Slide 1: 1st Quarter 2025 Results
1st Quarter 2025 Results April 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: 1st Quarter 2025 Highlights
1st Quarter 2025 Highlights • The successful results of our step out Western Haynesville well drilled in Freestone County, Texas substantially extended the success we have had in proving up our Western Haynesville acreage. • Higher natural gas prices in the first quarter drove improved financial res
Slide 4: Q1 2025 Financial Results
Q1 2025 Financial Results $ in millions 4
Slide 5: Natural Gas Price Realizations
Natural Gas Price Realizations Per Mcf 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 NYMEX Settlement Month Average $ 2.24 $ 1.89 $ 2.16 $ 2.79 $ 3.65 NYMEX Differential (0.18) (0.24) (0.26) (0.47) (0.07) Realized Prices $ 2.06 $ 1.65 $ 1.90 $ 2.32 $ 3.58 $3.58 $2.32 $2.06 $1.90 $1.65 NYMEX Contract Settl
Slide 6: Operating Costs Per Mcfe / EBITDAX Margin
Operating Costs Per Mcfe / EBITDAX Margin 6
Slide 7: 2025 Drilling Program
2025 Drilling Program ($ in millions) 7
Slide 8: Capitalization
Capitalization Bank Credit Facility 3/31/2025 ($ in millions) $1.5 Billion Secured Revolving Credit Facility: Cash and Cash Equivalents $33 • $2 billion borrowing base Revolving Credit Facility $510 (reaffirmed in April 2025) Secured Debt $510 • Maturity date November 15, 2027 6¾% Senior Notes due 2
Slide 9: Haynesville Shale Footprint
Haynesville Shale Footprint Western Haynesville Legacy Haynesville (700,710 gross/520,298 net) (400,594 gross/302,075 net) Harrison Bossier Webster Caddo Bienville Panola Red Rusk De Soto River Freestone Nacogdoches Limestone Sabine San Augustine Louisiana Leon Sabine Texas Robertson Leading acreage
Slide 10: Drilling Inventory
Drilling Inventory As of March 31, 2025 Haynesville Operated Non-Operated Total Lateral Length Gross Net Gross Net Gross Net WI Net Mft Avg Net ft Up to 5,000 ft 38 31 278 38 316 69 318 4,618 5,000 ft to 8,500 ft 183 138 98 17 281 155 1,094 7,063 8,500 ft to 10,000 ft 270 206 102 9 372 215 2,004 9,3
Slide 11: Lateral Lengths
Lateral Lengths Average Lateral Length (feet) Legacy Haynesville Western Haynesville Wells that reached Total Depth Uncompleted wells are estimated 11
Slide 12: 2025 Q1 Drilling Results
2025 Q1 Drilling Results Louisiana Harrison Bossier Webster Caddo Bienville Panola Red River De Soto Texas Sabine Legacy Haynesville •13 operated wells were turn to sales with an average lateral length of 12,367 ft. and an average IP rate of 24 Mmcf/d 12
Slide 13: 2025 Q1 Drilling Results
2025 Q1 Drilling Results •One operated well was turned to sales with a lateral length of 10,306 ft. and an IP rate of 41 Mmcf/d Freestone Limestone Leon Robertson Texas Western Haynesville 13
Slide 14: Drilling Efficiency
Drilling Efficiency Legacy Haynesville Drilling Days to Total Depth Footage per Day 14
Slide 15: Drilling Efficiency
Drilling Efficiency Western Haynesville Drilling Days to Footage Total Depth per Day 15
Slide 16: D&C Costs
D&C Costs Legacy Haynesville Drilling Completion (Laterals > 8,500 ft.) ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 16
Slide 17: D&C Costs
D&C Costs Western Haynesville Drilling Completion ($ per Lateral Foot) Wells that reached Total Depth Wells turned to Sales 17
Slide 18: Lower GHG Emissions
Lower GHG Emissions GHG and methane emission intensities down substantially over last three years • Deployed optical gas imaging and aircraft leak monitoring technology at 100% of our production sites • Natural gas and dual-fuel powered frac fleets eliminated 1.0 million gallons of diesel, offsettin
Slide 19: 2025 Outlook
2025 Outlook • In 2025 we continue to be focused 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 • Ex
Slide 20: Guidance
Guidance Guidance 2Q 2025 2025 Production (Mmcfe/d) 1,225 - 1,325 1,300 - 1,400 D&C Costs ($ in Millions) $250 - $300 $1,000 - $1,100 Pinnacle Gas Services ($ in Millions) $20 - $40 $130 - $150 Acreage ($ in Millions) $2 - $5 $15 - $20 Expenses ($/Mcfe) - Lease Operating ($/Mcfe) $0.27 - $0.31 $0.27
Slide 21: 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 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Net Income Quarter Ended March 31, $ in thousands except per share amounts 2025 2024 Net income (loss) $ (115,393) $ (14,474) Unrealized loss (gain) from derivative finacial instruments 322,380 8,688 Exploration 2,150 - Adjustment to income taxes (155,292) (2,752
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Operating Cash Flow Quarter Ended March 31, $ in thousands 2025 2024 Net income (loss) $ (115,393) $ (14,474) Reconciling items: Deferred income taxes (143,276) (8,287) Depreciation, depletion and amortization 167,891 190,689 Unrealized loss (gain) from derivative financi