Adjusted net income fell to $44 million as winter disruptions and delayed completions cut production and raised costs.
Comstock Resources posted first-quarter adjusted net income of $44 million, or $0.15 per share, down from $107 million a year earlier that included a large hedge gain. The decline stemmed from lower production due to winter weather and delayed well completions, which also pressured realized prices and lifted operating costs.
Natural gas and oil sales totaled $339 million, while operating cash flow reached $192 million, or $0.66 per share. The company maintained its rig count at nine and expects output to rebound later in 2026 as new wells come online in the Western and legacy Haynesville regions.
Comstock ended the quarter with nearly $1.3 billion in liquidity and is advancing financing plans for Pinnacle Gas Services. Management highlighted a potential long-term demand boost from a planned 5.2-gigawatt gas-fired power hub in Texas.