CRK

Comstock Resources, Inc.

Data Centers '25: NatGas & Midstream Fiscal Spend '25: Big Beautiful Bill Winners NatGas '25: Gas Producers NatGas '25: Pure Play Gas Producers

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Overview

Comstock Resources is a natural gas producer operating in Texas and Louisiana. They generate over 95% of revenue by selling gas to pipeline companies, power uti

Comstock Resources is a natural gas producer operating in Texas and Louisiana. They generate over 95% of revenue by selling gas to pipeline companies, power utilities, and LNG exporters. The company provides critical fuel for industrial users and is now partnering with NextEra to supply electricity for massive new data centers, leveraging its vast gas reserves and owned pipelines.

What They Do (Plain English & Analogies): Comstock Resources is a natural gas 'pure-play' producer. Think of them as a high-tech mining company that specializes in one specific 'super-field'—the Haynesville Shale on the Texas-Louisiana border. They drill ultra-deep, horizontal 'straws' (wells) that can go three miles down and three miles sideways to extract natural gas. They then move this gas through their own private pipeline network (Pinnacle) to sell it to power plants, chemical factories, and massive coastal terminals that freeze the gas into liquid (LNG) for shipping overseas. They are essentially a giant fuel supplier for the Gulf Coast's energy-hungry infrastructure.
Very Brief History: Incorporated in 1919, Comstock spent decades as a traditional oil and gas firm before pivoting heavily to natural gas in the Haynesville Shale. A major turning point occurred in 2018 when Dallas Cowboys owner Jerry Jones became the majority shareholder, providing the capital to consolidate acreage and acquire Covey Park in 2019 for $2.2 billion. Since 2022, the company has pioneered the 'Western Haynesville' expansion, a technically challenging but massive new gas play that has become the company's primary growth engine.
"Street Stereotype": CRK is widely viewed as 'Jerry Jones' gas vehicle'—a high-torque, high-beta bet on natural gas prices. The market perceives it as having some of the best 'rock' (geology) in North America but notes its higher-than-average leverage and the technical risks associated with drilling the ultra-deep, high-temperature wells required in its Western Haynesville acreage.
Subsidiaries On Linked In*: Pinnacle Gas Services
Customer Sectors & Example Clients: 1. LNG Exporters (e.g., Cheniere Energy, Venture Global). 2. Power Utilities (e.g., Entergy, NRG Energy). 3. Industrial Manufacturers (e.g., Dow Chemical, BASF). 4. Data Center Developers (e.g., NextEra Energy). 5. Gas Marketers (e.g., Shell Energy, BP Energy).
New Customers / Segments They'Re Targeting: Comstock is aggressively targeting the 'Hyperscaler' data center market (Amazon, Google, Microsoft) through a partnership with NextEra Energy. They aim to provide 'behind-the-meter' natural gas to fuel massive on-site power plants for AI data centers. They are also positioning themselves as the primary feedstock provider for the 'Second Wave' of U.S. LNG export facilities currently under construction.
How Key Themes May Help/Hurt: While CRK does not produce motion-control hardware, it is a critical beneficiary of the 'Big Beautiful Bill' and AI infrastructure themes. The build-out of automated AI data centers and LNG liquefaction plants—both of which rely on massive turbines, compressors, and motion-controlled cooling systems—creates a massive, permanent increase in baseload natural gas demand. However, if motion-control technology leads to extreme gains in energy efficiency (reducing the power needed per server), it could theoretically temper the projected 'gas boom' for power generation.

3 Main Long-Term Bull Details

Western Haynesville Scale: Controlling over 535,000 net acres in a new, high-pressure play provides decades of drilling inventory with an estimated 50 Tcf of net resource potential. 2. Direct Demand Integration: The partnership with NextEra for up to 8GW of data center power and proximity to LNG hubs allows CRK to bypass volatile spot markets and sell directly to high-value end-users. 3. Technical Leadership: Successful deployment of rotary steerable tools and 20,000 PSI frac fleets is proving that CRK can lower the cost of 'hot hole' drilling, turning expensive exploration into repeatable manufacturing.

