Slide 1: 2nd Quarter 2025 Results
2nd Quarter 2025 Results July 30, 2025
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: 2nd Quarter 2025 Highlights
2nd Quarter 2025 Highlights • Improved natural gas prices in the second quarter drove stronger financial results. • Natural gas and oil sales(1) were $344 million • Operating cash flow(2) was $210 million or $0.71 per diluted share • Adjusted EBITDAX for the quarter was $260 million • Adjusted net i
Slide 4: Q2 2025 Financial Results
Q2 2025 Financial Results $ in millions 4
Slide 5: 2025 Six Months Financial Results
2025 Six Months Financial Results $ in millions 5
Slide 6: Natural Gas Price Realizations
Natural Gas Price Realizations Per Mcf 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 NYMEX Settlement Month Average $ 1.89 $ 2.16 $ 2.79 $ 3.65 $ 3.44 NYMEX Differential (0.24) (0.26) (0.47) (0.07) (0.42) Realized Prices $ 1.65 $ 1.90 $ 2.32 $ 3.58 $ 3.02 $3.58 $3.02 $2.32 $1.90 $1.65 NYMEX Contract Settl
Slide 7: Per Unit Operating Costs and Margin
Per Unit Operating Costs and Margin 7
Slide 8: 2025 Drilling Program
2025 Drilling Program ($ in millions) 2025 Haynesville Drilling Program Haynesville Bossier Total Gross Net Gross Net Gross Net Second Six Months Operated - Quarter 2025 2025 Drilled 16 14.5 3 3.0 19 17.5 ($ in millions) Turned to Sales 13 9.9 11 10.4 24 20.3 Haynesville Drilling Program - Drilling
Slide 9: Capitalization
Capitalization Bank Credit Facility $1.5 Billion Secured Revolving Credit Facility: • $2 billion borrowing base (reaffirmed in April 2025) • Maturity date November 15, 2027 • Key financial covenants: • Leverage Ratio < 4.0x through 1Q 2025 • Leverage Ratio < 3.75x in 2Q 2025 • Leverage Ratio < 3.5x
Slide 10: Haynesville Shale Footprint
Haynesville Shale Footprint Western Haynesville Legacy Haynesville (705,160 gross/524,488 net) (400,490 gross/302,253 net) Harrison Bossier Webster Caddo Bienville Panola Red Rusk De Soto River Freestone Nacogdoches Limestone Sabine San Augustine Louisiana Leon Sabine Texas Robertson Leading acreage
Slide 11: 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 $1,240 for a short lateral • Drilling Inventory in Legacy Haynesville now includes 149 future horseshoe locations • Complete
Slide 12: Drilling Inventory
Drilling Inventory As of June 30, 2025 Haynesville Operated Non-Operated Total Lateral Length Gros s Net Gros s Net Gros s Net WI Net Mft Avg Net ft Up to 5,000 ft 33 28 258 34 291 62 286 4,611 5,000 ft to 8,500 ft 171 130 113 19 284 149 1,052 7,050 8,500 ft to 10,000 ft 271 208 103 10 374 217 2,023
Slide 13: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 13
Slide 14: 2025 Drilling Results
2025 Drilling Results Well Name Lateral TTS Date IP Rate Louisiana CRK 19-18 #1 10,028 02/01/2025 24 Harrison Bossier Webster CRK 19-18 #2 9,841 02/01/2025 26 Griffith 2-35-26 #1 14,931 02/14/2025 18 Griffith 2-35-26 #2 15,164 02/14/2025 24 Caddo Griffith 2-35-26 #3 14,634 02/14/2025 37 BSMC LA 4-9
Slide 15: 2025 Drilling Results
2025 Drilling Results Well Name Lateral TTS Date IP Rate Freestone Olajuwon Pickens #1 10,306 04/09/2025 41 Jennings Loehr #1 12,106 04/30/2025 34 Jennings FSRA #1 12,045 04/30/2025 28 Menn PB #1 10,926 06/06/2025 38 Bell Meyer #1 9,100 06/14/2025 41 10,897 36 Limestone •Five operated wells were tur
Slide 16: Drilling Efficiency
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day 2 wells had drilling issues in 2Q – Excluding impact of the issues Drilling Days to Total Depth would have been 26 days and Footage 16 per day would have been 961 per day.
Slide 17: Drilling Efficiency
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day 1 well had drilling issues in 2Q – Excluding impact of the issues Drilling Days to Total Depth would have been 55 days and Footage per day would have been 477 per day. 17
Slide 18: D&C Costs
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 2 wells had drilling issues in 2Q – Excluding impact of the issues Drilling Costs would have averaged $654 per lateral foot. 18
Slide 19: D&C Costs
D&C Costs Western Haynesville Drilling Completion ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 1 well had drilling issues in 2Q – Excluding impact of the issues Drilling Costs would have averaged $1,817 per lateral foot. The five wells turned to sales in 2Q were drilled
Slide 20: 2025 Outlook
2025 Outlook • Primarily focused this year on building our great asset in the Western Haynesville that will position Comstock to benefit from the longer-term growth in natural gas demand • We have four operated rigs drilling in the Western Haynesville to continue to delineate the new play • Expect t
Slide 21: Guidance
Guidance Guidance 3Q 2025 2025 Production (Mmcfe/d) 1,200 - 1,300 1,225 - 1,325 D&C Costs ($ in Millions) $250 - $300 $1,000 - $1,100 Pinnacle Gas Services ($ in Millions) $30 - $50 $150 - $200 Acreage ($ in Millions) $2 - $5 $25 - $30 Expenses ($/Mcfe) - Lease Operating ($/Mcfe) $0.27 - $0.31 $0.27
Slide 22: Natural Gas Hedges
Natural Gas Hedges (Mmcf/d) $/Mmbtu (Mmcf/d) $/Mmbtu 2025 Total Swaps 545 $3.48 2026 Total Swaps 320 $3.51 Q1 695 Collars 150 $3.50 x $3.80 Q1 780 Collars 460 $3.50 x $4.35 2025 Total Swaps 545 $3.48 2026 Total Swaps 320 $3.51 Collars 150 Collars 460 Q2 695 $3.50 x $3.80 Q2 780 $3.50 x $4.35 2025 To
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures 2 23
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures 2 24