Comstock Resources, Inc. (CRK) SEC Filings & Earnings Calls

Transaction subject to definitive agreement, government approvals, and closing conditions; LOI is non-binding.

“letter of intent binds the parties to negotiate in good faith a definitive purchase and sale agreement... subject to customary conditions, including any required government and third-party approvals” · word for word

Natural gas price volatility

“The average realized price for our natural gas was $2.54 per thousand cubic feet ("Mcf"), which decreased 16% from the average realized natural gas price in the second quarter of 2025.” · word for word

NOL expiration risk

“We estimate that $720.7 million of the U.S. federal NOL carryforwards and $1.2 billion of the estimated state NOL carryforwards will expire unused.” · word for word

Natural gas price volatility and hedging impact

“Realized hedging gains of $43.3M in Q2; unrealized gain of $1.0M on hedging contracts”

Dilution of ownership in midstream subsidiary; 27% sold to external investor.

“Sixth Street acquired 27% non-controlling common equity interest; Comstock retains 73%.”

Production decline

“Our natural gas production for the first quarter of 2026 decreased 15% to 97.9 billion cubic feet” · word for word

Derivative losses reduce realized price

“Cash settlements on derivative financial instruments, per Mcf (0.82)” · word for word

High leverage and debt covenants

“maintenance of a leverage ratio of less than 3.5 to 1.0”

Hedging losses impact reported revenue

“Realized hedging losses of $80.4 million” · word for word

Natural gas price volatility

“Higher natural gas prices during 2025 resulted in improved financial results” · word for word

Balance sheet leverage

“Additional production with an improved 2026 natural gas price outlook will substantially drive down balance sheet leverage.” · word for word

High debt service burden

“We had $2.8 billion principal amount of debt as of December 31, 2025.” · word for word

Commodity price exposure

“The increase was primarily due to the higher natural gas prices we realized in 2025.” · word for word

Eagle Ford impairment risk

“During 2025, we recognized impairment charges of $29.1 million to reduce the capitalized costs of our proved and unproved natural gas and oil properties in the Eagle Ford shale to their fair value.” · word for word

Impairment of Eagle Ford properties

“$29.1 million impairment to Comstock's Eagle Ford shale properties.” · word for word

Dependence on natural gas prices

“Results highly sensitive to natural gas prices; hedging provides some protection.”

Natural gas price volatility

“The average realized price for our natural gas was $2.75 per thousand cubic feet ("Mcf"), which increased 45% from the average realized natural gas price in the third quarter of 2024.” · word for word

Production decline

“Our natural gas production for the third quarter of 2025 decreased 16% to 111.8 billion cubic feet ("Bcf") (1.2 Bcf per day).” · word for word

High leverage

“As of September 30, 2025, we had $580.0 million outstanding under our bank credit facility.” · word for word

NOL limitation

“We estimate that $740.6 million of the U.S. federal NOL carryforwards and $1.2 billion of the estimated state NOL carryforwards will expire unused.” · word for word

Exposure to natural gas price volatility; realized price $2.99/Mcf after hedging.

“Comstock realized $2.99 per Mcf after hedging for its natural gas production of 112 Bcf.” · word for word