3 Main Long-Term Bear Details

Technical Execution Risk: Western Haynesville wells are among the deepest and hottest in the world (390°F+); mechanical failures or 'lost holes' can lead to massive capital destruction. 2. Commodity Concentration: As a pure-play gas producer, CRK is highly sensitive to Henry Hub prices; a prolonged period of oversupply could strain its ability to fund its aggressive 9-rig drilling program. 3. Balance Sheet Leverage: Despite recent asset sales, the company maintains a higher leverage profile than some 'Tier 1' peers, making it more vulnerable to credit market tightening.

Competitors And Differentiation: Competitors include Expand Energy (the merged Chesapeake/Southwestern), EQT Corporation, and Aethon Energy. CRK differentiates itself through its massive, undedicated inventory in the Western Haynesville (2,500+ locations), its ownership of the Pinnacle midstream system which provides direct market access, and its proximity to the Gulf Coast, which offers better pricing (lower basis differentials) than Appalachian producers.
Brands And Revenue Segments: 1. Natural Gas Sales (approx. 95% of revenue). 2. Oil Sales (minority portion). 3. Midstream & Marketing Services (Pinnacle Gas Services - gathering and treating fees).

Bull / Bear Details

Updated February 16, 2026. Comstock is a high-torque natural gas producer leveraging unmatched Western Haynesville scale to capture surging demand from LNG expo

Thesis

Updated February 16, 2026. Comstock is a high-torque natural gas producer leveraging unmatched Western Haynesville scale to capture surging demand from LNG exports and AI data centers. The NextEra partnership for 2GW-8GW of behind-the-meter power and the recapitalization of Pinnacle Midstream provide unique structural advantages. While technical execution in deep, high-temperature wells remains a risk, Comstock's massive inventory and operational flexibility make it a premier vehicle for long-term gas demand growth.

Bull case

Western Haynesville offers over 2,500 net locations, providing decades of inventory. Management is aggressively driving down costs through rotary steerable technology and 10,000 PSI rigs, targeting a $300/foot reduction in drilling costs. This technical evolution, combined with a 229% reserve replacement ratio, secures Comstock's position as a low-cost leader in a basin critical for future U.S. natural gas supply.
The strategic partnership with NextEra to develop up to 8GW of data center capacity directly on Western Haynesville acreage creates a massive, 'behind-the-meter' demand sink. This, coupled with proximity to Gulf Coast LNG corridors, allows Comstock to bypass traditional market constraints. Owning the Pinnacle midstream system further enhances margin capture and provides third-party revenue opportunities as the basin matures.
Comstock has significantly improved its balance sheet through $445 million in divestitures, reducing leverage to 2.6x. The planned recapitalization of Pinnacle Midstream via common equity sales will eliminate expensive preferred distributions and establish a standalone credit facility. This financial maneuvering, alongside a highly flexible 2026 drilling program, allows the company to pivot quickly based on natural gas price fluctuations.

Bear case

Technical execution in the Western Haynesville remains challenging due to extreme depths and temperatures. Recent wells like the Brown TrueHeart have shown higher water flowback and lower initial production rates when drilled up-dip, highlighting geological unpredictability. If the company fails to achieve its targeted two-week reduction in drilling times, the capital-intensive nature of these wells could delay free cash flow inflection.
Comstock's production averaged 1.2 Bcfe/d in 2025, a 14% decline from 2024 levels following asset sales. The ambitious nine-rig program for 2026 requires significant capital expenditure before production scales in late 2026 and 2027. This 'capital lag' leaves the company vulnerable if gas prices remain depressed or if the anticipated AI-driven power demand takes longer than expected to materialize.
As a single-basin producer, Comstock is highly exposed to Haynesville-specific risks, including basis blowouts and regional pipeline bottlenecks. While the NextEra project is promising, it is still in early stages and subject to ERCOT interconnection delays and regulatory hurdles. Without broader geographic diversification, the company's valuation remains tethered to volatile Henry Hub prices and the successful commercialization of a still-emerging play.

