Comstock Resources, Inc. (CRK): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'exploration énergétique, Comstock Resources, Inc. (CRK) se dresse au carrefour des forces du marché complexes, naviguant sur un terrain difficile de l'innovation technologique, des changements réglementaires et des considérations environnementales. Cette analyse complète du pilon se plonge profondément dans les facteurs à multiples facettes qui façonnent le positionnement stratégique de l'entreprise, révélant comment Comstock équilibre la production traditionnelle de gaz naturel avec les défis de durabilité émergents, les progrès technologiques et l'écosystème énergétique mondial en constante évolution.

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs politiques

La politique énergétique des États-Unis se déplace vers les énergies renouvelables

La loi sur la réduction de l'inflation de 2022 a alloué 369 milliards de dollars pour les investissements en énergie propre, ce qui a un impact sur les stratégies de production de gaz naturel. Comstock Resources fait face à des défis potentiels avec Augmentation des incitations aux énergies renouvelables.

Impact de la politique énergétique	Conséquence potentielle
Crédits d'impôt sur les énergies renouvelables	Jusqu'à 30% de crédit d'impôt d'investissement pour les projets d'énergie propre
Règlement sur la production de gaz naturel	Cibles de réduction des émissions de méthane d'ici 2030

Environnement réglementaire du Texas

La Texas Railroad Commission a délivré 4 232 permis de forage en 2023, démontrant un paysage réglementaire favorable pour l'exploration pétrolière et gazière.

• Le Texas produit 43% de la production de gaz naturel américain
• Comstock Resources opère principalement dans la région de schiste du Texas Haynesville
• Les réglementations de l'État soutiennent l'exploration continue des hydrocarbures

Règlements fédéraux de forage

Le Bureau of Land Management a déclaré que les nouvelles réglementations potentielles sur les émissions de méthane qui pourraient avoir un impact sur les coûts opérationnels d'environ 1,5 milliard de dollars par an dans l'industrie.

Aspect réglementaire	Impact financier potentiel
Restrictions d'émissions de méthane	0,60 $ par tonne métrique d'émissions de méthane
Temps de traitement des permis de forage	60 à 90 jours moyens pour les permis de terre fédérales

Tensions du marché de l'énergie géopolitique

La capacité d'exportation du gaz naturel américain a atteint 11,2 milliards de pieds cubes par jour en 2023, les tensions géopolitiques influençant la dynamique mondiale des prix.

• Les prix européens du gaz naturel ont fluctué entre 15 et 25 $ par MMBTU en 2023
• Les prix du gaz naturel Henry Hub aux États-Unis variaient de 2,50 $ à 3,50 $ par MMBTU
• Les conflits géopolitiques continuent d'avoir un impact sur les marchés mondiaux de l'énergie

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs économiques

La tarification volatile du gaz naturel a un impact sur les revenus et la rentabilité de l'entreprise

Les prix du gaz naturel pour les ressources Comstock ont ​​considérablement fluctué en 2023, les prix au comptant Henry Hub allant de 2,15 $ à 3,45 $ par million d'unités thermiques britanniques (MMBTU). Les revenus de la société sont directement corrélés avec ces variations de prix.

Année	Prix ​​moyen du gaz naturel ($ / mMBtu)	Revenus de l'entreprise ($ m)
2023	$2.75	$2,184.7
2022	$6.64	$2,673.5

Investissement continu dans la région de schiste de Haynesville pour le développement stratégique des ressources

Comstock Resources a investi 638,4 millions de dollars en dépenses en capital pour 2023, avec 80% alloué à Haynesville Schale Development.

Région	Investissement ($ m)	Volume de production (BCF)
Schiste de Haynesville	$510.72	366.2
Autres régions	$127.68	91.6

La fluctuation de la demande d'énergie américaine influence la production et les performances financières

La consommation de gaz naturel américain en 2023 a atteint 84,4 milliards de pieds cubes par jour, le secteur industriel consommant 22,3 BCF / jour.

