Comstock Resources Q1 oil and gas sales fall on hedging losses

Comstock Resources

05/05/2026 21:24

Overview

U.S. natural gas producer's Q1 oil and gas sales fell yr/yr, pressured by hedging losses

Adjusted net income for Q1 dropped to $44 mln from $54 mln a year earlier

Company turned 16 Haynesville/Bossier shale wells to sales with strong initial production rates

Outlook

Company did not provide specific guidance or outlook for the current or future periods

Result Drivers

HEDGING LOSSES - Realized hedging losses of $80 mln reduced reported oil and gas sales in Q1

NEW WELL ADDITIONS - Turned 16 Haynesville/Bossier shale wells to sales with average initial production rate of 30 MMcf per day

HIGHER EXPLORATION AND ADMIN COSTS - Exploration expense and general and administrative costs increased from prior year

Company press release: ID:nGNX7mr8Vt

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Oil & Gas Sales
$338.60 mln
Q1 Adjusted Net Income
$44 mln
Q1 Adjusted EBITDAX
$251 mln
Q1 Operating Cash Flow
$192 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 10 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

Wall Street's median 12-month price target for Comstock Resources Inc is $20.00, about 12.5% above its May 4 closing price of $17.77

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 27 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)