2Q26 Earnings Preview - In For A Rebuilding Year

研报英文原文证据摘录

2Q26 Earnings Preview - In For A Rebuilding Year

Global Research

20 July 2026ab

Comstock Resources Inc Equities

United States2Q26 Earnings Preview - In For A Rebuilding

Year Oil Companies, Secondary

12-month rating Sell *

12m price target US$13.00Maintain Sell Rating As FCF Outspend Persists

We expect a mixed 2Q26 update from CRK. A step up in TILs spurs a more than double

digit Q/Q jump in production, putting CRK on track for 2H26's ambitious growth plan Price (17 Jul 2026) US$13.34

and a needed boost in EBITDA. Additionally, we see the recent Pinnacle sale providing a RIC: CRK.N BBG: CRK US

vote of confidence in CRK's Western Haynesville (HVL) assets, with the addition of a new

partner helping de-risk the play's future infrastructure growth, enabling CRK's future Trading data and key metrics

Western HVL growth. The offset though for 2Q26 is ongoing weak front-month Henry 52-wk range US$27.37-12.67

Hub prices that have caused FCF outspends to persist and have reduced CRK's ability to Market cap. US$3.88b

organically delever. We maintain our Sell rating given this near-term outspend and Shares o/s 291m (COM)

higher debt, in spite of the efforts that CRK is taking to setup long-term Western Free float 26%

HVL resource development. Avg. daily volume ('000) 734

Avg. daily value (m) US$10.5

Key Highlights Into CRK's 2Q26 Earnings Update: Common s/h equity (12/26E) US$2.90b

2Q26 Estimates. We forecast 2Q26 CFPS of $0.57 vs Street's current $0.59. We P/BV (12/26E) 1.3x

model 2Q26 total production of ~1,213mmcfepd, within the 1,175- Net debt to EBITDA (12/26E) 3.0x

1,275mmcfepd guidance range and +12% Q/Q, as CRK benefits from an uptick in

TIL activity in late 1Q26/2Q26 after only one TIL in January/February. We project EPS (UBS, diluted) (USD)

12/26E

$364mm of 2Q26 capex ex.