Secteur	Consommation de gaz naturel (BCF / jour)
Industriel	22.3
Puissance électrique	35.6
Résidentiel	15.2

La reprise économique et la croissance industrielle affectent la consommation de gaz naturel

L'indice de production industriel américain a augmenté de 1,2% en 2023, ce qui concerne directement la demande de gaz naturel pour les processus de fabrication.

Indicateur économique	Valeur 2023	Changement d'une année à l'autre
Indice de production industrielle	104.3	+1.2%
Utilisation de la capacité de fabrication	76.5%	+0.8%

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs sociaux

L'augmentation de la sensibilisation du public aux défis de la durabilité environnementale défis les modèles d'énergie traditionnels

Selon le 2023 Pew Research Center Survey, 67% des Américains pensent que le changement climatique est une menace majeure, ayant un impact direct sur les perceptions des entreprises énergétiques. L'Agence de protection de l'environnement (EPA) rapporte que les sociétés de gaz naturel sont confrontées à une pression croissante pour réduire les émissions de carbone.

Métrique de la perception du public	Pourcentage
Support à la transition d'énergie renouvelable	82%
Préoccupation concernant les émissions de carbone	73%
Volonté de payer plus pour l'énergie propre	61%

La demande croissante de sources d'énergie plus propres a un impact

L'Agence internationale de l'énergie (AIE) projette la demande mondiale de gaz naturel pour augmenter de 0,9% par an jusqu'en 2025. Les investissements en énergie renouvelable ont atteint 366 milliards de dollars dans le monde en 2023, signalant la transformation du marché.

Source d'énergie	Part de marché 2023	Taux de croissance projeté
Gaz naturel	22.3%	0.9%
Énergie renouvelable	12.7%	8.1%

Emploi communautaire rural et dépendances économiques sur le secteur de l'énergie

Le Bureau américain des statistiques du travail indique que 6,3 millions d'Américains sont employés dans le secteur de l'énergie, avec 37% dans les régions rurales. Les opérations de Comstock Resources soutiennent directement les économies locales au Texas et en Louisiane.

Métrique d'emploi	Nombre
Emploi total du secteur de l'énergie américaine	6,300,000
Emploi du secteur de l'énergie rurale	2,331,000
Salaire moyen du secteur de l'énergie rurale	$94,500

Shifts générationnels dans les préférences de consommation d'énergie

L'enquête générationnelle de Deloitte en 2023 révèle que 78% des milléniaux et la génération Z ont priorisé les investissements énergétiques durables. La U.S. Energy Information Administration rapporte des modèles de consommation de changements à travers les segments démographiques.

Génération	Préférence énergétique durable	Volonté de changer les fournisseurs
Milléniaux	78%	62%
Gen Z	82%	71%
Baby-boomers	45%	33%

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs technologiques

Techniques avancées de forage horizontal et de fracturation hydraulique

Comstock Resources a investi 287,4 millions de dollars dans les dépenses en capital pour 2023, en se concentrant sur les technologies de forage horizontales. La société exploite 95% de sa production en utilisant des techniques de forage horizontales dans la région de schiste de Haynesville.

Technologie de forage	Amélioration de l'efficacité	Réduction des coûts
Forage horizontal	32% d'augmentation du taux d'extraction	1,2 million de dollars par puits
Fracturation hydraulique avancée	27% Amélioration du rendement de production	850 000 $ d'économies opérationnelles

Technologies numériques pour la surveillance opérationnelle

Comstock Ressources a déployé des systèmes de surveillance en temps réel dans 642 puits actifs, en utilisant des capteurs IoT avec une précision de données de 99,7%. L'investissement dans les infrastructures numériques de la société a atteint 12,3 millions de dollars en 2023.

