Comstock Resources Reports Strong Q4 Results, Expanded Drilling Plans

Natural gas producer highlights higher prices, asset sales, and plans for growth in 2026 and 2027.

Published on Feb. 15, 2026

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Comstock Resources reported strong fourth-quarter 2025 financial results, driven by higher natural gas prices. The company highlighted significant asset-sale proceeds used to reduce debt, and an expanded drilling program designed to support production growth in 2026 and 2027. Comstock plans to prioritize development of its Western Haynesville assets to capitalize on growing LNG and data center demand.

Why it matters

Comstock's performance reflects the broader recovery in the natural gas industry, as prices have rebounded from pandemic-era lows. The company's focus on the Haynesville Shale, one of the most active gas plays in North America, positions it to benefit from increasing demand, particularly from LNG exports and data center development.

The details

Comstock reported fourth-quarter oil and gas sales of about $365 million and operating cash flow of $222 million. The company drilled 52 successful operated Haynesville/Bossier wells in 2025, replacing 229% of production. Comstock also completed $445 million in divestitures, selling legacy Cotton Valley and Shelby Trough assets, using the proceeds to reduce debt. For 2026, the company plans to drill 19 Western Haynesville wells and 47 legacy Haynesville wells, while also commercializing a Western Haynesville data center project in partnership with NextEra.

  • Comstock reported fourth-quarter 2025 results.
  • The company completed $445 million in divestitures in the third and fourth quarters of 2025.
  • Comstock expects to have a new bank credit facility and redeem preferred units for its Pinnacle Gas Services midstream business in place by May 2026, with an equity sale targeted for the summer.

The players

Comstock Resources, Inc.

An independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States, with a focus on the Haynesville Shale in Northwest Louisiana.

NextEra

An energy company that plans to partner with Comstock on a Western Haynesville data center project, providing 'behind-the-meter' power generation to support hyperscaler development.

Pinnacle Gas Services

Comstock's midstream business, which the company is working to recapitalize with a new bank credit facility and by redeeming preferred units held by a partner.

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What’s next

Comstock expects to have a new bank credit facility and redeem preferred units for its Pinnacle Gas Services midstream business in place by May 2026, with an equity sale targeted for the summer.

The takeaway

Comstock's strong fourth-quarter results and expanded drilling plans highlight the company's positioning to capitalize on growing natural gas demand, particularly from LNG exports and data center development. The company's focus on the Haynesville Shale, one of the most active gas plays in North America, positions it well for future growth.