COMSTOCK RESOURCES INC

Comstock Resources, Inc. announced its plan to release second quarter 2026 financial results after the market closes on July 29, 2026. The company will host a conference call to discuss these results on July 30, 2026, at 10:00 a.m. CT. Interested parties can register telephonically or access a live listen-only webcast, with a replay available for twelve months.

Comstock Resources, Inc. announced the sale of a 27% non-controlling equity interest in its midstream subsidiary, Pinnacle Gas Services LLC, to funds managed by Sixth Street for $600 million. This investment values Pinnacle at a $2.2 billion enterprise value, with Comstock retaining a 73% controlling interest. The proceeds were used to fully extinguish Pinnacle's preferred equity and all outstanding indebtedness, which is expected to reduce Pinnacle's fixed charges by approximately $40 million annually. Comstock will continue to manage and operate Pinnacle, with its ownership potentially increasing to 80.5% under certain conditions.

Comstock Resources announced the sale of a 27% non-controlling common equity interest in its midstream subsidiary, Pinnacle Gas Services LLC, to Sixth Street for $600 million. This investment values Pinnacle at a $2.2 billion enterprise value, with Comstock retaining a 73% controlling interest valued at $1.6 billion. The proceeds were utilized to fully extinguish $445 million in preferred equity securities and all outstanding indebtedness at Pinnacle, significantly strengthening the balance sheet and reducing fixed charges by approximately $40 million annually. The transaction validates the value of Comstock's midstream infrastructure and Western Haynesville acreage, while ensuring Comstock maintains operational control.

Comstock Resources reported Q1 2026 financial and operating results, with net income available to the company significantly improving to $107.5 million, or $0.38 per diluted share, compared to a loss in the prior year. However, adjusted net income decreased to $44.5 million, and operating cash flow also saw a decline to $191.9 million. The company turned 16 operated Haynesville/Bossier shale wells to sales, with an average initial production rate of 30 MMcf per day, but also reported a significant increase in free cash deficit.