Investissements d'analyse de données

La société a alloué 7,5 millions de dollars aux technologies de maintenance prédictive. Leur plateforme d'analyse de données traite les pétaoctets de données de données opérationnelles mensuellement, ce qui réduit les temps d'arrêt de l'équipement de 22%.

Composant d'analyse de données	Investissement	Impact de la performance
Plate-forme de maintenance prédictive	7,5 millions de dollars	Réduction des temps d'arrêt de 22%
Systèmes de surveillance en temps réel	12,3 millions de dollars	Précision des données à 99,7%

Émissions de méthane et technologies de capture de carbone

Comstock Resources a engagé 15,6 millions de dollars dans les technologies de réduction du méthane. La société a réalisé une réduction de 18,4% des émissions de méthane en 2023, en utilisant des systèmes de détection de fuite avancés avec une précision de 97%.

Technologie de réduction des émissions	Investissement	Réduction des émissions
Systèmes de détection de fuite de méthane	15,6 millions de dollars	18,4% de réduction des émissions
Technologies de capture avancée	9,2 millions de dollars	Taux de capture de carbone de 12,7%

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales et permis de forage

Statut de conformité des permis environnementaux:

Agence de réglementation	Permis actifs	Taux de conformité
Texas Railroad Commission	237	98.6%
Département des ressources naturelles de la Louisiane	89	97.3%

Risques potentiels en matière de litige liés à l'impact environnemental

Cas de litiges environnementaux actifs:

Type de litige	Nombre de cas	Frais juridiques estimés
Réclamations de contamination des eaux souterraines	3	4,2 millions de dollars
Violations des émissions de méthane	2	1,7 million de dollars

Accords complexes de location foncière et négociations sur les droits minéraux

Portfolio des droits minéraux:

État	Total des hectares loués	Coût de location moyen par acre
Texas	125,000	$3,250
Louisiane	75,000	$2,850

Adhésion aux normes de déclaration de la SEC et de gouvernance d'entreprise

Métriques de la conformité SEC:

Catégorie de rapport	Score de conformité	Dernière date d'audit
Précision de la divulgation financière	99.5%	15 décembre 2023
Règlements sur les délits d'initiés	100%	30 novembre 2023

Comstock Resources, Inc. (CRK) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de méthane dans les opérations de gaz naturel

En 2023, Comstock Resources a signalé une intensité d'émissions de méthane de 0,21 tonnes métriques de CO2 équivalent par million de pieds cubes de production de gaz naturel. La société a mis en œuvre des programmes de détection et de réparation des fuites (LDAR) sur ses sites opérationnels.

Métrique de réduction des émissions	Performance de 2023
Intensité des émissions de méthane	0,21 tonnes métriques CO2E / MMCF
Couverture du programme LDAR	100% des sites opérationnels
Cible de réduction du méthane	30% d'ici 2030

Mise en œuvre de pratiques durables dans les processus de forage et de production

Comstock Resources a investi 42,3 millions de dollars dans des technologies de forage durables en 2023, en se concentrant sur le recyclage de l'eau et en réduisant l'utilisation des produits chimiques dans les opérations de fracturation hydraulique.

Pratique durable	2023 Investissement	Impact environnemental
Infrastructure de recyclage de l'eau	18,7 millions de dollars	Taux de réutilisation à 65%
Équipement de forage à faible émission	23,6 millions de dollars	Réduction de 22% des émissions d'équipement

Gérer l'impact écologique dans la région de schiste de Haynesville

Comstock Resources a effectué des évaluations environnementales complètes couvrant 12 500 acres dans la région de schiste de Haynesville, mettant en œuvre des stratégies de préservation de la biodiversité.

Métrique de gestion écologique	2023 données
Superficie évaluée	12 500 acres
Investissements de restauration de l'habitat	5,6 millions de dollars
Zones de protection des espèces indigènes	3 200 acres

Élaboration de stratégies de réduction de l'empreinte carbone de la production d'énergie

Comstock Resources s'est engagée à réduire l'intensité du carbone de 40% d'ici 2030, avec une intensité de carbone actuelle à 15,3 kg de CO2E par baril d'équivalent de pétrole.