Bull / Bear Case

Bear Case: The bear case highlights significant execution risks and a 'capital lag' that threatens near-term returns. Comstock's 2025 production fell 14% following asset sales, and the company is now entering a capital-intensive nine-rig program where production growth won't materialize until late 2026 or 2027. Technical challenges in the Western Haynesville are surfacing; recent wells like the Brown TrueHeart showed high water flowback and lower IP rates, suggesting geological unpredictability in deep, high-temperature zones. As a single-basin producer, Comstock remains highly vulnerable to volatile Henry Hub prices and regional basis blowouts. The stock's nearly 7% drop post-earnings reflects investor concern over negative free cash flow during this heavy investment phase. Until the company proves it can consistently lower D&C costs and provide concrete commercial milestones for the NextEra project, it remains a high-risk, high-leverage bet on a single commodity.
Bull Case: Comstock is the premier high-torque play on the U.S. natural gas 'Golden Age,' driven by surging LNG exports and AI power demand. The bull case centers on its massive Western Haynesville inventory (2,500+ net locations) and the strategic 2GW-8GW data center partnership with NextEra, which provides a unique 'behind-the-meter' demand sink. Management is aggressively tackling the high cost of deep-hole drilling with rotary steerable technology and 10K PSI rigs, targeting a $300/foot cost reduction to achieve industry-leading margins. Furthermore, the recapitalization of Pinnacle Midstream through an equity sell-down aims to eliminate expensive preferred distributions and establish a standalone credit facility. With a 229% reserve replacement ratio and a footprint optimized for Gulf Coast demand, Comstock is positioned as a structural winner if it can successfully industrialize the Western Haynesville play.
More Compelling & Why: Bear. Despite the 'AI gas' narrative, the Bear case is more compelling given the current EV/EBITDAX premium and negative near-term FCF yield. The strongest argument is the 'capital lag'—CRK is aggressively ramping capex into a volatile price environment while production is currently in a 14% year-over-year decline. Technical hurdles in the Western Haynesville (water flowback/pressure) suggest the $300/ft cost-saving target is aspirational, not guaranteed. I would flip to Bull only if Henry Hub sustains >$3.50/MMBtu or if the Pinnacle equity sale closes above book value, materially de-levering the balance sheet ahead of the 2027 production ramp.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Western Haynesville Operational Efficiency (D&C Cost and Drilling Days)	The core investment thesis relies on proving the Western Haynesville is economic at lower gas prices. Management's goal is to reduce drilling times by 14 days and costs by $300/foot using 10K PSI rigs and rotary steerable technology. Success here significantly accelerates FCF inflection.	Drilling days to Total Depth (TD) for Western Haynesville wells (targeting ~40 days vs current 54) and D&C cost per foot (targeting <$2,300/ft vs current ~$2,600+).	Bullish: Drilling days <40 or D&C cost <$2,300/ft. Bearish: Drilling days >55 or D&C cost >$3,000/ft (indicating technical hurdles in deep/hot holes).	Quarterly earnings presentations and operational updates; Texas Railroad Commission (RRC) and Louisiana DNR well completion reports (Forms W-2/G-1).	Texas RRC Digital Map: Track 'Spud Date' to 'Total Depth Date' for new permits in Robertson and Leon counties.	Enverus: Well-level D&C cost estimates and rig productivity analytics; TGS: Well performance and completion data.
Henry Hub Spot Prices and Carthage Basis Differentials	As a high-beta gas producer, CRK's revenue is hypersensitive to East Texas basis spreads. Management noted a $0.26-$0.29 differential in Q4. Narrowing basis is critical for margin expansion as LNG export capacity (e.g., Golden Pass) comes online.	Daily Henry Hub spot prices and the Carthage (East Texas) basis spread relative to NYMEX settlement.	Bullish: Henry Hub >$3.50/MMBtu and Carthage basis narrowing to <$0.20. Bearish: Henry Hub <$2.50/MMBtu or Carthage basis widening >$0.40.	EIA Weekly Natural Gas Storage Report; CME Group (NYMEX) pricing; Platts Gas Daily.	EIA.gov: Daily Henry Hub Spot Price data.	Bloomberg Terminal: Real-time Carthage basis (Basis Swap) pricing; Refinitiv: Regional supply/demand flow balance.
Rig Count Flexibility and Production Trajectory	After a 14% production decline in 2025, CRK is pivoting to growth with a 9-rig program. However, management emphasized 'flexibility' to drop 4 rigs on short notice. Maintaining the rig count signals confidence in the 2026/27 demand recovery.	Weekly Baker Hughes Rig Count for the Haynesville (specifically CRK-operated rigs) and Q1/Q2 production volumes (targeting a return to ~1.3+ Bcfe/d by year-end).	Bullish: Maintaining 9 rigs through Q2 2026 and Q2 production >1.25 Bcfe/d. Bearish: Dropping >2 rigs before mid-year (indicating a retreat to capital preservation).	Baker Hughes Weekly Rig Count; CRK Quarterly Earnings (Production Guidance section).	Baker Hughes North America Rig Count (Excel download): Filter by Operator 'Comstock'.	Kayrros: Satellite tracking of frac spread activity and well pad completions in the Western Haynesville.
Pinnacle Gas Services Recapitalization (Equity Sale)	CRK plans to sell common equity in its midstream subsidiary to redeem expensive preferred units held by Quantum. This move, targeted for May 2026, will eliminate high-dividend outflows and establish a standalone credit facility, improving corporate-level liquidity.	Announcement of a common equity partner for Pinnacle and the formal redemption notice for the preferred units by the May 2026 target date.	Bullish: Completion of equity sale and preferred redemption by Q2 2026. Bearish: Failure to secure an equity partner or a delay in establishing the standalone bank facility.	SEC Form 8-K filings; quarterly financial statements (Debt and Liquidity sections).	None applicable.	Reorg: Analysis of new credit facility terms and midstream valuation multiples for the equity carve-out.
NextEra Data Center Project Milestones (2GW-8GW Capacity)	This partnership transforms CRK from a commodity price-taker into a premium 'behind-the-meter' power supplier for AI hyperscalers. Commercialization in 2026 would validate the massive 50 Tcfe resource potential and provide a structural demand floor independent of LNG.	Final Investment Decision (FID), naming of a hyperscaler tenant (e.g., Amazon, Google), or 'Notice to Proceed' (NTP) for the initial 2GW power generation capacity.	Bullish: FID reached for 2GW capacity or signing of a long-term gas supply agreement with NextEra/Hyperscaler. Bearish: Project delays beyond 2026 or regulatory hurdles in ERCOT interconnection.	Comstock (CRK) and NextEra Energy (NEE) press releases; NextEra Energy quarterly analyst presentations.	ERCOT Generation Interconnection Status (GIS) Reports: Monitor new gas-fired generation requests in the East Texas region.	Thinknum: Tracking job postings for 'Data Center' or 'Substation' construction in Robertson/Leon County, TX.

