Slide 1: 4th Quarter 2025 Results
4th Quarter 2025 Results February 11, 2026
Slide 2: Disclaimer
Disclaimer This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. These statements include
Slide 3: 2025 Accomplishments
2025 Accomplishments Added three • Added back three drilling rigs during 2025 with an additional rig in 2026 to drive production growth in 2026 and 2027 operated rigs to build up production • Additional production with improved 2026 gas price outlook will substantially drive down balance sheet lever
Slide 4: 4th Quarter 2025 Highlights
4th Quarter 2025 Highlights • Higher natural gas prices in the fourth quarter drove improved financial results in the quarter (1) • Natural gas and oil sales, including realized hedging gains, were $364 million for the quarter (2) • Operating cash flow was $222 million or $0.75 per diluted share • A
Slide 5: Q4 2025 Financial Results
Q4 2025 Financial Results $ in millions 5
Slide 6: 2025 Financial Results
2025 Financial Results $ in millions 6
Slide 7: Natural Gas Price Realizations
Natural Gas Price Realizations Per Mcf 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 NYMEX Settlement Month Average $ 2.79 $ 3.65 $ 3.44 $ 3.07 $ 3.55 NYMEX Differential (0.47) (0.07) (0.42) (0.32) (0.26) Realized Prices $ 2.32 $ 3.58 $ 3.02 $ 2.75 $ 3.29 $3.58 $3.29 $3.02 $2.75 $2.32 NYMEX Contract Settl
Slide 8: Per Unit Operating Costs and Margin
Per Unit Operating Costs and Margin Per Mcfe 8
Slide 9: 2025 Drilling Program
2025 Drilling Program ($ in millions) 2025 Haynesville Drilling Program Haynesville Bossier Total Gross Net Gross Net Gross Net Fourth Year Ended Operated - Quarter 2025 2025 Drilled 36 29.6 16 14.6 52 44.2 ($ in millions) Haynesville Drilling Program - Turned to Sales 34 27.9 13 12.4 47 40.3 Drilli
Slide 10: Capitalization
Capitalization Bank Credit Facility 12/31/2025 ($ in millions) Cash and Cash Equivalents $24 $1.5 Billion Secured Revolving Credit Facility: • $2 billion borrowing base Revolving Credit Facility $260 (reaffirmed in November 2025) Secured Debt $260 • Maturity date November 15, 2027 6¾% Senior Notes d
Slide 11: Reserves (at Year-End NYMEX Prices)
Reserves (at Year-End NYMEX Prices) • Spent $1,055 million in 2025 to add 1 Tcfe of Proved Reserves achieving all in finding costs of $1.02 per Mcfe. • Replaced 229% of 2025 production. Total Reserves (19.3 Tcfe) Bcfe Proved Reserves as of 12/31/24 7,023 Production (450) 7.7 Drilling Additions 1,069
Slide 12: Haynesville Shale Footprint
Haynesville Shale Footprint Western Haynesville Legacy Haynesville (722,713 gross/ 535,480 net) (347,278 gross/ 267,289 net) Harrison Webster Bossier Caddo Bienville Panola Red Rusk De Soto River Freestone Texas Sabine Limestone Louisiana Leon Robertson Leading acreage position in Haynesville/Bossie
Slide 13: Drilling Inventory Legacy Haynesville
Drilling Inventory Legacy Haynesville As December 31, 2025 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross Net WI Net Mft Avg Net ft Up to 5,000 ft 26 23 185 22 211 45 209 4,608 5,000 ft to 8,500 ft 90 64 77 15 167 78 545 6,968 8,500 ft to 10,000 ft 172 128 96 10 268
Slide 14: Drilling Inventory Western Haynesville
Drilling Inventory Western Haynesville As December 31, 2025 OPERATED DRILLING LOCATIONS Haynesville Bossier Total Lateral Length Gross Net Gross Net Gross Net Up to 5,000 ft - - - - - - 5,000 ft to 8,500 ft 555 422 771 603 1,326 1,025 8,500 ft to 10,000 ft 265 198 388 309 653 507 > 10,000 ft 399 300
Slide 15: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 15
Slide 16: 2025 Drilling Results
2025 Drilling Results Well Name Lateral TTS Date IP Rate Louisiana 1 CRK 19-18 #1 10,028 02/01/2025 24 Harrison Webster 2 CRK 19-18 #2 9,841 02/01/2025 26 3 Griffith 2-35-26 #1 14,931 02/14/2025 18 4 Griffith 2-35-26 #2 15,164 02/14/2025 24 Bossier 5 Griffith 2-35-26 #3 14,634 02/14/2025 37 6 BSMC L
Slide 17: 2025 Drilling Results
2025 Drilling Results Well Name Lateral TTS Date IP Rate 1 Olajuwon Pickens #1 10,306 04/09/2025 41 2 Jennings Loehr #1 12,106 04/30/2025 34 3 Jennings FSRA #1 12,045 04/30/2025 28 Freestone 4 Menn PB #1 10,926 06/06/2025 38 5 Bell Meyer #1 9,100 06/14/2025 41 6 Hughes SC #1 11,062 07/26/2025 35 7 M
Slide 18: Drilling Efficiency
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day Excludes pilot holes, cores and sidetracks. 18
Slide 19: Drilling Efficiency
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day Excludes pilot holes, cores and sidetracks. 19
Slide 20: D&C Costs
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales Excludes pilot holes, cores and sidetracks. 20
Slide 21: D&C Costs
D&C Costs Western Haynesville Drilling Completion ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales Excludes pilot holes, cores and sidetracks. 21
Slide 22: 2026 Outlook
2026 Outlook • In 2026, we will continue to focus on building our great asset in the Western Haynesville that will position Comstock to benefit from the longer-term growth in natural gas demand • We have four operated rigs drilling in the Western Haynesville to continue to delineate the new play • E
Slide 23: Guidance
Guidance Guidance 1Q 2026 2026 Production (Mmcfe/d) 1,075 - 1,150 1,250 - 1,400 Total Capex ($ in Millions) $275 - $325 $1,400 - $1,500 Pinnacle Gas Services ($ in Millions) $30 - $50 $100 - $150 Expenses ($/Mcfe) - Lease Operating ($/Mcfe) $0.25 - $0.29 $0.25 - $0.29 Gathering & Transportation ($/M
Slide 24: Natural Gas Hedges
Natural Gas Hedges (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu 2026 Total Swaps 320 $3.51 2027 Total Swaps Q1 780 Collars 460 $3.50 x $4.35 Q1 160 Collars 160 $3.50 x $4.37 2026 Total Swaps 320 $3.51 2027 Total Swaps Collars 460 Collars 160 Q2 780 $3.50 x $4.35 Q2 160 $3.50 x $4.37 2026 Total Swaps 320 $3.51
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended December 31, Twelve Months Ended December 31, $ in thousands except per share amounts 2025 2024 2025 2024 Net income (loss) $ 286,769 $ (55,313) $ 420,203 $ (218,754) Unrealized loss (gain) from derivative finacial instruments (36,780) 12
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures $ in thousands 2025 2024 2025 2024 Net income (loss) $ 286,769 $ (55,313) $ 420,203 $ (218,754) Reconciling items: Deferred income taxes 71,497 (57,754) 91,982 (124,919) Depreciation, depletion and amortization 157,498 202,116 641,163 795,397 Unrealized loss (gain) from d