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Here are 1-3 brief analogies for Comstock Resources (CRK):

• EQT Corporation for the Haynesville Shale.
• A natural gas-focused Pioneer Natural Resources.

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• Natural Gas Production: Comstock Resources explores for, develops, and produces natural gas primarily from shale formations.
• Oil Production: The company also engages in the exploration, development, and production of crude oil.

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Comstock Resources (CRK), an independent energy company, sells its natural gas and crude oil production primarily to other companies within the energy industry, rather than directly to individuals.

Based on their latest public filings (e.g., Form 10-K), Comstock Resources does not disclose specific major customers by name. The company states that it sells to a diversified group of purchasers, and no single customer accounts for a material portion of their revenue. Therefore, they do not list individual customer companies that represent a significant concentration of their sales.

Their customer base primarily consists of the following categories of companies:

• Marketing Companies: These companies purchase natural gas and crude oil for resale to end-users or other intermediaries in the energy market.
• Pipelines: Natural gas is often sold directly to natural gas pipeline operators who are responsible for transporting and delivering the fuel to various markets.
• Industrial Users: Large industrial facilities and other businesses that consume natural gas directly for their operations are also customers.
• Crude Oil Purchasers: Companies that buy crude oil at the wellhead or nearby delivery points for refining or trading purposes.

As no individual customer represents a material concentration of revenue for Comstock Resources, specific company names and their symbols are not publicly disclosed by the company.

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M. Jay Allison Chairman and Chief Executive Officer

M. Jay Allison has served as a director of Comstock Resources since 1987, Chief Executive Officer since 1988, and was elected Chairman of the Board in 1997. From 1988 to 2013, he was also the company's President. Prior to his time at Comstock, Mr. Allison was a practicing oil and gas attorney with Lynch, Chappell & Alsup from 1981 to 1987. In 1983, he co-founded a private independent oil and gas company, Midwood Petroleum, Inc., which was active in the acquisition and development of oil and gas properties before acquiring Comstock Resources in 1987. He was also the Chairman of the Board of Directors of Bois d'Arc Energy, Inc. from its formation in 2004 until its merger with Stone Energy Corporation in 2008. In 2018, Dallas billionaire Jerry Jones invested $1.1 billion in Comstock, which facilitated the acquisition of privately held Covey Park Energy.

Roland O. Burns President and Chief Financial Officer

Roland O. Burns has been the President of Comstock Resources since 2013, Chief Financial Officer since 1990, Secretary since 1991, and a director since 1999. He previously served as Senior Vice President from 1994 to 2013 and Treasurer from 1990 to 2013. From 1982 to 1990, Mr. Burns was employed by the public accounting firm Arthur Andersen, where he primarily worked in the firm's oil and gas audit practice. Mr. Burns also served as a director, Senior Vice President, and Chief Financial Officer of Bois d'Arc Energy, Inc. from its formation in 2004 until its merger with Stone Energy Corporation in 2008.

Daniel S. Harrison Chief Operating Officer

Daniel S. Harrison was promoted to Chief Operating Officer in July 2019, having previously served as Vice President of Operations since September 2017. Mr. Harrison joined Comstock in 2008 and has held various engineering and operations management positions with increasing responsibility. Before joining Comstock, he was an operations engineer at Cimarex Energy Company from 2005 to 2008 and held petroleum engineering operations management roles at several independent oil and gas exploration and development companies prior to 2005.

Trey Newell Vice President of Corporate Development and Chief Commercial Officer

Trey Newell became Vice President of Corporate Development and Chief Commercial Officer of Comstock Resources in December 2022. He brings over two decades of commercial, marketing, and operations experience in the midstream energy industry. His prior roles include Commercial and Marketing Vice President at Trace Midstream, Blue Mountain Midstream, and Penntex Midstream, as well as Director of Commercial Operations at CenterPoint Energy Field Services.

Patrick H. McGough Vice President of Operations

Patrick H. McGough became Vice President of Operations in July 2019, following the acquisition of Covey Park. He joined Covey Park in August 2018 as Vice President of Operations, where he was responsible for drilling, completion, and production operations and engineering. Before Covey Park, Mr. McGough held significant positions as a Drilling, Completion, and Production engineer at Brammer Engineering, gaining experience in multiple basins across various unconventional and conventional plays.

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The key risks to Comstock Resources (CRK) are primarily concentrated in the highly cyclical and regulated energy sector, with specific financial considerations.

