CRK · CIK 0000023194
What Comstock Resources, Inc. told the SEC could break it.
Comstock is an undiversified, single-basin natural gas producer, and its disclosures reflect that. Its 7.0 Tcfe of proved reserves are principally natural gas and substantially all of them sit in the Haynesville and Bossier shale plays of North Louisiana and East Texas — so essentially all its revenue and asset value track Henry Hub gas prices, and a regional pipeline constraint, basis blowout or Louisiana/Texas regulatory change would hit nearly the whole portfolio at once. As a large methane-emitting gas producer it also carries a policy exposure to the IRA's Waste Emissions Charge — a first-time federal methane fee of $900 to $1,500 per metric ton — though that charge is currently deferred, with implementation postponed to 2034.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- Natural-gas price dependence — pure-play Haynesville/Bossier gas producer; proved reserves are principally natural gasmedium
Comstock is a pure-play independent natural gas producer operating primarily in the Haynesville shale; its proved reserves of 7.0 Tcfe are principally natural gas, so essentially all revenue and asset value track Henry Hub / NYMEX natural-gas prices. With no diversifying oil or product mix, gas-price downturns flow directly into cash flow, the semi-annual borrowing-base redetermination (currently $2.0 billion), and drilling economics. A core, undiversified natural-gas commodity dependence.
“We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas”
Geographic concentration
- Single-basin concentration — substantially all proved reserves in the Haynesville and Bossier shale plays (North Louisiana / East Texas)medium
Substantially all of Comstock's proved natural gas and oil reserves are in the Haynesville and Bossier shale plays of North Louisiana and East Texas, with 1,069,991 gross acres (802,769 net) prospective for those plays. This single-basin concentration means a regional pipeline/gathering constraint, an unfavorable Gulf-Coast/Henry Hub basis blowout, severe weather, or a Louisiana/Texas-specific regulatory or tax change affects essentially the entire portfolio at once — there is no geographic diversification to absorb a localized shock. A genuine single-basin geographic concentration.
“substantially all of our proved natural gas and oil reserves were in the Haynesville and Bossier shale plays.”
SEC filing →As of 2026
Regulatory & policy
- IRA methane Waste Emissions Charge — first-time federal methane fee ($900→$1,500/metric ton) on oil-and-gas facilities; currently postponed to 2034low
The Inflation Reduction Act's Methane Emission Reduction Program created a first-time federal fee on methane emissions for the oil-and-gas sector — the Waste Emissions Charge (WEC) — under which covered facilities emitting 25,000 metric tons of CO2e or more per year pay for 'excess' methane, starting at $900 per metric ton and rising to $1,500. The charge is currently mitigated: a March 14, 2025 Congressional Review Act Joint Resolution overturned the EPA's WEC rule, and the One Big Beautiful Bill Act (July 4, 2025) postponed WEC implementation to 2034. As a large methane-emitting gas producer, Comstock retains a specific, quantified policy exposure that could resurface if the postponement is reversed. A distinctive, quantified methane-regulatory exposure (currently deferred).
“the Methane Emission Reduction Program, that imposes a first-time federal fee on methane emissions for the oil and gas sector, the Waste Emissions Charge”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
NextEra Energy Resources, LLC (NextEra Energy)
“We are partnering with NextEra Energy Resources, LLC”
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