Key Reported Metrics3 rows

Metric	Why It Matters	Last Period
Proved Reserves (Tcfe)	Backbone of future production and long-term value; 2025 reserves grew 8% excluding asset sales, supporting inventory-driven growth and leverage outlook.	+8%
Natural Gas & Oil Sales	Top-line exposure to gas prices and LNG/DC demand; key driver of quarterly revenue and near-term cash generation given Western Haynesville production mix.	+8%
Adjusted Net Income	GAAP-adjusted profitability indicator that filters items to show core quarterly earnings potential; informs investor view on cash earnings quality and volatility mitigation.	0%

Key Questions

Can Comstock achieve its targeted $300/foot cost reduction and drilling time improvements in the Western Haynesville through the deployment of rotary steerable

Can Comstock achieve its targeted $300/foot cost reduction and drilling time improvements in the Western Haynesville through the deployment of rotary steerable technology and 10K PSI rigs?

Question 2: Will Comstock successfully execute the equity sell-down and recapitalization of Pinnacle Gas Services by the May 2026 target to eliminate expensive preferred distributions and improve corporate liquidity?
Question 3: Can Comstock provide concrete commercial milestones or hyperscaler commitments for its 2GW-8GW Western Haynesville data center project with NextEra to validate the 'gas-for-AI' growth narrative?

