Comstock Resources is like the pure-play natural gas and oil exploration and production arm of a major energy company such as ExxonMobil or Chevron.

Similar to a large mining company like Rio Tinto or BHP Group, but focused on extracting natural gas and oil from the earth instead of metals or minerals.

• Oil: Crude oil extracted from underground reserves and sold in energy markets.
• Natural Gas: Natural gas extracted from underground reserves and sold in energy markets.

Comstock Resources (CRK) sells primarily to other companies.

Its major customers are:

• Natural gas pipeline companies.

While two customers accounted for a significant portion of Comstock Resources' total revenue in recent years (e.g., in 2023, one customer accounted for 30% and a second for 14%), the specific names of these natural gas pipeline companies are not disclosed in the company's public filings.

M. Jay Allison, Chairman and Chief Executive Officer

M. Jay Allison has served as Chief Executive Officer of Comstock Resources since 1988 and was elected Chairman of the Board in 1997. He was a key figure in the group of Texas investors who acquired The Comstock Tunnel and Drainage Company in 1987, transitioning the company into oil and gas exploration and production. Mr. Allison co-founded a private independent oil and gas company in 1983 that subsequently acquired Comstock Resources. He also served as 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.

Roland O. Burns, President and Chief Financial Officer

Roland O. Burns has been the Chief Financial Officer of Comstock Resources since 1990, President since 2013, and a director since 1999. Prior to joining Comstock, Mr. Burns was employed by the public accounting firm Arthur Andersen from 1982 to 1990, where he focused on the firm's oil and gas audit practice. He 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 has been with Comstock Resources since 2008, holding various engineering and operations management positions. Before joining Comstock, he was an operations engineer at Cimarex Energy Company from 2005 to 2008.

Trey Newell, Vice President of Corporate Development and Chief Commercial Officer

Trey Newell became Vice President of Corporate Development and Chief Commercial Officer in December 2022. He brings over two decades of commercial, marketing, and operations experience in the midstream energy industry.

Daniel K. Presley, Vice President, Accounting, Controller and Treasurer

Daniel K. Presley has served as Treasurer since 2013 and has been with Comstock Resources since 1989. He has also held the positions of Vice President of Accounting since 1997 and Controller since 1991.

1. Commodity Price Volatility: Comstock Resources' financial performance is heavily influenced by the volatile prices of natural gas. Extended periods of depressed natural gas prices can significantly impact the company's revenues, cash flow, and its ability to meet capital expenditure obligations. This risk is particularly acute given Comstock's near-exclusive focus on natural gas production. The company's cash generation is highly sensitive to commodity-price swings, indicating that consistent profitability is challenging during periods of fluctuating prices.
2. High Debt Load and Capital Requirements: The company operates with a significant debt load and high leverage, which is a common but amplified risk in the capital-intensive oil and gas exploration and production (E&P) industry. As of Q3 2025, Comstock Resources had substantial total debt, with a leverage ratio considered high even for its peers. The need for heavy capital investment in ongoing drilling and infrastructure development places constant pressure on free cash flow and raises concerns about liquidity, especially when combined with volatile commodity prices.
3. Regulatory and Environmental Risks: Comstock Resources operates in an industry subject to stringent regulatory and environmental requirements. Changes in legislation, policies, or public sentiment concerning natural gas and oil production, including those related to climate change and greenhouse gas emissions, could lead to increased compliance costs, operational restrictions, and affect the long-term demand for natural gas. Increasing scrutiny regarding environmental, social, and governance (ESG) practices may also impose additional costs and potentially impact the company's access to capital.

The accelerating global energy transition, driven by advancements and widespread adoption of renewable energy technologies (such as solar, wind, and battery storage), coupled with increasing regulatory pressure and corporate commitments towards decarbonization and net-zero emissions, poses a clear emerging threat to Comstock Resources. This shift fundamentally challenges the long-term demand and economic viability of fossil fuels like natural gas and oil, potentially leading to decreased demand, stranded assets, and increased costs associated with carbon emissions and environmental compliance for companies whose core business is hydrocarbon extraction.

The addressable market for Comstock Resources' main products, oil and natural gas, can be quantified at the U.S. level within the upstream sector, where the company primarily operates.

U.S. Upstream Oil and Gas Market

The United States oil and gas upstream market, which encompasses exploration, development, and production activities, was valued at approximately USD 103.94 billion in 2025 and is projected to increase to USD 108.97 billion in 2026. This market is forecast to reach approximately USD 138.08 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.84% from 2026 to 2031.

Regional Significance within the U.S. Market

Comstock Resources focuses its operations primarily in North Louisiana and East Texas, regions that are significant contributors to the overall U.S. oil and natural gas production.

