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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Other Current Assets

Other current assets at March 31, 2025 and December 31, 2024 consisted of the following:

		As of
		March 31, 2025				December 31, 2024
		(In thousands)
Prepaid drilling costs		$	58,405			$	58,136
Income tax receivable			28,813				28,813
Other receivables			3,728				4,140
Production tax refunds receivable			3,460				4,074
Prepaid expenses			2,655				2,361
Other			534				—
		$	97,595			$	97,524

Capitalized Exploratory Well Costs

The changes in capitalized exploratory well costs are as follows:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Beginning capitalized exploratory well costs		$	68,223			$	96,233
Additions to exploratory well costs pending the determination of proved reserves			100,107				106,456
Determined to have found proved reserves			—				(144,655	)
Ending capitalized exploratory well costs		$	168,330			$	58,034

Summary of Lease Cost Recognized

Lease costs recognized during the three months ended March 31, 2025 and 2024 were as follows:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Operating lease cost included in general and administrative expense		$	424			$	419
Operating lease cost included in lease operating expense			517				521
Operating lease cost included in natural gas and oil properties			11,300				7,133
Variable lease cost (drilling rig costs included in natural gas and oil properties)			1,721				2,516
Short-term lease cost (drilling rig costs included in natural gas and oil properties)			5,388				11,272
		$	19,350			$	21,861

Summary of Liabilities Under Contracts That Contain Operating Leases

As of March 31, 2025, expected future payments related to contracts that contain operating leases were as follows:

		(In thousands)
April 1 to December 31, 2025		$	39,661
2026			46,907
2027			16,699
2028			2,635
2029			2
Total lease payments			105,904
Imputed interest			(8,163	)
Total lease liability		$	97,741

Summary of Accrued Costs

Accrued costs at March 31, 2025 and December 31, 2024 consisted of the following:

		As of
		March 31, 2025				December 31, 2024
		(In thousands)
Accrued drilling costs		$	44,695			$	34,493
Accrued transportation costs			28,057				28,031
Accrued interest payable			22,047				64,041
Accrued income and other taxes			9,035				1,350
Accrued lease operating expenses			4,250				2,630
Accrued employee compensation			2,667				14,076
Other			2,480				1,552
		$	113,231			$	146,173

Summary of Changes in Total Estimated Asset Retirement Obligation Liability

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Reserve for future abandonment costs at beginning of period		$	33,996			$	30,773
New wells placed on production			18				53
Liabilities settled			—				(13	)
Accretion expense			493				436
Reserve for future abandonment costs at end of period		$	34,507			$	31,249

Schedule of Natural Gas Price Derivative

The Company had the following natural gas price derivative financial instruments at March 31, 2025:

		Future Production Period
		Nine Months Ending December 31, 2025		Year Ending December 31, 2026		Total
Natural Gas Price Swap Contracts:
Volume (MMBtu)		149,875,000		116,800,000		266,675,000
Average Price per MMBtu		$3.48		$3.51		$3.49
Natural Gas Price Collar Contracts:
Volume (MMBtu)		41,250,000		167,900,000		209,150,000
Average Price per MMBtu:
Average Ceiling		$3.80		$4.35		$4.24
Average Floor		$3.50		$3.50		$3.50

Schedule of Derivative Instruments

The classification of derivative financial instruments of assets or liabilities, consists of the following:

				As of
Type		Consolidated Balance Sheet Location		March 31, 2025				December 31, 2024
				(In thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives		Derivative Financial Instruments – current		$	—			$	4,865
Liability Derivative Financial Instruments:
Natural gas price derivatives		Derivative Financial Instruments – current		$	263,796			$	8,940
Natural gas price derivatives		Derivative Financial Instruments – long-term		$	129,416			$	66,757

Schedule of Gains and Losses from Derivative Contracts

Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:

		Three Months Ended March 31,
Gain (loss) on Derivatives Recognized in Earnings		2025				2024
		(In thousands)
Natural gas price derivatives		$	(330,339	)		$	39,307
		$	(330,339	)		$	39,307

Consolidated Income Tax Benefit

The following is an analysis of the consolidated income tax benefit:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Deferred - Federal		$	(65,930	)		$	(4,995	)
Deferred - State			(77,346	)			(3,297	)
		$	(143,276	)		$	(8,292	)

Difference Between Federal Statutory Rate and Effective Tax Rate

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:

		Three Months Ended March 31,
		2025				2024
Tax at statutory rate			21.0	%			21.0	%
Tax effect of:
Valuation allowance on deferred tax assets			2.0				0.5
State income taxes, net of federal benefit			27.9				14.9
Nondeductible stock-based compensation			(6.6	)			(1.9	)
Noncontrolling interest			11.1				—
Other			—				1.9
Effective tax rate			55.4	%			36.4	%

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of March 31, 2025 and December 31, 2024:

		As of
		March 31, 2025								December 31, 2024
		Carrying Value				Fair Value				Carrying Value				Fair Value
		(In thousands)
Assets:
Commodity-based derivatives (1)		$	—			$	—			$	4,865			$	4,865
Liabilities:
Commodity-based derivatives (1)		$	393,212			$	393,212			$	75,697			$	75,697
Bank credit facility (2)		$	510,000			$	510,000			$	415,000			$	415,000
6.75% senior notes due 2029 (3)		$	1,604,680			$	1,577,223			$	1,603,679			$	1,581,283
5.875% senior notes due 2030 (3)		$	965,000			$	909,513			$	965,000			$	899,863

(1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using third party pricing services and other active markets or broker quotes that are readily available in the public markets.

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of March 31, 2025 and December 31, 2024, respectively, a Level 1 measurement.

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Unvested restricted stock			2,319				2,017

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

The treasury stock method is used to measure the dilutive effect of PSUs.

Weighted average unearned PSUs outstanding were as follows:

		Three Months Ended March 31,
		2025		2024
		(In thousands, except per unit amounts)
Weighted average PSUs		1,291		1,087
Weighted average grant date fair value per unit		$13.21		$12.59

Schedule of Basic and Diluted Loss Per Share

Basic and diluted loss per share for the three months ended March 31, 2025 and 2024 were determined as follows:

		Three Months Ended March 31,
		2025												2024
		Loss				Shares				Per Share				Loss				Shares				Per Share
		(In thousands, except per share amounts)
Net loss attributable to common stock		$	(115,393	)										$	(14,474	)
Basic loss attributable to common stock		$	(115,393	)			290,303			$	(0.40	)		$	(14,474	)			277,962			$	(0.05	)
Diluted loss attributable to common stock		$	(115,393	)			290,303			$	(0.40	)		$	(14,474	)			277,962			$	(0.05	)

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing activities for the three months ended March 31, 2025 and 2024, respectively, were as follows:

		Three Months Ended March 31,
		2025				2024
		(In thousands)
Cash payments for:
Interest payments		$	93,887			$	82,475
Income tax payments		$	—			$	36
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures		$	10,202			$	(20,475	)
Liabilities assumed in exchange for right-of-use lease assets		$	34,603			$	32,876

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