Comstock Beats Q4 Earnings Estimates on Higher Gas Price Realizations

Comstock Resources, Inc. CRK reported fourth-quarter 2025 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 11 cents. The bottom line remained flat year over year. 

Total quarterly revenues of $789.8 million topped the Zacks Consensus Estimate of $467.9 million. The top line also increased from the prior-year figure of $366.5 million.

The strong quarterly results can be attributed to higher average natural gas price realizations.

Comstock Resources, Inc. Price, Consensus and EPS Surprise

Comstock Resources, Inc. price-consensus-eps-surprise-chart | Comstock Resources, Inc. Quote

CRK’s Operational Performance

Total production averaged 111,257 million cubic feet equivalent (MMcfe), lower than the year-ago quarter’s level of 124,185 MMcfe. Natural gas production declined to 111,239 million cubic feet (MMcf) from 124,128 MMcf a year ago.

Average natural gas price realization (before hedging) came in at $3.29 per thousand cubic feet (Mcf), up from $2.32 per Mcf in the prior-year quarter. Total price realization (before hedging) averaged $3.30 per thousand cubic feet equivalent (Mcfe) compared with $2.32 per Mcfe in the fourth quarter of 2024.

CRK: Costs & Expenses

Total production costs amounted to 77 cents per Mcfe and improved from the prior year’s figure of 72 cents per Mcfe. Lease operating expenses remained flat at 25 cents compared with the year-ago period. Gathering and transportation expenses increased to 38 cents from 36 cents per Mcfe in the corresponding period of 2024.

Total operating expenses in the quarter came in at $409.8 million, higher than $368.4 million reported a year ago. Gas services expenses rose to $131.1 million from $72.6 million in the fourth quarter of 2024.

Balance Sheet of CRK

As of Dec. 31, 2025, Comstock Resources reported a long-term debt of $2.8 billion. The company had cash and cash equivalents of $23.9 million as of the same date.

CRK's Financial Details

Total exploration and development capital expenditures in the fourth quarter amounted to $269.8 million. Operating cash flow came in at $222.3 million for the fourth quarter.

CRK’s Outlook

Comstock Resources expects total production in the first quarter of 2026 to be in the range of 1,075-1,150 million cubic feet equivalent per day (MMcfe/d) and total capital spending to be in the range of $275 million-$325 million. Lease operating expenses are expected to be between 25 cents and 29 cents per Mcfe, while gathering and transportation expenses are projected at 34 cents to 40 cents per Mcfe, and production and other taxes are anticipated to be between 18 cents and 22 cents per Mcfe for the first quarter of 2026.

CRK's Zacks Rank

CRK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Energy Sector Releases

Some stocks from the energy sector that have recently reported their earnings are Noble Corporation plc NE, Exxon Mobil Corporation XOM and Chevron Corporation CVX.

Noble is an offshore oil and gas drilling company thatprovides advanced technology to upstream companies for extracting.

NE reported adjusted earnings of 9 cents per share for the fourth quarter of 2025, missing the Zacks Consensus Estimate of 15 cents. The bottom line declined from the year-ago quarter’s reported figure of 56 cents.

As of Dec. 31, 2025, NE had cash and cash equivalents worth $471.4 million, along with a long-term debt of about $2 billion.

ExxonMobil reported adjusted earnings of $1.71 per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of $1.68.

As of Dec. 31, 2025, XOM had cash and cash equivalents worth $10.7 billion, along with a long-term debt of about $34.2 billion.

Chevron reported adjusted earnings of $1.52 per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of $1.44. The bottom line declined from the year-ago quarter’s reported figure of $2.06.

As of Dec. 31, 2025, CVX had cash and cash equivalents worth $6.3 billion, along with a total debt of about $40.8 billion.

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