• Natural Gas: The Haynesville Shale, spanning northeastern Texas and northwestern Louisiana, is a major natural gas-producing region. In 2025, the Haynesville Shale is expected to produce 15.2 billion cubic feet per day (Bcf/d) of natural gas, with a forecast of 15.6 Bcf/d in 2026. Louisiana alone accounts for about 9% of total U.S. marketed natural gas production, ranking third highest among states. Texas leads the nation in natural gas production, holding around 23% of the nation's natural gas reserves. Nearly half of the U.S. natural gas production is concentrated in Texas and Louisiana.
• Oil: Texas is a dominant force in U.S. oil production, accounting for approximately 43% of the nation's total. The East Texas Oil Field, covering parts of five counties in East Texas, is notably the second-largest oil field in the United States outside of Alaska and has historically produced over 5.42 billion barrels of oil. While North Louisiana contributes to oil production, Louisiana's crude oil production on state lands and water bottoms was 69,000 barrels per day in January 2025, and oil production in the state has generally trended downward since the 1980s, with no meaningful oil shale plays within its boundaries.

Comstock Resources (CRK) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the natural gas sector.

Here are 3-5 expected drivers of future revenue growth for Comstock Resources:

1. Recovery in Natural Gas Prices: A significant driver for Comstock's revenue growth is an anticipated improvement in natural gas prices. The company's financial results in recent periods have been heavily impacted by weak natural gas prices, with executives explicitly stating that higher prices are crucial for improved financial performance. The company noted that improved natural gas prices drove better financial results in Q4 2025.
2. Expansion and Development of the Western Haynesville Play: Comstock has a strategic focus on its Western Haynesville acreage, which is identified as an emerging and critical resource area. The company is actively proving up this extensive acreage position and has reported successful wells in the Western Haynesville. This development is expected to contribute significantly to future production volumes.
3. Increased Drilling Activity and Production Volumes: In response to improving market conditions, Comstock plans to increase its drilling activity. The company intends to raise the number of operating drilling rigs from five to seven during 2025, with the goal of driving production growth in 2026 and 2027. Additionally, the company is focused on bringing new wells to sales, with plans to turn 10 wells to sales in 2025, primarily in the Haynesville region.
4. Growth in Demand from LNG Export Facilities: Comstock anticipates benefiting from the increasing demand for natural gas, particularly that driven by the expansion of Liquefied Natural Gas (LNG) export facilities along the Texas and Louisiana Gulf Coast. This broader market demand is expected to support both natural gas prices and the company's ability to sell increased production volumes.
5. Midstream Infrastructure Development through Joint Venture: The partnership with Quantum Capital Solutions for the midstream build-out is a crucial enabler for Comstock's production growth. This financing is projected to support Comstock in delivering at least 2 billion cubic feet (Bcf) of natural gas per day by mid-2025, with continued growth expected until 2028. This infrastructure development ensures the capacity to transport and monetize increased natural gas production.

Share Repurchases

No information available regarding share repurchases or authorized future share repurchases within the last 3-5 years.

Share Issuance

• In 2024, Comstock Resources issued 12.5 million shares of common stock in a private placement to entities controlled by its majority stockholder, receiving total proceeds of $100.5 million.
• Comstock planned a public offering of approximately $125.0 million of its common stock in March 2025, with net proceeds intended to repay a portion of its revolving credit facility.
• Shares outstanding increased by 2.48% in 2025 to 0.294 billion and by 3.69% in 2024 to 0.287 billion.

Inbound Investments

• Quantum contributed over $300 million to build treating plants and 246 miles of high-pressure pipelines for the Pinnacle midstream system, a venture partnered with Comstock Resources.

Outbound Investments

• In October 2025, Comstock agreed to sell its Shelby Trough properties in East Texas for $430.0 million. This sale was completed in Q4 2025, resulting in net proceeds of $417 million after selling expenses and a pre-tax gain of $292.3 million.
• On September 2, 2025, Comstock divested its interest in legacy Cotton Valley wells in East Texas and North Louisiana for net proceeds of $15.2 million.
• In early 2026, Comstock agreed to redeem Quantum's units in the Pinnacle midstream system for $440 million plus accrued distributions.

Capital Expenditures

• Comstock's planned capital spending for 2026 is approximately $1.4 billion to $1.5 billion for development and exploration projects, with an additional $100 million to $150 million allocated for its Western Haynesville midstream system. The primary focus is to rebuild production, dedicating four of nine operating rigs to the Western Haynesville play.
• In 2025, the company spent $1.05 billion on exploration and development activities, almost exclusively in the Haynesville and Bossier shale, which included $1.01 billion for drilling and completion activities.
• Total exploration and development capital expenditures in the fourth quarter of 2025 amounted to $269.8 million.