Comstock Resources used its Q3 2025 earnings call to deliver a clear message: the Haynesville—especially the Western Haynesville—is the company’s future, and one of the most strategically important natural gas plays in North America.
With LNG exports hitting record levels, Texas power demand accelerating due to AI and data centers, and industrial load growing along the Gulf Coast, Comstock believes the Haynesville is uniquely positioned to fuel the next decade of U.S. energy growth. And they plan to be at the center of it.
“The Haynesville Shale is on the front line to deliver the gas supply to meet the growing demand.” Comstock Resources, Inc. (CRK) …
—Comstock CEO Jay Allison
Why the Haynesville Matters More Than Ever
Natural gas demand has surged across multiple fronts:
- LNG exports hit a record 18.7 Bcf/d
- Texas industrial facilities are expanding along the Gulf Coast
- AI and data centers are driving an unprecedented rise in electricity demand
Comstock’s message: all roads lead to Haynesville gas.
As one of the earliest pioneer operators in the basin, the company sees a brighter future for natural gas “than ever before” and positions the Haynesville as the premier supply source for the Gulf Coast LNG and power markets.
Western Haynesville: Comstock’s “Holy Grail”
The star of the earnings call was the Western Haynesville, a massive, emerging extension of the core play that Comstock has spent five years derisking.
Key facts:
- 530,000+ net acres now assembled
- 2,559 net drilling locations
- Majority of wells targeting extra-long laterals (8,500–12,000+ ft)
- Much higher pressures and thicker pay than the legacy core
- Strong well results: 32 MMcf/d average IP in Q3 2025
Comstock described the Western Haynesville as the company’s “holy grail,” emphasizing its resource scale, drilling efficiency improvements, and the ability to drill 10,000–15,000 ft laterals across a largely contiguous position.
“We almost have 2,600 net locations in the Western Haynesville… that’s the holy grail.” Comstock Resources, Inc. (CRK) …
This is not an exploration play—they stress the geology is proven. Instead, it is a technology unlock driven by modern drilling, completion, and seismic capabilities.
Legacy Haynesville: Industry-Leading Efficiency
While the Western Haynesville grabs headlines, Comstock made it clear that the legacy Haynesville remains a world-class, cash-generating asset:
2025 performance so far:
- 28 wells turned to sales
- 11,919 ft average laterals
- 25 MMcf/d average IP
- Industry-leading D&C costs: $1,229 per lateral foot
“That is an industry-leading number in the basin.” Comstock Resources, Inc. (CRK) …
The company continues to push lateral lengths longer—up to a record 17,409 ft—and deploy its highly efficient “horseshoe wells,” which combine two shorter laterals into one long lateral with ~35% capital savings.
Why Location Is Everything
Comstock repeatedly emphasized that Western Haynesville gas sits in one of the most strategically valuable locations in the U.S.:
- 100 miles from Dallas
- 100 miles from Houston
- Direct access to Texas power markets
- Near the Gulf Coast LNG corridor
“You couldn’t be in a better area for AI, data centers, and LNG.” Comstock Resources, Inc. (CRK) …
—COO Dan Harrison
This geographic advantage is why Comstock sees Western Haynesville becoming a key supply source for both LNG export terminals and power generation, particularly the explosive growth in AI data infrastructure.
Owning Their Own Midstream Changes the Game
One of Comstock’s most significant strategic advantages is its ownership of Pinnacle Gas Services, the company’s Western Haynesville midstream system.
Key developments:
- Marquez treating plant doubled capacity in July 2025
- Marquez Phase 2 is underway, taking capacity to ~1.3 Bcf/d
- Future expansions planned as production scales
By owning its own treating and gathering, Comstock can sell directly to LNG terminals, data centers, and industrial customers, bypassing third-party midstream costs.
“We can directly sell to end users… that’s a huge asset for the future.” Comstock Resources, Inc. (CRK) …
This positions Comstock to capture premium index pricing and margin uplift as the Gulf Coast market tightens.
Rigs, Activity, and 2026 Trajectory
Comstock currently runs 8 rigs:
- 4 in Western Haynesville (steady program to hold acreage)
- 4 in Legacy Haynesville (flexible based on gas prices)
For 2026:
- Western Haynesville will remain a 4-rig program
- More wells will push northeast along the trend
- Drilling & completion costs expected to continue falling
- Multiple pads planned in the high-performing Olajuwon area
The company stressed that Western Haynesville is still early but already demonstrating rapid efficiency gains and best-in-class well performance.
The Bottom Line: Comstock Is All-In on the Haynesville
The Q3 2025 earnings call made one thing unmistakable:
Comstock Resources sees the Haynesville—especially the Western Haynesville—as the core of America’s next natural gas boom.
With:
- massive inventory scale
- improving well results
- industry-leading costs
- owned midstream
- ideal proximity to LNG and Texas power demand
Comstock is positioning itself to be one of the dominant suppliers of natural gas for the next decade of U.S. energy growth.
“We’re not chasing M&A. We’re not chasing inventory.
We already have it.” Comstock Resources, Inc. (CRK) …
—Jay Allison