Stratégie de réduction du carbone	Performance de 2023	Cible 2030
Intensité de carbone	15,3 kg CO2E / BOE	9.2 kg CO2E / BOE
Intégration d'énergie renouvelable	8% des opérations	25% des opérations
Investissement total de réduction du carbone	67,4 millions de dollars	Prévu 180 millions de dollars

Comstock Resources, Inc. (CRK) - PESTLE Analysis: Social factors

Growing public demand for cleaner energy favors natural gas over coal and oil.

The social shift toward lower-carbon energy sources is a significant tailwind for Comstock Resources, positioning natural gas as a critical transition fuel. While the long-term trend favors renewables, the near-term reality is that gas is a cleaner-burning alternative to coal and oil for power generation.

The International Energy Agency (IEA) forecasts that global natural gas demand will continue to rise until at least 2035, underscoring its role in bridging the energy transition. This sustained demand profile, driven by the social push for cleaner air and lower emissions, provides a stable foundation for Comstock's core business in the Haynesville/Bossier shales.

This is a clear market signal: natural gas is the most practical, scalable fuel to displace coal right now.

Massive new power demand from data centers (AI infrastructure) is driving long-term gas contracts in Texas.

The explosive growth of Artificial Intelligence (AI) infrastructure is creating an unprecedented, socially-driven demand for power-and thus, for natural gas-in Comstock's operating region. Data centers and AI clusters require reliable, 24/7 power, a need that natural gas is uniquely positioned to meet in the near term.

Forecasts indicate that new data center load could bring up to 50 gigawatts (GW) of new power demand to Texas, with data centers potentially accounting for an incremental 2.5 billion cubic feet per day (Bcf/d) of gas demand by the end of 2026. Comstock is directly capitalizing on this trend, having entered a strategic collaboration with NextEra Energy Resources to explore the development of power generation assets near its growing Western Haynesville area, effectively securing a new, high-demand, and localized market for its gas.

Local community relations are critical due to concentrated drilling in the Haynesville/Bossier shales.

Operating a concentrated drilling program across the Haynesville/Bossier shales in North Louisiana and East Texas means local community acceptance is defintely a strategic imperative. The social license to operate (SLO) hinges on minimizing disruption and demonstrating tangible local benefits.

Comstock mitigates community impact by employing advanced drilling techniques, specifically:

• Using multi-well pad locations to reduce the overall surface footprint.
• Drilling extended lateral lengths (averaging over 11,000 feet for many 2025 wells) to cut down on the number of well sites needed.
• Significantly reducing heavy rig move traffic on local roads, which directly improves safety and lessens noise pollution.

What this means is fewer trucks and less noise for the people living near the sites.

The company creates positive value in 'Societal Infrastructure' and 'Taxes,' which helps local support.

Comstock's financial activity translates directly into local economic and societal infrastructure benefits, which is a key component of maintaining positive community relations in the ArkLaTex region.

Here's the quick math on direct financial contributions for the first nine months of 2025:

Contribution Metric	2025 Value (9 Months Ended Sept 30)	Supporting Data
Natural Gas Production Volume	339 Bcf	Total production for the period.
Production & Other Taxes (Per Mcfe)	$0.09 per Mcfe	Component of production cost per Mcfe.
Estimated Total Production & Other Taxes	Approx. $30.5 million	($0.09/Mcfe 339,000,000 Mcfe).
Midstream Capital Expenditures	$48.7 million (Q1 2025 only)	Investment in gathering and processing infrastructure, which is essential societal energy infrastructure.

The estimated $30.5 million in production and other taxes for the first nine months of 2025 flows directly into state and local government coffers, funding schools, roads, and other essential public services in the counties where drilling is concentrated. Plus, the company's capital spending includes a significant investment in midstream infrastructure (like pipelines and processing plants), which is a permanent upgrade to the region's energy logistics and job base.

