Comstock Q1 net loss widens to $115.4 million on $322.4 million hedging loss
Comstock Resources reported first-quarter 2025 results on April 30, 2025, with total revenues of $512.9 million, up from $335.8 million a year earlier. The GAAP net loss of $115.4 million ($0.40 per share) included a $322.4 million unrealized loss on hedging contracts tied to higher future natural gas prices; excluding that item and exploration expense, adjusted net income was $53.8 million ($0.18 per diluted share). For shareholders, higher gas prices lifted sales and adjusted profit, but the GAAP loss was much larger than a year earlier.
Key points
- Natural gas and oil sales including hedging were $405 million, compared with $336 million in the first quarter of 2024.
- Net loss was $115.4 million, or $0.40 per share, versus a net loss of $14.5 million, or $0.05 per share, a year earlier.
- Adjusted net income was $53.8 million, or $0.18 per diluted share, compared with an adjusted net loss of $8.5 million a year earlier.
- Operating cash flow was $239.0 million, or $0.81 per diluted share; on April 29, 2025, the bank group reaffirmed the $2.0 billion borrowing base.
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.