Comstock Q2 Earnings Plunge 93% on Weaker Gas Prices; Midstream Unit Restructured with $600M Sixth Street Investment
CRK is trading near its 52-week low of $12.12 (4.8% above the low).
Summary
Comstock Resources' Q2 2026 net income collapsed 93% year-over-year to $8.8 million as natural gas prices fell 16%. The company also restructured its Pinnacle Gas Services midstream unit, redeeming a partner's interest for $445 million and selling a 27% stake to Sixth Street for $600 million.
Key Events · Earnings and Guidance · CRK
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Q2 Net Income Plunges 93%
Net income available to the company fell to $8.8 million in Q2 2026 from $124.8 million in Q2 2025, driven by a 16% drop in realized natural gas prices to $2.54 per Mcf.
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Revenue Down 15% on Lower Gas Prices
Natural gas and oil sales declined 15% to $288.2 million in Q2 2026, despite a 1% production increase to 1.2 Bcf per day.
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Pinnacle Midstream Restructured with $600M Sixth Street Investment
Pinnacle Gas Services redeemed Cactus Midstream's interest for $445 million and issued 600,000 Class A-2 Units to Starville (Sixth Street) for $600 million, representing a 27% ownership stake.
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Long-Term Debt Rises to $3.1 Billion
Total long-term debt increased to $3.1 billion as of June 30, 2026, up from $2.8 billion at year-end 2025, primarily due to higher borrowings under the bank credit facility.
Analysis · CRK · Energy & Transportation
Comstock Resources reported a sharp drop in Q2 earnings as lower natural gas prices hammered revenue. Net income available to the company fell to $8.8 million from $124.8 million a year ago, a 93% decline, despite a 1% production increase. The company also disclosed a major restructuring of its Pinnacle Gas Services midstream subsidiary, redeeming a legacy partner's interest for $445 million and bringing in Sixth Street with a $600 million investment for a 27% stake. The deal strengthens the balance sheet but adds complexity. With the stock trading near its 52-week low, the earnings miss and the midstream overhaul are likely to weigh on sentiment.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 35.8% of the 1864 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CRK was trading at $12.70 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $12.12 to $28.10. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.