$CRK

Comstock Reports $600 Million Sixth Street Investment in Pinnacle

Comstock Resources (CRK) said late Monday it has sold a minority equity interest in its midstream subsidiary, Pinnacle Gas Services, to some funds managed by Sixth Street.Sixth Street invested $600 million for a 27% interest, valuing Pinnacle at a $2.2 billion enterprise value, the company said.Comstock said the use of proceeds included to retire the Pinnacle preferred equity securities for $445 million, all outstanding debt at Pinnacle, and for working capital.

US Gas Market Seen Tightening into 2027, Potential Oversupply in 2028, TPH Says

US natural gas markets are projected to remain a key focus for investors assessing tightening near-term fundamentals before a shift toward oversupply later in the decade, according to TPH Energy Research in a Tuesday note.Matt Portillo, analyst at TPH, said that end-of-summer 2027 gas balances will reach 4.1 trillion cubic feet, with investors increasingly focused on when to position for longer-dated holdings beyond 2028.TPH said the outlook reflects a market still supported by regional constraints and rising demand before new supply and infrastructure changes alter the trajectory.Regional pricing dynamics remain in focus, including Permian-driven growth, Waha basis spreads in 2027, and medium-term balance trends at Agua Dulce. Portillo also noted emerging structural concerns at Gillis beyond 2028 as demand-supply imbalances deepen.TPH said global gas markets could tip into oversupply by 2028, with implications for global pricing trends over the next decade. The bank sees European benchmark TTF prices potentially easing toward $6-7 per million British thermal units over time.Simultaneously, Gulf Coast supply constraints are expected to support Henry Hub prices, potentially narrowing the arbitrage between US and global gas markets by 2029.On the upstream side, investor interest centered on Antero Resources (AR), EQT Corporation (EQT), Expand Energy (EXE), Range Resources (RRC), BKV Corporation (BKV) and Comstock Resources (CRK).Midstream companies, including DT Midstream (DTM), TC Energy, Williams Companies (WMB, Energy Transfer (ET), Kinder Morgan (KMI), Cheniere Energy (LNG), and Venture Global (VG), were also widely discussed.TPH said this underscores expectations that LNG export growth and pipeline bottlenecks will remain central to market direction over the next several years.Price: $34.72, Change: $-0.80, Percent Change: -2.25%

Rising Gulf Coast Gas Costs to Support Higher US Prices, TPH Energy Says

Henry Hub natural gas prices are expected to rise toward $4.5 per million British thermal units by 2030 as Gulf Coast supply costs increase, TPH Energy Research said in a Monday note.The firm expects tightening storage levels in 2029 to narrow the spread between US and international gas prices to about $1.50/MMBtu, potentially reducing liquefied natural gas exports by 5 billion cubic feet per day by 2030.TPH said the Western Haynesville basin will play a larger role in Gulf Coast supply balances over the next decade as output from the core Haynesville declines structurally.The report forecasts more than 4 Bcf/d of supply growth from the Western Haynesville by 2040 to offset weakening production from Haynesville proper.TPH estimates core Haynesville acreage can generate solid returns at $3 to $3.25/MMBtu, while East Texas Haynesville wells require about $3.5 to $3.75/MMBtu gas prices.The firm expects Western Haynesville production growth to require materially higher prices because recent drilling results have weakened as operators expanded into less productive acreage.TPH lowered its production type curve estimate for the play to about 2.7 billion cubic feet equivalent per 1,000 feet from roughly 3.5 Bcfe per 1,000 ft after tracking about 35 industry wells.The report said 2024 wells are trending closer to 2.5 Bcfe/1000ft, while 2025 wells have weakened further as operators continue adjusting choke management and flowback assumptions.Comstock Resources (CRK), the basin's largest operator, said stronger Robertson County results showed greater variability as drilling expanded into Leon and Freestone counties, TPH Energy added.TPH estimates Western Haynesville wells require about $4/MMBtu gas prices to generate a 35% after-tax rate of return under its base production assumptions.However, weaker well performance similar to 2024 and 2025 trends could raise Western Haynesville breakeven prices to roughly $4.25 to $4.75/MMBtu.The firm estimates Comstock Resources needs about $3.75/MMBtu gas prices to maintain production within cash flow, while prices closer to $4.25/MMBtu would support high single-digit growth across its core and western acreage.A 0.5 Bcfe per 1,000 ft decline from base production assumptions would raise corporate cash flow breakeven prices by about $0.25/MMBtu.TPH expects the Western Haynesville to become increasingly important for Gulf Coast gas supply over time, while lower well costs could gradually reduce project breakeven prices as development expands.The play still requires significant resource testing to refine production assumptions across thousands of future drilling locations, while limited downspacing data continues to cloud long-term well performance estimates.Price: $14.98, Change: $+0.88, Percent Change: +6.24%

UBS Adjusts Price Target on Comstock Resources to $13 From $17, Maintains Sell Rating

Comstock Resources (CRK) has an average rating of hold and mean price target of $20.12, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Comstock Resources Posts Weaker Q1 Output, Advances Power Hub Project

Upstream energy firm Comstock Resources (CRK) reported Q1 earnings Monday, showing total production of 97,919 million cubic feet equivalent, down from 115,091 MMcfe a year earlier.The company produced 97,855 MMcf of natural gas in the quarter, compared with 115,029 MMcf a year earlier, reflecting lower output due to weather-related disruptions across its operations.Comstock reported oil production of 11,000 barrels for the quarter ended March 31, up from 10,000 barrels a year earlier, it said.The firm logged average daily production of 1,088 MMcfe per day in Q1, compared with 1,279 MMcfe/d a year earlier.Comstock brought 13 operated wells to sales in Q1, including 10 Legacy Haynesville wells with initial production rates averaging 31 MMcf/d, the company said.The company also turned six Western Haynesville wells to sales with average initial production rates of 29 MMcf/d, Comstock added.Comstock expects production to rebound over the remainder of 2026, targeting full-year output of 1,250 MMcfe/d to 1,400 MMcfe/d, the company said.The company plans to drill 21 wells and bring 20 wells to sales in the Western Haynesville in 2026, while it expects to drill 50 wells and turn 48 wells to sales in the Legacy Haynesville, it said.Comstock is advancing its Texas power generation hub project, which will feature up to 5.2 gigawatts of gas-fired capacity and could require nearly 1 billion cubic feet per day of natural gas supply by 2031.The company expects drilling efficiencies and improved completion designs to increase productivity and reduce costs in 2026 compared with prior periods, supporting higher output and operational performance.Comstock Resources plans total capital expenditures of $1.4 billion to $1.5 billion in 2026.

Earnings Flash (CRK) Comstock Resources Posts Q1 Revenue $587.4 Million, vs. FactSet Est of $554 Million

Earnings Flash (CRK) Comstock Resources Posts Q1 Adjusted EPS $0.15, vs. FactSet Est of $0.22