Pure-play Haynesville dry-gas producer levered to U.S. LNG-driven demand growth; FY2025 output ~1.23 Bcfe/d, 7.0 Tcfe proved reserves. Net income rebounded to $420mn on firmer 2025 gas prices after a 2024 loss.
Investment case hinges on the emerging Western Haynesville play delivering scale, offset by elevated leverage, negative free cash flow during the build-out, and a ~65% Jerry Jones controlling stake that caps M&A optionality.
Its EV/EBITDA of 6.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -10.6% is lower than the 6.5% median, and at $5.77/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Comstock Resources, Inc. scores 43/100, strongest on growth (46/100). Sub-scores: value 44, quality 45, growth 46, risk 63 (higher = riskier).
Comstock Resources, Inc. holds approximately 1.17 billion boe of proved (1P) reserves with FY2025 production of about 206 thousand boe/d (1% liquids), a reserve life of roughly 15.6 years. Break-even: ~$2.75/MMBtu (Henry Hub gas breakeven) — Low-cost legacy Haynesville breakeven ~$2.50-2.75/MMBtu; Western Haynesville still carries higher development cost as it delineates.
Using Comstock Resources, Inc.'s SEC-disclosed after-tax standardized measure of proved reserves ($4.5bn) less net debt ($2.8bn) gives an equity-NAV floor of about $1.7bn — the current market capitalisation sits +133% versus that floor. Disclosed pre-tax PV-10: $4.5bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Legacy Haynesville / Bossier | United States | Producing | Core North LA / East TX dry-gas engine |
| Western Haynesville | United States | Development | Deep emerging growth play |
| Western Haynesville leasehold | United States | Exploration | ~520k net acres runway |
| Pinnacle Gas Services | United States | Midstream | Owned gathering/treating |
| Bossier shale | United States | Producing | Stacked pay above Haynesville |
| Gulf Coast LNG marketing | United States | Marketing | Feedgas access to LA LNG corridor |
| Hedging / firm sales book | United States | Marketing | 2025 hedges lifted realized price |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 228 | 237 | 250 | 225 | 206 |
| Proved reserves (bnboe) | 0.93 | 1.02 | 1.05 | 1.13 | 1.17 |
| Revenue ($bn) | 1.3 | 2.2 | 1.2 | 1.0 | 2.2 |
| EBITDA ($bn) | 1.0 | 1.9 | 0.9 | 0.7 | 1.1 |
| Net income ($bn) | -0.3 | 1.1 | 0.2 | -0.2 | 0.4 |
| Free cash flow ($bn) | 0.1 | 0.3 | -0.3 | -0.5 | -0.4 |
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✓ FY2025 figures verified against primary sources: