What Comstock Resources does

Comstock Resources (NYSE: CRK) is a publicly traded independent natural gas producer focused on the exploration, development, and production of natural gas from the Haynesville and Bossier Shale formations in North Louisiana and East Texas. The company controls more than 535,000 net acres in the Western Haynesville and over 3,300 high-return net drilling locations, with proved reserves of 7.0 Tcfe and a PV-10 value of approximately $4.5 billion at year-end 2025. Technology is conventional shale: horizontal drilling and hydraulic fracturing, with third-party-validated low-methane operations through MiQ Standard certification and The Environmental Partnership membership.

The company generates revenue through wholesale sales of natural gas (and minor oil volumes) to utilities, LNG export facilities, and industrial customers via direct pipeline access to Gulf Coast markets and the LNG export corridor. Pricing is commodity-market-determined; realized prices reached only $3.46 per Mcfe in a recent quarter owing to hedging losses and regional differentials. The company also operates a 73%-owned midstream subsidiary, Pinnacle Gas Services, providing gathering and processing infrastructure supporting Western Haynesville development. Strategic partnerships — notably an up-to-8 GW behind-the-meter gas-fired generation agreement with NextEra Energy for hyperscaler data center demand and a CCUS collaboration with BKV Corporation — extend the commercial surface beyond pure-play production.

Majority shareholder Jerry Jones (approximately 67% ownership, over $1 billion of cumulative investment) provides long-duration equity sponsorship, and the company has supplemented this with a $600 million Sixth Street investment in Pinnacle Gas Services, a $400 million senior notes private placement, and divestitures of Shelby Trough ($417 million) and Apex assets ($430 million) to redeploy capital toward Western Haynesville development. Full-year 2025 natural gas and oil sales totaled $1.448 billion, with Q4 2025 revenue of $789.81 million (up 115.5% year-over-year), full-year profit of $396 million, and Q4 2025 operating margin of 77%.

Name

Comstock Resources

Legal name

Comstock Resources, Inc.

Website

https://comstockresources.com

Company type

Public

Founded year

1919

Operating status

Operating

Headcount range

251–500 employees

Short description

Comstock Resources (NYSE: CRK) is an independent natural gas producer focused on the Haynesville and Bossier Shale in North Louisiana and East Texas, selling wholesale gas to utilities, LNG exporters, and industrial customers via Gulf Coast pipeline access and, increasingly, to data-center power generation through its NextEra Energy partnership.

Ownership category

akta.pro rank

Product category

Natural Gas Exploration and Production

NAICS

Natural Gas Extraction (211130), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Well Completion & Stimulation (Hydraulic Fracturing, Sand Control) (EUAAAAAJ)

akta.pro secondary industries

Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling) (EUAAACAL), Distributed Energy & Gas Solutions Sales (CHP, Microgrids, On-site Gas Supply) (EUAAADAJ)

Keywords

• Natural gas production
• Haynesville shale development
• Shale gas exploration
• Upstream oil and gas
• Hydrocarbon reserves development

Headquarters

HQ city

Frisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Others

Revenue model

1. Natural Gas and Oil Sales: Comstock Resources generates revenue primarily through the sale of natural gas and oil produced from its Haynesville Shale operations in North Louisiana and East Texas. The company sold its Shelby Trough assets in East Texas for $417 million and plans additional divestitures.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Comstock Resources is an independent upstream natural gas producer that explores for, develops, and produces natural gas from the Haynesville and Bossier shale formations in North Louisiana and East Texas, with a flagship 535,000+ net-acre Western Haynesville development. It monetizes produced gas through direct wholesale sales to utilities, LNG export facilities, industrial users, and—via a partnership with NextEra Energy—data center power projects, while its 73%-owned Pinnacle Gas Services subsidiary provides midstream gathering and processing.

