Comstock Resources Inc reported second-quarter 2026 results with total revenues of $353.3M, down from $470.3M a year earlier, and net income attributable to the company of $8.8M, or $0.03 diluted EPS, versus $124.8M and $0.44 EPS in the year‑ago quarter.
Financial Highlights
- Revenue: $353.3M total revenues for Q2 2026, down from $470.3M in the year‑ago quarter (‑24.8% YoY).
- Net income: $8.8M net income attributable to the Company for Q2 2026, versus $124.8M in the year‑ago quarter.
- Diluted EPS: $0.03 diluted EPS for Q2 2026, down from $0.44 in the year‑ago quarter.
Business Highlights
- Revenue trend: Natural gas and oil sales declined year over year — down 15% in Q2 and 6% year‑to‑date — driven by lower realized gas prices despite roughly flat production in the quarter.
- Channel shift: Gas services volumes and margins fell sharply in Q2 (approximately 50%) due to lower prices and reduced third‑party resale activity.
- Operations: Q2 gas production was essentially stable, up about 1% to ~113.1 Bcf; year‑to‑date production fell 7% to 210.9 Bcf, reflecting asset divestitures.
- Activity and capital: The company drilled 34 wells (30.9 net) and completed 29 Haynesville/Bossier wells year‑to‑date; an additional $720M–$820M of capital spending is planned for the second half of 2026.
- Costs and efficiency: Lease operating expenses and tax expenses declined following prior property sales, while DD&A per Mcfe modestly increased, indicating higher finding costs.
Original SEC Filing:
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