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Capital Expenditure 2025 | Top Story | Capital Markets

Comstock Resources To Increase Haynesville Drilling Activity in 2025

Wednesday,February 19,2025

As part of it's Q4 results.  Comstock provided us with it's 2025 forecast.

 

2025 Outlook

  • Increased Rig Activity:

    • Raising rig count from 5 to 7, focusing on Western Haynesville

  • Planned Capex:

    • $1.0B–$1.1B for development/exploration

    • $130M–$150M on midstream investments (funded via partnership)

  • Target: 46 operated wells drilled & turned to sales

 

Full-Year 2024 Financials

  • Production: 527.8 Bcfe (flat YoY)

  • Total Sales (incl. hedging): $1.26B

  • Operating Cash Flow: $675.2M

  • Net Loss: ($218.8M) or ($0.76/share)

  • Adjusted Net Loss (non-GAAP): ($69M) or ($0.24/share)

Production & Operations

  • Cost Efficiency:

    • Production costs down to $0.72/Mcfe in Q4 (vs. $0.81 in Q4 2023)

    • Unhedged Operating Margin: 69% in Q4, 61% for the year

  • Well Performance:

    • 48 operated wells turned to sales in 2024

    • Western Haynesville wells had IP rates of ~40 MMcf/day

 



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