Comstock Resources, Inc. (CRK) - PESTLE Analysis: Technological factors

Focus on the Western Haynesville, a new extension requiring advanced drilling and completion techniques

You're seeing Comstock Resources, Inc. make a clear, technology-driven pivot toward the Western Haynesville, a massive, high-pressure extension of the Haynesville shale. This isn't just more of the same; it's a frontier area requiring advanced techniques to unlock its value. The company now controls nearly 525,000 net acres in this area, which is a huge inventory for future growth.

To prove up this acreage, Comstock is committing significant capital and rig activity. They plan to drill 19 net wells and turn 13 net wells to sales in the Western Haynesville during the 2025 fiscal year. This investment is validated by early results, like the Olajuwon Pickens #1 step-out well in Freestone County, which had an initial production (IP) rate of 41 MMcf per day. That's a strong return on the advanced drilling technology required to reach gas-rich rock located between 14,000 and 19,000 feet below the surface.

Piloting 'horseshoe' well designs to achieve cost savings

The core of Comstock's cost-efficiency strategy is the innovative 'horseshoe' well design. This is a brilliant piece of engineering: instead of drilling four shorter laterals (the horizontal section of the well), they convert them into two longer, more productive laterals. It's a simple concept that drastically cuts down on capital intensity.

The economics are compelling. This design is expected to deliver 35% savings in drilling costs per completed lateral foot compared to traditional sectional laterals. That's massive. For 2025, the company plans to drill a total of 9 horseshoe wells. This technology is a direct countermeasure to volatile natural gas prices, allowing them to maintain profitability even in a challenging environment.

Continued optimization of drilling efficiency

Operational efficiency is non-negotiable in shale, and Comstock continues to push the limits of how fast they can drill. The goal is to reduce the time a rig spends on a single well, which directly lowers the overall well cost. You can see the progress clearly in the Legacy Haynesville area drilling metrics.

Here's the quick math on their drilling speed:

Metric	Q1 2025 (Legacy Haynesville)	Q2 2025 (Legacy Haynesville)
Footage Drilled per Day	1,027 feet	921 feet

While the Q2 rate of 921 feet per day was a slight step back from the Q1 peak of 1,027 feet per day, the overall trend since 2017 (when the rate was 697 feet per day) shows a clear, long-term technological improvement. They are constantly tweaking casing designs and shifting to multi-well pads to keep this trend moving in the right direction.

Utilizing dual-fuel and bi-fuel technology in drilling operations to burn cleaner natural gas

The push for efficiency isn't just about speed; it's also about environmental performance (Environmental, Social, and Governance or ESG). Comstock is leveraging its own product-natural gas-to power its operations through dual-fuel and bi-fuel technologies. This is a smart move that reduces both cost and environmental impact.

Using natural gas instead of diesel fuel for drilling and completions has tangible benefits you can measure:

• $\text{CO}_2\text{e}$ reductions: As high as 20% realized from these innovative technologies.
• Diesel eliminated: Dual-fuel drilling rigs eliminated 0.25 million gallons of diesel.
• $\text{CO}_2\text{e}$ offset: This diesel elimination offset 790 metric tonnes of $\text{CO}_2\text{e}$.

This commitment to cleaner burning natural gas in their operations is defintely a technological advantage, giving them a lower-cost, lower-emission profile than competitors still relying heavily on diesel. The action here is clear: Finance needs to model the long-term capital expenditure savings from reduced diesel consumption against the initial cost of the dual-fuel rig conversions.

Comstock Resources, Inc. (CRK) - PESTLE Analysis: Legal factors

Compliance with the US Environmental Protection Agency (EPA) regulations on air and water quality is mandatory for drilling permits

The core of Comstock Resources' operational risk sits with federal and state environmental laws, especially those enforced by the US Environmental Protection Agency (EPA). To get a drilling permit, you defintely have to prove compliance with air and water quality standards.

