COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2025 FINANCIAL AND OPERATING RESULTS

February 11, 2026

Link to full report:  https://investors.comstockresources.com/news-releases/news-release-...

Highlights of 2025's Fourth Quarter

• Higher natural gas prices in the fourth quarter drove improved financial results in the quarter.
  • Natural gas and oil sales, including realized hedging losses, were $364 million for the quarter.
  • Operating cash flow was $222 million or 0.75 per diluted share.
  • Adjusted EBITDAX for the quarter was $277 million.
  • Adjusted net income was $46 million or $0.16 per diluted share for the quarter.
• Four successful wells were turned to sales in the Western Haynesville in the fourth quarter.
  • These wells had an average lateral length of 8,399 feet and an average per well initial production rate of 29 MMcf per day.
• During 2025, Comstock turned a total of 12 wells to sales in the Western Haynesville with an average per well initial production rate of 33 MMcf per day.
• Comstock turned 35 wells to sales in 2025 in its legacy Haynesville area with an average lateral length of 11,738 feet and a per well initial production rate of 25 MMcf per day.
• Completed the sale of Shelby Trough assets in East Texas for net proceeds after selling expenses of $417 million.

2025 Drilling Results

Comstock drilled 52 (44.2 net) operated horizontal Haynesville/Bossier shale wells in 2025, which had an average lateral length of 11,187 feet. Comstock also turned 47 (40.3 net) operated wells to sales in 2025, which had an average initial production rate of 27 MMcf per day.

Since its last operational update in October, Comstock has turned eleven (9.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 27 MMcf per day. The completed lateral length of these wells averaged 10,063 feet. Included in these wells, Comstock turned an additional four (4.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

These wells had average initial daily production rates of 29 MMcf per day and average completed lateral lengths of 8,399 feet.