Comstock Resources Q2 Earnings Beat Estimates Amid Lower Natural Gas Prices

Comstock Resources Inc. (CRK) reported its Q2 earnings on August 3, beating estimates by 50% at 3 cents per share. However, revenues fell short of expectations due to lower natural gas prices and reduced gas services revenues.

Total revenues came in at $353.28 million, missing the consensus mark of $415.15 million by 14.9%. This represents a decline of 24.9% from last year's $470.26 million in revenue.

Despite this, Comstock's production volume increased, driving better-than-expected earnings. The company turned 16 operated wells to sales during the quarter and brought five Western Haynesville wells online with an average lateral length of 9,679 feet and an initial production rate of 33 MMcf per day.

The average realized natural gas price before hedging declined to $2.54 per thousand cubic feet (Mcf) from $3.02 per Mcf a year ago. Including hedging, the realized natural gas price was $2.93 per Mcf compared with $3.06 per Mcf in the second quarter of 2025.

Comstock expects third-quarter production to be in the range of 1,300-1,400 MMcfe/d and maintains its full-year production guidance at 1,250-1,400 MMcfe/d.