Slide 1: 1st Quarter 2026 Results
1st Quarter 2026 Results May 5, 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: 1st Quarter 2026 Highlights
1st Quarter 2026 Highlights • Lower production levels related to significant weather in the first quarter drove lower financial results in the quarter (1) • Natural gas and oil sales, including realized hedging gains, were $339 million for the quarter (2) • Operating cash flow was $192 million or $0
Slide 4: Power Generation Hub
Power Generation Hub • The Western Haynesville was selected to host the recently announced Texas Natural Gas-Fired Power Generation Hub to deliver dispatchable power at scale to serve large-scale users, including data centers and advanced manufacturing • Located within the rapidly growing ERCOT mark
Slide 5: Q1 2026 Financial Results
Q1 2026 Financial Results $ in millions 5
Slide 6: Natural Gas Price Realizations
Natural Gas Price Realizations Per Mcf 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 NYMEX Settlement Month Average $ 3.66 $ 3.44 $ 3.07 $ 3.55 $ 4.96 NYMEX Differential (0.08) (0.42) (0.32) (0.26) (0.69) Realized Prices $ 3.58 $ 3.02 $ 2.75 $ 3.29 $ 4.27 $4.27 $3.58 $3.29 $3.02 $2.75 NYMEX Contract Settl
Slide 7: Per Unit Operating Costs and Margin
Per Unit Operating Costs and Margin Per Mcfe 7
Slide 8: 2026 Drilling Program
2026 Drilling Program ($ in millions) 1Q 2026 Haynesville Drilling Program Haynesville Bossier Total Gross Net Gross Net Gross Net First Quarter Operated - 2026 Drilled 11 9.3 6 6.0 17 15.3 ($ in millions) Turned to Sales 8 7.7 5 4.0 13 11.7 Haynesville Drilling Program - Average Lateral Length(1) -
Slide 9: Capitalization
Capitalization Bank Credit Facilities ($ in millions) 3/31/2026 Upstream $1.5 Billion Secured Revolving Credit Facility: Cash and Cash Equivalents $15 • $2 billion borrowing base (reaffirmed in November 2025) Upstream Credit Facility $350 • Maturity date November 15, 2027 Midstream Credit Facility $
Slide 10: Haynesville Shale Footprint
Haynesville Shale Footprint Leading acreage position in Haynesville/Bossier shale play in Texas and Louisiana - 1,074,868 gross / 806,980 net acres Western Haynesville Legacy Haynesville (727,626 gross/ 540,410 net) (347,241 gross/ 266,570 net) Harrison Webster Bossier Caddo Bienville Panola Red Rus
Slide 11: Drilling Inventory - Legacy Haynesville
Drilling Inventory Legacy Haynesville As of March 31, 2026 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross Net WI Net Mft Avg Net ft Up to 5,000 ft 25 22 179 21 204 43 199 4,604 5,000 ft to 8,500 ft 87 62 77 15 164 77 534 6,976 8,500 ft to 10,000 ft 171 126 83 10 254
Slide 12: Drilling Inventory - Western Haynesville
Drilling Inventory Western Haynesville As of March 31, 2026 OPERATED DRILLING LOCATIONS Haynesville Bossier Total Lateral Length Gross Net* Gross Net* Gross Net* WI Net Mft Avg Net ft 5,000 ft to 8,500 ft 553 418 766 590 1,319 1,008 7,384 7,325 8,500 ft to 10,000 ft 262 197 384 306 646 503 4,580 9,1
Slide 13: Haynesville Horseshoe Wells
Haynesville Horseshoe Wells • The horseshoe design can convert four sectional laterals into two 2-mile lateral wells • Drilling costs savings of 35% - $800 per lateral ft. vs $1,240 for a short lateral • Drilling inventory in Legacy Haynesville now includes 114 future horseshoe locations • Comstock
Slide 14: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 14
Slide 15: Q1 2026 Drilling Results
Q1 2026 Drilling Results •Ten operated wells were turned to sales with an average lateral length of 12,312 feet and an average per well IP rate of 31 MMcf per day Well Name Lateral TTS Date IP Rate Louisiana Harrison 1 Whitney Corp 28-33-4 #1 13,737 03/25/2026 28 Webster 2 Whitney Corp 28-33-4 #2 15
Slide 16: Q1 2026 Drilling Results
Q1 2026 Drilling Results • Six operated wells were turned to sales with an average lateral length of 10,874 feet and average per well Freestone IP rate of 29 MMcf per day Well Name Lateral TTS Date IP Rate 1 Hutto Rodell #1 8,261 01/16/2026 20 Limestone 2 Bumpurs NMH #1 11,325 03/10/2026 32 3 Bumpur
Slide 17: Drilling Efficiency - Legacy Haynesville
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day Excludes pilot holes, cores and sidetracks. 17
Slide 18: Drilling Efficiency - Western Haynesville
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day Excludes pilot holes, cores and sidetracks. 18
Slide 19: D&C Costs - Legacy Haynesville
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales Excludes pilot holes, cores and sidetracks. 19
Slide 20: D&C Costs - Western Haynesville
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. 20
Slide 21: 2026 Outlook
2026 Outlook • In 2026, our primary goal is to continue to advance 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 th
Slide 22: Natural Gas Hedges
Natural Gas Hedges (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu 2026 Total Swaps 320 $3.51 2027 Total Swaps Collars 460 Q1 400 Collars 400 $3.50 x $4.44 Q1 780 $3.50 x $4.35 2026 Total Swaps 320 $3.51 2027 Total Swaps Collars 460 Collars 400 Q2 780 $3.50 x $4.35 Q2 400 $3.50 x $4.44 2026 Total Swaps 320 $3.51
Slide 23: Guidance
Guidance Guidance 2Q 2026 2026 Production (Mmcfe/d) 1,175 - 1,275 1,250 - 1,400 Total Capex ($ in Millions) $325 - $375 $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: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended March 31, $ in thousands except per share amounts 2026 2025 Net income (loss) $ 112,499 $ (115,393) Unrealized loss (gain) from derivative finacial instruments (82,784) 322,380 Exploration 9,343 2,150 (Gain) loss on sale of assets (1,820)
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Operating Cash Flow Quarter Ended March 31, $ in thousands 2026 2025 Net income (loss) $ 112,499 $ (115,393) Reconciling items: Deferred income taxes 11,990 (143,276) Depreciation, depletion and amortization 141,532 167,891 Unrealized loss (gain) from derivative financial