Comstock Resources, Inc

Comstock sells primarily into the U.S. natural gas market rather than to a narrow set of end-users, so its customer base consists of marketers, midstream counterparties, LNG-linked buyers, and industrial gas purchasers. In 2025, Enterprise Products Operating, Venture Global LNG, and Shell Energy North America together represented a meaningful share of total sales, showing that large infrastructure and energy trading counterparties are important buyers. The company also serves the broader Gulf Coast demand complex, including LNG export channels, Mexico export flows, petrochemical facilities, and electric generation demand. Because natural gas is fungible and sold into an available market, customer concentration is moderated by the existence of multiple alternative purchasers, but pricing and transport access remain critical to monetization.

Comstock’s strategy centers on expanding its drilling inventory organically in the Haynesville and Bossier shales rather than relying primarily on large-scale acquisitions of producing assets. The company emphasizes access to premium Gulf Coast markets, where LNG export growth and industrial demand can support stronger netbacks than many inland basins. It is also building out company-owned midstream capacity through Pinnacle Gas Services to reduce bottlenecks, secure takeaway, and improve control over transportation economics. In parallel, Comstock uses hedging and transportation contracts to stabilize cash flows and support development activity across its acreage position.