Comstock Resources Reports Q3 2026 Production Growth and SOCAR Divestiture Plans
Comstock Resources (CRK) reported third-quarter production of 122.4 billion cubic feet equivalent, marking a 9% year-over-year increase driven by new wells in the Western and Legacy Haynesville plays. Despite higher production volumes, natural gas sales reached $359 million as lower market prices offset growth. The company reported adjusted net income of $6 million, or $0.02 per diluted share. A major strategic shift is underway via a $1.65 billion divestiture to SOCAR, which aims to reduce the company's total debt by approximately 50%, bringing pro forma net debt down from $3.4 billion to $1.7 billion. Additionally, a new $450 million drilling venture with the Jones family is expected to fund much of the upcoming drilling and completion costs for 27 wells, supporting free cash flow in the fourth quarter.
Tickers: $CRK
Topics: divestiture drilling venture natural gas sales net income production growth
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