Comstock Reports Q1 Revenue of $419.03M
Reports Q1 revenue $419.03M, consensus $486.41M. The company said, "Comstock's natural gas and oil sales in the first quarter of 2026 were $338.6 million. Operating cash flow generated in the first quarter of 2026 was $191.9 million, and net income for the first quarter was $112.5 million or $0.38 per diluted share. The net income in the quarter included a pre-tax $82.8 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the fourth quarter of 2025. Excluding this item, exploration expense and gain from sale of assets, adjusted net income for the first quarter of 2026 was $44.5 million, or $0.15 per diluted share. Comstock's production cost per Mcfe in the first quarter averaged $0.93 per Mcfe, which was comprised of $0.43 for gathering and transportation costs, $0.29 for lease operating costs, $0.10 for production and other taxes and $0.11 for cash general and administrative expenses. Comstock's unhedged operating margin was 78% in the first quarter of 2026 and 73% after hedging."
