Comstock Resources set for strong revenue rebound on rising gas prices

US natural gas producer Comstock Resources Inc. (NYSE: CRK) is poised for a sharp revenue recovery in fiscal 2025, driven by higher natural gas price realizations. After two years of falling prices, weighed down by record US production, bloated inventories and demand that failed to keep pace, the market has turned more supportive. Visible Alpha consensus estimates show Comstock’s realized natural gas prices, excluding hedging, are expected to climb 60% year-on-year in 2025 to $3.16, a sharp contrast to the 18% decline in 2024 and the 61% slump recorded in 2023.

The pricing tailwind is expected to lift total revenue by 53% growth to $1.9 billion in 2025, with natural gas revenue climbing 37% to $1.4 billion. This marks a rebound from two challenging years, when declines in natural gas prices, which account for roughly 75% of Comstock’s total revenue, weighed heavily on the company’s top line.

The upswing is also expected to extend to Comstock’s gas services segment, with revenues projected to surge 129% year-on-year to $472 million, reversing declines of 31% and 35% in the prior two years.

By contrast, crude oil and other minerals remain a weak spot. Analysts anticipate revenues in these smaller segments will fall 25% and 6%, respectively, reflecting lingering pressure from soft commodity markets.

Comstock reports fourth-quarter 2025 earnings on Wednesday, February 11.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.