COMSTOCK RESOURCES INC Commitments Disclosure
The Company has drilling rig contracts with terms ranging from less than one year to three years. The service contracts with terms less than one year are generally for terms ranging from to 45 days. The Company has four drilling rigs under contract with initial terms of three years that were put into service in 2023, 2024 and 2025. These four rigs qualify as operating leases and their corresponding lease obligation is reflected on the Company's balance sheet as of December 31, 2025. In 2025, the Company took delivery of one additional drilling rig with a one-year term, which has a remaining commitment of $3.2 million.
The Company has natural gas transportation and gathering contracts which extend to 2035. Commitments under these contracts are $85.4 million for 2026, $84.2 million for 2027, $79.3 million for 2028, $67.6 million for 2029, $27.7 million for 2030 and $58.9 million for 2031 through 2035. During the years ended December 31, 2025, 2024 and 2023, expenditures under these contracts totaled $86.3 million, $92.8 million and $96.5 million, respectively.
From time to time, the Company is involved in certain litigation that arise in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows and no material amounts are accrued relative to these matters at December 31, 2025 or 2024.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.