Comstock Resources (CRK.N): 2Q2026 Earnings - Progressing On Multiple Fronts - Catalysts Remain Over The Horizon

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Comstock Resources (CRK.N): 2Q2026 Earnings - Progressing On Multiple Fronts - Catalysts Remain Over The Horizon

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31 Jul 2026 17:36:17 ET │ 13 pages

Comstock Resources (CRK.N)

2Q2026 Earnings - Progressing On Multiple Fronts - Catalysts Remain

Over The Horizon

CITI'S TAKE Neutral / High Risk

Price (31 Jul 26 16:00) US$13.26 CRK reported 2Q2026 earnings with adjusted cash flow of ~$188.5mm,

Target price US$16.00 which was moderately above both consensus and our estimate. This was

a neutral print as their outperformance on cash flows was supported by Expected share price return 20.7%

in-line production, with moderately better than expected operating Expected dividend yield 0.0%

expenses but with D&C capital spending above our estimates and pricing Expected total return 20.7%

coming in slightly below. The call focused on their strategic initiatives in Market Cap US$3,893M

both the core and western Haynesville while also seeing their drilling

productivity and production cadence scrutinized. Ultimately, we continue

to view the long-term catalysts here remaining on the horizon and expect

a high level of beta to the commodity to remain. We retain our Neutral / Paul DiamondAC

High Risk rating with a $16/share target price. +1-212-816-0638

paul.diamond@citi.com

Key Takeaways — As discussed here, CRK reported 2Q2026 earnings with adjusted Scott Gruber

cash flow of ~$188.5mm, which was moderately above both consensus and our +1-212-816-8919

estimate. This was a neutral print as their outperformance on cash flows was scott.gruber@citi.com

supported by in-line production, with moderately better than expected operating

expenses but with D&C capital spending ~7% above our estimates and pricing

coming in ~2% below. Their full year capital guidance was largely maintained, but