1. Volatility of Natural Gas and Oil Prices: Comstock Resources' financial performance is heavily dependent on the fluctuating prices of natural gas and oil. As a pure-play natural gas producer operating predominantly in the Haynesville shale, the company is particularly exposed to the inherent volatility of these commodity markets, which are influenced by global demand, supply dynamics, geopolitical events, and economic conditions. Any sustained downturn in natural gas and oil prices could adversely affect CRK's financial condition and results of operations.
2. High Leverage and Financial Risk: The company carries a significant level of indebtedness, with a high leverage ratio. This substantial debt load could limit Comstock Resources' flexibility to pursue new growth opportunities, make necessary capital investments, or effectively navigate adverse economic conditions. While the company has taken steps to manage its debt, such as asset sales, high leverage remains a critical financial risk.
3. Environmental and Regulatory Challenges: As an energy producer, Comstock Resources faces increasing environmental scrutiny and the potential for more stringent regulatory requirements. Concerns regarding greenhouse gas emissions, water usage, and other environmental impacts associated with oil and natural gas production pose ongoing challenges. Additionally, the broader global energy transition towards renewables presents a long-term threat that could undermine the viability and demand for natural gas drilling, leading to potential regulatory headwinds and margin pressures.

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Natural Gas

Oil and Natural Gas (Combined Market)

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• Increased Natural Gas Demand from LNG Exports and AI Data Centers: Comstock Resources expects significant growth in natural gas demand, fueled by expanding Liquefied Natural Gas (LNG) exports and the energy requirements of Artificial Intelligence (AI) data centers. This growing demand is projected to bolster sales volumes and potentially improve natural gas prices, which have historically driven the company's financial performance.
• Development and Expansion in Western Haynesville: The company is strategically focused on the continued development of its extensive 517,000 net acre position in the Western Haynesville shale. Comstock plans to deploy multiple rigs in this emerging play, with intentions to drill numerous wells and bring a significant number online in the coming years, indicating a strong potential for increased production volumes.
• Operational Efficiencies and Cost Management: Comstock has demonstrated a commitment to operational efficiency, particularly in its drilling and completion costs within the Haynesville area. Maintaining industry-leading low costs per lateral foot and improving drilling times contribute to a more profitable production, indirectly supporting revenue growth by enhancing margins and allowing for more efficient capital allocation to new projects.
• Improved Financial Flexibility through Strategic Divestitures: Recent strategic divestitures, such as the sale of non-strategic assets like the Shelby Trough properties, are expected to significantly reduce long-term debt and enhance the company's financial liquidity. This improved financial position provides greater flexibility for future investments in core growth areas, such as the Western Haynesville, thereby supporting sustained revenue expansion.

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Share Issuance

• In the first nine months of 2024, Comstock issued 12,500,000 shares of common stock to two entities controlled by its majority stockholder in a private placement, raising $100.5 million.
• Comstock Resources' shares outstanding increased by 3.69% in 2024 to 0.287 billion from 0.277 billion in 2023.
• Shares outstanding increased by 19.79% in 2022, reaching 0.277 billion from 0.277 billion in 2021.

Inbound Investments

• Dallas Cowboys owner Jerry Jones has invested over $1 billion into Comstock Resources, primarily funding exploration in the Western Haynesville, and now owns 71% of the company.
• Comstock's noncontrolling interest partner contributed $156.5 million in the first nine months of 2025 and $36.0 million in the first nine months of 2024 to fund the build-out of the Western Haynesville midstream system.
• In April 2024, Comstock issued $400.0 million in 6.75% senior notes due 2029 in a private placement, with net proceeds of $365.2 million used to repay bank credit facility borrowings.

Outbound Investments

• In October 2025, Comstock agreed to sell its Shelby Trough properties for $430.0 million.
• In the first nine months of 2025, Comstock sold certain properties for net proceeds of $15.2 million.
• Comstock divested its non-operated Bakken shale properties for $138.1 million in 2021 and sold working interests in non-operated wells for $4.1 million in 2022 and $41.3 million in 2023.

Capital Expenditures

• Comstock spent $1.3 billion on exploration and development activities in 2023, predominantly in the Haynesville and Bossier shale, with $1.2 billion allocated to drilling and completion.
• For 2024, the company planned capital expenditures of $750 million to $850 million for development and exploration, alongside $125 million to $150 million for its Western Haynesville midstream system, funded by a midstream partnership.
• In 2025, Comstock's capital expenditures for drilling and development are budgeted at approximately $1.05 billion, with a primary focus on building the Western Haynesville asset. Midstream expenditures for Western Haynesville are expected to be $130 million to $150 million, fully funded by midstream partners.