Quarterly ResultJul 29, 2026, 04:23 PM
Comstock Resources Sells Pinnacle Stake for $600M; Q2 Net Income $9M
AI Summary
Comstock Resources, Inc. reported its second quarter 2026 financial and operating results, highlighted by the sale of a 27% noncontrolling common equity interest in Pinnacle Gas Services LLC for $600 million. The proceeds were used to redeem and retire Pinnacle's preferred equity and outstanding indebtedness. The company also saw a return to production growth, with Q2 2026 production increasing 16% over the first quarter to 113.1 Bcfe. Net income available to the Company for the quarter was $9 million, or $0.03 per diluted share, with adjusted net income at $8 million.
Key Highlights
- Sold 27% noncontrolling interest in Pinnacle Gas Services LLC for $600 million.
- Proceeds from Pinnacle sale used to redeem and retire Pinnacle's preferred equity and debt.
- Q2 2026 production grew 16% over Q1 2026 to 113.1 Bcfe.
- Natural gas and oil sales, including hedging, were $332 million for Q2 2026.
- Net income available to the Company was $9 million, or $0.03 per share, for Q2 2026.
- Adjusted net income available to the Company was $8 million, or $0.03 per share.
- Operating cash flow before changes in working capital was $189 million, or $0.65 per share.
- Turned 17 operated Haynesville/Bossier wells to sales with average IP of 31 MMcf/day.
Price Impact
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