Earnings Highlights CRK & EQT 2/18/2025

2/18/25

Comstock Resources (CRK)
Comstock TILed 6 wells in Western Haynesville with a high average daily initial production rate of 40 MMcf per well.  The Haynesville natural gas producer’s Q4 2024 production drop was due to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024.  However, the company’s Q4 2024 natural gas production was in line with guidance.  In 2025, Comstock will be primarily focused on building production in Western Haynesville that will position the company to benefit from the longer-term growth in natural gas demand.  The company’s full year 2025 production guidance indicates that their production will be lower YOY.

EQT Corporation (EQT)
EQT’s Q4 2024 production was at the high-end of guidance driven by continued operational efficiency gains and strong well performance, despite production curtailments.  Additionally, capital expenditures were 7% below the low-end of guidance, benefiting from efficiency gains and lower-than-expected midstream spending.  The Northeast producer is planning to go from 3 frac crews to 2 frac crews at the end of first quarter 2025, several months ahead of prior plans due to further completion efficiency gains.

The company kept their full year 2025 natural gas production guidance unchanged compared to the prior reporting quarter.  Their 2025 natural gas production is expected to be flat YOY based on the midpoint of their guidance range.