康斯托克能源 2025年度报告

TO OUR STOCKHOLDERS::SREDLOHKCTOTOSRUOOTOOOOODRR: STRONG DRILLING RESULTS AND RESERVE GROWTHHOWTOWRGERVRVESERDNATSLTSLTUSERGNILLIIRDGNORTSOODDARRRRRR 2025 DIVESTITURES IMPROVED BALANCE SHEETTEEHSECNLAABDEOVOVRPMISERUTITSEVID52020OBDDAAPRRB DELIVERED SHAREHOLDER RETURNNRUTERREDLOHERAHSDEREVILEDODDDARRRRR DATA CENTER PARTNERSHIPPIHSRENTRPAPARETNECTAATADATDADAAAPPRRR FINANCIAL RESULTSTSLTSLTUSERLAICNANIFAAR INDUSTRY LEADING LOW COST STRUCTUREERUCTURTSTSOCOWLOWLOGNIIDAELRYRYTSUDNIIOODDARRR OUTLOOK FOR 20266202ROFKOLOLOTUO60OOOOR UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File No. 001-03262COMSTOCK RESOURCES, INC.(Exact name of registrant as specified in its charter) 94-1667468(I.R.S. EmployerIdentification Number) (State or other jurisdiction ofincorporation or organization) New York Stock Exchange Texas Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes…No; Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. Yes;No… Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes;No… Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company or an emerging growthcompany. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of theExchange Act. Large accelerated filer;Accelerated filer…Non-accelerated filer…Smaller reporting company…Emerging growth company… If an emerging growth company, indicate by check mark if registrant has elected to not use the extended transition period for complying with any new or revised finalaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Emerging growth company… Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.; Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).… Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes…No; The aggregate market value of the common stock held by non-affiliates of the registrant, based on the closing price of common stock on the New York Stock Exchangeon June 30, 2025 (the last business day of the registrant's most recently completed second fiscal quarter), was $2.2 billion. As of February 18, 2026 there were294,021,740 shares of common stock of the registrant outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2025 are incorporated by reference into Part III of this report. COMSTOCK RESOURCES, INC.ANNUAL REPORT ON FORM 10-KFor the Fiscal Year Ended December 31, 2025 CONTENTS Page Cautionary Note Regarding Forward-Looking Statements2Definitions3.......................................................................................................................................................................................................................................................... Part I Part II 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities326.[Reserved]327.Management's Discussion and Analysis of Financial Condition and Results of Operations337A.Quantitative and Qualitative Disclosures About Market Risk408.Financial Statements and Supplementary Data409.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure419A.Controls and Procedures419B.Other Information439C.Disclosure Regarding Foreign Jurisdi