Earnings Transcript Summary2 rows

2026-02-11 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1) Western Haynesville Operational Efficiency: Management is aggressively deploying rotary steerable technology, 10K PSI rigs, and insulated drill pipe to reduce drilling costs by $300/foot and cut two weeks off drilling times. 2) Strategic Demand Capture (AI & LNG): Focusing on the NextEra partnership for a 2GW-8GW data center project and proximity to LNG corridors to monetize their 50 Tcfe of Western Haynesville resource potential. 3) Pinnacle Midstream Recapitalization: Selling common equity in their midstream subsidiary to redeem expensive preferred units and establish a standalone bank credit facility, aiming for the entity to be self-funding by H2 2026.	Overall Takeaway: Comstock is pivoting from a year of production contraction and asset divestitures in 2025 to a high-growth phase in 2026, positioning itself as a 'pure-play' winner for the AI/data center and LNG export boom. The company is leaning into its massive Western Haynesville inventory (2,500+ locations) while using midstream equity sales to protect the balance sheet. Tone: Highly Bullish and Promotional; management used metaphors like 'going for the gold' and described their inventory as the 'holy grail' of the industry.	Natural Gas and Oil Sales: +10% Y/Y (Q3 2025). Year-over-year growth decelerated in Q4 (8%) compared to the prior quarter (10%).	1) 2026 Capital Flexibility: Analysts questioned the aggressive drilling budget amid gas price volatility. Management responded that the program is 'very flexible' and they can drop up to four rigs on short notice if prices remain weak. 2) Western Haynesville Well Performance: Analysts noted lower IP rates on the Brown TrueHeart well compared to the average. Management explained the well was drilled 'up-dip,' causing higher water flowback which restricted initial rates, but emphasized that EURs (Estimated Ultimate Recovery) remain consistent with down-dip wells. 3) Inventory and Productivity Trends: Analysts asked about potential productivity degradation in the legacy Haynesville. Management noted that while the basin shows natural maturation, their 'horseshoe' lateral program is successfully unlocking high-quality stranded inventory with superior economics.	Natural Gas and Oil Sales: +8% Y/Y ($364 million in Q4 2025 vs. approximately $337 million in Q4 2024).

2025-11-04 · 2025 Q3 Earnings

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1) Building out and de-risking the Western Haynesville position (around 2,500–2,600 net locations, longer laterals, proving both Haynesville and Bossier benches). 2) Driving capital and operating efficiency: lowering drilling and completion costs per foot, increasing lateral lengths, pushing “horseshoe” laterals, improving days-to-TD and per-day footage, and keeping operating costs per Mcfe very low. 3) Strengthening the balance sheet and liquidity via noncore divestitures (Cotton Valley, Shelby Trough) and using proceeds to pay down debt while maintaining more than $900M of liquidity.	Overall takeaway: constructive and bullish. Management repeatedly said they've “never seen a brighter future for natural gas,” leaning hard into the narrative of LNG exports plus AI/data-center power demand and positioning Western Haynesville as a “holy grail” inventory set with owned midstream. Tone was confident and upbeat on resource size, cost structure, and balance-sheet progress, while acknowledging ongoing execution needs in Western Haynesville and continued sensitivity to gas prices and demand timing.	Roughly low–mid single-digit % year-over-year growth in Q2 2025 natural gas and oil sales vs Q2 2024 (Q2 2025 revenue up modestly vs weak 2024 gas price environment; growth was positive but smaller than Q3's 10% y/y).	1) Cost and capital efficiency, especially in Western Haynesville: analysts pressed on how fast D&C cost per foot can come down, what 10,000+ ft laterals will cost, and how much more efficiency is left. Mgmt response: legacy Haynesville is near the top of the efficiency curve; Western Haynesville still has room to improve with longer laterals, faster drilling days, and new techniques, and they expect continued cost progress. 2) Market access and gas-on-gas competition along the Gulf Coast (LNG vs power vs industrial): analysts asked how realizations will look with competition for feedgas. Mgmt response: they see a big advantage from location (between Dallas and Houston, near LNG corridor) and from owning their midstream; they aim to sell more directly to end users (LNG, power, industrial) and capture more margin. 3) Western Haynesville inventory, spacing assumptions, and plan for 2026: analysts dug into how conservative the 2,500+ net location estimate is, unitization risk, and how many wells will be step-out vs hold-by-production. Mgmt response: estimates are intentionally conservative, some working interest assumptions will tighten as units are finalized; 2026 Western Haynesville activity will mostly be about holding acreage with ~4 rigs steady while the legacy Haynesville flexes with gas prices.	About +10% year-over-year growth in natural gas and oil sales (Q3 2025 sales of $335M vs roughly $305M in Q3 2024; management described higher prices and better results vs prior year).

