Comstock Resources Q2 2026: Production Rebounds 16%, but Net Income Slips to $9M on Lower Gas Prices
CRK is trading near its 52-week low of $12.215 (3.2% above the low).
Summary
Comstock Resources reported Q2 2026 earnings with production up 16% sequentially but net income falling to $9 million due to lower natural gas prices. The company generated solid operating cash flow but carries significant debt.
Key Events · Earnings and Guidance · CRK
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Q2 Production Rebounds 16%
Total production reached 113.1 Bcfe, up 16% from Q1 2026, driven by 17 new wells turned to sales, including five high-rate Western Haynesville wells averaging 33 MMcf/d initial production.
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Net Income Drops to $9M
Net income available to the company fell to $8.8 million ($0.03/share) from $124.8 million a year ago, primarily due to a 16% decline in realized natural gas prices to $2.54/Mcf before hedging.
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Operating Cash Flow Remains Solid
Cash flows from operating activities were $170.2 million, and operating cash flow before working capital changes was $188.5 million ($0.65/share), supported by hedging gains of $43.3 million.
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Balance Sheet Leverage High
Long-term debt stood at $3.1 billion as of June 30, 2026, with cash of only $45 million. The recent $600 million Pinnacle transaction helped retire subsidiary-level debt but parent-level leverage remains elevated.
Analysis · CRK · Energy & Transportation
Comstock's Q2 results present a mixed picture. Production jumped 16% sequentially, driven by strong well performance in the Western Haynesville, and the company generated $189 million in operating cash flow before working capital changes. However, realized natural gas prices fell to $2.54 per Mcf (before hedging), down from $3.02 a year ago, squeezing margins. Net income available to the company was just $9 million, or $0.03 per share, compared to $125 million a year earlier. The balance sheet remains leveraged with $3.1 billion in long-term debt against $45 million in cash, though the recent $600 million Pinnacle transaction provided some relief. The stock is trading near its 52-week low, reflecting the challenging natural gas price environment.
How filings like this one have moved
In the 30 days to Sep 13, 2026, 29.5% of the 1753 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.20%. 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 $12.61 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $12.22 to $28.10. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.