New regulations targeting greenhouse gas (GHG) and methane emissions are a constant headwind. The good news is Comstock Resources has been proactive, achieving MiQ certification for its natural gas, which verifies its low-methane emissions. This proactive step helps mitigate the risk of regulatory fines and operational delays, but compliance costs are still a significant factor that could increase overall operational costs.

For context, the company has seen substantial decreases in its GHG and methane emission intensities over the past three years, showing a clear, measurable commitment to these standards.

Ongoing litigation risk typical of the energy sector, particularly surrounding hydraulic fracturing (fracking) operations

In the energy sector, litigation risk is a given, and for a natural gas producer like Comstock Resources, the primary exposure is tied to its hydraulic fracturing (fracking) operations. This is a complex area, encompassing everything from property disputes to environmental lawsuits over water usage and seismic activity.

The regulatory scrutiny on fracking is intensifying, and any change in rules could easily push up compliance costs or delay key projects in the Haynesville/Bossier shale. While the company utilizes the protections of the Private Securities Litigation Reform Act of 1995 for its forward-looking statements, the underlying risk of a major lawsuit-which could lead to substantial liabilities-remains a clear threat to the balance sheet.

The company must adhere to Securities and Exchange Commission (SEC) rules for disclosure, including ESG metrics

As a publicly traded company, Comstock Resources is under the strict purview of the Securities and Exchange Commission (SEC), requiring timely and accurate disclosure via filings like the 10-K, 10-Q, and 8-K.

A growing legal and investor focus is on Environmental, Social, and Governance (ESG) metrics. Increasing scrutiny and changing expectations around ESG are not just a PR issue; they are a legal one that can affect the company's access to capital. Comstock Resources' disclosure controls and procedures were evaluated and concluded to be effective as of March 31, 2025, ensuring compliance with the SEC's disclosure rules.

Here is a snapshot of the company's key compliance and disclosure metrics for 2025:

Legal/Compliance Metric	2025 Data (as of Q3 2025)	Significance
Disclosure Controls Effectiveness	Effective as of March 31, 2025	Confirms adherence to SEC Rule 13a-15(e) standards.
Methane Emissions Standard	Achieved MiQ certification	Proactive compliance mitigating future EPA regulatory risk.
Total Debt Outstanding	Approximately $3.1 billion (as of March 31, 2025)	A key figure requiring constant SEC disclosure and risk management.
Expected 2025 Capital Spend	$1.0 billion to $1.1 billion	Capital expenditure guidance subject to forward-looking statement disclosure rules.

Divestiture agreements, like the $430.0 million Shelby Trough sale, must close by December 2025, subject to legal conditions

A critical near-term legal event is the divestiture of the Shelby Trough properties. Comstock Resources entered into an agreement on October 10, 2025, to sell these assets for $430.0 million in cash to an unaffiliated third party.

The transaction has an effective date of October 1, 2025, and is expected to close in December 2025. The legal risk here hinges on the 'customary closing conditions.' If these conditions-which can include regulatory approvals, title reviews, or no material adverse change-are not met, the deal could be delayed or terminated.

The successful closing is vital because the proceeds are earmarked to reduce long-term debt, which stood at approximately $3.1 billion as of March 31, 2025.

The properties involved in this divestiture include:

• Sale Price: $430.0 million in cash.
• Net Acreage: Approximately 36,000 net acres.
• Producing Wells: Interests in 155 (74.5 net to Comstock) producing wells.
• Production Impact: 9.3 MMcf of natural gas per day (net to Comstock in September 2025).

The legal team's job is to defintely ensure a clean close this December; a hiccup here complicates the 2026 capital plans.

