Comstock Resources swings to $286.8 million Q4 profit on higher natural gas prices
Comstock reported fourth quarter 2025 net income of $286.8 million, or $0.97 per diluted share, compared with a net loss of $55.3 million a year earlier. The result was helped by a $292.3 million pre-tax gain on the Shelby Trough sale, while adjusted net income was $46.1 million, or $0.16 per diluted share, flat with the prior-year quarter. The company also plans to raise its 2026 operating rig count from eight to nine.
Key points
- Q4 2025 total revenues were $789.8 million, up from $366.5 million a year earlier.
- Natural gas and oil sales including hedging were $364.0 million, up from $336.1 million.
- Adjusted net income was $46.1 million, or $0.16 per diluted share, versus $46.3 million, or $0.16, in Q4 2024.
- The company plans to spend $1.4 billion to $1.5 billion on development and exploration in 2026, and $100 million to $150 million on its Western Haynesville midstream system.
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 February 11, 2026.
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.