Comstock Resources reported third quarter 2026 results highlighted by significant production growth and a major strategic divestiture. Natural gas and oil sales reached $359.3 million, supported by a 9% year-over-year increase in production volumes. The company also announced a definitive agreement to sell a portion of its Haynesville upstream assets to SOCAR for $1.65 billion to significantly deleverage the balance sheet.
Key Highlights
- Production increased to 122.4 Bcfe, up 9% from the third quarter of 2025 and 8% sequentially from the second quarter of 2026.
- GAAP net income available to the company was $22.3 million or $0.08 per diluted share, while adjusted net income stood at $5.9 million or $0.02 per diluted share.
- Turned 23 operated wells to sales during the quarter, including six Western Haynesville wells with high initial production rates averaging 33 MMcf per day.
- Entered a $1.65 billion divestiture agreement with SOCAR for working interests in Haynesville assets and Pinnacle Gas Services, with closing expected by year-end 2026.
- Extended the bank credit facility maturity to November 2028, with a further extension to 2031 contingent on closing the SOCAR transaction.