Transcript Tidbits2 rows

2026-02-11

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Comstock is partnering with NextEra on a Western Haynesville data center project with an initial capacity of 2 gigawatts, potentially expanding to 8 gigawatts to support hyperscaler development. The company is positioning itself to supply the 'growing industrial demand, LNG demand, as well as to generate power for data centers,' noting that the U.S. is the largest exporter of gas in the world.	Management highlights a strategic advantage in owning their midstream company, Pinnacle Gas Services, noting that 'most of these companies do not own their midstream,' which requires them to deal with third parties. They also expect to pick up third-party business for Pinnacle from other operators now active in the Western Haynesville area.	The industry is seeing a structural shift where 'inventory is the holy grail,' with many E&Ps searching the globe for new locations. Natural gas demand is projected to grow by approximately 3 Bcf per year through 2030 based on LNG facilities and data centers currently being built, independent of future final investment decisions (FIDs).	In 2026, Comstock plans to run a nine-rig program (4 in Western Haynesville, 5 in Legacy) to drive production growth into 2027. They are recapitalizing their midstream business by selling equity in Pinnacle to redeem preferred units and establish a new credit facility. Operationally, they are deploying rotary steerable technology and 10,000 PSI rigs to reduce drilling times by an estimated two weeks.	Gas	AI and hyperscaler data centers as a primary structural driver for domestic natural gas demand; the emergence of 'proprietary midstream ownership' as a key differentiator for upstream producers; 'Inventory as the holy grail' driving E&P valuation.	I believe we are sitting on some of the most valuable gas in the world.; Inventory provides us with decades of future drilling locations.; We have the industry's lowest producing cost structure.; We control a basin is how we look at it.	Gas prices have been everywhere.; Production... was 14% lower than production in 2024.; The well was making a lot of water during flowback.; We had a higher average drill-out cost in the fourth quarter.

2025-11-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Company explicitly positioning itself to supply LNG growth, AI/data center power needs, and industrial gas users seeking long-term offtake.	Mgmt emphasizes advantage from owning midstream, reducing dependence on third-party pipelines and allowing direct relationships with end users; sees competition increasing as other operators enter the Western Haynesville.	Natural gas demand rising via LNG exports hitting records; U.S. gas becoming “go-to energy source”; basin activity expanding; multi-year constructive supply/demand setup.	Moving toward longer laterals, horseshoe wells, more Western Haynesville delineation, expanding treating capacity (Marquez Phase 2), and potential third plant; strong push toward holding acreage and scaling for 2026–2028 LNG/DC demand.	AI	• “Inventory is the holy grail.” • Shift toward direct producer–end-user relationships (LNG, power, industrial). • Emergence of large-scale proprietary midstream ownership as strategic advantage.	• “I don't believe we have ever seen a brighter future for natural gas.” • “The Haynesville Shale is on the front line to deliver the gas supply to meet the growing demand.” • “We are around a big bright light bulb and people are calling because of the inventory.” • “You couldn't be in a better area” for LNG + AI + data centers. • “We have over 2,559 Western Haynesville locations at the beginning of time.”	• “We had abnormally high drilling costs in the second quarter due to drilling difficulties.” • Western Haynesville wells still require higher frac horsepower and have deeper, hotter conditions (implying challenges). • Realized gas prices still show $0.30+ basis differentials; heavy need for hedging. • Company still showing FCF pressure before asset sales and reliant on divestitures to reduce leverage.

Notes2 rows

Date	Comment	Comment Type	Comment Sentiment	Link	IS CHANGE	Price Reaction
2025-11-04	Comstock delivered a strongly received Q3, driven by clear confidence in Western Haynesville scale, improving costs, and long-term demand from LNG, AI/data centers, and industrial loads. Management highlighted huge inventory, owned midstream advantages, and balance-sheet strengthening through divestitures. Tone was highly bullish, with the market reacting positively to visibility into multi-year growth and capital efficiency.	Earnings Transcript	Bullish			+14.81% (vs SPY: +15.44%)
2026-02-11	Comstock's results highlighted a strategic pivot toward Western Haynesville and AI-driven power demand via a NextEra partnership. However, the market reacted negatively (-6.9%) to increased capital spending—including adding a ninth rig—and a 14% year-over-year production decline. While management emphasized long-term LNG tailwinds and plans to recapitalize its midstream unit, immediate concerns over capital intensity and volatile gas prices weighed on sentiment.	Earnings Transcript	Bearish	https://www.comstockresources.com/investors	False	-6.86% (vs SPY: -5.38%)