COMSTOCK RESOURCES Business Summary

Comstock Resources Inc (CRK) is a leading independent energy company primarily engaged in the acquisition, exploration, and production of natural gas and oil, with a high-density focus on the Haynesville and Bossier shale plays in North Louisiana and East Texas. The company generates the vast majority of its revenue through the sale of natural gas—which accounts for approximately 80% of its production mix—and crude oil, supplemented by a growing midstream gas services segment that manages gathering and infrastructure. As of early 2026, Comstock has aggressively expanded its footprint in the Western Haynesville, positioning itself as a dominant pure-play natural gas operator with over 500,000 net acres. It competes directly with major independent producers such as EQT Corporation, Antero Resources, Coterra Energy, and Gulfport Energy, distinguishing itself through its concentrated geographic focus and strategic proximity to Gulf Coast LNG export markets. The company’s leadership is defined by long-tenured executives who orchestrated its modern pivot toward shale production. M. Jay Allison, who has served as CEO since 1988 and Chairman since 1997, led the investor group that acquired the company’s predecessor in 1987; he brings a deep legal and energy background from his time as an oil and gas attorney. He is joined by Roland O. Burns, President and CFO since 1990, a former Arthur Andersen auditor with over three decades of financial leadership in the E&P sector. A defining characteristic of Comstock’s capital structure is the backing of majority shareholder Jerry Jones, owner of the Dallas Cowboys, who controls approximately 67% of the common stock through Blue Star Exploration. The board of directors includes notable figures such as Jim L. Turner and Dr. Elizabeth B. Davis, providing a blend of industrial expertise and institutional oversight.