-- 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.