivative financial instruments, (gain) loss on sale of assets and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

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**COMSTOCK RESOURCES, INC.**

**NON-GAAP FINANCIAL MEASURES**

*(In thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATING CASH FLOW** <sup>(1)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $286769 | $(55313) | $420203 | $(218754) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss from derivative financial instruments | (36780) | 126869 | (62402) | 197607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 71497 | (57754) | 91982 | (124919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 157498 | 202116 | 641163 | 795397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of natural gas and oil properties | 29071 |  | 29071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 3051 | 2957 | 11976 | 11476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5627 | 3881 | 21222 | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (294431) | 35 | (291938) | (875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flow | $222302 | $222791 | $861277 | $675193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable | (62396) | (18989) | (60496) | 56584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other current assets | (6634) | (22144) | 17518 | (22893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and other accrued expenses | 70932 | 85395 | 81308 | (88547) |
| &nbsp;&nbsp;Net cash provided by operating activities | $224204 | $267053 | $899607 | $620337 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **FREE CASH FLOW** <sup>(2)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Operating cash flow | $222302 | $222791 | $861277 | $675193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development capital expenditures | (269791) | (240433) | (1054859) | (902068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midstream capital expenditures | (60535) | (38638) | (223592) | (85377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital expenditures | (17780) | (558) | (17893) | (2264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from midstream partnership | 59000 | 24500 | 215500 | 60500 |
| &nbsp;&nbsp;Free cash deficit from operations | $(66804) | $(32338) | $(219567) | $(254016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (18113) | (18448) | (54670) | (106386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from divestitures | 413702 |  | 428868 | 1214 |
| &nbsp;&nbsp;Free cash flow (deficit) after acquisition and divestiture activity | $328785 | $(50786) | $154631 | $(359188) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

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**COMSTOCK RESOURCES, INC.**

**CONSOLIDATED BALANCE SHEETS**

*(In thousands)*

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $23930 | $6799 |
| Accounts receivable | 242545 | 174846 |
| Derivative financial instruments | 19206 | 4865 |
| Other current assets | 75257 | 97524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 360938 | 284034 |
| Property and equipment, net | 6215494 | 5688389 |
| Goodwill | 335897 | 335897 |
| Operating lease right-of-use assets | 94733 | 73777 |
|  | $7007062 | $6382097 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Accounts payable | $501695 | $421814 |
| Accrued costs | 153248 | 146173 |
| Operating leases | 46937 | 35927 |
| Derivative financial instruments | 27636 | 8940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 729516 | 612854 |
| Long-term debt | 2809066 | 2952090 |
| Deferred income taxes | 437098 | 345116 |
| Derivative financial instruments |  | 66757 |
| Long-term operating leases | 47692 | 37740 |
| Asset retirement obligation | 20787 | 33996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4044159 | 4048553 |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 146527 | 146130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1376053 | 1366274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 1124230 | 728619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to Comstock | 2646810 | 2241023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 316093 | 92521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2962903 | 2333544 |
|  | $7007062 | $6382097 |

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