Product overview

Comstock Resources is a leading independent natural gas producer offering a portfolio of products centered on the exploration, development, and production of natural gas from the Haynesville Shale in North Louisiana and East Texas. The company's core operations span its legacy Haynesville/Bossier Shale assets and the newer Western Haynesville development area, with over 535,000 net acres and 3,300+ high-return drilling locations. The company's product offerings include natural gas production, midstream services through its Pinnacle Gas Services subsidiary (73% owned), and partnerships for data center power generation. Comstock's natural gas is positioned for access to high-value Gulf Coast markets, the LNG corridor, and AI/Data Center demand.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Production (Haynesville/Bossier Shale) Exploration, development, and production of natural gas from the Haynesville and Bossier shale formations in North Louisiana and East Texas, sold to wholesale buyers including utilities, LNG export facilities, and industrial customers.
• Western Haynesville Development Flagship acreage position in the Western Haynesville of East Texas comprising over 535,000 net acres with more than 2,500 high-return net drilling locations and direct access to Gulf Coast and LNG corridor markets.
• Haynesville/Bossier Shale Drilling Inventory Deep drilling inventory across the Haynesville and Bossier shales providing decades of low-cost, high-return development locations supporting Comstock's natural gas production.
• Pinnacle Gas Services (Midstream Gathering and Processing) Midstream subsidiary providing natural gas gathering, processing, and infrastructure services supporting Comstock's Western Haynesville natural gas development in East Texas.

Quantifiable outcome

• Proved reserves of 7.0 Tcfe with PV-10 value of approximately $4.5 billion
• +3 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and strategic.

• NextEra EnergycoreStrategic or Co-development Partner · 23 March 2026Comstock Resources partnered with NextEra Energy to develop up to 8 GW of behind-the-meter gas-fired power generation in the Western Haynesville area of Central Texas to serve hyperscaler data center development. The partnership was announced March 23, 2026 as part of a broader U.S.-Japan trade initiative, with commercialization expected in 2026.
• BKV CorporationstrategicStrategic or Co-development Partner · 25 February 2026Comstock Resources and BKV Corporation executed definitive agreements for CCUS (carbon capture, utilization and storage) projects at natural gas processing facilities in the Western Haynesville. BKV is targeting 1.5 million tons per annum CO2 injection capacity by 2028.

Scale indicators17 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Expand Energy (formerly Southwestern Energy + Chesapeake Energy): The largest Haynesville Shale producer following the Southwestern Energy/Chesapeake Energy merger, Expand Energy is the closest direct comparable to Comstock Resources with overlapping acreage, identical Gulf Coast LNG corridor exposure, and a similar pure-play natural gas strategy.
• EQT Corporation: EQT is the largest U.S. natural gas producer, focused on the Appalachian Basin. Comparable on business model (pure-play natural gas E&P), scale (multi-Tcfe reserves), and exposure to LNG and power-generation demand, though operating in the Marcellus/Utica rather than the Haynesville.
• Antero Resources: Antero is a large, independent natural gas and NGL producer concentrated in the Appalachian Basin. Direct comparable on gas-weighted production mix, scale, customer focus on utilities/LNG, and disciplined capital allocation.
• Range Resources: Range Resources is a long-standing independent natural gas producer with operations in the Appalachian Basin. Similar mid-cap independent E&P profile targeting power generation and LNG markets with comparable hedging and infrastructure economics.
• Coterra Energy: Coterra is a diversified independent E&P with significant natural gas operations in the Marcellus alongside Permian oil. Comparable on natural gas exposure and customer base, while adding oil diversification not present at Comstock.
• CNX Resources: CNX is an independent natural gas producer in the Appalachian Basin with a similarly low-cost focus and exposure to LNG and power-generation markets. Comparable on gas-only strategy and capital discipline ethos.
• Gulfport Energy: Gulfport is an independent natural gas producer operating in the Utica and SCOOP plays. Smaller-scale but directly comparable on pure-play gas strategy, operational discipline, and exposure to LNG and power demand.
• Matador Resources: Matador is a mid-cap independent E&P with Permian and Eagle Ford operations. Similar size and growth profile to Comstock, though more oil-weighted — useful as a benchmark for capital allocation and execution among mid-cap independents.

Broad incumbents

• Devon Energy: Devon is a large, diversified independent E&P across multiple basins including the Delaware, Anadarko, and Barnett. Includes the gas-focused Barnett legacy but is broader than Comstock's pure-play Haynesville focus.

Emerging players

• BKV Corporation: BKV is an integrated natural gas and CCUS developer and Comstock's explicit decarbonization partner for CO2 injection at Western Haynesville processing facilities. Relevant as a CCUS-led emerging player in the same basin.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/comstock-resources

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comstock Resources