COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2025. Highlights of 2025's First Quarter Higher natural gas prices in the first quarter drove improved financial results in the quarter. Natural gas and oil sales, including realized hedging gains, were $405 million for the quarter.Operating cash flow was $239 million or $0.81 per diluted share.Adjusted EBITDAX for the quarter was $293 million.Adjusted net income was $53.8 million or $0.18 per diluted share for the quarter. Comstock resumed completion activity in late 2024 allowing it to turn fourteen (11.3 net) operated wells to sales since the last update with an average per well initial production rate of 25 MMcf per day.The successful results of Comstock’s step out Western Haynesville well drilled in Freestone County, Texas substantially extended the success the Company has had in proving up its Western Haynesville acreage. Financial Results for the Three Months Ended March 31, 2025 Natural gas prices improved substantially in the first quarter of 2025 and Comstock realized $3.58 per Mcf before hedging and $3.52 per Mcf after hedging for its natural gas production of 115 Bcf in the quarter. Comstock's natural gas and oil sales in the first quarter of 2025 increased to $405.0 million (including realized hedging losses of $8.0 million). Operating cash flow (excluding changes in working capital) generated in the first quarter of 2025 was $239.0 million, and net loss for the first quarter was $115.4 million or $0.40 per share. The net loss in the quarter included a pre-tax $322.4 million unrealized loss on hedging contracts held for price risk management resulting from the rise in future natural gas prices since the end of 2024. Excluding this item and exploration expense, adjusted net income for the first quarter of 2025 was $53.8 million, or $0.18 per diluted share. Comstock's production cost per Mcfe in the first quarter averaged $0.83 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.30 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged operating margin was 77% in the first quarter of 2025 and 76% after hedging. Drilling Results Comstock drilled seven (6.9 net) operated horizontal Haynesville/Bossier shale wells in the first quarter of 2025, which had an average lateral length of 11,660 feet. Comstock turned eleven (8.3 net) operated wells to sales in the first quarter of 2025. Since its last operational update in February, Comstock has turned fourteen (11.3 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 25 MMcf per day. The completed lateral length of these wells averaged 12,220 feet. Included in the wells turned to sales was our first Western Haynesville well drilled in Freestone county, the Olajuwon Pickens #1, which had a 10,306 foot completed lateral. This well is 24.4 miles away from the closest producing Western Haynesville well and represents a major milestone in Comstock's progress in delineating its Western Haynesville acreage. The Olajuwon Pickens #1 was turned to sales at an initial production rate of 41 MMcf per day. Other On April 29, 2025, Comstock also announced that its bank group reaffirmed the $2.0 billion borrowing base under its $1.5 billion revolving credit facility. Earnings Call Information Comstock has planned a conference call for 10:00 a.m. Central Time on May 1, 2025, to discuss the first quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:https://register-conf.media-server.com/register/BIe794f2ba5583499f970858176fd39094. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/99m3j47q. If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on May 1, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/99m3j47q. This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov. Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the New York Stock Exchange under the symbol CRK. COMSTOCK RESOURCES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts) Three Months EndedMarch 31, 2025 2024 Revenues: Natural gas sales $412,286 $287,083 Oil sales 702 876 Total natural gas and oil sales 412,988 287,959 Gas services 99,866 47,813 Total revenues 512,854 335,772 Operating expenses: Production and ad valorem taxes 11,179 17,908 Gathering and transportation 42,617 47,099 Lease operating 35,000 35,072 Exploration 2,150 — Depreciation, depletion and amortization 167,891 190,689 Gas services 116,769 48,680 General and administrative 11,080 9,171 Total operating expenses 386,686 348,619 Operating income (loss) 126,168 (12,847)Other income (expenses): Gain (loss) from derivative financial instruments (330,339) 39,307 Other income 339 331 Interest expense (54,837) (49,557)Total other expenses (384,837) (9,919)Loss before income taxes (258,669) (22,766)Benefit from income taxes 143,276 8,292 Net loss (115,393) (14,474)Net income attributable to noncontrolling interest (5,885) (1,847)Net loss available to the Company $(121,278) $(16,321) Net loss per share Basic $(0.40) $(0.05)Diluted $(0.40) $(0.05)Weighted average shares outstanding: Basic 290,303 277,962 Diluted 290,303 277,962 COMSTOCK RESOURCES, INC.OPERATING RESULTS(In thousands, except per unit amounts) Three Months Ended March 31, 2025 2024 Natural gas production (MMcf) 115,029 139,443 Oil production (Mbbls) 10 12 Total production (MMcfe) 115,091 139,515 Natural gas sales $412,286 $287,083 Natural gas hedging settlements (1) (7,959) 47,995 Total natural gas including hedging 404,327 335,078 Oil sales 702 876 Total natural gas and oil sales including hedging $405,029 $335,954 Average natural gas price (per Mcf) $3.58 $2.06 Average natural gas price including hedging (per Mcf) $3.52 $2.40 Average oil price (per barrel) $70.20 $73.00 Average price (per Mcfe) $3.59 $2.06 Average price including hedging (per Mcfe) $3.52 $2.41 Production and ad valorem taxes $11,179 $17,908 Gathering and transportation 42,617 47,099 Lease operating 35,000 35,072 Cash general and administrative (2) 6,640 5,755 Total production costs $95,436 $105,834 Production and ad valorem taxes (per Mcfe) $0.10 $0.13 Gathering and transportation (per Mcfe) 0.37 0.34 Lease operating (per Mcfe) 0.30 0.25 Cash general and administrative (per Mcfe) 0.06 0.04 Total production costs (per Mcfe) $0.83 $0.76 Unhedged operating margin 77% 63%Hedged operating margin 76% 68% Gas services revenue $99,866 $47,813 Gas services expenses 116,769 48,680 Gas services margin $(16,903) $(867) Natural Gas and Oil Capital Expenditures: Unproved property acquisitions $9,684 $69,444 Total natural gas and oil properties acquisitions $9,684 $69,444 Exploration and Development: Development leasehold $3,556 $3,938 Exploratory drilling and completion 100,107 106,456 Development drilling and completion 145,578 145,793 Other development costs 515 37 Total exploration and development capital expenditures $249,756 $256,224 (1) Included in gain (loss) from derivative financial instruments in operating results. (2) Excludes stock-based compensation. COMSTOCK RESOURCES, INC.NON-GAAP FINANCIAL MEASURES(In thousands, except per share amounts) Three Months EndedMarch 31, 2025 2024 ADJUSTED NET INCOME (LOSS): Net loss $(115,393) $(14,474)Unrealized loss from derivative financial instruments 322,380 8,688 Exploration expense 2,150 — Adjustment to income taxes (155,292) (2,752)Adjusted net income (loss) $53,845 $(8,538) Adjusted net income (loss) per share (2) $0.18 $(0.03)Diluted shares outstanding 293,633 277,962 ADJUSTED EBITDAX: Net loss $(115,393) $(14,474)Interest expense 54,837 49,557 Income taxes (143,276) (8,292)Depreciation, depletion, and amortization 167,891 190,689 Exploration 2,150 — Unrealized loss from derivative financial instruments 322,380 8,688 Stock-based compensation 4,442 3,415 Total Adjusted EBITDAX (3) $293,031 $229,583 (1) Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items. (2) Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method. (3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts. COMSTOCK RESOURCES, INC.NON-GAAP FINANCIAL MEASURES(In thousands) Three Months EndedMarch 31, 2025 2024 OPERATING CASH FLOW (1): Net loss $(115,393) $(14,474)Reconciling items: Unrealized loss from derivative financial instruments 322,380 8,688 Deferred income taxes (143,276) (8,287)Depreciation, depletion and amortization 167,891 190,689 Amortization of debt discount and issuance costs 2,944 1,984 Stock-based compensation 4,442 3,415 Operating cash flow $238,988 $182,015 (Increase) decrease in accounts receivable (33,660) 99,418 Decrease in other current assets 559 5,576 Decrease in accounts payable and accrued expenses (31,141) (115,470)Net cash provided by operating activities $174,746 $171,539 Three Months EndedMarch 31, 2025 2024 FREE CASH FLOW (DEFICIT)(2): Operating cash flow $238,988 $182,015 Less: Exploration and development capital expenditures (249,756) (256,224)Midstream capital expenditures (48,668) (5,298)Other capital expenditures (86) (29)Contributions from midstream partner 59,500 6,000 Free cash deficit from operations $(22) $(73,536)Acquisitions (9,684) (69,444)Free cash deficit after acquisitions $(9,706) $(142,980) (1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts. (2) Free cash deficit from operations and free cash deficit after acquisitions are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties. COMSTOCK RESOURCES, INC.CONSOLIDATED BALANCE SHEETS(In thousands) March 31,2025 December 31,2024 ASSETS Cash and cash equivalents $32,875 $6,799 Accounts receivable 208,506 174,846 Derivative financial instruments — 4,865 Other current assets 97,595 97,524 Total current assets 338,976 284,034 Property and equipment, net 5,828,842 5,688,389 Goodwill 335,897 335,897 Operating lease right-of-use assets 97,832 73,777 $6,601,547 $6,382,097 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $433,797 $421,814 Accrued costs 113,231 146,173 Operating leases 47,256 35,927 Derivative financial instruments 263,796 8,940 Total current liabilities 858,080 612,854 Long-term debt 3,050,034 2,952,090 Deferred income taxes 201,841 345,116 Derivative financial instruments 129,416 66,757 Long-term operating leases 50,485 37,740 Asset retirement obligation 34,507 33,996 Total liabilities 4,324,363 4,048,553 Stockholders' Equity: Common stock 146,460 146,130 Additional paid-in capital 1,367,696 1,366,274 Accumulated earnings 607,341 728,619 Total stockholders' equity attributable to Comstock 2,121,497 2,241,023 Noncontrolling interest 155,687 92,521 Total stockholders' equity 2,277,184 2,333,544 $6,601,547 $6,382,097

COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

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