Comstock Resources, Inc. (CRK) - PESTLE Analysis: Environmental factors

You're looking for a clear picture of Comstock Resources, Inc.'s environmental standing, and the reality is they've made concrete, measurable strides in methane management that directly impact their marketability-what the industry calls Responsibly Sourced Gas (RSG). This focus isn't just greenwashing; it's a strategic move to capture premium pricing and mitigate regulatory risk, especially with the industry's realized Q3 2025 gas price at $2.99 per Mcf after hedging.

Achieved independent MiQ Standard certification for methane emissions performance across operated production

Comstock Resources has secured independent certification under the MiQ Standard, a crucial differentiator in the natural gas market. This third-party verification assesses and grades methane emissions intensity, monitoring technology, and operational practices. Achieving this status allows the company to sell its gas as 'Responsibly Sourced Natural Gas,' which is increasingly demanded by utilities and international buyers, particularly those in the Liquefied Natural Gas (LNG) export corridor who are looking for lower-carbon supply chains. This certification is a competitive advantage that can defintely help the company realize the higher end of the $3.50/MMBTU price forecast you are tracking.

Implemented a rigorous Leak Detection and Repair (LDAR) program across 100% of operated assets

A core element of Comstock's methane strategy is its comprehensive Leak Detection and Repair (LDAR) program. This isn't a partial effort; the program covers 100% of the company's operated assets. They use a dual-approach to ensure maximum effectiveness:

• Aircraft-deployed technology for broad-area surveys.
• Handheld optical gas imaging (OGI) technology for pinpointing leaks on the ground.

This commitment to full coverage is a direct response to tightening federal and state regulations on methane, a potent greenhouse gas. By proactively identifying and fixing leaks, Comstock reduces its environmental footprint and minimizes the loss of salable product, which improves operating efficiency.

Actively exploring Carbon Capture and Storage (CCUS) partnerships to reduce its carbon footprint

The next big environmental opportunity lies in Carbon Capture and Storage (CCUS). In May 2025, Comstock Resources entered into an exclusive, non-binding agreement with BKV Corp. to explore CCUS projects. The initial focus is on two key natural gas processing facilities in Comstock's Western Haynesville area: the Bethel and Marquez facilities in Texas. The goal is to construct injection wells to permanently sequester the carbon dioxide (CO2) waste generated during gas processing. This partnership is a forward-looking move, positioning the company to address Scope 1 emissions from its processing operations and aligning its long-term strategy with the growing demand for low-carbon energy solutions from industrial customers.

Here's the quick math on their current environmental strategy and financial levers:

Environmental/Financial Metric	2025 Data Point (as of Q3 2025)	Strategic Impact
MiQ Certification Status	Achieved across operated production	Enables sale of Responsibly Sourced Gas (RSG).
LDAR Program Coverage	100% of operated assets	Mitigates regulatory risk and reduces methane emissions.
CCUS Partnership	Exclusive agreement with BKV Corp. (May 2025)	Future-proofs processing facilities; targets CO2 sequestration.
Debt Reduction Target	$430 million (from Shelby Trough divestiture)	Strengthens balance sheet to fund future environmental CapEx.

Minimizes surface disruption by using multi-well pads and extending lateral lengths (e.g., average lateral length of new wells is around 11,000+ feet)

Operational efficiency is an environmental lever, too. By drilling longer horizontal wells from a single location, known as a multi-well pad, Comstock significantly reduces its surface footprint. This means less land disturbance, fewer roads, and less truck traffic, which cuts down on fuel consumption and noise in the communities where they operate. The data shows their commitment to this practice is strong in 2025.

For example, new wells turned to sales in their Legacy Haynesville area during 2025 had an impressive average lateral length of 11,919 feet. This is nearly two miles of horizontal drilling from one surface site. The average lateral length for all operated horizontal wells drilled in the third quarter of 2025 was 11,692 feet. This practice is critical for managing the environmental impact in the densely populated Haynesville/Bossier shale play.

Your next step is to map these specific risks and opportunities-especially the $3.50/MMBTU price forecast and the $430 million debt reduction plan-against your own portfolio's energy exposure.