Comstock Resources is a pure-play natural gas producer focused on the Haynesville and Bossier shales of North Louisiana and East Texas. Comstock drills deep horizontal wells and sells gas primarily into Gulf Coast markets, benefiting from proximity to LNG export terminals, power generation, and petrochemical demand. The company operates two distinct areas: its legacy Haynesville position (~267,000 net acres, ~1,700 gross producing wells), which is a mature, well-delineated play that generates the bulk of current production; and the Western Haynesville (~535,000 net acres), an emerging growth play that is still in early development with only 30 producing wells. Comstock argues the Western Haynesville holds up to ~50 Tcf of net recoverable reserves — a larger resource base than the entire legacy Haynesville has produced to date. Comstock sells gas under a mix of index-priced and spot contracts, and owns Pinnacle Gas Services, a midstream subsidiary providing gathering and treating for the Western Haynesville. Revenue is driven by production volumes and realized gas prices; because gas is a commodity, profitability is highly sensitive to price. Comstock funds drilling primarily from operating cash flow, hedges roughly half of expected production, and carries ~$3B in debt, making leverage management a central priority. Growth strategy centers on organically developing the Western Haynesville rather than M&A, while also pursuing a partnership with NextEra Energy to supply gas for data center power generation behind the meter.