Comstock Resources, Inc.

Good day and thank you for standing by. Welcome to Q1 2026 Comstock Resources Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jay Allison, Chairman and CEO. Please go ahead.

Thank you, everyone. Thank you for joining us. Welcome to the Comstock Resources first quarter 2026 financial and operating results conference call. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com. and downloading the quarterly results presentation. There you'll find a presentation entitled First Quarter 2026 Results. I am Jay Allison, Chief Executive Officer of Comstock. Here with me is Roland Burns, our President and Chief Financial Officer. Dan Harrison, our Chief Operating Officer. And Ron Mills, our VP of Finance and Investor Relations. please refer to slide two in our presentation and note that our discussions today will include forward-looking statements within the meeting of securities laws. While we believe the expectations of such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. If everyone would please go to slide three. On slide three, we summarize the highlights of the first quarter. Lower production, partially driven by production impacts from significant winter weather in the first quarter drove the lower financial results in the quarter compared to the first quarter of 2025. Our natural gas and oil sales were $339 million. We generated 192 million of operating cash flow, or 66 cents per share. Adjusted EBITDAX for the quarter was $251 million, and we reported adjusted net income of $44 million, or 15 cents per share. During the quarter, we had very strong drilling results, which will drive production back up for the remainder of the year. Almost all the wells we turned to sales in the first quarter were very late in the quarter. Since our last update, we put six new Western Hainesville wells online with an average per well initial production rate of 29 million cubic feet per day. In our legacy Hainesville, we turned 10 wells to cells with an average lateral length of 12,312 feet and a per well initial production rate of 31 million cubic feet per day. Now the power generation hub. On March 19th, The United States Department of Commerce selected our Western Hainesville site to host a new 5.2 gigawatt natural gas fired power generation hub to be located in Anderson County, Texas as shown on slide four. We are very excited about this development and what it means to have a large commercial customer in our backyard. The project is part of Japan's $550 billion investment commitment in the United States as part of the U.S.-Japanese trade deal. The U.S. and Japan would own the projects, while NextEra Energy Resources will develop, build, and operate it. NextEra is actively developing the project, advancing site development, procurement, and permitting and commercial structuring as they work toward definitive agreements with the US and Japan. This project takes advantage of our abundant natural gas supply and a strong transmission infrastructure in the area. The Anderson County facility will have up to 5.2 gigawatt of natural gas fire generation capable of serving up to five gigawatt of large load demand. Comstock will provide the natural gas supply for the facility, which could reach almost 1 billion cubic feet per day by 2031. Roland will now provide some more details on the financial results we reported yesterday. Roland?

All right. Thanks, Jay. On slide five, we covered the first quarter financial results. Our production in the first quarter averaged 1.1 BCFE per day. Oil and gas sales after hedging in the quarter were $339 million. reflecting the lower production level we had in the quarter. EBITDAX came in at $251 million, and we generated $192 million of cash flow during the first quarter. We reported a $107 million profit for the quarter, or 38 cents per share, but included in that number was a pre-tax $83 million mark-to-market unrealized gain related to our hedge book. So excluding the mark-to-market gain, Expiration expense which is related to seismic that we're shooting in our western Hainesville play and other non-recurring items And the related income tax effect of those items we reported adjusted net income of 44 million dollars or 15 cents per diluted share for the quarter On slide six we break down our natural gas price realizations in the quarter The quarterly weighted average NYMEX settlement price averaged $4.96 in the first quarter, and the weighted average Henry Heb spot price was at $4.90. Twenty-six percent of our gas was sold in the spot market, so the appropriate NYMEX reference price would have been $4.94 for our production. Our realized gas price during the quarter averaged $4.27, reflecting a 69-cent basis differential. compared to the NYMEX settlement price at a 67-cent differential compared to the reference price. Significant disconnects existed during the quarter between the regional hub prices and NYMEX kind of drove the higher differentials in the quarter. We also had to purchase higher-priced gas to make up for shut-in production during the winter storm event. In the quarter, we were also at 72% hedge, which reduced our realized price down to $3.45. We did improve the overall price realizations by $0.05 to $3.50 with our third-party gas sales during the quarter. In slide seven, we detail our operating costs per MCFE and our EBITDAX margin. Per unit costs were negatively impacted by the lower production level in the quarter as much of our field costs are fixed. Our operating costs per MCFE averaged $0.93 in the quarter up 16 cents from the fourth quarter rate. Both lifting costs in G&A were up four cents, attributable to the lower production level. Production ad valorem taxes increased three cents due to the higher gas prices in the quarter. And our gathering costs were up five cents, mainly due to some prior period adjustments we recognized. Overall, our EBITDAX margin in the quarter was 73%. On slide eight, we recapped the spending on our drilling and other development activity in the quarter. We spent a total of $343 million on our drilling program. We drilled 11 or 9.3 horizontal Hainesville wells and six or six net Bossier wells for a total of 17 wells in the quarter or 15.3 net wells. We turned 13 wells to sales or 11.7 net wells, which had an overall average per well IP rate of $31 million per day. Slide down, we summarize our capitalization at the end of the first quarter. We ended the quarter with $350 million of borrowings outstanding at our upstream credit facility. Our upstream borrowing base is $2 billion, and the electric commitment under our facility is $1.5 billion. In March, we entered into a new $150 million midstream credit facility for Pinnacle Gas Services. At the end of March, the midstream credit facility had $47 million outstanding. Our last 12 months ratio was 2.9 times. At the end of the first quarter, we had almost $1.3 billion in liquidity. I'll now turn it over to Dan to discuss our operations in the quarter. Okay.